Rickmers Maritime: To wind up after failing to reach an agreement with banks on debt restructuring
- Unable to repay about US$197m to HSH Nordbank and DBS. MKE assumes DBS's exposure to about $138m.
- Full impact (if not previously provided for) will result in DBS's FY17E profits to fall ~2%.
- Maybank KE expects banks' provisions for NPLs to remain elevated. It last had a Hold rating on the counter with TP of $18.13.
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