Stock Name: STXOSV
Company Name: STX OSV HOLDINGS LIMITED
DMG & Partners Securities in a June 10 research report says: "STX OSV has secured new contracts for two newbuild platform supply vessels (PSV) for NOK750 million ($171 million) from Island Offshore. This lifted their YTD vessel order wins to ten vessels with an estimated value of NOK3.6 billion.
"We estimate that backlog order book is now at NOK17.5 billion, which is nearly 1.5x book-to-bill ratio. No changes to our EPS estimates as we have factored in NOK12 billion new orders in FY2011.
"We remain positive on STX OSV: (1) order enquiries have improved and we believe pace of order win will gather pace in 2H11; (2) STX OSV is well positioned to secure orders for high-end offshore support vessels (OSV) given its market-leading position and strong customer relationships; (3) Stock valuation is undemanding at 7x FY11 P/E. Target price of $1.89. MAINTAIN BUY."
Company Name: STX OSV HOLDINGS LIMITED
| Research House: DMG | Price Call: BUY | Target Price: 1.89 |
DMG & Partners Securities in a June 10 research report says: "STX OSV has secured new contracts for two newbuild platform supply vessels (PSV) for NOK750 million ($171 million) from Island Offshore. This lifted their YTD vessel order wins to ten vessels with an estimated value of NOK3.6 billion.
"We estimate that backlog order book is now at NOK17.5 billion, which is nearly 1.5x book-to-bill ratio. No changes to our EPS estimates as we have factored in NOK12 billion new orders in FY2011.
"We remain positive on STX OSV: (1) order enquiries have improved and we believe pace of order win will gather pace in 2H11; (2) STX OSV is well positioned to secure orders for high-end offshore support vessels (OSV) given its market-leading position and strong customer relationships; (3) Stock valuation is undemanding at 7x FY11 P/E. Target price of $1.89. MAINTAIN BUY."
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