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Otto Marine's FY2009 results out today:
The results are not terrible, but there are some concerns within the financial statements:
1) Receivables increased 58% even though revenue decreased 12%. Thus receivables stands at nearly 11 months of sales
2) Net operating cash flow is highly negative and deteriorated by 50%
3) There is some slight decrease in reliance on shipbuilding, but it still accounts for 90% of revenues
4) The group spent $22 mil on interest payments even though it has S$172 mil in fixed deposits and is in a net cash position.
5) Outlook guidance is a bit ambiguous, leaning towards negative.
Not vested and don't see a reason to be vested.
( - -) ( - -). . ( - -) ( - -) . . ( - -) . . . . 0.420 now
( - -) ( - -). . ( - -) . . . . . . 0.450
( placement price of 43.2 cents )
Hope Otto can hold well at $0.465 today. Please don't fall like China Sports '_'
Just FYI oni: such deal (Otto Marine) is only for in-house, not for retailers or speculators.
Wah Filip says it will grow 20% leh, BUY call in the morning, share drop straight away...market momentum I guess. Cant help it, not to say they are not chun (bulleyes), but timing a bit suay (poor). Otto will make much money meh? Make sure lah but not a lot until oil demand is up.
Just sharing info: more from sgx web site.
We are an offshore marine group engaged in shipbuilding, ship repair and conversion and ship chartering. Our customers are primarily fleet operators who provide logistics support to offshore services and equipment companies operating globally in the oil and gas industry.
We build a range of small, medium and large offshore support vessels at our shipyard in Batam, Indonesia and outsourced third party shipyards in China. Our strategic focus is on building offshore support vessels such as AHTS vessels and PSVs which comply with the technical specifications required to operate in the North Sea, including the requirements of Norwegian Maritime Directorate and Det Norske Veritas.
Our specialised focus has allowed us to build up our expertise in constructing high specification offshore support vessels, to improve our production quality and efficiency and to develop a competitive cost structure. It has also enabled us to gain recognition in the construction of complex and sophisticated offshore support vessels. We retain ownership and charter out some of the vessels that we build. As at the Latest Practicable Date, our chartering fleet consists of 14 vessels comprising five tugs, five barges, one maintenance vessel and three AHTS vessels.
In addition, through our associated companies, we hold minority interests in the vessels thatwe sell to our strategic partners for chartering purposes. As at the Latest Practicable Date, we have four vessels comprising one accommodation work barge and three AHTS, that are chartered out through our associated companies.
Today performance Otto Marine Last:0.44 Vol:267096k 
-0.04
Placement agent by Kim Eng Securities, still i bet they have confident, if not, they won't place out, 220 million placement shares may oredi been distributed liao.
Let say (IF) there's 220 millionaires around, shares may not be enuff for them, if they like such counter, like this marine engineering firm.
tradersgx ( Date: 26-Jan-2010 17:56) Posted:
Share placement!? what 43.2 cents!!? . . . (*.*) (*.*) (*.*) . . . . (- - ) (- - )
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Otto Marine to raise $95m from share placement
by The Edge
Tuesday, 26 January 2010
Otto Marine, the offshore marine company which specialises in building offshore support vessels
and ship chartering, says it plans to raise gross proceeds of about $95 million from the placement
of 220 million new ordinary shares at 43.2 cents per share, or a 9.83% discount to Otto Marine’s
volume-weighted average market price of 47.91 cents on Jan 22.
The new shares represent 13.2% of the total number of issued shares of 1.67 million.
About 30% of the net proceeds of $92.6 million will go towards expansion of the group’s chartering fleet,
53% for investment in the group’s specialised offshore services business and 17% for general working capital purposes.
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Some people got no brain one you don't know meh ! They Jia Sai grow up ! That is why chose now placement and the taker might be his own friend ! Just my guess.
tanh2l ( Date: 26-Jan-2010 18:28) Posted:
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here placement, there placement, every pacement, these director "Jia Sai" men!!! (sori loss my composure, today loss a lot of blood liao.)
FearValueGreed ( Date: 26-Jan-2010 23:10) Posted:
Really final nail to the coffin
Issue placement at this time.
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Really final nail to the coffin
Issue placement at this time.
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Share placement!? what 43.2 cents!!? . . . (*.*) (*.*) (*.*) . . . . (- - ) (- - )
--------------------------------------------------------------------------------------------------------
Otto Marine to raise $95m from share placement
by The Edge
Tuesday, 26 January 2010
Otto Marine, the offshore marine company which specialises in building offshore support vessels
and ship chartering, says it plans to raise gross proceeds of about $95 million from the placement
of 220 million new ordinary shares at 43.2 cents per share, or a 9.83% discount to Otto Marine’s
volume-weighted average market price of 47.91 cents on Jan 22.
The new shares represent 13.2% of the total number of issued shares of 1.67 million.
About 30% of the net proceeds of $92.6 million will go towards expansion of the group’s chartering fleet,
53% for investment in the group’s specialised offshore services business and 17% for general working capital purposes.
yes rumours before ...... placement shares
Anybody knows what happen? Placement shares? Lately a few of those trading halts were requested fro placement shares.
Up and up...did you buy? Good write up today...
Cross_Stitch ( Date: 05-Jan-2010 19:50) Posted:
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Care to share, today this counter down is it too many taking profit or something else.
street81 ( Date: 04-Jan-2010 20:49) Posted:
| There is some postive announcement for this counter today. The company has secured a $3.9mil contract. |
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Care to share, today this counter down is it too many taking profit or something else.
street81 ( Date: 04-Jan-2010 20:49) Posted:
| There is some postive announcement for this counter today. The company has secured a $3.9mil contract. |
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There is some postive announcement for this counter today. The company has secured a $3.9mil contract.
Agree, players' interest in the stock is important. Bought in at 0.35 and just took profit at 0.38. Good start to Dec :). All the best
thulasiappan ( Date: 01-Dec-2009 09:12) Posted:
Whether I believe or not the hard fact this counter will play today. So who bought earlier can sell it for some profit and who stuck here previously can jump out of it.
risktaker ( Date: 01-Dec-2009 08:21) Posted:
| :) and you believe what FI says ?
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