Brokers' take

PACC Offshore Services Holdings | Hold Target price: S$0.335 April 12 close: S$0.35 OCBC Investment Research, April 12

It has been a tough time for offshore and marine companies since the oil price crash in Q3 2014. PACC Offshore Services Holdings (POSH) is still in relatively better position, with positive operating cashflows of US$38.2 million in FY16 and US$69.6 million in FY15.

Net gearing was 1.0x in FY16, but the group has been enjoying good relations with its banks. As at Dec 31, 2016, it had undrawn bank lines of about US$282.9 million.