Mermaid Maritime - Things Are Going Swimmingly | I3investor

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Mermaid Maritime - Things Are Going Swimmingly

StockFanatic

Publish date: Fri, 03 Jan 2014, 11:13 PM

Growth story in the making; initiate with BUY. We initiate coverage of Mermaid Maritime with a BUY and TP of SGD0.61, implying a 20% upside. Earnings should remain robust in FY9/14E, buoyed by a USD650m orderbook (including an unrecognised portion of a USD530m Saudi Aramco subsea contract), which practically guarantees a diluted EPS growth of 212%.

But the larger investment case is Mermaid's potential evolvement into an integrated oilfield services player a la Malaysia's SapuraKencana, which the market has yet to price in.

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