Stock Name: Mermaid
Company Name: MERMAID MARITIME PUBLIC CO LTD
Research House: CIMB
CIMB in a May 18 research report says: "2Q11 net loss of THB219 million (+16% y-o-y) was smaller than what we were expecting (THB392 million), though larger than consensus. Key variance was improved utilisation in the subsea fleet. 1H11 net loss of THB408 million forms 43% of our FY2011 number.
"Factoring in the better-than-expected 2Q, higher subsea day rates and improved utilisation for MTR-2, we narrow our FY2011 net-loss estimate by 36%, but keep our estimates for FY2012-2013. Our target price remains 41 cents, based on 0.7x CY11 P/BV (average since FY2009). Following our downgrade in our 4Q10 results note, the stock has underperformed the FSSTI by 26%. UPGRADE TO NEUTRAL."
Company Name: MERMAID MARITIME PUBLIC CO LTD
Research House: CIMB
CIMB in a May 18 research report says: "2Q11 net loss of THB219 million (+16% y-o-y) was smaller than what we were expecting (THB392 million), though larger than consensus. Key variance was improved utilisation in the subsea fleet. 1H11 net loss of THB408 million forms 43% of our FY2011 number.
"Factoring in the better-than-expected 2Q, higher subsea day rates and improved utilisation for MTR-2, we narrow our FY2011 net-loss estimate by 36%, but keep our estimates for FY2012-2013. Our target price remains 41 cents, based on 0.7x CY11 P/BV (average since FY2009). Following our downgrade in our 4Q10 results note, the stock has underperformed the FSSTI by 26%. UPGRADE TO NEUTRAL."
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