SINGAPORE (Sept 13): UOB Kay Hian is upgrading Triyards Holdings to a “buy” saying its recent selloff was “overdone” and is now incorrectly trading at levels accorded to more troubled OSV companies.

Triyards continues to show profitability despite Swiber's selldown, says lead analyst Foo Zhi Wei in a Tuesday note.

While Foo expects 4QFY16 net profit to fall 14%, he attributes this to a greater mix of lower-margin projects compared to the same period the year before. Forecast for FY16 net profit is also projected to be down 3% for the same reason plus one-off tender costs in Taiwan for 3QFY16.

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