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Jaya vs other shipbuilding stocks
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Stockking
Master |
09-May-2006 12:58
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JAYA, jpm remains OVERWEIGHT with target price $1.80 - Jaya's 3Q FY06 result has again surpassed our projected full year forecast. Net profit surged by 46% to S$93mn while turnover jumped by 1.65x to S$238.8mn. Shipbuilding repeated its stellar earnings growth momentum (+1273%), and accounted for a significant 55% of the group's bottom line. Jaya sold three second-hand vessels during the period and pocketed some S$23.5mn in capital gains. Offshore shipping grew by 22% as a result of a better fleet composition. - Shipbuilding benefited from the ramping up of vessel sales which resulted in an acceleration of progressive profit recognition. There are currently about 32 vessels in the pipeline and Jaya is able to recognize progressive contribution from 10 of these vessels. Management reiterated that it is sticking to its strategy of retaining half of vessels under production for its own fleet chartering operations. - We are upgrading our FY06 earnings estimates to S$115.8 mn from S$85.6mn, mainly to capture gains from vessel gains. We are of the opinion that Jaya's share price has been artificially depressed, but we expect this to be lifted fairly soon as we draw nearer to the October/November 06 deadline for the put and call options from Sime Darby. We continue to believe that it makes strategic sense for Sime Darby to make Jaya a subsidiary for both its potential earnings contributions and its relevant and highly complementary skill sets. |
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Gallen
Senior |
09-May-2006 07:25
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Extracted from my blog http://kelongstocks.blogspot.com [B]Technical Analysis[/B] Chart shows Jaya initially breaking out of a rounding bottom like formation (resistance at $1.40) on 28 Apr 06 to close at $1.41 but volume was not convincing. Prices slipped back before closing back at the $1.40 (resistance turned support) on even higher volume the next day. The following day, Jaya gapped up strongly, hitting an intra-day high of $1.47 before retail profit taking and a kelong pre-closing trade forced it down to $1.38 from $1.42. Prices gapped up again the next day proving the previous day's close was a fluke, Jaya again hit an intra-day high of $1.47 today before closing at $1.46. Technical target from breakout of rounding bottom formation is $1.60. ..............continued at my blog |
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BullRun
Elite |
08-May-2006 22:50
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Result way beat analysts expectation. FV should be upgraded to $1.85. |
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Gallen
Senior |
08-May-2006 21:45
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Extracted from my blog http://kelongstocks.blogspot.com [B]Fundamental Analysis[/B] Jaya recorded a 329% increase in revenue for 3Q FY06 compared to 3Q FY05 due largely to progressive recognition of shipbuilding income which was miniscule in 3Q FY05. Offshore shipping division also recorded decent revenue growth of 8% from previous year but was flat quarter on quarter. Strong demand by oil exploration companies for offshore support vehicles will continue to benefit Jaya's chartering business of its anchor handling tugs supply vessels. Jaya has 30 vessels under construction which will be completed by end 2007, some of these vessels will be sold while some will be used internally and chartered out. Jaya also has regular disposal gains from its offshore shipping disposal as it sells off older vessels which are replaced by new vessels it builds. Given its existing fleet of 32 vessels, it appears likely that such disposal gains will continue in the foresseable future. ....................continued at my blog |
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BullRun
Elite |
07-May-2006 14:13
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Jaya should be delivering another set of good result tomorrow.. Expect analyst to upgrade Jaya to another level. Base on FY 07 earning forecast, Jaya should worth a lot more than current price of $1.4!!! |
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Gallen
Senior |
08-Mar-2006 13:32
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Hi Bullrun, congrats, yes, Jaya is good, shipbuilding is the way to go, see ASL and Pan U Marine but always a laggard. I think this might surprise on the earnings front. |
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BullRun
Elite |
06-Mar-2006 14:09
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I like Jaya strategy. A good balance betwwen Ship building and Ship chartering. |
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Gallen
Senior |
05-Mar-2006 23:55
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Did a comparison at my blog (Jaya vs ASL, Labroy and Pan U Marine).Jaya came out tops for me in terms of margins and yield. Check out http://kelongstocks.blogspot.com |
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