Stock Name: STXOSV
Company Name: STX OSV HOLDINGS LIMITED
DBS Vickers Securities in a Nov 21 research report says: "STX OSV announced that the contract for 8 LPG carriers for Petrobras Transportes S.A. (Transpetro) has been made effective. This contract will boost the group's FY2011 YTD order wins to NOK8.6 billion, forming 91% of our full year order wins assumption of NOK9.5 billion.
"We estimate STX OSV's orderbook now stands at NOK17.1 billion, vs. NOK13.6 billion as of end 3Q11, after including the Transpetro contract and the other 2 contracts secured in 4Q11 to date. Book-to-bill has been lifted to c. 1.5x from 1.2x previously. No change to our numbers, as this contract was already in our forecasts.
"However, this removes an ongoing concern among investors over the repeated delays in the contract being made effective. Target price unchanged at $1.54. MAINTAIN BUY."
Company Name: STX OSV HOLDINGS LIMITED
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.54 |
DBS Vickers Securities in a Nov 21 research report says: "STX OSV announced that the contract for 8 LPG carriers for Petrobras Transportes S.A. (Transpetro) has been made effective. This contract will boost the group's FY2011 YTD order wins to NOK8.6 billion, forming 91% of our full year order wins assumption of NOK9.5 billion.
"We estimate STX OSV's orderbook now stands at NOK17.1 billion, vs. NOK13.6 billion as of end 3Q11, after including the Transpetro contract and the other 2 contracts secured in 4Q11 to date. Book-to-bill has been lifted to c. 1.5x from 1.2x previously. No change to our numbers, as this contract was already in our forecasts.
"However, this removes an ongoing concern among investors over the repeated delays in the contract being made effective. Target price unchanged at $1.54. MAINTAIN BUY."
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