Jaya

Jaya: DBS re-initiates Buy with $1.15 target, based on parity to RNAV. This follows on recent shipyard coverage including JES, Yangzijiang, Cosco.
Says Jaya now has a lower risk profile, and is a more viable invmt opportunity, following its successful debt restructuring exercise early this yr…

Expects the shipbuilder cum owner/operator of offshore support vessels to moderate its ship sales, and instead focus on growing recurring chartering revenue (+74% to $111m over FY11-13, to make up 56% of Group revenue by end FY13, from just 18% in FY10).
Tips Jaya as a potential take over target, as controlling sh/h Affinity may be looking to exit from invmt in Jaya next, after saying it will re-list UTAC.

Technically, stock appears to be in a longer term uptrend. May be poised for further upside if it manages to close and stay above $0.70. The $0.81 resistance level is critical. A break above that would set a new 2-yr high for the stock, and could push the stock toward the psychological $1 level next.