Singapore Stock Market News

Vard Holdings - Not out of deepwaters

StockFanatic
Publish date: Mon, 02 Mar 2015, 12:09 PM
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■ FY14 beat on exceptionally high revenue, but 4Q14 EBITDA margins of 2.7% missed. No final DPS.

■ FY15E orders likely to be weak. Cut EPS by 6-12% for this.

Maintain HOLD for lack of catalysts. TP now at SGD0.60, 0.9x FY15E P/BV, from SGD0.65.
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