Nam Cheong

Nam Cheong: OSK-DMG reiterates Buy, lifts TP to $0.385 . Notes that yday's announcement that Nam Cheong has sold 4 PSVs for US$120m to a new Latin American customer brings its orderbook to a record RM 1.7b. At US$30m per vessels, the PSVs prices are also well above expectations. Believes order momentum has clearly swung up, and expects more large contracts in 4QFY13.