Stock Name: ASL Marine
Company Name: ASL MARINE HOLDINGS LTD
Company Name: ASL MARINE HOLDINGS LTD
| Research House: CIMB | Price Call: BUY | Target Price: 0.72 |
Target S$0.72
ASL continues to perform admirably amid a still-mixed Asia market for OSV. Its latest orders worth S$132.5m raise its FY12 order intake to match that of booming FY07. Its backlog should easily support 3-years' earnings CAGR of 10%, even if no orders are secured in FY13-14. Factoring in the latest order wins, we lift our FY12-14 EPS by 1-4%. Our target price remains intact, still based at 0.8x CY12 P/BV. Maintain Outperform. We see catalysts from strong order wins and results.
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