Swiber - Prospects of windfall gains from listing plans of its subsea services business on catalist board may mitigate any disappointment over its soft 1Q10 results. No other details disclosed. 1Q10 net profit down 18.1% on-year to US$8m on lower revenue, higher operating and finance costs. With prodn activity in offshore oil & gas sector picking up, outlook is positive. Company has secured $622m worth of contracts since Nov, which expected to start contributing to bottomline in coming qtrs.
Swiber is trading at FY10 p/e of 9.1x, in line with peers
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