Singapore Stock Market News
Mermaid Maritime - Steadying the ship
StockFanatic
Publish date: Mon, 17 Aug 2015, 03:18 PM
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Mermaid more or less broke even in 1H15 with a marginal core net loss of US$1.2m, which we consider to be slightly ahead of our expectations and above consensus. Its subsea performance was impressive in 2Q15, with a 77% yoy jump in net profit to US$11.7m and leading to breakeven as 1Q's net profit loss of US$16m was erased. We lift our FY15-17 EPS by 2-6% on stronger subsea revenues. Given its successful navigation of stormy waters, we upgrade Mermaid to Add from Hold, with a lower target price, at 0.4x CY15 P/BV vs. FY16 5% ROE. Potential catalysts include longer-term subsea contracts, contracts for its newbuild tender rigs and better earnings.
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| Pic Credits : offshoreenergytoday.com |
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