Swiber   

Strong prospects with a deep future

DMG starts Swiber at Buy, sets $4.01 target price. Broker says company has strong prospects, significant exposure to robust E&P spending cycle; "there is no shortage of work for Swiber, an established player with strong regional track record and presence." Notes company currently has record orderbook, good pipeline of further contract wins, is developing first deepwater drilling barge, which will act as future growth driver. Says recent share price dip provides buying opportunity, stock trades on attractive valuation of 12X FY08 earnings.