Vard

Vard: OCBC sees an industry de-rating. Vard's share price has tumbled 19% since announcing 5 Aug that it has received additional tax claim of NOK200m from the Brazilian tax authorities. Also Vard's share px has been impacted by the sharp dip in oil px. Given the uncertainties, OCBC lowers its PE target for Vard from 10x to 9x, cuts earnings forecasts. Maintains Hold on Vard with lower TP of $0.94 (from $1.12)