Vard down grade, posted loss of $4.2 mil in 2nd/Q. BBs player buying n so on....?
Think this is a dark horse....
Dik, u beli 0.83 tak jual bila 0.86-0.87??
GorgeousOng ( Date: 12-Jul-2013 11:02) Posted:
Let me ...quickly ...check how many bullets I have.... tell you later. ..let's hoot arh!!!
Peter_Pan ( Date: 12-Jul-2013 10:59) Posted:
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Make use of the force-selling to get better price I hope.
GorgeousOng ( Date: 12-Jul-2013 11:02) Posted:
Let me ...quickly ...check how many bullets I have.... tell you later. ..let's hoot arh!!!
Peter_Pan ( Date: 12-Jul-2013 10:59) Posted:
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Sold to a foreign house just now. I think big players are accumulating because retailers where got use foreign house?
Let me ...quickly ...check how many bullets I have.... tell you later. ..let's hoot arh!!!
Peter_Pan ( Date: 12-Jul-2013 10:59) Posted:
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As flagged, Vard’s 2Q13 is a quarter to forget. Goodwill write-down and tax losses for the Niteroi yard in Brazil led to a NOK28.3m loss, much worse against our expected profit of NOK50m.
1H13 core profit accounted for 31% of our FY13 estimate. Despite our 14-22% EPS downgrades for FY13-15, we upgrade Vard from trading sell to Neutral as we believe the 23% share price fall since its profit guidance has priced in its Brazilian woes. We lower our target price, now based on 9x CY14 P/E, a 10% premium over its post-IPO mean. We previously applied 9x to CY13 EPS, expecting investors to focus on the near term.
2Q13 results fell short of our expectations, affected by
1) NOK70m write-down of remaining goodwill related to the Niteroi yard in Brazil,
2) high effective tax rate due to Niteroi’s losses, without the corresponding deferred tax asset recognised.
The Brazilian operations continued to be marred by
1) lower-than-expected productivity,
2) additional costs for outsourcing the LPG hulls to subcontractors, and
3) unexpectedly high start-up costs for the new shipyard, Vard Promar. Vard recorded 4.1% EBITDA margins in 2Q13 and 7.5% in 1H13.
In addition, Brazilian deliveries have been pushed back, which will affect FY14 performance. The Brazilian AHTS/PSVs will now be delivered by 4Q14 (previous guidance: 1Q14), which will drag on the group’s margins. We cut FY14 EBITDA margins from 9% to 8% vs. its historical range of 9-10%.
We are more cautious on orders
In 1H13, Vard secured NOK3.99bn orders or 36% of our FY13 order target of NOK11bn. Its order book now stands at NOK13.95bn. The order refill rate has been slow though management is still upbeat on the order outlook.
Petrobras recently dished out contracts for six pipelaying support vessels, with construction at Dutch shipbuilder, IHC Merwede. Vard is also eyeing a piece of the action. We cut our order target for FY14 from NOK12bn to NOk11bn.
(Read Report) Source : CIMB Research - See more at: http://singaporestockmarketnews.blogspot.sg/2013/07/vard-holdings-ltd-2q-underwater-on-woes.html#more
Waiting to buy again later. I think force-selling going on.
GorgeousOng ( Date: 12-Jul-2013 10:32) Posted:
You took profit?
Peter_Pan ( Date: 12-Jul-2013 10:27) Posted:
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还 没 下 大 雨 之 前 ...我 现 在 就 去 打 包 苦 瓜 湯 吧 ！ 淸 涼 解 热 ！ 这 里 太 热 了 ！
guoyanyunyan ( Date: 12-Jul-2013 10:24) Posted:
 ... that is today weather forecast .... will your lunch be .清 茶 淡 饭 糕 .. again??? 
GorgeousOng ( Date: 12-Jul-2013 10:14) Posted:
| Buy up by houses.... Hahahaa!!! |
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Vard Holdings - A Writeoff Year
Author: kimeng |
Publish date: Fri, 12 Jul 09:31
Below expectations, downgrade to Hold, TP SGD0.95. Vard’s 2Q13 results were lower than our adjusted expectations following the company’s profit guidance on 28 June 13. 2Q13 revenue came in at NOK2.9b (-1% YoY, +7% QoQ) with a net loss of NOK20m (-118% YoY, -111% QoQ). 1H13 PATMI makes up only 25% of our previous FY13F forecast. If the goodwill impairment of NOK70m is excluded, the company would have been profitable. FY13F will be a writeoff year and we think that Vard is taking this chance to kitchen sink all the negatives to position for a better FY14F recovery. Despite stock trading at only 5.7x/4.9x FY14F/15F PERs after our earnings cut, negative sentiments will weigh down on the stock. Downgrade to Hold, with TP of SGD0.95, pegged to 1.4x fwd P/B, which is -2 std dev below mean.
Has provided for losses, but Brazil profitability remains low. EBITDA margin for 2Q13 dipped to 4.1% (1Q13: 11.1%, 2Q12: 13.8%). The key reason was attributed to cost overrun for the outsourced hull construction work for Brazil yard projects. The last outsourced hull has since been delivered. Vard commented that it has used its best judgement to provide for all the potential losses for these projects in 2Q13, but also qualifies that it cannot guarantee that no other unforeseen losses may arise. We expect profitability for outstanding projects at Niteroi yard to remain low. Our FY13F EBITDA margin assumption is lowered to 7.8% (from 9.4%) resulting in a further 29% cut in our FY13F net profit forecast.
Vard remains optimistic on contract wins. Vard remains positive on securing more contracts in 2H13. YTD contract win stood at NOK4.0b. We think that a batch of PLSV awards could be imminent after Petrobras handed a total of 6 such orders to Seadrill-SapuraKencana JV and Subsea 7. We estimate that potential contract value to Vard could be worth about NOK6b.
Await contract win catalysts. We cut FY13F/14F/15F earnings by 29%/16%/12%. Expect more consensus earnings cuts which would weigh down on share price. We downgrade to hold with TP lowered to SGD0.95 as we await contract win catalysts to rerate the stock. No change in dividend policy of minimum 30% payout but no interim dividend was declared this quarter.
Buy up by houses.... Hahahaa!!!!
guoyanyunyan ( Date: 12-Jul-2013 10:09) Posted:
... down trend follow by uptrend ....
.... downgrade follow by _______. ....
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