Swiber Holdings - Cashflow negative | I3investor

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Swiber Holdings - Cashflow negative

StockFanatic

Publish date: Thu, 14 Aug 2014, 10:02 AM

Swiber was barely profitable in 2Q14. Its 2Q14 core profit of US$1.1m was below our expected US$3m. Weak gross margin, a dwindling order book, and high interest and admin costs continued to plague its operations, resulting in a negative EBITDA in 1H14. Its 2Q14 reported profit of US$10m was boosted by US$4m gains from the sale of JV and associate. We slash our FY14 EPS forecast by 50% as we doubt a strong recovery will take place in 2H14.

We also reduce our target price to S$0.50, using its trough valuation of 0.48x P/BV. The stock is cheap, but we think the valuation is still warranted. Maintain Reduce.

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