In line with expectations. SSH Corporation (SSH) reported its 1Q09
results with a 7% YoY rise in revenue to S$62.6m and a 1% YoY rise in
net profit to S$8.3m.

Slowing growth in key markets. SSH mainly services the oil and gas,
petrochemical and marine industries. As discussed earlier in OCBCs previous
report, they believe that the oil and gas industry has probably peaked in
terms of growth with the correction in oil prices and bleaker economic
outlook. However with regards to the marine industry, SSH also caters to
companies that do ship-repairs, and demand for ship-repair is expected to
hold up for now since it is less cyclical in nature compared to shipbuilding.
More shipping companies are also focusing on ship-repair with a downturn
in the shipbuilding sector.

Fair value estimate of S$0.12