Singapore Stock Market News

ASL Marine - An air of uncertainty

StockFanatic
Publish date: Fri, 29 Aug 2014, 11:18 AM
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4Q14 core net loss of S$3.8m (-179% yoy) was worse than expected, bringing FY6/14 core net profit of S$18.4m (-51% yoy) to 57% of our full-year forecast. The negative deviation was due to a cancellation of a PSV order and a lack of recognition of ship repair jobs. ASL also declared a final DPS of 1 Sct (~20% payout). With all divisions (except for engineering) sub-par, we reduce their respective contributions and cut our FY15-16 EPS by 16-30%. We also introduce our FY17 EPS. Our target price, still at 0.7x CY14 P/BV (-0.5 s.d. below its 5-year mean), drops accordingly.

Though the stock is trading at 0.6x CY14 P/BV, uncertainty surrounding both the cancelled vessel and recognition of ship conversion jobs could weigh on its share price. Hold maintained.
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