Thursday, October 13, 2011

ASL Marine

ASL Marine: DBSV upgrades to Buy with $0.66 TP. House note that ASL has secured 5 new shipbuilding contracts worth $267m, which is significant, almost doubling ASL’s shipbuilding orderbook, to $518m, the highest level since end June 2009, with a book-to-bill ratio of 2.1x.

New orders extend recent flurry of contract wins by SG yards. This latest batch of orders adds to the flurry of contracts secured by SG-listed offshore yards since mid-Sept, which now stands at $1.3b. As such, house raise FY12/13 order wins assumption to $350m/$250m (up from $150m/$200m previously), leading to a corresponding 6%/17% increase in FY12/13F earnings.

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