CH Offshore

CH Offshore: DBSV downgrades to HOLD from BUY; TP $0.44. House note that high-value charters expire, introducing earnings risk. Charter market recovering, but day rates still below previous peak. Cut FY13F profit by 22% on reduced day rate assumptions, offset by better expected fleet utilization. Downgrade to HOLD, Dividend yield of 6.7% remains intact.