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Pacific Radiance - Fancy a free boat?
StockFanatic
Publish date: Thu, 11 Jun 2015, 05:20 PM
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PACRA's share price recently hit an all-time low and we estimate that it is trading at a 17% discount to its liquidation value of S$0.62/share. As there has been no further deterioration in market conditions and we deem that the OSV market is at a trough, we are now more convinced than ever. We still cut FY15-17 EPS by 2-7% as we fine-tune our earnings model and cut FY15-17 DPS by 20-200% as PACRA could preserve cash during this downcycle. Previous estimates were for 3 Scts DPS p.a. based on FY14 absolute payout. That said, the stock still offers c.4-5% forward dividend yields. Our 7.5x CY16-based target price (1s.d. below small/mid-cap 5-year mean) is trimmed to S$0.85. We recommend investors to be positioned in the stock in a big way with catalysts from a stronger 2H. Maintain Add.
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