SINGAPORE (Oct 21): OCBC Investment Trust is keeping its “buy” call with a higher fair value of 61 cents for Triyards Holdings, following positive 4Q FY15 results recorded by the engineering, fabrication and ship construction solutions provider.

Triyards posted 4Q earnings surged 59% year-on-year (y-o-y) to US$8.4 million ($11.7 million), accounting slightly more of OCBC’s full-year earnings forecast of US$27.2 million. Revenue also surged 81% y-o-y to US$88.4 million.

“The fact that the group achieved growth, albeit marginal, in an environment in which other offshore marine peers are seeing significant declines in earnings, is commendable,” OCBC analysts Low Pei Han and Andy Wong Teck Ching write in a note on Wednesday.

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