Thursday, March 22, 2012

STX OSV getting expensive



STX OSV saw recent spike in its share price and AMFraser analyst Lee Yue Jer issues a note of caution for investors.

Lee says the deals worth a collective NOK 1.15bn ($200m) with Island Offshore and Dof the Singapore-listed yard recently signed could indicate more orders will follow as financing may be flowing again.

But while the analyst is standing by AMFraser’s buy tag on the yard, Lee noted: “The financing problems are not over in Europe, and high-beta STX OSV stands particularly at risk should the market get the jitters again.”

Shares in the shipbuilder closed at SGD 1.775 each yesterday, up from SGD 1.200 at the start of this year.



Published : March 22, 2012

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