Pacific Radiance coverage started at "hold", 64-cent target by KGI Fraser

Stock Name: Pacific Radiance
Company Name: PACIFIC RADIANCE LTD.

Research House: KGI Fraser

Price Call: HOLD

Target Price: 0.64

SINGAPORE (March 31): KGI Fraser Securities has started coverage on Pacific Radiance with a "hold" rating and price target of 64 cents, based on six times projected FY2015 earnings.

The company, which owns and operates offshore support vessels and provides subsea services, will be dragged down by its subsea business this year as a result of reduced demand, according to KGI analyst Joel Ng.

The subsea unit accounted for 27% and 19% respectively of Pacific Radiance's revenues in the last two years.