NRA Capital Pte Ltd

Written by: NRA Research Team

Monday 13 Jan 2014

Triyards - 1Q14 Results Update

Waiting patiently for the elusive order wins

Earnings in line. Triyards’ 1Q14 net profit of US$7.3m was in line with our estimates as the higher-than-expected revenues were offset by lower-than-expected gross profit margins. We maintain our forecasts but will be keeping an eye on how the group progresses with order wins in the next quarters. Our fair value remains at S$0.83, 7x FY15 PER. With potential upside of 24%, maintain Overweight

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