Singapore Stock Market News

Vard Holdings - Wait And See

StockFanatic
Publish date: Tue, 29 Apr 2014, 10:58 PM
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Vard's 1Q14 PATMI came in at 19% of our FY14F earnings, marking a third consecutive quarter of margin recovery. EBITDA margin was 6.4%, up from 5.1% in 4Q13. At the current rate of improvement, Vard should be able to meet our 7.6% margin forecast for FY14F. Its 1Q14 order wins were "exceptional".

We continue to prefer Nam Cheong for lower-risk exposure to OSV building. NEUTRAL, with a higher SGD1.00 TP.
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