ASL Marine: Co has secured $131m worth of shipbuilding contracts for 11 vessels to be progressively completed between 4Q12 and 3Q13. Of the 11 vessels, 9 are AHTS and 2 are emergency response and rescue vessels. Contracts are expected to have a positive impact on NTA EPS of grp for FY12….
We note that new order would see orderbook jump to approximately $300m, from $218m. 9M11 total Rev at $270.5m, (66% from ship building, ship repair 19% and ship chartering at 15%) and will underpin earnings till 2012. We note at current price, grp trades at only 0.73x FY12 P/B, the stock remains undemanding on cheap valuation. Kim Eng maintains Buy recommendation and TP of $0.85, while CIMB maintains neutral with $0.70 TP.
No comments:
Post a Comment