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PACC Offshore gets an upgrade amid tough industry times

Michelle Zhu
Michelle Zhu4/12/2017 11:26 AM GMT+08  • 2 min read
PACC Offshore gets an upgrade amid tough industry times
SINGAPORE (April 12): OCBC has upgraded PACC Offshore Services Holdings (POSH) from “sell” to “hold”, with a higher fair value estimate of 33.5 cents.
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SINGAPORE (April 12): OCBC has upgraded PACC Offshore Services Holdings (POSH) from “sell” to “hold”, with a higher fair value estimate of 33.5 cents.

In a Wednesday report, lead analyst Low Pei Han says this is because POSH’s stock price has declined about 7%, and is now closer to OCBC’s fair value estimate since downgrading the counter to “sell” on Feb 22.

Noting that offshore and marine (O&M) companies have been going through a tough time since the oil price crash in 3Q14, Low believes POSH is still in a relatively better position among the related stocks under OCBC’s coverage, with positive operating cash flows of US$38.2 million ($53.6 million) in FY16 and US$69.6 million in FY15.

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