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Friday, March 29, 2013

RHB-OSK ups target for Nam Cheong to 35 c


Nam Cheong announced that it has won a USD72.1m contract for six vessels – two anchor handling tug supply vessels (AHTS) and four emergency response and rescue vessels (ERRVs).

While the AHTS were within our shipbuilding model, the four ERRVs are a pleasant surprise.

With an extremely strong orderbook, Nam Cheong is a growth stock at value multiples.

We raise our TP from SGD0.34 to SGD0.35.

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