Pacific Radiance

Pacific Radiance: released its 3Q13 results this morning, just a week after completing its IPO. Revenue climbed 28% y/y to US$48.6m, mainly due to the increase from the subsea business on the back of improvement in utilization rates and higher demand for its vessels. But net profit plunged 45% to US$10.6m, mainly due to 72% jump in general and admin expenses mainly due to an increase in staff cost, in line with the group’s expansion. Nevertheless mgt expects better performance for its offshore support services and subsea businesses. Based on a post offer share base, the counter trades at 9.5x annualized 9M13 P/E, 2.1x P/B .