Pacific Radiance (S$0.29) 1Q16 results yet to sail through the low oil tide
-1Q net loss US$6.8m (1Q15: YS$2.5m profit)
-1Q revenue US$18.4m (-42% y/y); offshore support services (-40% to US$17m), subsea (-61% to US$1m)
-bottom line further hit by higher finance costs
-Net gearing up to 1.05x from 0.86x in 4Q15 as Op. cash flow turned negative
-Mgmt expects outlook to remain tepid
-Trading at 19.3x FY16e P/E and 0.37x P/B
-Consensus: 3 Buy, 2 Hold, 3 Sell, mean TP $0.32
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