Stock Name: Mermaid
Company Name: MERMAID MARITIME PUBLIC CO LTD
CIMB in a July 18 research report says: "We believe that the worst could be over with Mermaid bottoming out in terms of q-o-q earnings. Utilisation for 2QFY11 has climbed to 54% vs. 28% for 2QFY10. Based on an order book of over US$100 million, subsea should achieve above 60% utilisation for 2HFY11.
"We lower our FY2011 net loss forecast by 8% and raise our estimate for FY2013 by 114%. As we believe that losses could be contained, we raise our target price to 49 cents, based on 0.8x CY11 P/BV (previously 41 cents, based on 0.7x CY11 P/BV, its average since 2009).
"As it is trading at 0.6x CY11 P/BV, we believe that downside risks are limited and see its share price supported by value in subsea assets. UPGRADE TO OUTPERFORM."
Company Name: MERMAID MARITIME PUBLIC CO LTD
| Research House: CIMB | Price Call: BUY | Target Price: 0.49 |
CIMB in a July 18 research report says: "We believe that the worst could be over with Mermaid bottoming out in terms of q-o-q earnings. Utilisation for 2QFY11 has climbed to 54% vs. 28% for 2QFY10. Based on an order book of over US$100 million, subsea should achieve above 60% utilisation for 2HFY11.
"We lower our FY2011 net loss forecast by 8% and raise our estimate for FY2013 by 114%. As we believe that losses could be contained, we raise our target price to 49 cents, based on 0.8x CY11 P/BV (previously 41 cents, based on 0.7x CY11 P/BV, its average since 2009).
"As it is trading at 0.6x CY11 P/BV, we believe that downside risks are limited and see its share price supported by value in subsea assets. UPGRADE TO OUTPERFORM."
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