Swiber price target cut 32% to 17 cents by Maybank Kim Eng

Stock Name: Swiber
Company Name: SWIBER HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: HOLD

Target Price: 0.25

SINGAPORE (March 25): Maybank Kim Eng has cut its price target for Swiber Holdings from 25 cents to 17 cents, based on 0.2 times book value versus 0.3 times previously, and kept its "hold" rating.

The stock trades at only 0.2 times book value, but the company's balance sheet is cause for concern given its gearing of 1.5 times and negative free cash flows, according to Maybank Kim Eng analyst Yeak Chee Keong.