Triyards Holdings Ltd

Triyards Holdings Ltd: OCBC note that with two yards in Vietnam and a fabrication facility in the US, Triyards Holdings Ltd (Triyards) is an engineering and fabrication solutions provider focused on the offshore oil and gas industry. Unlike many shipyards, the group has a strategic focus on the construction of self-elevating units (liftboats), having established a significant track record. Originating from Ezra Holdings which will hold a 67% stake post listing, Triyards may be able to be involved in some of the projects that Ezra undertakes and tap into Ezra’s clientele base. Based on 9x FY13F earnings, house derive a fair value estimate of $0.78 and do not have a rating on Triyards.