Singapore Stock Market News
ASL Marine - Emphatic start
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Publish date: Tue, 19 Nov 2013, 10:49 PM
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Even though the 1Q earnings outperformance represented an emphatic start, ASL is not resting on its laurels. It is shifting its business model to speculative building which offers convenience and flexibility to customers. This makes sense in an improving OSV market.
At 29% of our FY14 forecast, 1QFY6/14 core earnings were 16% above our expectations and in line with consensus. We lift our FY14-16 core EPS by 6-14% on higher margins. We maintain our Outperform rating with a higher target price as we roll it forward to 0.9x CY14 P/BV, its 5-year mean. Catalysts could come from shipbuilding sales, faster turnaround of Vosta and big repair jobs.
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