Swiber

Swiber: 2Q12 results largely in line. Grp reported a 27.1% YoY rise in rev to US$229.6m and a 103.9% increase in net profit to US$15.1m in 2Q12, boosted by one-off gains such as disposals and fair value changes in financial derivatives of about US$9m. Gross profit margin fell slightly from 14.7% in 2Q11 to 14.2% in 2Q12; the drop was larger compared to 1Q12’s 19.8%. As of Aug 2012, the group’s order book stood at about US$1.6b and is expected to contribute to results over the next two years. Pending an analysts’ briefing later in the afternoon OCBC maintain HOLD rating but put fair value estimate of $0.63 under review.