Stock Name: Mermaid
Company Name: MERMAID MARITIME PUBLIC CO LTD
“Improvements mainly stem from a shift in strategic bidding, which has led the subsea arm to tender much competitively than before,” CIMB said in a report.
Company Name: MERMAID MARITIME PUBLIC CO LTD
| Research House: CIMB | Price Call: BUY | Target Price: 0.49 |
CIMB Research has upgraded Singapore-listed offshore oil and gas firm Mermaid Maritime Pcl (MMPC.SI) to outperform from neutral and raised its target price to $0.49 from $0.41.
CIMB has cut its fiscal 2011 net loss forecast for Mermaid Maritime by 8% and raised its earnings estimate for 2013 by 114% to take into account higher utilisation rates and improvements in its subsea business.
CIMB has cut its fiscal 2011 net loss forecast for Mermaid Maritime by 8% and raised its earnings estimate for 2013 by 114% to take into account higher utilisation rates and improvements in its subsea business.
“Improvements mainly stem from a shift in strategic bidding, which has led the subsea arm to tender much competitively than before,” CIMB said in a report.
The brokerage said it expects Mermaid Maritime to achieve utilisation rate of 67% in the third quarter and 62% in the fourth quarter.
At 9:01a.m., shares of Mermaid Maritime were flat at $0.34 and have fallen about 21% since the start of the year.
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