Nam Cheong - Wins Two New Orders | I3investor

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Nam Cheong - Wins Two New Orders

StockFanatic

Publish date: Thu, 12 Mar 2015, 02:02 PM

Nam Cheong has secured orders worth USD58m for a 200-man AWV from Marco Polo Marine and a 12,000bhp AHTS from Topaz Energy and Marine Ltd. Maintain BUY, with SGD0.53 TP (77% upside), based on 8x FY15F earnings. Its orderbook stands at MYR1.7bn. The sale of the AWV leaves Nam Cheong with another 15 vessels to be sold in FY15, which is achievable. Valuations are attractive at 5x/4x FY15/16F P/Es.

Nam Cheong (N4E)

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