Nam Cheong: secured contracts worth a total of US$36.8m for 2 units of 5150 bhp and 1 unit of 5220 bhp AHTS vessels to new customers from Spore, including a Norwegian-based Spore co.
The vessels are scheduled for delivery in 2Q and 3Q12. Two of the vessels will be deployed to S America and one to the Asia Pac region.
With the contracts, Nam Cheong’s order book stands at ~RM 628m (S$258m) comprising 12 units of vessels, scheduled for delivery till end of 2012.
This compares with Nam Cheong’s FY11 revenue of RM 607m.
The stock trades at 9.3x P/E.
CLSA and Sias have Buy/Overweight ratings with TP $0.23/0.22 respectively.
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