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.