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STXOSV

starlene
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02-Feb-2011 09:24

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Latest recommendation is $1.80.....

Buy Jan 26 by DnBNOR Markets-T.P $1.80,STX OSV stands out as a technology and market leader in the high end specialised OSV segment..pg 27Edge magazine..Besides pg 8,STXOSV bets on rising demand in Vietnam,Brazil for new growth and of course in Romania

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teeth53
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01-Feb-2011 22:26

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Will oil price break above the $100 mark ?. The Co looks 'cheap' based on the FY2011 projected PE Ratio.

After asuming a fair value range of 10-12x and the asuming fair value trading between $1.96 to two dollars plus

teeth53 thot - A reasonable, good recommendation, for holding over mid to longer term, not short term.

My final re-freshing thot for lunar rabbit year 2011, just sharing my personal trade experience, happy trading:[)

teeth53 ( Date: 24-Dec-2010 08:49) Posted:

Will oil price break above the $100 mark ?. The Co looks 'cheap' based on the FY2010 projected PE Ratio.

After asuming a fair value range of 10-12x and the asuming fair value trading between $1.96 to two dollars plus, plus. 12-mths target price implies a 2011E P/E of 11X, which is in line with its industry peer grp.

The peers such as Cosco, Yangzijiang and Otto Marine are trading at much higher multiples, especially Cosco.

Goldman Sachs also recommends BUY with Target Price of $1.54

teeth53 thot - A reasonable, good recommendation, for holding over mid to longer term, not short term.

enghou ( Date: 15-Dec-2010 16:54) Posted:

Goldman Sachs recommends BUY with Target Price of $1.54

Source of opportunity

Backed by an R&D and geographical edge, we not only believe that STX

OSV will maintain its leading OSV newbuild position, we increasingly view

the company as a strong proxy to Singapore’s offshore & marine sector,

which we are also positive on. Having only recently been listed, we do not

think investors fully appreciate STX OSV’s strong business outlook – a

leading OSV shipbuilder in Brazil and for global high-end OSVs, and solid

execution improvement – which should result in strong earnings growth.

We initiate coverage on STX OSV with a Buy (on our Conviction Buy List),

with a 12-month target price of S$1.54, implying 51% upside potential.

Catalyst

(1) More new OSV order win announcements – we estimate NOK10.6bn in

2011E, and NOK14.8bn in 2012E, respectively; (2) earnings results – our

estimates assume STX OSV will deliver 3-year 2009-2012E core earnings

CAGR of 20%, driven by strong new order wins, and solid execution and;

(3) investor awareness of STX OSV’s attractive valuation vs. sector

proxies, Keppel and Sembcorp Marine.

Valuation

Given we expect an upturn in OSV newbuilds, we value STX OSV using a

mid-cycle 2011E P/B of 2.9X to set our 12-month target price. We crosscheck

our target price against the company’s industry peer group and

apply our regression analysis based on P/B-ROE and Director’s Cut

methodology. Our 12-month target price implies a 2011E P/E of 11X, which

is in line with its industry peer group.

Key risks

Key risks to our target price and investment view include: (1) Slow OSV

newbuild orders, given significant current global order backlog and still

tight newbuild financing; and (2) poor execution, which could result in

major cost overruns, or delivery delays.

You have a nice day

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blueheat
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01-Feb-2011 17:07

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New123
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01-Feb-2011 16:51

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Let's hope that it will do well in the Year of Rabbit..

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starlene
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01-Feb-2011 12:39

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I sold off my Amtek at $1.35-$1.36 and bought more STXOSV,latter so much stronger still stays > ipo 79cts where Ametek weakenst to $1.24 when STI drops 49points due to Egypt crisis....

starlene ( Date: 01-Feb-2011 12:36) Posted:

Stay > $1.20 and slowly creeps up prior to announcement results.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_DA0D2D26D523692448257811001E7259/$file/Notification_of_results_announcement_date.pdf?openelement Results Tue 15Feb b4 mkt opens....expects good dividends and good results base on its 3qtr results,FYE 31Dec2010 shd be excellent

New123 ( Date: 01-Feb-2011 09:10) Posted:

Hope we can see $1.25 tdy...

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starlene
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01-Feb-2011 12:36

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Stay > $1.20 and slowly creeps up prior to announcement results.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_DA0D2D26D523692448257811001E7259/$file/Notification_of_results_announcement_date.pdf?openelement Results Tue 15Feb b4 mkt opens....expects good dividends and good results base on its 3qtr results,FYE 31Dec2010 shd be excellent

New123 ( Date: 01-Feb-2011 09:10) Posted:

Hope we can see $1.25 tdy...

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New123
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01-Feb-2011 09:10

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Hope we can see $1.25 tdy...

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starlene
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31-Jan-2011 09:49

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Wow see the resillience of STXOSV open at $1.18,,,,now rebounded back to $1.21...if market recovers will shoot higher...buy on weakness,once it is featured in Edge Magazine especiallly with the big writeups,matter of days should head higher

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starlene
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31-Jan-2011 09:24

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Buy Jan 26 by DnBNOR Markets-T.P $1.80,STX OSV stands out as a technology and market leader in the high end specialised OSV segment..pg 27Edge magazine..Besides pg 8,STXOSV bets on rising demand in Vietnam,Brazil for new growth and of course in Romania

krisluke ( Date: 28-Jan-2011 22:12) Posted:

Smiley why worry ? cheap play from O&M sector, see Smarine and kepcorp runs like mad... 2 Baby BABY supports one. credit suisse and goldman sach hor !! don't play play lah : )

Smiley why red ? paiseh, lny mood liao.

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krisluke
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28-Jan-2011 22:12

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Smiley why worry ? cheap play from O&M sector, see Smarine and kepcorp runs like mad... 2 Baby BABY supports one. credit suisse and goldman sach hor !! don't play play lah : )

Smiley why red ? paiseh, lny mood liao.

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bishan22
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27-Jan-2011 20:43

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May only run after the Lunar New Year. Meanwhile enjoy the coming holidays. Be happy, eat drink and huat at the tables ie IR or family house. Smiley

bishan22 ( Date: 27-Jan-2011 15:14) Posted:

will have 'no horse run' very soon. be patience. good luck. Smiley

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starlene
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27-Jan-2011 18:46

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STX PO is just related to STXOSV....but stxosv went up today and stx po dropped to $12.50 from $13...neverthless still profitable.

STX PAN OCEAN CO., LTD.

krisluke ( Date: 26-Jan-2011 12:54) Posted:

Shipping/STX Pan Ocean

Shipping/STX Pan Ocean: Korea Line Corp, South Korea’s 2nd largest operator of dry bulk carriers, has filed for receivership after several quarters of losses due to long term contracts for its chartered-in vessels locked in at high costs & exacerbated by plunging bulker rates. Dry-bulk rates have dived 58% in the past year to its lowest level in more than 2 yrs amid an expanding global fleet & slowing demand for commodities in China as rising prices for coking coal & iron ore curbed demand.

The Baltic Dry Index fell to 1,292 yday, the lowest since Feb 09 vs peak of 11,793 achieved in May 08. STX Pan Ocean, South Korea’s largest dry-bulk operator, has turned around from losses in 2009 & is expected to remain profitable. Stock is trading at 22.5x & 15.3x FY10 & FY11 P/Es r’pectively & P/B of 0.9x. STX OSV does not building bulk carriers, only offshore support vessels.

STX Offshore & Shipbuilding has orders for a VLCC & a capsize ship from Korea Line but the yard has not started
work on either vessel.

For the third quarter and 9 months ended 30 September 2010 (in thousands of US$)

N/M : Not meaningful 2010 2009 begin_of_the_skype_highlighting              2010 2009      end_of_the_skype_highlighting % 2010 2009 begin_of_the_skype_highlighting              2010 2009      end_of_the_skype_highlighting % Three months Three months Nine months Nine months ended 30 ended 30 ended 30 ended 30 September September September September Sales 1,403,734 1,010,205 39.0% 4,098,975 2,584,171 58.6% Cost of sales (1,342,980) (1,009,193) 33.1% (3,952,638) (2,639,572) 49.7% Gross profit (loss) 60,754 1,012 5903 begin_of_the_skype_highlighting              012 5903      end_of_the_skype_highlighting.4% 146,337 (55,401) N/M Other operating incomes(losses),net 819 1,496 -45.3% (1,041) 1,327 N/M (21,708) (15,092) 43.8% (52,136) (41,800) 24.7% Administrative expenses (5,473) (5,014) 9.2% (15,078) (14,431) 4.5% Operating profit(loss) 34,392 (17,598) N/M 78,082 (110,305) N/M Finance income 9,463 7,778 21.7% 27,497 19,886 38.3% Finance cost (8,404) (6,699) 25.5% (39,864) (25,215) 58.1% Net foreign exchange gains(losses) on financial instrument 18,124 29,617 -38.8% 7,377 28,929 -74.5% Share of profit(loss) of equity accounted investees 251 (7) N/M 530 (224) N/M Profit(loss) before income tax 53,826 13,091 311.2% 73,622 (86,929) N/M Income tax benefit (expense) (6,066) (1,692) 258.5% (9,847) (7,455) 32.1% Profit(loss) for the period 47,760 11,399 319.0% 63,775 (94,384) N/M Other Comprehensive income(loss) Net change in fair value of other financial assets 54 609 -91 begin_of_the_skype_highlighting              54 609 -91      end_of_the_skype_highlighting.1% 83 (13,435) N/M Net change in fair value of derivative financial assets (5,683) (975) 482.9% (7,387) 476 N/M Currency translation differences 687 5,010 -86.3% 2,946 (3,676) N/M Reclassification adjustment - - N/M - 14,757 N/M Total other comprehensive income for the period, net of income tax (4,942) 4,644 N/M (4,358) (1,878) 132.1% Total Comprehensive income(loss) for the period 42,818 16,043 166.9% 59,417 (96,262) N/M Profit (loss) attributable to : Equity holders of the Company 42,708 10,884 292.4% 63,393 (95,348) N/M Non-controlling interest 52 515 -90% 382 964 -60 begin_of_the_skype_highlighting              382 964 -60      end_of_the_skype_highlighting.4% Profit(loss) for the period 47,760 11,399 319% 63,775 (94,384) N/M Total Comprehensive income(loss) attributable to : Equity holders of the Company 42,512 15,282 178.2% 58,562 (97,090) N/M Non-controlling interest 306 761 -60% 855 828 3.3% Total Comprehensive income(loss) for the period 42,818 16,043 166.9% 59,417 (96,262) N/M Selling and marketing expenses The Group The Group 2

1.(a)(ii) Notes to the Statement of Comprehensive Income (in thousands of US$).

2010 2009 begin_of_the_skype_highlighting              2010 2009      end_of_the_skype_highlighting % 2010 2009 begin_of_the_skype_highlighting              2010 2009      end_of_the_skype_highlighting % Three months Three months Nine months Nine months ended 30 September ended 30 September ended 30 September ended 30 September Profit before income tax is arrived at after (charging) / crediting following :(A) Valuation gain(loss) on FFAs, net (930) (3,892) -76.1% (1,608) 105 N/M (B) Transaction gain(loss) on FFAs, net 2,641 (596) N/M 2,084 (2,108) N/M (C)Profit or loss on disposal and valuation of vessels, properties and equipment 676 (187) N/M 6,455 4,623 39.6% (D)Foreign exchange gain/loss (where applicable) 985 4,754 -79.3% 73 2,724 -97.3% (E) Other gains(losses) (2,553) 1,417 N/M (8,045) (4,017) 100.3% Total other operating income(losses), net : (A+B+C+D+E) 819 1,496 -45.3% (1,041) 1,327 N/M (F)Depreciation and amortisation (29,430) (21,968) 34.0% (79,360) (61,343) 29.4% (G)Allowance for doubtful debts and bad debts written off (3,547) 561 N/M (440) 4,423 N/M FFAs : Forward Freight Agreements N/M : Not meaningful The Group The Group 3

1.(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year (in thousands of US$). At 30 SepAt 31 DecAt 30 SepAt 31 Dec2010200920102009AssetsNon-current assetsVessels, property and equipment3,272,9132,695,6942,959,8202,441,994Intangible assets25,04828,08823,27226,182Investments in associated companies44,772 24,909 170,641133,930Trade receivables4,328 - 4,328- Other receivables15,9498,77514,9988,146Derivative financial assets- 718- 718 Other financial assets47,05440,42247,05440,422Deferred income tax assets2,131- 1,844- Other assets8,5848,4678,5838,4673,420,7792,807,0733,230,5402,659,859Current assetsInventories41,66833,03639,03330,815Trade receivables284,254205,628266,608199,048Other receivables87,86479,69360,18266,104Derivative financial assets1,4753,5061,2853,232Other financial assets337,831454,160330,883453,511Other assets430,439318,644400,401318,609Cash and cash equivalents645,184611,662571,063544,1851,828,7151,706,3291,669,4551,615,504Total assets5,249,4944,513,4024,899,9954,275,363EquityShare capital170,895170,895170,895170,895Share premium701,190701,190701,190701,190Treasury shares(25,272)(25,272)(25,272)(25,272)Other reserves1,2196,05012,05314,528Retained earnings1,274,8431,229,3821,315,9091,258,6952,122,8752,082,2452,174,7752,120,036Non-controlling interest in equity5,5584,813- - Total equity2,128,4332,087,0582,174,7752,120,036LiabilitiesNon-current liabilitiesBorrowings1,821,4991,462,7901,617,1181,313,622Derivative financial liabilities6,670 - 1,840 - Deferred income tax liabilities11563- 545Provisions12,989 13,365 11,67112,040Retirement benefit obligations5,621 6,518 5,6216,518Other payables3,9783,6853,9783,6851,850,7681,486,9211,640,2281,336,410Current liabilitiesBorrowings725,053519,448652,224468,119Derivative financial liabilities5,4099,1343,1861,629Income tax liabilities6,694636,513 - Provisions22,21417,74619,60314,835Trade payables163,435126,562112,303101,128Other payables56,13557,71842,13746,745Other liabilities291,353208,752249,026186,4611,270,293939,4231,084,992818,917Total liabilities3,121,0612,426,3442,725,2202,155,327Total equity and liabilities5,249,4944,513,4024,899,9954,275,363The GroupCapital and reserves attributable tothe Company’s equity holdersThe Company4

1.(b)(ii) Aggregate amount of group’s borrowings and debt securities(in thousands of US$) .

Secured Unsecured Secured Unsecured Amount repayable in one year or less 550,102 174,951 391,103 128,345 Amount repayable after one year 1,286,313 535,186 937,009 525,781 1,836,415 710,137 1,328,112 654,126 At 30 September 2010 At 31 December 2009 The Group The Group

Details of collateral

The Group's borrowings are secured by way of :

- legal mortgages over certain vessels or building and land of the Group ; and

- legal charges over certain bank accounts 5

1.(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year (in thousands of US$).

2010 2009 begin_of_the_skype_highlighting              2010 2009      end_of_the_skype_highlighting Cash flows from operating activities Cash generated from (used in) operations 63,049 (78,954) Interest paid (64,466) (32,658) Income tax paid (767) (8,146) Net cash generated from (used in) operating activities (2,184) (119,758) Cash flows from investing activities Acquisition of vessels, property and equipment (249,636) (162,780) Acquisition of intangible assets (27) (1,184) Proceeds from sale of property and equipment 11,781 7,514 Proceeds from sale of intangible assets 121 579 Acquisition of other financial assets (599,630) (906,264) Proceeds from sale of other financial assets 706,594 672,317 Acquisition of investments in associates and joint ventures (19,370) (10,437) Proceeds from sale of subsidiary, net of cash disposed of (179) - Acquisition of subsidiary net of cash acquired - 1,243 Loans provided (10,639) (25,299) Interest received 25,170 13,625 Others, net (6,755) (5,582) Net cash used in investing activities (142,570) (416,268) Cash flows from financing activities Proceeds from borrowings 708,422 754,866 Repayments of borrowings (526,351) (105,083) Dividend paid to Company‟s shareholders (17,932) (53,751) Net cash provided by financing activities 164,139 596,032 Net (decrease)/increase in cash and cash equivalents 19,385 60,006 Cash and cash equivalents at beginning of the year 611,662 415,985 Effect of exchange rate fluctuations on cash held 14,137 (1,107) Cash and cash equivalents at end of the period 645,184 474,884 The Group Nine months ended 30 September 6

1.(d) (i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalization issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year (in thousands of US$) Attributable to equity holders of the Group

Share

capital

Share

premium

Treasury

shares

Other

reserves

Retained

earnings

Total

Non-controlling

Interest

Total

equity

Balance as of January 1, 2009

170,895

701,190

(25,272)

(7,330)

1,346,061

2,185,544

4,494

2,190,038

Total comprehensive income for the period

-

Profit or loss for the period

-

-

-

-

(95,348)

(95,348)

964

(94,384)

Other comprehensive income

Foreign currency translation differences

-

-

-

(3,540)

-

(3,540)

(136)

(3,676)

Net change in fair value of available-for-sale financial assets, net of tax

-

-

-

(13,435)

-

(13,435)

-

(13,435)

Net change in fair value of derivative

-

-

-

476

-

476

-

476

Assets, net of tax

Reclassification adjustment

-

-

-

14,757

-

14,757

-

14,757

Total other comprehensive income

-

-

-

(1,742)

-

(1,742)

(136)

(1,878)

Total comprehensive income for the period

-

-

-

(1,742)

(95,348)

(97,090)

828

(96,262)

Transactions with equity holder, recorded directly in equity Contributions by and distributions to owners

Dividends to equity holders

-

-

-

-

(53,751)

(53,751)

-

(53,751)

New subsidiary incorporated during the period

-

-

-

-

-

-

1,533

1,533

Total contributions by and distributions to owners

-

-

-

-

(53,751)

(53,751)

1,533

(52,218)

Balance as of Sep 30, 2009

170,895

701,190

(25,272)

(9,072)

1,196,962

2,034,703

6,855

2,041,558

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starlene
Elite

27-Jan-2011 18:21

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yenyenpark wrote:

The bankruptcy protection filed by Korea Line, South Korea's
second-largest operator of dry bulk ships, has triggered fears
throughout the industry. Cosco, for eg, shed almost 4%
intraday while dry bulk ship operator Golden Ocean Group,
which has two panamax vessels out on charter to Korea Line,
plunged almost 12% from last week’s close. Korea Line was hit
by the plunging dry bulk rates. The Baltic Dry Index, which
tracks rates for shipping dry bulk cargo, slumped to below
1,300 yesterday, the lowest it has been since Feb 09.

STXOSV is the exception went up 1 cts to $1.23 with high vol...others like Jaya,Jes,Cosco,YJZ,etc all drop....besides selling pressure on STXOSV has eased,yestay dropped to low $1.16 before closing $1.22

starlene ( Date: 27-Jan-2011 17:51) Posted:

Good climbing its way up again with high volume,despite news of bankruptcy protection filed by a Korean shipping firm,stxosv remains unaffected

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starlene
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27-Jan-2011 17:51

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Good climbing its way up again with high volume,despite news of bankruptcy protection filed by a Korean shipping firm,stxosv remains unaffected

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teeth53
Supreme

27-Jan-2011 17:19

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Time	Last	Volume	Bid/Ask
17:05:04	1.230	245,000	B
16:59:51	1.230	1,000	B

Today STXosv trade summary - Pre-opening B4 9am $1.23 (B), open aft 9am $1.23 (A)

Last	Trades	Volume	Bid Volume	Mid	Ask Volume
1.200	3	20,000	20,000	0	0
1.210	25	812,000	298,000	0	514,000
1.220	79	2,515,000	1,223,000	0	1,292,000
1.230	304	7,901,000	Last done (B) - 5,596,000	0	2,305,000
1.240	7	46,000	0	0	46,000
TOTAL	418	11,294,000	7,137,000	0	4,157,000

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krisluke
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27-Jan-2011 16:23

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bull and bear fighting... must be bull wins in the end la. yzj and stxosv cheong arhhhhh...............

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New123
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27-Jan-2011 16:04

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Can we see $1.25 tdy?

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New123
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27-Jan-2011 15:33

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The 3rd wave is corming...

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krisluke
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27-Jan-2011 15:18

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see the chart, 2 corrective waves, next ? ?? moving up of course

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bishan22
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27-Jan-2011 15:14

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will have 'no horse run' very soon. be patience. good luck. Smiley

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