Marine Services Singapore Government, page-6

yep - I rekon you are correct !

normally, in any rebound - the producers run 1st, followed by the developers, then the explorers, then the specs ......

I see what you are saying regarding the "long base" - and this is often a sign of collection .......

imho (assuming they get throu next period re repayments) - then stock has potential to get "rewarded" twice .....viz:
1. expectations of rebound in earnings - essentially operational leverage .....
2. mr market then re-prices the earnings base from 4-6 times to 9-11 times

over like a 3yr period .....my personal experience of this is via CBA in the mid 90's, ditto tls.....(perceptions of growth stock) .........however - this was just a play on yields (in process of evaporating ........lol !)
........and then "boring" infrastructure stocks in gfc, ditto several LPT's ......

rgds
V_H