Vard Holdings

Vard Holdings: OCBC downgrades to Hold and slash TP to $0.93 from $1.52. Note that Vard woes in Brazil comes as a surprise as the group had previously guided that its Brazil operations are coming under control and would stabilize by year-end, suggesting that the situation is more fluid than initially thought. In view of the poor earnings visibility, switched valuation methodology to P/B. Also cut FY13F/14F net profit estimates by 20-25%.