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Nordic: seeks sh/h approval for the acquisition of 100% of Multiheight Group for up to $47m. The target is a leading provider of scaffolding systems for onshore O& G and petrochem & marine industries. Its most recent completed project is for a scaffolding system in Dynamac’s BP Angola Project in 2010.
Current projects include contracts with SMM and Keppel O& M... Co will fund the acq. through its IPO proceeds, bank borrowings and through internally generated funds. Nordic seeks more stable income streams from Multiheight as 35% of Multiheight’s revenue is from recurrent maintenance contracts. They also look to mitigate concentration risk in China and the cyclical risk of the O& M industry... The acquisition should be completed by 1 Jul 2011 following the EGM on 7 Jun 2011. Stock currently trades at 7.6X P/E. There is no coverage on the stock.
Nordic movin up now .195 cents. Watch out.
Nordic Group, the Singapore-based automation systems integration solutions provider for the marine and offshore oil and gas industries, says it posted a 17% y-o-y fall in net profit attributable to shareholders for the full-year ended 31 December 2010 (FY2010) to $7 million.
This was due to significant forex differences in the last quarter, as a result of the weakening US dollar (USD) which the group’s revenue is largely denominated.
Group revenue rose 9% to $45.6 million, due to an increase of $4.5 million in contribution from its Precision Engineering business generated from its Suzhou facility, and a $1.8 million increase in contribution from its MRO & Trading business segment. This was partially offset by a $2.7 million decline in the sales of its Systems Integration business which experienced a lag effect from the global economic recession in 2009.
But foreign exchange differences impacting the group during the year amounted to $1.7 million, of which $0.8 million was recorded against the revenue line.
The group says its order book remains strong as at 24 February 2011, with outstanding orders amounting to $32.5 million, scheduled for delivery in the next 24 months, generating a steady stream of revenue contribution up to FY2012.
/theedge/
Accumulation started when it was around 18c 2 weeks back.. Chart looks good.
Business portofolio also good.. win awards last year as well. Wait for rating.
upnowhere ( Date: 12-Jan-2011 14:50) Posted:
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Then what is the actual price should be?
weilee ( Date: 14-Dec-2010 16:24) Posted:
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i personally feel 18.5c is a tad too high for this coy.
coupled with the lack of news coming from the company,
it might be good to dump it at 18c.
upnowhere ( Date: 12-Dec-2010 16:14) Posted:
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Can anyone share how much of loss did you realise in this stock?
I bought @0.23.... and still holding it... very heart pain if I realised the loss.
shit.. go up after i dump. wa lau.. always happen after i dump..