Brokers' take

Triyards Holdings | Hold Target price: S$0.345 March 15 close: S$0.29 OCBC Investment Research, March 15

Triyards Holdings recently announced that it has won contracts worth US$20.64 million for the fabrication of two passenger ferries. They were secured by Strategic Marine, a wholly owned subsidiary, from two ferry operators. The group has been diversifying its order mix, but the stock is still trading at close to 0.3 times of its book value, as investors may be awaiting further clarity on the impact that Triyards may face from an Ezra default (eg corporate guarantees). As there could be further potential impact beyond what we know and estimate, we lower our fair value estimate to S$0.345, and downgrade our rating to hold, pending more clarity relating to Ezra.

Yangzijiang Shipbuilding | Add Target price: S$1.21 March 15 close: S$1.10 CIMB Research, March 14