Stock Name: CH Offshore
Company Name: CH OFFSHORE LTD
DBS Vickers Securities in an Aug 24 research report says: "On the back of strong operating cash flows, CHO's net cash position of US$43.3 million at end FY2011 is equivalent to 21% of its current market cap.
"CHO has reverted to a dividend payout ratio more consistent with pre-FY2009, with a 47% payout in FY2011, or dividend per share of 2.75 cents, implying a yield of 7.6% at current price levels. We cut FY2012/2013F by 21%/15% on reduced day rate assumptions.
"CHO currently trades at 6.6x FY2012 PE and 0.88x FY2011 P/BV, close to -1.5SD from its historical average valuations. Our target price is reduced to 49 cents (prev 60 cents) in line with a lowered FY2012F and an adjusted USD/SGD exchange rate. UPGRADE TO BUY."
Company Name: CH OFFSHORE LTD
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.49 |
DBS Vickers Securities in an Aug 24 research report says: "On the back of strong operating cash flows, CHO's net cash position of US$43.3 million at end FY2011 is equivalent to 21% of its current market cap.
"CHO has reverted to a dividend payout ratio more consistent with pre-FY2009, with a 47% payout in FY2011, or dividend per share of 2.75 cents, implying a yield of 7.6% at current price levels. We cut FY2012/2013F by 21%/15% on reduced day rate assumptions.
"CHO currently trades at 6.6x FY2012 PE and 0.88x FY2011 P/BV, close to -1.5SD from its historical average valuations. Our target price is reduced to 49 cents (prev 60 cents) in line with a lowered FY2012F and an adjusted USD/SGD exchange rate. UPGRADE TO BUY."
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