Thursday, March 24, 2011

Otto Marine

Otto Marine: CIMB upgrade to Netural with $0.25 TP. Note that GC Rieber has agreed to maintain the shipbuilding contract in favour of Aries AP. All terms of the shipbuilding contract remain unchanged. No impact to earnings estimates for FY11-13. Note that Otto has underperformed the FSSTI sharply. House deem that value has re-emerged.

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