NRA Capital Pte Ltd

Written by: NRA Research Team

Wednesday 16 Apr 2014

Triyards - 2Q14 Results Update

Still waiting for those orders

Earnings in line. Triyards’ 2Q14 net profit of US$7.8m was in line with our estimates as the higher-than-expected revenues were offset by higher-than-expected effective tax rates. We maintain our forecasts but will be keeping an eye on how the group progresses with order wins in the third quarter. Our fair value remains at S$0.83, 7x FY15 PER. With potential upside of 30%, maintain Overweight.

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