Jaya

CLSA downgrades Jaya Holdings to Underperform from Outperform as stock had breached its unchanged target price of $1.60. Says no potential for time being to upgrade shipbuilder's earnings forecasts; "we fear that the company's earnings will actually be coming under pressure with an expected oversupply of AHTS vessels in '09 that will have a negative effect on charter rates and vessel prices." Adds margins will also be hurt by rising raw material costs.