Swiber

Swiber: Reported a 92.6% YoY rise in rev to US$265.3m but saw a 45.8% fall in net profit to US$7.3m in 3Q12, which was within expectations. Gross margin declined from 16.6% in 3Q11 to 14.1% in 3Q12, but was similar to 2Q12’s 14.2%. Meanwhile, net debt to equity rose from 0.89x in Jun 2012 to 1.00x in Sep 2012. As of Nov 2012, Swiber’s order book stood around US$1.4b vs. US$1.6b as at Aug. The group has also proposed an interim dividend of S$0.01/share. OCBC Maintain HOLD with slightly lower fair value estimate of $0.65 (prev. $0.66).