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With two yards in Vietnam and a fabrication facility in the US, Triyards Holdings Ltd (Triyards) is an engineering and fabrication solutions provider focused on the offshore oil and gas industry. Unlike many shipyards, the group has a strategic focus on the construction of self-elevating units (liftboats), having established a significant track record. Originating from Ezra Holdings which holds a 67% stake currently, Triyards may be able to be involved in some of the projects that Ezra undertakes and tap into Ezra’s clientele base. Trading at 6.7x FY13F EPS and 5.7x FY14F EPS, Triyards’s valuations are undemanding. Based on 8x FY13/14F earnings, we derive a fair value estimate of S$1.07. Initiate with BUY.
Engineering and fabrication solutions provider with strategic focus
With two yards in Vietnam and a fabrication facility in the US, Triyards Holdings Ltd (Triyards) is an engineering and fabrication solutions provider focused on the offshore oil and gas industry. Unlike many shipyards, the group has a strategic focus on the construction of self-elevating, self-propelled accommodation and construction units (liftboats), having established a significant track record. The group is well positioned to secure more orders for such units, which is gaining acceptance internationally due to increase recognition of its advantages over traditional work barges. Triyards also has the capability to build technologically advanced construction vessels (OSCV) and offshore support vessels (OSV).
Backing from the Ezra Group
Triyards originated from Ezra Holdings, which currently holds a 67.0% stake. Close links between both companies mean that Triyards may be able to be involved in some of the projects that Ezra undertakes and tap into Ezra’s clientele base.
Plans to expand product range and upgrade capabilities
Looking ahead, Triyards plans to focus on complex and sophisticated liftboats, OSCVs and OSVs while building up in-house engineering capabilities to commission its own designs of self-elevating units. The group also intends to diversify into new products and expand its ship repair business.
Initiate with BUY valuations undemanding
Stocks of small-mid sized yards are trading at about 10.8x FY13F earnings and 8.2x FY14F earnings. Due to Triyards’s short operating history (since 2007), we use a PER of 8x (based on FY13/14F earnings), as we conservatively accord a ~15% discount from the industry average of 9.5x. This results in a fair value estimate of S$1.07. Initiate with BUY for a 29.7% upside potential.
Engineering and fabrication solutions provider with strategic focus
With two yards in Vietnam and a fabrication facility in the US, Triyards Holdings Ltd (Triyards) is an engineering and fabrication solutions provider focused on the offshore oil and gas industry. Unlike many shipyards, the group has a strategic focus on the construction of self-elevating, self-propelled accommodation and construction units (liftboats), having established a significant track record. The group is well positioned to secure more orders for such units, which is gaining acceptance internationally due to increase recognition of its advantages over traditional work barges. Triyards also has the capability to build technologically advanced construction vessels (OSCV) and offshore support vessels (OSV).
Backing from the Ezra Group
Triyards originated from Ezra Holdings, which currently holds a 67.0% stake. Close links between both companies mean that Triyards may be able to be involved in some of the projects that Ezra undertakes and tap into Ezra’s clientele base.
Plans to expand product range and upgrade capabilities
Looking ahead, Triyards plans to focus on complex and sophisticated liftboats, OSCVs and OSVs while building up in-house engineering capabilities to commission its own designs of self-elevating units. The group also intends to diversify into new products and expand its ship repair business.
Initiate with BUY valuations undemanding
Stocks of small-mid sized yards are trading at about 10.8x FY13F earnings and 8.2x FY14F earnings. Due to Triyards’s short operating history (since 2007), we use a PER of 8x (based on FY13/14F earnings), as we conservatively accord a ~15% discount from the industry average of 9.5x. This results in a fair value estimate of S$1.07. Initiate with BUY for a 29.7% upside potential.
This one no backbone one. speculative move up than subsequent 3 days fall 2 cents , fall 1 cent than fall back one cent again every trading day.
Go back to square one.
Does anyone have the full uob research report?
triyards hongbao
yes yes yes
can smile :)
The second gap filled too .
Bintang ( Date: 24-Jan-2013 10:55) Posted:
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Sorry tea , I dun have the chart of this stock u mentioned .
tea444u ( Date: 27-Jan-2013 21:21) Posted:
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Hi Mr Bintang, can you tell me if all gaps will surely be closed not matter what caused it_ eg a gap down becasue of a bonus issue for insatnce will see prices going up sooner or later to fill that gap?? thanks Sir...If you can look at a stock i haf in mind currently which is GUAN CHONG BHD...listed on Bursa Malaysia? can? it is a cocoa play.
The gap at 79 cts has already filled .
Bintang ( Date: 24-Jan-2013 10:55) Posted:
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The first gap would be filled today .
Bintang ( Date: 23-Jan-2013 11:08) Posted:
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yes vested
can smile :)
Triyards came all the way down from its peak at 95 cts last Oct to 70 cts in Nov 2012 . It made a technical rebound to 85 cts recently . It was almost 62% of the Fibo level . From here it pulled back again to make a bottom at 74 cts . Today it is making a rebound again in order to fill the gaps at 79 cts n 82.5 cts which created in the recent pull-back .
xin u sold ur holdings? flying liao
let me see $1/-!!!
yeah! go go go!!!
Triyards
78 => .79 => .80
yes !!!
tonylim ( Date: 01-Jan-2013 13:35) Posted:
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It also depends on EZRA 's performance which looks good
5spice ( Date: 01-Jan-2013 10:16) Posted:
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Triyards
good days ahead
95 cents u see it u have it.
why this counter most of the time trade higher but close at the low?
can hit 95 cts next year?
push push push Triyards
no new orders or deliveries does not mean stock would not go up, sometimes depend whether bbs want to push up or not, if got good news then go up faster lah
uob kayhian has a target of 82 cts for this stock
slowly move up to 80 cts soon, high was 95 on the first of listing. dont be surprised this stock may break new high next year