Swiber: Lifts trading halt.Secured contract worth approx US$155.0m for an EPIC pipeline project in South Asia. The latest EPIC pipeline project is scheduled to commence in 4QFY2012 and targeted to complete in 2QFY2013. Co's current order book is close to $1b.
CIMB maintains Outperform but raises TP from $0.65 to $0.71. Earnings forecasts for FY11-13 are raised by 8-11% factoring in stronger orders for 2011, expecting another US$177m in orders over nxt 2 mths. Order backlog for co is currently abt US$930m with additional 2 potential contracts worth US$177m. Target order wins for 2012 cut to US$300m to factor possibility of stalling orders in a recessionary environment. Notes that sh/h approval for perp pref shares will be sought and if approved could reduce net gearing from 1x to 0.8x.
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