Published:
Vard's stock price haunted by market skepticism
Failed to invoke a sustained lift amidst Brazil woes.
According to Maybank Kim Eng, it thinks that market remains cautious about Vard’s execution in Brazil after the 2Q13 results disappointment.
Here's more:
Recent contract win momentum has failed to invoke a sustained lift to stock price.
However, YTD contract win of about NOK11.5b has already matched our initial forecast.
With about 3 months to go before the year ends, it would not be difficult to breachVard’s NOK12b order win expectations, which we believe would trigger the start of a re-rating.
We raise our FY13F order win assumption to NOK13.4b (from NOK11.5b).
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