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  Bookmark this page   Thursday, 02 Oct 2014
Today's Headlines
Swiber Holdings: Too early to turn bullish

Since our previous report on 14 Aug, the share price of Swiber Holdings has dropped 13% compared to the STI’s flattish performance. We believe that this could be related to its relatively slow new order flow, as well as sliding oil prices of late. There has also been news of Indonesia’s Pertamina cancelling its West Madura tender (in which Swiber was a contender). Against the current backdrop, we believe players with high overheads and operating on thin margins like Swiber are more susceptible to any downturn in sentiment. Looking ahead, the upcoming 3Q results may continue to be lacklustre. We lower our valuation from 0.45x to 0.4x FY14F P/NTA, but may look to lift it should the group be able to reduce its accounts receivables in the coming quarters. As such, our fair value estimate slips from S$0.57 to S$0.49. Maintain HOLD.

  Market Pulse
Market Pulse: Swiber Holdings (2 Oct 2014)
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Swiber Holdings: Too early to turn bullish
Since our previous report on 14 Aug, the share price of Swiber Holdings has dropped 13% compared to the STI’s flattish performance. We believe tha ...
Noble Group Ltd: CIC pares stake to 9.4%
Noble Group (Noble) noted that China Investment Corp (CIC), through its subsidiary Best Investment Limited, has pared its stake from 13.8% to 9.4% ...
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