Post Reply
21-40 of 224
slowing moving up...looking forward to reaching my target price.
14 percent increase in profit plus acquisition...
ASL Marine bags $38.5m shipbuilding contract
: 8 Feb 2010
Finally starting to move. Valuation still relatively inexpensive.
bought 0.99 - 30 lots yesterday. l think a price will up to 1.10 or more before XD on 28-10-09. cheers....
Marine Money 2009 conference
1 Oct 2009 - OCBC Securities
OSVs: Deep, Distant and Dangerous.
As mentioned in our last sector update, charter rates in the Offshore Support Vessel (OSV) market have
seen a correction, and the days of easy money are over for the near future.
However, the industry continues to see opportunities in Deep waters, remotely (Distant) located assignments
and wells that display out of norm (Dangerous) conditions. This authenticates the foresight of OSV suppliers
that are accumulating assets such as Ultra large and multi functional vessels and Dynamically Positioned (DP)
PSVs to address this segment.
We like ASL Marine [BUY FV: S$1.18] for its diversified business model. We retain our BUY rating on Ezra
with its fleet secured on long term charters and a promising new Subsea business segment. Ezra's share price has done
well and we are reviewing our current fair value of S$2.00 with a mind to raise it. We maintain our HOLD rating
on Swiber [FV: S$0.94].
1.05 still can buy. will XD on 28-10-09 . Divd $40 ... very good pay out
current price 1.05 still worth to buy ,any comment?
Counter is moving today with good volume. Take a look.
I think this share price had already moved. It was about 92/93 cents just before the finiancial report. If you are long term its ok otherwise take some profit.
ToMorrow Straits Times or Today
Post Buy call
this will be fly
OCBC Research
http://www.ocbcresearch.com/Article.aspx?type=research&id=20090820090409_80902
ASL Marine: Creditable FY09 results. Maintain BUY.
 |
By Low Pei Han
Thu, 20 Aug 2009, 09:04:12 SGT
ASL Marine Holdings (ASL) turned in a good set of results amid a slowing industry. Although results were lower sequentially with lower revenue growth and impairment loss on vessels of S$3.2m, revenue rose 8.7% YoY to S$435.4m and net profit rose 17.9% to S$71.1m for FY09, meeting 96% and 94% of our full-year estimates respectively. As mentioned in our earlier reports, new order flows were minimal and this is evident from the group’s lower order book of about S$523m compared to S$582m in 3QFY09. It is good to know that demand for shiprepair and chartering are still holding up, which is good news for the relatively diversified group. The stock has risen about 30% since our last report, and though the spread between ASL and its peers has narrowed, it is still trading at abut 5x FY10F earnings compared to its peers’ average of 11x. Based on 7x FY10F core earnings (prev. 6x), we are raising our fair value estimate to S$1.18 (prev. S$1.03) for ASL Marine and our BUY rating remains.
Results largely in line with expectations. ASL Marine Holdings (ASL) turned in a good set of results amid a slowing industry. Although results were lower sequentially on the back of lower revenue growth and impairment loss on vessels of S$3.2m, revenue rose 8.7% YoY to S$435.4m and net profit rose 17.9% to S$71.1m for FY09. Shiprepair and shipchartering revenue were in line with our expectations for 4Q09, but shipbuilding revenue was lower than expected due to lower revenue recognition as certain work-in-progress had yet to reach the 10% recognition threshold during the period. Revenue and net profit met 96% and 94% of our full-year estimates respectively.
Minimal new orders, but ASL is diversified. As mentioned in our earlier reports, new order flows were minimal and this is evident from the group’s lower order book of about S$523m compared to S$582m in 3QFY09. However, this order book figure does not include eleven vessels (worth S$58m) that the group is building internally to expand its ship chartering fleet. It is encouraging that demand for shiprepair and chartering are still holding up, which is good news for the relatively diversified group (shipbuilding, repair and chartering accounted for 33.8%, 27.5% and 38.7% of FY09 gross profit respectively).
Cautiously optimistic outlook. We are cautiously optimistic on the shiprepair and chartering sectors, and believe that the medium to longer term outlook is bright. Management revealed that value per contract for the ship repair segment fell this quarter but the group repaired more vessels, hence the healthy results for this segment. The group is also expanding Batam facilities to cater to more ship repair activities and this will be completed in 3QFY10. Ship chartering, though affected by lower charter rates, still has a positive outlook due to demand from domestic infrastructure, construction and land reclamation projects and offshore oil and gas activities, amongst others.
Fair value raised to S$1.18. As guided by management, we are expecting lower but still healthy earnings for FY10, barring unforeseen circumstances. The stock has risen about 30% since our last report, and though the spread between ASL and its comparable peers has narrowed, it is still trading at about 5x FY10F earnings compared to its peers’ average of 11x. Based on 7x FY10F core earnings (prev. 6x), we are raising our fair value estimate to S$1.18 (prev. S$1.03) for ASL Marine and our BUY rating remains.
|
|
DMG
http://www.remisiers.org/research//20Aug09-ASL%20buy%20dmg.pdf
ASL MARINE 4QFY09 Results Review MARINE & SHIPPING
BUY Maintain
Price S$1.03 Target S$1.41
ASL MARINE
Target S$1.41
Management turns upbeat on outlook
Stock Profile/Statistics
Bloomberg Ticker ASL SP
STI 2,522.8
Issued Share Capital (m) 301.4
Market Cap (S$m) 310.4
52 week H L Price (S$) 1.080 0.350
Average Volume (3m) '000 1,073
YTD Returns (%) 134
Net gearing (x) 0.30
Altman Z-score 2.18
Beta 1.28
ROCE/WACC 1.68
Major Shareholders
Ang Kok Tian 13.75%
Ang Ah Nui 13.14%
Share Performance (%)
Month Absolute Rela tive
1m 17.0% 14.3%
3m 24.8% 10.7%
6m 139.5% 87.9%
12m 1.8% 10.1%
6-month Share Price
Pleasant surprise - Management has turned positive on outlook. ASL’s
4QFY09 revenue of S$102.2m was in line with our expectations. Adjusting for
an impairment charge of S$3.2m as a prudency move towards bad debts from
Shiprepair activities, ASL achieved an operating profit of S$16.6m. The only
dampener was its dividend payout ratio of 16% vs. management’s guidance of
20%. We were pleasantly surprised by management’s optimism about the
business outlook, especially for FY11 and beyond. This was a change of view
from the previous guidance three months ago. As such, we revise up our FY10
and FY11 orderbook assumptions from S$150m to S$250m and S$300m
respectively. We increase our FY10 net profit by 15% and introduce our FY11
estimates. Ascribing P/E of 6x to FY11 EPS, our target price is raised to
S$1.41 (from S$1.07 previously). Maintain BUY.
Better-than-expected Shiprepair and Shipchartering revenue. While
revenue was within expectations, the revenue mix slightly differed from our
forecasts. Shipbuilding revenue of S$60m was lower than expected, but this
was offset by higher-than-expected Shiprepair revenue (S$21m) and
Shipchartering revenue (S$22m). The bulk of Shiprepair revenue came from a
tanker-to-FSO conversion project while Shipchartering was boosted by an
increased fleet.
Shiprepair improved margin due to better cost containment and operation
efficiency. Gross profit margins were well within management’s guidance,
though we were slightly surprised that Shiprepair GP margin of 33% was an
improvement of 5.8bp YoY.
Optimism in outlook for Shipbuilding and Shiprepair. As at 30 Jun 09, ASL
has an outstanding orderbook of S$523m for 33 vessels. Management
estimates that approximately 56% of the orderbook would be recognised in
FY10, with the remainder in FY11. It appears upbeat in securing new orders
for higher capacity tugs and offshore construction vessels. As for Shiprepair,
management is optimistic on the long-term outlook, underpinned by an
increasing global fleet and regulatory requirements. With the completion of two
new docks in 1QFY10 and expansion of graving drydock in 3QFY10,
management is confident that the Batam yard will be able to accommodate the
repair and conversion works of larger vessels.
FYE Jun (S$m) FY07 FY08 FY09* FY10F FY11F
Turnover 318.4 400.4 435.4 468.6 505.4
Net Profit 40.2 60.3 71.1 60.4 70.6
% Chng YoY 74.5% 49.8% 17.9% -15.0% 16.8%
EPS (S¢) 15.7 20.1 23.7 20.1 23.5
DPS (S¢) 2.8 4.0 4.0 4.0 4.7
Div Yield 2.7% 3.9% 3.9% 3.9% 4.6%
ROE 26.2% 25.2% 25.0% 17.6% 17.0%
ROA 9.1% 9.9% 10.1% 8.5% 9.4%
P/E (x) 6.6 5.1 4.4 5.1 4.4
ASL Marine Holdings Ltd - Declares total dividend of 4 cents
Tan Jin San, 19 Aug 2009
FY2009 EARNINGS AT A GLANCE
Revenue: +9% to S$435.4 mln
Net Profit: +18% to S$71.1 mln
Operating Cashflow: -S$2.2 mln vs –S$33.1 mln
Dividends: 3 cents (final), 1 cent (special)
Kim Eng
http://www.remisiers.org/research//mb%2020%20Aug.pdf
1) ASL Marine – FY09 Results (Rohan Suppiah 6432-1455)
Previous day closing price: $1.03
Recommendation: Buy (maintained)
Target price: $1.62 (maintained)
In line with expectations
ASL Marine posted a robust set of FY09 results – excluding a doubtful debt provision and impairment loss totalling S$7.6m, the numbers were bang in line. FY09 net earnings were S$71.0m, up 17.9% over FY08. Without disposal gains, however, earnings were flat at around S$41.0m. ASL proposed a final dividend of 3cts per share, unchanged from FY08.
Revenue driven by shipbuilding
Revenue for the group grew by 8.7% to S$435.4m, boosted mainly by its shipbuilding segment, which grew 10.5%. Shiprepair remained steady, while shipchartering grew by 9.4%. Overall margins have also been sustained, which is especially pertinent for shiprepair, which is facing difficult operating conditions in the current weak market environment.
Business conditions tough
ASL has managed to sustain its shiprepair revenues especially in the final quarter. However, while the number of ships repaired has increased, the average contract size has declined. Going forward, management says it needs to work harder in order to secure customers, but we believe that erosion in revenues and margins is inevitable.
No new shipbuilding orders since October
ASL has also not secured any new shipbuilding orders since October 2008, but is currently working on its existing orderbook of S$523m. Management’s reading of the market is that it does not expect to receive new orders until the credit situation improves. Under these conditions, we are conservatively not expecting any new shipbuilding orders and therefore factoring in a 60% decline in the segment’s revenue from FY12.
Still a BUY as it is undervalued
|
Ship chartering revenues will be propped up by the addition of 12 vessels, and better rates on timecharters, but these can be volatile. We are leaving our FY10 core net profit forecast unchanged at S$45m, for a YoY pick-up of 10%. ASL is still trading at compelling valuations of 6.8x FY10 earnings. We maintain our BUY recommendation, to our target price of $1.62, in line with peer average of 10x PER. Year End Jun 30 |
2008 |
2009 |
2010F |
2011F |
2012F |
|
Sales (S$ m) |
400.4 |
435.4 |
442.6 |
390.4 |
269.8 |
|
Pre-tax (S$ m) |
69.8 |
83.9 |
54.5 |
55.0 |
48.4 |
|
Net profit (S$ m) |
60.3 |
71.0 |
45.0 |
45.4 |
39.4 |
|
Core net profit (S$ m) |
45.8 |
41.0 |
45.0 |
45.4 |
39.4 |
|
Core EPS (cents) |
15.2 |
13.6 |
14.9 |
15.1 |
13.1 |
|
Core EPS growth (%) |
10.3 |
(10.5) |
9.8 |
0.8 |
(13.1) |
|
Core PER (x) |
6.8 |
7.6 |
6.9 |
6.8 |
7.9 |
|
Yield (%) |
3.9 |
3.9 |
2.2 |
2.2 |
1.9 |
well, it has been surging and may b now need to take some times to take a breathe.....
solochn ( Date: 13-May-2009 10:40) Posted:
| Looks like losing steam today. Hope it will end up higher by closing! |
|
