Vard

Vard: Mitsubishi UFJ Fund had a short one-month stint of being a substantial stakeholder, after the fund disposed 573k shares via the open market on 24 Sep between $0.905-0.935, reducing its stake from 5.01% to 4.97%. Earlier on 29 Aug, Mitsubishi UFJ acquired 4.4m shares on the market between $0.845-0.880, boosting its stake from 4.77% to 5.14%. Share price has risen 6% since Maybank-KE upgraded the counter to Buy from Hold, citing the positive longer term outlook for Vard on the high levels of optimism on OSV demand from its clients. Maybank-KE has a TP of $1.48 for Vard.