Swiber

Swiber: Posted 3Q10 Results, with a strong topline Rev of US$122.4m, +27.5%YoY and + 14.6%, while Net Profit at US$8m, -51.3%YoY and -44.1%QoQ. Bottom-line however missed consensus estimates, with poor performance attributed mainly to other operating expenses (Fair value accounting on financial derivatives, forex losses and finance costs), while share of profit from associates and JVs declined 76.9% due to JVs experiencing operating deficit during intial stage of operations....

Rev saw a steady uptrend as grp recognised contributions arising from projects awarded to grp since Nov09, while gross profit margins was up 6.3%, at 21.7% as grp continued to achieve costs efficiency across business divisions...

Going forward, grp remains confident with outlook in the O&G sector, and will continue expanding presence in key markets like Middle East and Indo China and will continue to look for ways to unlock the value of its business....

Result places 9M10 Rev at US$313.8m, +6.8%QoQ, with Net Profit at US$30.4m, -36%YoY, mainly attributed to Other operating expenses, at US$17.7m vs 9M09 of $0.7m, while orderbook remains strong at a high of US$800m, under pinning earnings visibility till 2012, while grp has a healthy cash position of $106.8m....

At current price, grp appears slightly discounted vs peers, tradeing at an annualized 10x FY10E P/E vs peers average of 13.2x, while P/B at 1.3x vs peers average of 1.5x, while 9M10 Net Profit forms 67.3% of FY10 Estimates…