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swisso move above 0.7 range...yes...
Anyone got any latest news on this counter??? Noticed at 1125hrs, a transaction of 300 lots done at .71 and at 1151hrs, a transaction of 450 lots done at .715. Thank you.
anyone gone through the 2006 annual report of swissco which was sent out?
i noticed that they have recorded dividend received from Swiber holdings in P/L
but no mention of Invesement assets of Swiber in Balance sheet for 2006, although
they had Invesment assets in 2005.
does that mean they have no more holdings in Swiber any more? or have i as layman
read it wrong.
thanks for any opinions.
Okie thanks. Hope the tortoise can outrun the rabbit, hehehe
no news of swissco.
there was recent research report on brother swiber, with target price of $2. Current swiber price still only $1.2.
so if swiber goes like hare, swissco will follow slowly like tortoise.
Now .655 and his bro, Swiber 1.33. Do anyone know any news??
Morning, This counter still hit .61 but now dun know what happen up to .645 together wif its bro, Swiber
shplayer,
don't worry point was taken in positive spirit.
any news on a counter is always welcome.
but if you vested in it, your duty to point out if that news
really positive or negative.
i think swissco is still a bit under-valued at current price. its NTA nearly 50 cents
trymyluck,
Just giving one point of view.........up to readers to interprete it anyway they like.
It has a very strong and experienced management team
alamah!!
if that was the case are you implying none of the American CEO's whose stocks are cheonging like Exxon etc are involved in alimony problems :)
swissco is a slow mover but its a FA stock.
its step brother or twin brother Swiber or however you look at it , is
the one moving. Recent Broker report CIMB-GK has a Share price estimate of around SGD 2 on Swiber. current price 1.2 .
If that happens, surely Swissco should move too like a tortoise slow n steady.
vested
alamah!!
if that was the case are you implying none of the American CEO's whose stocks are cheonging like Exxon etc are involved in alimony problems :)
swissco is a slow mover but its a FA stock.
its step brother or twin brother Swiber or however you look at it , is
the one moving. Recent Broker report CIMB-GK has a Share price estimate of around SGD 2 on Swiber. current price 1.2 .
If that happens, surely Swissco should move too like a tortoise slow n steady.
vested
I read in ST last week that the Chairman and his wife (ex) are in court over property and alimony dispute. Wife divorced him cos of infidelity.....could this be the reason????...mkt may think he's too busy with personnal problems to takecare of company's business.
Gross profit increase by more thna 100% FY06 compared to FY05 but net profit inceased by only 2%. Can anyone explain?
It is still undervalued though
Notice there a bit of movement, something is brewing. Jus my thought.
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Probably explain the rise today... will it f/up thru.??
Published February 20, 2007 
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Swissco's leveraged play on Swiber?
By VEN SREENIVASAN
LAST week, local brokerage Westcomb issued a brief research report on offshore oil and gas industry service provider Swiber Holdings.
Citing the fact that Swiber had just landed a US$146.6 million project from Brunei Shell Petroleum Company, Westcomb put a target price of $2.08 on the recently listed mainboard company.
The Shell project is Swiber's single-largest engineering, procurement, construction, installation and commission (EPCIC) contract, and its maiden in oil-rich Brunei.
Starting in the second quarter of this year, the company expects to realise about US$70.5 million in 2007 and a further US$76.1 million in 2008.
Not surprisingly, the Feb 14 report sent Swiber's stock price surging - about 15 per cent over three days. It closed at $1.19 last Friday.
But what many in the market have yet to realise is that Sesdaq-listed marine services and supplies business Swissco may offer a leveraged play on Swiber.
Here's why.
Swiber was a 20 per cent associate of Swissco before the former's October 2006 listing. Now Swissco owns less than 15 per cent of Swiber, thereby removing the possibility of equity-accounting for the associate.
And here's the interesting part - Swissco still owns 55 million Swiber shares.
At Friday's market price, this is worth $66 million - a remarkable gain from the $2 million price the shares were carried at in Swissco's books before the October 2006 listing.
Breaking this down, this asset is now worth 37 cents per Swissco share.
Swissco is now trading around 62 cents per share, which implies a perceived value of 25 cents per share for the rest of its assets.
This is a rather conservative assumption for a successful company sitting smack in the centre of its market sweet spot, with offshore vessels worth about $45 million and earnings this year expected to be about $12 million.
All of this also raises another interesting question: Does it make sense for a $108 million market-cap company to carry a $66 million investment in its books which it cannot equity-account?
In all likelihood, Swissco could decide to sell - or at least reduce - its Swiber shareholding when its moratorium ends on May 8.
And it could do so for two reasons.
First, it needs funding to build more offshore support vessels. Just last week it announced plans to add two vessels to its fleet worth some $6.4 million. It now has 15 offshore vessels, which it intends to expand to 35 in two years. It is taking delivery of eight vessels this year and three more next year.
This is a company that is enjoying a boom as demand for vessels continues to outstrip supply amid frenetic offshore energy exploration and marine activity around the region.
But cash-rich and debt-free Swissco could also decide to reward loyal shareholders with a handsome one-off payout using the proceeds of a Swiber sale. Even if it distributes a conservative 30 cents a share, such a payout would still translate to a potential windfall for shareholders.
Indeed, going by the numbers, Swissco looks like a promising leveraged play for those who missed the boat on fast-moving Swiber. |
Swissco has breakup its 1st resistant price at $0.59 on Friday and closed at 0.615.
Tks for the pointer. "Can" doesn't mean "will". "Worth" means its price some time down the road, not its present price. Swiber may run to a halt soon. Agree?
I think tink swiber (son), (but the father maybe....) is into installation and services for oil and rig equipments. Group is an integrated offshore Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contractor with in-house offshore marine support capabilities.
It can be worth a dollar $ and more...
Son Swiber may soon die running. How much faster and further can it run before it collapses due to pulmonary infarction (heart failure)? Do the "manipulators" have unlimited financial muscle to support it every day and not have to crash land it soon? Better go for another share that doesn't gyrate too much, lah.
