Kim Heng Offshore & Marine downgraded to 'accumulate' by Phillip Capital with 14 cents target price

Stock Name: KimHeng Offshore
Company Name: KIMHENG OFFSHORE&MARINE HLDLTD

Research House: Phillip Securities

Price Call: TRADING BUY

Target Price: 0.14

SINGAPORE (Mar 3): Kim Heng Offshore & Marine reported a 49% increase in revenue quarter-on-quarter to $20.5 million for 4Q2014, but a net loss of $1 million due to a one-off provision of $3.3 million for doubtful debt.

Excluding the provision, net income would have been $2.3 million, almost double q-o-q.

FY2014 revenue and net income missed expectations by 3% and 112% respectively.

In a Mar 3 report, analyst Benjamin Ong downgrades Kim Heng to "accumulate" with a revised target price of 14 cents.