Singapore Stock Market News
ASL Marine - Getting ambitious
StockFanatic
Publish date: Thu, 29 Aug 2013, 10:23 AM
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ASL is getting more aggressive by embarking on four build-to-stock
AHTS in its Batam and Chinese yards, in view of the bottomed-out
vessel prices. This can be a game changer for its shipbuilding business.
Vessel sales and strong orders can catalyse the stock.
FY13 core profit was 10% below our
forecast and consensus due to the
higher tax rate of 18% (pre-tax loss
from its subsidiary, Vosta). On a
normalised tax rate (10%), the core
profit would have met expectations.
ASL declared a dividend of S$0.02.
We cut our EPS by 4-8% for FY14-16
due to the higher taxes. We maintain
our Outperform rating and target
price (still based on 0.9x CY13 P/BV,
its five-year mean).
Read more » Related Stocks
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