Vard

Vard: Daiwa raises Vard's 2014-2015 order-win assumptions to NOK13b (from NOK11b) and NOK12.6b (from NOK11.6b) respectively, higher than most of those that make up the Bloomberg's consensus forecasts, reflecting the House's bullish outlook for Vard’s order-win momentum. Year-to-date, Vard has secured NOK5.3b worth of contracts to build 8 new vessels from new and repeat customers. Most of new orders won this year (6 of the will be built according to Vard’s own designs, which reflects the market’s acceptance of the company’s designs and enhances Vard’s credentials in building larger, more complex OSVs compared with less-established Asia yards with narrower product ranges. Following this, Daiwa raises 6-month TP to $1.14 (from $0.95) and reiterates its OUTPERFORM rating.