O&M: Nomura has O&M report. Quote that ‘it's raining rig orders’, and maintain a bullish stance in 2Q11F. Expect KepCorp and SembMarine to continue their mkt outperformance, underpinned by a more pronounced rig-building cycle upturn with the potential return in semisub order momentum….
Reaffirm Buy picks: KepCorp (top pick, undemanding valuations), SembMarine (capacity upside from PPL), Yangzijiang (technological breakthrough from potential US$2.2b order). Tip continued recovery in offshore rigs, production vessel and shipbuilding orders for SG and China shipyards to provide positive momentum over the next 6-12 mths.
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