Swiber: Cimb maintains Outperform & TP of $1.42 based on 12x CY11 P/E. Mgmt is upbeat on prospects in Mid-East & India. The group has taken delivery of most vessels ordered & a strong order book of US$915m should provide earnings visibility over FY11-12. Swiber is also pre-qualified to bid for US$3bn contracts (2 packages) from Saudi Aramco's Wasit gas development project with final bids to be submitted by Nov 7 & award likely in 2Q11.
Stock catalysts may will come from a ramp-up in profits from any sizeable contract win. Stock is trading at 11.2x FY10 P/E. Technicals losing some momentum, better entry price at $0.96 double bottom.
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