Friday, November 30, 2012
Kreuz
Kreuz: UOB Kay Hian maintains Buy with $0.53 TP. House note that Kreuz is a key beneficiary of strong subsea capex spending in Asia. Kreuz’s current tenderbook remains robust at about US$500m, and expect the group to clinch about US$200m worth of new contracts in 2013, up 29% from the US$155m clinched to date in 2012.
Add that Kreuz’s orderbook currently stands at US$220m, lower than US$248m qoq, but higher than US$185.0m yoy. Ytd, Kreuz has announced US$155m worth of new contracts. Contract wins typically are lumpy.
Furthermore, overall outlook for the offshore subsea market is positive. According to Infield, Asian subsea capex is expected to be more than US$7b between 2011 and 2015, compared with US$2.25b over the previous five years. In addition, total annual expenditure on Remotely Operated Vehicles (ROV) used in subsea operations is expected to grow from US$891m in 2010 to US$1,692m in 2015.
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