• We are ceasing coverage due to a lack of institutional interest

• Our prior forecasts, valuations and recommendations should no longer be relied upon for investment decisions

Ceasing coverage. We are ceasing coverage on Maybulk due to a lack of institutional interest. We foresee few re-rating catalysts for the company due to a prolonged downturn in dry bulk shipping and offshore support vessel charter rates. Our prior forecasts, valuations and recommendations should no longer be relied upon for investment decisions. Our last recommendation for the stock was NEUTRAL with a TP of RM0.73.

Source: MIDF Research - 3 Aug 2017