Swiber

Swiber: stock has been in a downtrend since mid-Feb, in contrast to the rest of the Myanmar theme plays. Religare has a Myanmar note update, says the Myanmar FDI floodgates are about to open, with EU agreeing to suspend most sanctions against the country. Enlarges its Myanmar portfolio basket to include Swiber, which has around 15% of its US$1.4b orderbook in Myanmar. Believes the co is set for further Myanmar order wins, due to its established client relationship with Myanmar’s state oil & gas firm M.O.G.E. and increasing offshore activity in the country. Swiber is +0.8% at $0.605.