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Swissco International
Oct 23 close: S$0.47
CIMB-GK RESEARCH, Oct 23
SWISSCO is undervalued on all fronts. With record charter rates for offshore support vessels, Swissco's high exposure to the spot market and expected fleet utilisation rates of 73 to 83 per cent for its 14 offshore support vessels (29 by FY2008) promise great earnings potential.
We estimate that its fleet has a market value of S$47 million. This alone is higher than the S$41 million of fixed assets it has booked on the balance sheet. Vessel divestments could see the group reap substantial gains.
Furthermore, we estimate conservatively that the potential listing of Swiber, in which Swissco has a 20 per cent stake, could see a gain of S$5 million for Swissco. Our target price is raised to S$0.71 from S$0.66. Maintain 'outperform'.
Hi,
This share caught my interest only last year when the former founder of Link Island - Mr. Chong bought a substantial among in around 0.27.
The market report for vessel chartering compare this with Jaya and stated this share is still undervalue ! Maybe some expert here would want to do some compare and see whether is there anymore upside ! Thanks.
lol singgal, swissco caught u by surprise. lolz same for me. was amazed by its climb today. but how many stocks does such a spectacular reversal? nevertheless it caught my attention enough to be in my tracking list..
Anyone knows why the sudden surge in volume and price in this stock?
Take note when come to closing, always cosmetic method is apply, now pushing up to close at 0.47 liao !
Swissco International (SWCO SP/SWIS.SI, OUTPERFORM- Maintained, S$0.40,
Target: S$0.71)
Company update - Spotting value
by Glenford Tan
Swissco is undervalued on all fronts. With record charter rates for
offshore support vessels, Swissco's high exposure to the spot market and
expected fleet utilisation rates of 73-83% for its 14 offshore support
vessels (29 by FY08) promises great earnings potential. We estimate that
its fleet has a market value of S$47m. This alone is higher than the S$41m
of fixed assets it has booked on the balance sheet. Vessel divestments
could see the group reap substantial gains. Furthermore, we estimate
conservatively that the potential listing of Swiber, in which Swissco has a
20% stake, could see a gain of S$5m for Swissco. Our target price is raised
to S$0.71 from S$0.66 as we roll forward our maintained 10x P/E to CY07,
pegged against its closest comparable, Jaya Holdings. Maintain Outperform.
Target: S$0.71)
Company update - Spotting value
by Glenford Tan
Swissco is undervalued on all fronts. With record charter rates for
offshore support vessels, Swissco's high exposure to the spot market and
expected fleet utilisation rates of 73-83% for its 14 offshore support
vessels (29 by FY08) promises great earnings potential. We estimate that
its fleet has a market value of S$47m. This alone is higher than the S$41m
of fixed assets it has booked on the balance sheet. Vessel divestments
could see the group reap substantial gains. Furthermore, we estimate
conservatively that the potential listing of Swiber, in which Swissco has a
20% stake, could see a gain of S$5m for Swissco. Our target price is raised
to S$0.71 from S$0.66 as we roll forward our maintained 10x P/E to CY07,
pegged against its closest comparable, Jaya Holdings. Maintain Outperform.
H......... ! Still going strong, now reaching 0.465 liao !!!!
OK. Have taken profit too at 45.5 cents.
Hi,
Take profit liao at 0.45 ! Do not wait further, I am not greedy, after making a profit of 0.12c. Good luck.
Oops! Just went in this morning to buy at $0.43 as it broke the last high at $0.42. Will monitor closely in the light of your input.
I think this counter has just started on a trend reversal southwards. RSI, Acc/Dist and Chaikin all turning down.
It is going strong for this share ! Hope those who hold this during world cup period did not cut lost or sold when it drops ! Now is time to take profit liao !
Like it but think it is trading at FV now and upside is limited..
No, i dont.
bsiong, U vested in Swissco? What do you think the FV should be?
Ya, almost break the 30c barrier today. Even stock like Jaya is also under attack...look like it may really drop to 25c soon.
35c support broken. Gone Case. Will head towards 25c.
Approaching 35c loh!!