Monday, November 15, 2010
Swiber: UOB maintains Buy at TP $1.40 from $1.45, results within expectations. Notes that gross profit has increased sequentially qoq and gross margin sustained above 20% for 3 quarters despite US$4.7m mtm loss on bonds and $5.2m translation loss on notes. Expects strong op performance to flow from 2011 onwards, key risk of project execution. DBS maintains Buy at TP $1.28, results slightly below exp.