Stock Name: CH Offshore
Company Name: CH OFFSHORE LTD
DBS Vickers Securities in a Feb 2 research report says: "2Q12 recurring net profit of US$7.7 million (-8% y-o-y) was in line with expectations. Revenue was down 19% y-o-y to US$13.7 million on a smaller fleet, as CHO had disposed 3 vessels to its associate in FY2011 to comply with the Indonesian Cabotage Regulations.
"CHO's balance sheet remains robust, with a net cash position of US$36.4 million, or 6.6 cents per share, forming 17% of its market cap. An interim dividend per share of 75 cents was declared. We project CHO's core earnings to decline by another 9% y-o-y in FY2012F (FY ending June) before rebounding 27% y-o-y in FY2013F.
"Target price of 43 cents is maintained, pegged to 9x FY12F PE. Valuations are supported by a relatively attractive and sustainable dividend yield of 7.3% and estimated RNAV of 57 cents. MAINTAIN HOLD. "
Company Name: CH OFFSHORE LTD
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 0.43 |
DBS Vickers Securities in a Feb 2 research report says: "2Q12 recurring net profit of US$7.7 million (-8% y-o-y) was in line with expectations. Revenue was down 19% y-o-y to US$13.7 million on a smaller fleet, as CHO had disposed 3 vessels to its associate in FY2011 to comply with the Indonesian Cabotage Regulations.
"CHO's balance sheet remains robust, with a net cash position of US$36.4 million, or 6.6 cents per share, forming 17% of its market cap. An interim dividend per share of 75 cents was declared. We project CHO's core earnings to decline by another 9% y-o-y in FY2012F (FY ending June) before rebounding 27% y-o-y in FY2013F.
"Target price of 43 cents is maintained, pegged to 9x FY12F PE. Valuations are supported by a relatively attractive and sustainable dividend yield of 7.3% and estimated RNAV of 57 cents. MAINTAIN HOLD. "
No comments:
Post a Comment