Jaya Holdings - In shipshape | I3investor

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Jaya Holdings - In shipshape

StockFanatic

Publish date: Thu, 15 May 2014, 03:46 PM

With an impressive set of results and operational metrics ticking along nicely, Jaya will be handing over a set of shipshape operations to the acquirer, Mermaid Marine Australia. 3Q14 core earnings of US$13.8m (2.6x higher yoy) were 51% higher than our expectation and 42% above consensus due to higher-than-expected profits from the sale of the 16,000 bhp AHTS, Jaya Sovereign. 9M core earnings were 92% of our FY14 forecast.

We lift FY14 core EPS by 17% to factor in the earnings outperformance and raise FY15-16 EPS by 1-2% on lower taxes. With the distribution of the purchase consideration now clear, we raise our target price to 100% of the purchase consideration (prev. 97.5%). We maintain Hold in view of the limited catalysts/upside.

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