PACC Offshore (S$0.37): 1Q16 results kept afloat by accommodation vessels
-1Q net profit US$4.5m (1Q15: US$0.02m, 4Q15: -US$1.2m) met expectations
-1Q revenue US$58.7m (+2% y/y)
-Revenue for accommodation vessel (+117%), OSV (-36%), T&I (-21%), HSER (-21%)
-Bottom line boosted by JV, but dragged by doubtful debts and lower disposal gains
-Ability to secure new contracts and maintain utilisation in 1Q is commendable
-Maybank KE expects POSH to weather oil cycle downturn due to strong balance sheet
-Maybank KE maintains Buy with TP of $0.42
-Trading at 0.46x P/B
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