Vard

Vard: CLSA sees a Norwegian winter. Notes poor execution in a difficult macro environment has led to a sharp de-rating of Vard over the past quarter. Still the house believes a rebound in the near future is unlikely bcs of repeated cost overruns , which puts a question mark on the sustainability of margin recovery. The house cuts its margin and order win assumptions , and target multiple. Lowers TP to $0.71, and downgrades to Underperform . Likes Ezion and Nam Cheong for better upside.