Hold Great Offshore, target of Rs 300: PINC Research
PINC Research has recommended a hold rating on Great Offshore with a price target of Rs 300 in its May 4, 2009 research report.
“Great Offshore Ltd’s (GOFF) results were above expectations as revenues grew by 45% to Rs 2.7 billion on the back of increase in fleet utilization and increase in charter days. Net profits rose 68% to Rs 714 million. Great Offshore has delivered stellar numbers during the quarter and has a robust fleet of 60 assets, majority of them on long term lucrative contracts which ensures revenue visibility. However, the delay in delivery of the two new assets would impact the earnings of the company considerably. We have excluded the newer assets in our revised estimates and accordingly downgrade our recommendation to ‘HOLD’, target of Rs 300. We shall review the same once we gain clarity on the delivery schedule of the newer assets as well as the probable penalty being applied by ONGC,” says PINC Research report.
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