Better than expected

NOL?s 1H13 core net loss of US$162m came inat 37% of our full-year loss forecast of US$427m,as wehad underestimated the fruits of NOL?s cost-savinginitiatives. Although2Q13 rates fell 11.5% yoy, the8.9% yoy fall in unit costs significantly cushioned the impact.

CIMB TP  : $ 1.10

https://brokingrfs.cimb.com/DqDqgj0L2qcI2UmRa372IQlCkQAMCHKjGHsbWHjmsoc86IO07XcblEFM5E1tZgJ8qxwsNMjMreg1.pdf

 

Last one standing

1H13 core EPS is above our expectations and consensus at 54% of our FY13 forecast, thanks to strong shipbuilding revenue from the execution and delivery of high-value larger vessels. With US$1.1bn of orders secured YTD, YZJ is on track to meet its 2013 target of US$2.5bn while its non-state-owned peers are dropping like flies.

 

2H13 to be equally strong

CIMB TP : $ 1.25

https://brokingrfs.cimb.com/asDL-f10mq6gCbS8drfD6HJdE-6NDIg4fnM47q4Ww_zA3WB74YGLvLNQuCWCz5_xxK23nsaydAA1.pdf

The award of these prestigious contracts reinforces VARD?s position as a leading provider of large and complex Offshore Subsea Construction Vessels (OSCVs). Through this order, VARD is able to capitalize on its track record, experience and world

  ‐ class design capabilities in Norway as well as its long‐ standing presence and investments in the Brazilian market.

http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content& B=AnnouncementToday& F=886086& fileId=20130812_VARD_signs_contracts_with_DOF_Subsea_and_Technip_FINAL.pdf