Triyards: 1QFY16 earnings came in at US$6.2m, up 42% y/y after adjusting for one offs in 1QFY15. Stripping out its contract win assumption puts Triyards’ earnings in-line with UOB Kay Hian's expectation.
Group's orderbook remained unchanged at US$564m from last year, as an additional US$80m of contract wins were added. Earnings visibility is still maintained at almost two years. New order wins are starting to become challenging.
UOB Kay Hian maintains Buy rating with TP of $0.88.
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