See Hup Seng

See Hup Seng: Voyage has an Increase Exposure rating with $0.67 TP. House view See Hup Seng’s FY13 results as a return to the norm following the management change. Hence, Voyage expect the FY13 results to serve as the base for future profit growth, and are revising revenue and profit estimates to take into account: 1) Hetat’s contribution; and 2) continued improved performance in the RP and CP segments. Furthermore, Voyage expect administrative expenses to moderate due to the exclusion of one-off legal fees from the acquisition of Hetat.