Wednesday, March 12, 2014

************ Vard: Broke immediate resistance at 0.925, target to 0.95 then 1.00...

Can try to accumulate from 0.93 to 0.94, a break above 0.95 can see it trade upwards fast.
Stop loss at 0.92.
Maybank KE – 26 February 2014
Vard Holdings - Bottoming out (Buy, TP SGD1.07, VARD SP, Oil & Gas)
-       4Q13 results disappointed with further cost overruns and delays in Niteroi yard. No dividend was declared for FY13.
-       While Niteroi yard’s performance was a negative surprise, the strength of underlying operations looks strong.
-       Maintain Buy, TP of SGD1.07x based on –1SD P/BV of 1.4x.

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