atans1

DBS Sec remains bullish on offshore & marine sector

In Energy on 16/03/2011 at 6:17 am

(Issued juz before earthquake)

We reiterate our preference for offshore shipyards with strong order flows for 2011. Our top picks are Keppel Corp (‘buy'; TP S$14.63) and Sembcorp Marine (‘buy'; TP S$6.63) as the key beneficiaries of resurgence in premium jack-ups; and Cosco Corp (‘buy'; TP S$3.16) being the leader among Chinese yards for offshore projects. We view a prolonged spike in oil prices as a key risk, as it poses a significant threat to global economic growth.

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