Swiber

Swiber: 1Q13 results were above expectations due to higher-than-expected turnover and associates’ contributions, and lower-than-expected tax and minority interests. Gross margin fell 3.7ppt yoy due to a different revenue mix. With Kreuz’s large 81% share price appreciation ytd, UOB Kay Hian estimate Swiber’s discount to house estimated RNAV has widened to 33%. Maintain BUY with $0.86 TP