Jaya

Jaya: signs agreement with IHC Merwede Asia Pac, which allows IHC’s high spec offshore vessels to be produced by Jaya at its yards in Spore, and Batam. IHC will also provide design and engg support services to Jaya. Jaya notes IHC is a widely recognized industry leader in many areas of the maritime and offshore sectors. We note that in Dec, IHC commented it was keen on acquiring a yard in Asia to further its expansion plans in the region. This IHC / Jaya collaboration could pave the way for IHC to build a strategic stake in Jaya in future. Jaya trades at 14.3x fwd P/E, 0.95x P/B.