SHIP: A Beneficiary From Gas Offshore Diversification, BUY TP 1,060
14 Dec 2017
SHIP - A Beneficiary From Gas Offshore Diversification, BUY with TP 1,060
With the diversification business to gas offshore industry and the acquisition of FSO’s company, the company’s total revenue in 9M17 soared significantly by 2.8-fold to US$ 32.7 million. Meanwhile, the company’s net profit during the same period increased by 79.6% YoY from US$ 4.2 million to US$ 7.5 million. Based on yesterday closing price, the share price was trading at 14.43x 2018F PER and 7.53xEV/EBITDA 2018F, while our fair value offered 33% upside potential. Hence, we re-initiate SHIP coverage with BUY rating.
CLICK HERE to download complete report
