Triyards Holdings poised for growth in 2013

Its orderbook is now 54.5% of its full year target.

According to OCBC Investment Research, Triyards Holdings has a strategic focus on the construction of selfelevating, self-propelled accommodation and construction units (liftboats), having established a significant track record.

OCBC adds, the group is well positioned to secure more orders for such units, which is gaining acceptance internationally due to increase recognition of its advantages over traditional work barges. Triyards also has the capability to build technologically advanced construction vessels (OSCV) and offshore support vessels (OSV).

Here's more:

Backing from the Ezra Group. Triyards originated from Ezra Holdings, which currently holds a 67.0% stake. Close links between both companies mean that Triyards may be able to be involved in some of the projects that Ezra undertakes and tap into Ezra’s clientele base.

Plans to expand product range and upgrade capabilities. Looking ahead, Triyards plans to focus on complex and sophisticated liftboats, OSCVs and OSVs while building up in-house engineering capabilities to commission its own designs of self-elevating units.

The group also intends to diversify into new products and expand its ship repair business.

Maintain BUY; valuations undemanding. We estimate that the group’s net order book stood at US$342m as at 9 Jan 2013 (date on which the group announced its 1QFY13 results), comprising SEUs and the Lewek Constellation for Ezra.

Triyards has so far won US$150m worth of contracts in FY13, accounting for 54.5% of our full year order win target. Maintain BUY with S$1.07 fair value estimate, based on 8x FY13/14F earnings.

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