Singapore Stock Market News
Jaya Holdings - Smooth sailing
StockFanatic
Publish date: Wed, 22 Jan 2014, 02:40 PM
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At 47% of our FY14 forecast, 1HFY6/14 core net profit of US$15.1m (-10% yoy) was in line with our expectations (13% below consensus). Higher day rates and utilisation helped offset the shipyard overheads. The group also declared an interim DPS of 1Scts, double that of 1HFY13. We lower our FY14 EPS by 2% due to higher shipyard losses, while raising our FY15-16 by 2-4% to factor in higher day rates.
Jaya remains an Add with an unchanged target price, still at 1x CY14 P/BV (its four-year mean). Potential catalysts are stronger chartering operations, shipbuilding wins and clarity on its strategic review.
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