Triyards is trading at $0.81, posting a solid debut amid bouyant interest in O&M plays and as analysts have generally viewed the spinoff from Ezra by distribution-in-specie positively.
"Triyards is a proxy to rising demand for self-elevating units as it is a leading builder of such vessels in Southeast Asia. Demand for SEUs will continue to grow in Southeast Asia, the Middle East and West Africa on the back of growing maintenance needs and a limited supply of such vessels in these regions," UOB KayHian analyst Tan Jun Da says in a note.
He expects Triyards will continue tapping Ezra's fleet expansion plans. Triyards, which currently has two Vietnam yards and one Houston facility, is aiming to grow by expanding its SEU and OCSV ranges, expanding in Brazil and Australia and diversifiying into new product categories, with the acquisition of further regional fabrication yards likely, he says.
OCBC has tipped a S$0.78 fair value estimate, based on 9x P/E; CIMB estimates Triyards could touch $0.86, based on 11x 2013 P/E. None of the three houses have a rating on Triyards. Ezra is down 1.3% at $1.17.
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