Stock Name: Vard
Company Name: VARD HOLDINGS LIMITED
Company Name: VARD HOLDINGS LIMITED
| Research House: CIMB | Price Call: HOLD | Target Price: 0.54 |
SINGAPORE (Mar 17): CIMB Research is maintaining its "Hold" call for Vard Holdings Ltd but lowers its target price to $0.54 after E.R. Offshore cancelled two PSV vessels from the shipbuilder.
CIMB still remains confident though, saying Vard's order book is mostly made up of established North Sea operator customers, thus, cancellation risk is not heightened.
Vard only has two customers with similar standings to E.R. Offshore, which one of them, newcomer Carlotta Offshore has ordered a PSV from Vard, while the other, Nordic American has ordered two vessels.
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