OCBC Investment Research in a Feb 28 research report says: "Swiber reported a 40.5% increase in revenue to US$654.5 million but a 14% drop in net profit to US$32.1 million in FY2011.
"Revenue was in line with our expectations but bottom-line was significantly below ours and the street's estimates of US$42 million and US$40.2 million, respectively. The group had turned in net profit of only US$1.5 million in 4Q11 vs. US$8.5 million in 4Q10 and US$13.5 million in 3Q11.
"Swiber has an order book of over US$1 billion and we are confident of its ability to secure projects going forward. The group secured about US$750 million worth of contracts last year and we are now assuming an US$850 million new order win for 2012 after Swiber secured US$216 million worth of work YTD. Fair value estimate of 70 cents with limited upside potential. MAINTAIN HOLD."
"Revenue was in line with our expectations but bottom-line was significantly below ours and the street's estimates of US$42 million and US$40.2 million, respectively. The group had turned in net profit of only US$1.5 million in 4Q11 vs. US$8.5 million in 4Q10 and US$13.5 million in 3Q11.
"Swiber has an order book of over US$1 billion and we are confident of its ability to secure projects going forward. The group secured about US$750 million worth of contracts last year and we are now assuming an US$850 million new order win for 2012 after Swiber secured US$216 million worth of work YTD. Fair value estimate of 70 cents with limited upside potential. MAINTAIN HOLD."
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