Triyards Holdings

Triyards Holdings: Unrated note by OCBC. Note that grp 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. The group delivered an average of US$15.9m in net profit each year from FY09-FY11, but 1H12 saw a strong performance of US$14.5m. A quick calculation based on 8x FY12 annualised EPS would result in a share price of about $0.98.