Stock Name: Mermaid
Company Name: MERMAID MARITIME PUBLIC CO LTD
CIMB in an Aug 19 research report says: "We took Mermaid's new CEO, Mr Denis Welch and its investor relations head Mr Howard Woon on a one-day NDR in Singapore. Refreshingly candid, management acknowledged its past mistakes and updated investors on Mermaid's current business operations.
"While investors generally agreed that the current share price provides value, we sense that most are also adopting a "wait-and-see" approach. Nonetheless, the key investment case lies in its current trading price which is below break-up value.
"There are no changes to our earnings estimates or target price of 49 cents, still based on 0.8x CY11 P/BV. Improvements in quarterly results may win investors over while mid-term catalysts could come from contracts for its newbuild jack-ups. MAINTAIN OUTPERFORM.'
Company Name: MERMAID MARITIME PUBLIC CO LTD
| Research House: CIMB | Price Call: BUY | Target Price: 0.49 |
CIMB in an Aug 19 research report says: "We took Mermaid's new CEO, Mr Denis Welch and its investor relations head Mr Howard Woon on a one-day NDR in Singapore. Refreshingly candid, management acknowledged its past mistakes and updated investors on Mermaid's current business operations.
"While investors generally agreed that the current share price provides value, we sense that most are also adopting a "wait-and-see" approach. Nonetheless, the key investment case lies in its current trading price which is below break-up value.
"There are no changes to our earnings estimates or target price of 49 cents, still based on 0.8x CY11 P/BV. Improvements in quarterly results may win investors over while mid-term catalysts could come from contracts for its newbuild jack-ups. MAINTAIN OUTPERFORM.'
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