Stock Upgraded: Swissco Int target price raised to 0.81 by CIMB-GK

CIMB-GK Research said it has lifted its target price for Swissco International, a provider of offshore support vessels to the oil and gas industry, to 0.81 sgd per share from 0.71 previously to factor in the enhanced value of its stake in 14.9 pct-owned associate Swiber Holdings Ltd. The share price of Swiber, which started trading on the Singapore Exchange two weeks ago, has more than doubled from its IPO price of 0.355 sgd to as much as 0.805 sgd earlier this week. "Swissco's 14.9 pct stake in Swiber is worth 43.7 mln sgd," CIMB-GK noted. "We maintain our 'outperform' rating on Swissco based on (its) exposure to buoyant spot (charter) rates, capacity expansion, potential vessel divestments and takeover possibility," it added At 9.16 am, Swissco was up 0.025 sgd or 4.55 pct at 0.575 with 5.42 mln shares traded. Swiber was unchanged at 0.795 with 125,000 shares traded.