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RESEARCH ALERT-StanChart lowers Otto Marine target to S$0.52
Published: Monday, 20 Sep 2010 | 10:06 PM ET
SINGAPORE, Sept 21 (Reuters) - Standard Chartered has lowered its target price for Singapore's offshore services firm Otto Marine to S$0.52 from S$0.56, but kept its "outperform" rating. Following are the details: COMPANY RIC BROKER RATING (PVS) TARGET PRICE (PVS) Otto OTTO.SI Standard Outperform (Outperform) S$0.52 (S$0.56) Marine Chartered STATEMENT: Standard Chartered has trimmed its earnings per share forecast for Otto Marine in 2010 and 2011 by 5 percent and 3.5 percent respectively due to lower margin assumptions for shipbuilding. But the bank has kept its "outperform" rating and noted that concerns of orders cancellation by Otto Marine's two major clients, Mosvold Supply and GC Rieber Shipping , may be overblown. Shares of Otto Marine rose 2.8 percent to S$0.37 at 0145 GMT, but have fallen 9.8 percent so far this year. (Reporting by Charmian Kok) ((charmian.kok@thomsonreuters.com; +65 6403 5666; Reuters Messaging: (charmian.kok.reuters.com@reuters.net) For Singapore Hot Stock reports click on For Southeast Asia stock reports click on For breaking Asian equity news headlines For emerging market forex reports click on For Top News package click on Keywords: SINGAPORE MARKET STOCKS/OTTOMARINE (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.
Heard some research report out with a new target price (TP).
MAY BE it is the spill over effect of JES.
CHEERS.
Something breeding hot for this one...massive buy up in lots of 500 and 1000. Watch out!!!
Stock Calls
Otto Marine
Underperform | 37 cents
CIMB downgrades from “Outperform” and cuts the target price to 30 cents from 48 cents after lowering the FY11-12 earnings estimates by 31 and 23 per cent, respectively. The changes reflect the risk of more order cancellations by Mosvold, which accounts for 45 per cent of the shipbuilder’s order book. The house notes Mosvold’s cancellation of its first anchor handling, towing and supply order dragged down Otto’s share price in April, adding “we see cancellation risks in December 2010 and June 2011.”
It notes Mosvold was set up during offshore and marine boom in 2007 as a “pure and highly leveraged” vehicle to own, operate highend, large AHTS vessels. It adds that “with its vessels under construction, Mosvold is not generating any operating cash flow”.
Court dismisses Dubai Drydocks’ suit against Tan Boy Tee
SINGAPORE
Drydocks, which sued Mr Tan for breaching a three-year “non-compete” clause, relied on “hearsay evidence,” Justice Lai Siu Chiu said in an Aug 25 ruling publicly released yesterday. Dubai World’s ship-repair unit is appealing the decision.
Drydocks sued Mr Tan in May after coming across a Feb 4 Otto Marine statement which said Mr Tan’s son had taken a significant stake in the Singapore shipbuilder as part of a share placement that raised $95 million.
Drydocks, a unit of the Dubai state holding company, claimed in its suit that the purchase breached a non-compete clause in Mr Tan’s agreement to sell Labroy Marine, a shipyard operator he founded, to Drydocks in January 2008.
Mr Tan denied having an interest in the 11 million shares bought by his son in late January, that were sold on Feb 14.
No value was stated in Drydocks’ claim for the profits from the sale of the shares, which are valued at $4.1 million today.
Mr Tan is Singapore’s 14th richest person with a net worth of US$730 million ($990 million), according to
— The High Court has dismissed a suit by Dubai’s Drydocks World against Singaporean tycoon Tan Boy Tee for breaching an agreement tied to a $2.4 billion takeover deal.Forbes.
Drydocks and DP World, the world’s fourth-biggest container-terminal operator, are not part of Dubai World’s US$23.5 billion debt restructuring.
Bloomberg
Anyone care to share this otto where the direction is UP of DOWN ??
MEDIA RELEASE – FOR IMMEDIATE RELEASE
Otto Marine extends its Specialized Offshore
Services into North America
•
Forms a Joint Venture with US-based Subsea company, SURF Subsea Inc.
•
SURF purchased a young vessel worth US$55 million from liquidator
•
Offshore Services
Vessel procured to grow the Group’s new business arm – Specialized
Singapore, 25 June 2010 –
offshore marine Group which specializes in building complex offshore support vessels, ship
chartering and offer specialized offshore services had expanded to the US market with Otto
Marine’s wholly owned subsidiary, Surf Subsea Pte Ltd taking a 19.2% stake in the USbased
Joint Venture company, SURF Subsea Inc (“SURF”). SURF procured a 292-feet
Class 2 DP MSV from liquidator worth US$55 million. The capability of the vessel allows the
Group to enter into sub-sea and offshore construction works in addition to its current seismic
activities, thereby creating more growth opportunities for its new business arm - Specialized
Offshore Service.
The US-registered vessel, named DMT Emerald, is equipped with a 100 ton knuckle boom
crane, a 100 ton heave compensated, multi-purpose lifting tower and a 23 ft X 27 ft
moonpool. Furthermore, this vessel can comfortably accommodate 73 people and is outfitted
with 2x 150 Hp, 10,000 ft depth rated Triton XLS work class ROVs and a helideck (Sikorsky
76 rated).
Its comprehensive fittings enable it to carry out field development works, flying lead
installation, umbilical installation
activities expand the Group’s current spectrum of services rendered under its niche
segment.
Otto Marine Limited, (“Otto Marine” or the “Group”), a leadingand various light to medium subsea construction tasks. These
Not only this counter.
ALL COUNTERS ARE DOWN
Its normal the market is down mahz.....
kennethkkl27 ( Date: 25-May-2010 11:37) Posted:
| anyone knows what happen to this counter. |
|
anyone knows what happen to this counter.
OVERWEIGHT!ozone2002 ( Date: 14-May-2010 11:50) Posted:
strong activity recently..
have to break 46c to move further..
likely to touch 48c if breakout..
DYODD |
|
strong activity recently..
have to break 46c to move further..
likely to touch 48c if breakout..
DYODD
I suggest waiting on the sideline and see what happens... broke the 50D MA yest. not a good sign eh?
going downhill... anyone knows if it is worth vesting?
Support the Stronger side :)
I Q 1000 lots yesterday @ 0.50 didnt get it lol
des_khor ( Date: 21-Apr-2010 20:36) Posted:
| Only MFT can tell you the anwser ! |
|
Only MFT can tell you the anwser !
Anyone care to share where the direction is UP of DOWN? Any seniors?
hmmm.. report? care to share more abt it?
This counter to watch on monday...making less money but report seems good and prospective leh....
Ya lo.... look like all the China gems here...
i think otto marine position as budget and affordable player in its own expertise field.
i could not understand how in the business they operated in can be position as budget player?
alot of company plan listing knowing their business has reach it peak and potential heading for downwards. that is why they are pushing for listing after 3 consecutive years of profits. so that the owner can profits from the sales of company.
sometimes i feel stock market become a place for owner to profiteer
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