Singapore Stock Market News

Vard Holdings - Delays & terminations

StockFanatic
Publish date: Mon, 16 Mar 2015, 08:50 PM
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■ Two PSV contracts terminated after E.R. Offshore's bankruptcy. No losses expected, aided by 10% prepayment for one.

■ Delivery of four other vessels postponed by six months. Cut FY15E-17E EPS by up to 6%.

■ GGM TP drops from SGD0.60 to SGD0.58. Maintain HOLD as depressed valuations may make it an M&A/privatisation target.
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