Pacific Radiance - Disposals save the day | I3investor

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Pacific Radiance - Disposals save the day

StockFanatic

Publish date: Thu, 13 Nov 2014, 05:52 PM

At 77% of our FY14 forecast (3Q at 17%), 9M14 core net profit of US$65m was in line with our and consensus estimates. Vessel disposal gains more than offset the weaker-than-expected margins in 3Q. In light of weaker sentiment from a lower oil price environment, we cut our FY14-16 EPS by 3-20% as we conservatively push back newbuild deliveries and temper our utilisation assumptions, resulting in a margin drop. The earnings downgrade is just a pre-emptive cut and we see significant upside from earnings outperformance and revival of investor confidence. The stock remains an Add with a lower target price, at 7.5x CY16 P/E (prev 9x CY16P/E), still at peer average.

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