Kreuz

Kreuz: Results above consensus. 1Q rev at $48.6m +86.0% yoy +23.6% qoq with net profit at $10.3m approx +79.9% yoy +858.7% qoq. This was driven by revenue from 3rd party customers and related parties mainly in India as well as operations in Brunei and EPC work in Indonesia. Co recently acquired a Dynamic Positioned Diving Support Vessel to enhance its subsea capabilities which also allows co to reduce reliance on renting 3rd party assets. Co’s current orderbook is approx US$120m. CEO has guided that though India, Brunei, Indonesia and Myanmar continue to remain areas of focus, new regions such as Middle East also will be penetrated for further growth. At EPS of US2.03c, co trades at annualized P/E of 2.8x.