Mermaid

Mermaid Maritime downgraded to Underperform by Cimb with TP cut to $0.49 from $0.73, based on CY11 PE of 10x. Expect more headwinds especially for the subsea division as well as negative industry impact from the deepwater Horizon oil spill in the Gulf of Mexico. Forecasts are cut by 14-100% for the subsea segment.