Singapore Stock Market News

Swiber Holdings - Seasonally slow 3Q avoided

StockFanatic
Publish date: Thu, 15 Nov 2012, 12:11 PM
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Flushed with orders, Swiber avoided a seasonally slow 3Q with higher turnover. However, good operating performance was somewhat derailed by higher minority interests. Nonetheless, we believe that continued good execution will bolster investors' confidence.

At 17% of our full-year estimate (9M at 61%), 3Q was below our expectations due to higher minority interests. 9M reported earnings formed 73% of consensus. Factoring in the higher minority interests, we cut our FY12 EPS by 4%. We maintain our Outperform call and raise our target price as we roll it forward to 0.9x CY13 P/BV (previously 0.9x CY12 P/BV), its 4-year mean.
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