UOB in a research report says: "Mexico beckons. Pacific Radiance and Consultoria y Servicios Petorleros, S.A. de C.V. (CSP) is forming a 49: 51 JV offshore support vessel chartering company,
CR Offshore S.A.P.I. de C.V. (CRO). Management said its Mexican JV
partner is an offshore support vessel (OSV) operator with a fleet of
less than 10 chartered-in vessels. "
"Pacific Radiance’s strategy in Mexico will be similar to its JV in
Indonesia via Logindo, but it will proceed carefully as the conditions
in Mexico are different. The Mexican JV entity is looking to deploy more
vessels in 2H14. "
"Maintain BUY and target price of S$1.55,
based on 11.5x 2015F PE, which is about a 20 per cent premium to the
long-term (2004-current) 1-year forward PE mean of 9.5x for the OSV-
owner segment. Looking at the big picture, Malaysian stocks are the most
expensive, followed by international peers and then Singapore stocks.
Indonesian stocks are still the cheapest but are catching up. "