Triyards Holdings started at "buy", 92-cent target by AmFraser

Stock Name: Triyards
Company Name: TRIYARDS HOLDINGS LIMITED

Research House: AmFraser

Price Call: BUY

Target Price: 0.92

SINGAPORE (Nov 25): AmFraser has started coverage on Triyards International with a "buy" call and price target of 92 cents, based on nine times projected FY2015 earnings.

Ezion Holdings' recent move to subscribe for warrants issued by Triyards signals its confidence in the builder of lift boats, according to AmFraser.

"This will also provide a boost to its order book - potentially adding around US$150 million to Triyards' order book, which would bring (it) to an all-time high of US$550 million, giving visibility over the next two years," it said.