At 21% of our FY15 forecast, 1H core net profit of RM53m (57% yoy) trailed our expectation and consensus. The negative deviation sprang from lower- than-expected order book recognition as the group only delivered one vessel 2Q vs. five in 2Q14. We cut our FY15-17 EPS by 33-43% as we lower our vessel- sale expectations. We also lower our target price, now based on 1x CY15 P/BV (7.5x CY16 P/E prev.). We upgrade the stock to a Hold as its share price has plunged recently. That said, we concede that the murky order pipeline implies earnings downside risks. This and that yards are generally a later beneficiary of an oil price recovery mean that we might not turn truly constructive on the stock for some time. Negative triggers could come from flagging sales.