Vard

Vard: rose for a third consecutive day to $1.13 yesterday, gaining 4.6% over the same period where the benchmark STI has lost 0.8%. Macquarie notes most investors it met seem to appreciate that the stock looks quite attractive at current valuations and market expectations have upside risk. Mcq believes that orders will be the trigger and believes a few large ones (involving Petrobras orders and a few OSCV orders) may be announced soon, which should lead to street upgrades of 2014 and 2015 profit estimates. The house keeps its Outperform rating with TP $1.82.