Brokers' Take
Add BT as a preferred sourceOffshore & marine Market weight UOB Kay Hian | Jan 15
ALL companies are re-evaluating ways to optimise costs following a fresh round of oil price declines. We cut our Brent crude benchmark from US$60/barrel to US$50/barrel. Following a rerun of our regression analysis, we cut offshore support vessel target prices by 22-39 per cent. We benchmark Singapore rig builders to Asian financial crisis trough price/book value of 0.85 times, but provide alternative valuations based on South Korean yards' lower valuations. Our top picks remain Ezion Holdings and Triyards. Maintain "market weight".
Keppel DC Reit Accumulate Philip Securities | Jan 15 Close: S$1.025 Target price: S$1.13
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