DBS Vickers is maintaining its “fully valued” call on Vard Holdings but trimming its target price to 13 cents from 15 cents.
In a Tuesday report, analyst Suvro Sarkar says investors should avoid Vard Holdings pending clarity on the ship builder's Brazilian business operations and outlook for new business plans.
“Despite about 40% fall in share price year-to-date in 2016, we would avoid the stock until there is more visibility,” it says in a note.
The comments come after the company reported a NO 83 million ($13.4 million) net loss for the fourth quarter. Vard’s order book declined from NOK17.7 billion at end-2014 to NOK10.2 billion at end-FY2015.
Vard shares last closed at 16 cents.
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In a Tuesday report, analyst Suvro Sarkar says investors should avoid Vard Holdings pending clarity on the ship builder's Brazilian business operations and outlook for new business plans.
“Despite about 40% fall in share price year-to-date in 2016, we would avoid the stock until there is more visibility,” it says in a note.
The comments come after the company reported a NO 83 million ($13.4 million) net loss for the fourth quarter. Vard’s order book declined from NOK17.7 billion at end-2014 to NOK10.2 billion at end-FY2015.
Vard shares last closed at 16 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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