Singapore Stock Market News
Swissco Holdings - Growth story intact
StockFanatic
Publish date: Thu, 13 Nov 2014, 01:14 PM
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We consider Swissco's 3Q14 net profit to be in line as we expect a strong pick-up in 4Q14 with stronger maritime services and rig contributions. 9M14 formed about 70% of our full-year forecast. It is not the FY14 results that excite us but Swissco's potential growth from FY15 with full-year contribution of eight rigs as well as potential for more contracts and fleet expansion. Its new contracts momentum has been impressive with five new rigs added to its fleet since the Scott & English deal.
We keep our EPS but our target price falls as we peg Swissco to the peer average of 7.5x (prev. 9x CY16 P/E), after our recent blanket valuation cuts for small- and mid-cap oil & gas companies. Accelerated fleet expansion and new contracts could be the key catalysts.
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