Seatrium shares surge on re-rating, short covering and share buybacks

Seatrium, one of the world's largest offshore and marine engineering players, is seeing a re-rating after picking up over $26 billion in new orders.

The stock closed at $1.45 on Aug 29, before climbing 2 per cent on Aug 30 and 4.7 per cent on Sept 2. It has risen more than 8 per cent in just three trading sessions. Mr Thilan Wickramasinghe, research head at Maybank Securities, also reckons some institutional funds have been slowly getting into the stock, which some market experts think is more than 40 per cent undervalued based on discounted cash flows, and is still trading over 45 per cent below estimated fair value of $2.88.

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