Triyards Holdings – In Advanced Negotiations To Secure Two Liftboat Contracts

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Triyards has underperformed the market ytd (-11% vs FSSTI) on concerns of lack of new orders. We understand management is currently in advanced negotiations to secure two liftboat contracts, which should beef up its orderbook by US$ 80m-100m. In addition, it is aggressively marketing its new jack-up rig design (TDU-400) and expects to secure an order in the next six months. 

We expect the order wins to act as re-rating catalysts. Maintain BUY with a lower target price of S$ 0.82.

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