Singapore shipbuilder Penguin International is an “attractively valued” investment opportunity, according to a new report by investment brokerage Phillip Capital.
“Penguin has maintained a conservative net-cash balance sheet for the past 12 years and management has been prudent in cash deployment,” said analyst Paul Chew.
He added that the strong balance sheet has helped Penguin “weather the offshore and marine down cycle of 2015-17”.
