PanU Mar   

PanUnited Marine Sudden Shot up!

DBSVicks targets $2.75!!!!!!!!!!!CHEONG AH!!!!!!!!!!!! Strong free cashflows can lead to higher than expected dividends. No change to forecast as we have already assumed S$300m new contracts this year. Excluding EI and fair value adjustment, we expect net earnings to rise 39% in FY07 and a further 19% in FY08. We are forecasting DPS of 13 cts in FY07 based on a dividend payout ratio of close to 80%. Free cashflow was robust in FY06 at S$69.1m (25.4cts per share) and we expect this to rise to close to S$100m on the back of more contract wins and job completions. Maintain BUY, with a raised target price of S$2.75 based on a higher 14x PE for shiprepair and 10x shipbuilding earnings.

 

PU Marine price well supported, will stay around this range for a couple of days before it makes its next move...currently at $2.17 

 

The "Edge" 15-21st Jan 2007 had a cover story on them, best to read it, not practical to post it here. The Co has good web pages also, The United Co (cement lorry div) has taken a dip lately with the Indonesian ban, but the shipping section like all marine Co is doing well. Good family run business.  

 

 Are  Pan United and Pan United Marine related  ?

 

PAN-UNITED MARINE LIMITED

 

泛联海事有限公司

(Company Registration No. 199106523R)

Press Release

 

Clinches Singapore?s first ultra-large AHTS

 

vessel shipbuilding contract

 

�� 1st Singapore yard to build 30,000bhp AHTS vessels

 

�� S$98m contract lifts orderbook above S$570m

 

�� In line with focus on higher value-added projects

 

Singapore, 3 May 2007 ? Pan-United Marine Limited (?PUM? or the ?Group?) today

announced it has won two shipbuilding contracts, worth a total of S$98 million, to build

two UT788 CD anchor handling, towing, and supply (AHTS) vessels from repeat client,

Lewek Shipping Pte Ltd, a subsidiary of Mainboard-listed Ezra Holdings Limited (?Ezra?),

a fully integrated support services provider operating a wide spectrum of vessels for the

offshore oil & gas industry.

The two 30,000bhp AHTS vessels will be built in PUM?s Singapore yard for delivery in

end 2009.

Said PUM?s Executive Chairman Henry Ng: ?The earlier strategy that we adopted to

focus on higher value-added projects has certainly paid off for our Group. Apart from

their being the first ultra-large AHTS vessels to be built by a Singapore ? and possibly

Asian ? yard, they are also the largest AHTS vessels ever to be designed by

Rolls-Royce Marine, a world-leading provider of vessel design as well as equipment for

the offshore sector.?

Mr Ng added: ?We are pleased to have the Ezra Group?s continued confidence.?

The contracts lift PUM?s outstanding orderbook to about S$574 million, from S$476

million at end-March.

PUM recently announced its 1Q07 results which posted a near-doubling of its operating

profit to S$11.2 million on sharply higher ship repair and conversion activities.

 

Wow... $2.20 now.....cheers.

 

I have got a feeling that they are accumulating PU Marine at $2.15, a total of 578 lots are done at this level.... 

 

I think BBs are accumulating from market, the share is tightly held by management, so hold on to your share if u have any...it will add value as this is a cash rich and very profitable marine stock...  

 

Engines are roaring again, DBSV will soon revised up the TP of $2.20...cheers

 

I think it is a undervalue stock, that might be the reason it moves up....cheers

 

This stock cheong like no limit .. now at 2.02...cheers

 

Wow..this darling stock closed at 1.94 today..think its going for the 2.00 mark tomorrow..let's wait and see...

 

from a FA point of view, I believe this belongs to one of the darling stocks. Fantastic cash flow, as well as excellent order books volume. Good margins, and great ROE. And mind you, this firm's balance sheet is squeaky clean of debts.....This is one firm capable of capitalising on its huge cash reserves to take on increasing amount of opportunities in the oil&gas sector, and bring its record book orders even further.

Fantastic firm, and fantastic stock. Certainly under-valued relative to its future cash flow potential, and its record order books potential

 

Are we going to see the $1.90 mark breech today?

 

Going trading at 1.88 - 1.89 range, this marine stock is really growing...  

 

Now trading at 1.87...to see more upside??

 

Now trading at 1.87...to see more upside??

 

This counter is testing the new high, wonder tomorrow will test or break the 1.90 mark or not?? Interesting to see marine stock cheong....  

 

- Pan United Marine expects to increase revenues and improve its operating margin this year thanks to higher value orders and a 50% jump in vessel deliveries. Currently, the company's order book stands at S$513m.

This should have a great support on its price to $2.00.

 

Is there possibility of good dividend again this year although the volume is low??