Triyards

Triyards: Non-rated rpt by Daiwa; Management is optimistic that its new third-generation self-elevating unit (SEU) service rig will be well-received by the market. In addition, Triyards is looking to expand into the fabrication of light-weight, aluminium-based vessels, which may tap into demand beyond the oil and gas industry. It expects the vessel-repair business to provide a reasonable volume of work Aims to enter new markets, such as Australia and Brazil. Triyards’s floating-dock facility has been completed and is ready to take on more vessel-repair work. Ezra has a 67% stake in Triyards. and owns a sizeable fleet (more than 50 vessels), Triyards believes that ongoing repair and maintenance needs will provide a reasonable volume of work, and therefore a stable and recurring source of earnings. The company’s share price has fallen by about 13% YTD. The stock is trading currently at an (one-year forward) PER of 5.2x, compared with an average one-year forward PER of 12.3x for its Southeast Asia yards peers.