Brokers' take

Triyards Holdings | Hold Target price: S$0.345 March 22 close: S$0.235 OCBC Investment Research, March 22

With Ezra Holdings and its subsidiaries EMAS IT Solutions and Ezra Marine Services (Ezra Chapter 11 entities) voluntarily filing a petition for reorganisation under Chapter 11 in the US, and EMAS Chiyoda Subsea and its subsidiaries (ECS Chapter 11 entities) voluntarily filing a petition for relief under Chapter 11, Triyards Holdings has issued a statement. As at Nov 30, 2016, the aggregate amount of inter-company receivables and payables owing from the Ezra Chapter 11 entities and the ECS Chapter 11 entities to Triyards was about US$1.4 million and US$1.6 million, respectively. Triyards is also liable for up to US$30 million in a joint bank facility under a corporate guarantee with Ezra, and there is also an existing banking facility with US$8.5 million outstanding in which Ezra and Triyards jointly provided corporate guarantees. At this stage, Triyards is not aware of any actions by the financial institutions involved in the banking facilities as a result of the Chapter 11 filing, and Triyards does not have a going concern issue.

Keppel Corporation | Neutral Target price: S$6.20 March 22 close: S$6.72 Citi Research, March 21