Swiber Holdings - Beat expectations | I3investor

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Swiber Holdings - Beat expectations

StockFanatic

Publish date: Fri, 17 May 2013, 05:54 PM

Swiber's efforts to break into new markets such as Latin America while entrenching its position in South-East Asia have borne fruits as the company achieved its strongest quarter since listing. Stay invested to reap from its US$1.1bn order book.

1Q13 core EPS beat expectations, at 42% of our FY13 forecast due to higher revenue and lower taxes. We only raise our EPS by 4% for FY13 in view of potential withholding taxes that could swing its profits in subsequent quarters (FY12 tax rate: 34%). Accordingly, we lift our target price, still at 0.9x P/BV (30% below its 5-year mean). Stronger orders could be catalysts. Maintain Outperform.

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