- FY10 earnings (+126%) came in 26% ahead of market estimates
- Fueled by improved shipbuilding margins, higher offshore contribution and tax savings
- Offshore contracts + earnings recovery + potential parental restructuring = Outperformance
- BUY the leading Chinese offshore play; TP raised to S$3.16
A super 4Q10. 4Q net earnings surged 431% y-o-y and 70% q-o-q to S$93.6m on strong margin recovery from shipbuilding, higher-than-expected offshore revenue, cost savings from preferential tax rate and tightened cost management. This brings FY10 net profit to S$249m, beating our and consensus estimates by 18% and 26%, respectively.
Source
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