Pacific Radiance

Pacific Radiance: JPM adds to its Focus list. Tips the company (Overweight, TP $1.75) as its top pick in the OSV space given its unique ‘recycling’ model, plus presence in cabotage protected markets (Indonesia, Malaysia) with 10- 12% potential upside to consensus FY15E/16E earnings (26% FY13-15E EPS CAGR). It has a unique ‘niche' presence in the super-large offshore accommodation market (via its semi-sub vessels).