UOB Kay Hian is turning negative on the offshore and marine (O&M) sector, downgrading its rating to "underweight" on mounting liquidity pressure on the sector amid a prolonged downturn.
In a Monday report, analysts Foo Zhiwei and Andrew Chow say that the banks' ability to continually support O&M companies should the downturn be prolonged is now in jeopardy.
"Without [the banks'] support, [O&M] companies are likely to run into cash flow concerns that either sees them default, or require capital raising," explain the analysts.
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