PACC Offshore Services Holdings (POSH SP):
BUY TP SGD1.12
1. 3Q14 below as Mexican JV continued to lose money. FY14E-16E EPS cut by 7-11% for more conservative margins.
2. Accordingly, TP lowered to SGD1.12 from SGD1.26 on unchanged 11x FY15E EPS.
3. Still, maintain BUY with catalysts from potential second SSAV contract and Mexican JV’s returning to profitability.
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