Singapore Stock Market News

Triyards Holdings - Liftboat Liftoff

StockFanatic
Publish date: Wed, 08 Apr 2015, 09:53 AM
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We initiate coverage on liftboat builder Triyards with a BUY and SGD0.77 TP (100% upside) based on 6x FY15F P/E (small-/mid-cap SGXlisted O&G firms' average: 7.29x). A calculated net orderbook of USD380m provides 15 months' earnings visibility. Ezion could potentially award USD150m in contracts, upon which its 29.5m warrants in the counter will vest. Valuations are attractive at 3.1x/2.6x FY15F/16F P/Es, 3x EV/EBITDAs, 0.4x P/BVs and 2.5% yield.
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