Singapore offshore and marine
Neutral
CIMB Research | June 3
SMALL-CAP shipyard/ship charterer, Otto Marine (OTML) announced that it has received an offer from a potential buyer for the shares in the company. The proposed buyer and offer price were not disclosed. It is 61.2 per cent-owned by Yaw Chee Siew, a Malaysian tycoon. OTML has been reporting losses since 2011, hit by execution issues, weak vessel orders and charter rates and high leverage. The stock spiked 17 per cent over the past week, which spurred a halt and the above announcement, in our view.
The small-cap offshore and marines (O&Ms) are trading at an average of 0.4 times 2015 price-to-book value (P/BV). Our first stage of screening...
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