In his report, Chew highlights several factors going in Pacific Radiance’s favour. For instance, the analyst sees the return of earnings from OSV ship chartering services.
PhillipCapital analyst Paul Chew has initiated coverage on offshore and marine (O&M) company Pacific Radiance (SGX:RXS
) Limited with a “buy” call and a target price of 6 cents on Sept 27.
Pacific Radiance was established in 2006 and listed on the Singapore Exchange (SGX:S68) ’s (SGX) Mainboard in 2013. It completed its US$576 million debt restructuring exercise in 2022. Today, the company mainly has three businesses, ship management, shipyard repair and construction and ship chartering of offshore support vessels (OSVs). It currently owns a shipyard spanning 33,000 sqm (355,209.04 sq ft) with over 180m of water frontage in Singapore. The company operates four OSVs, which are largely in the Middle East.
