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great news!!
Mencast Holdings Ltd announced that its wholly-owned subsidiary, Unidive Marine Services Pte Ltd, has secured a term contract from Keppel FELS Limited in relation to, inter alia, the fabrication, installation and completion works and services for jack-up derricks. The Contract is for a two-year period from June 2011 and is estimated to be worth S$5.18 million. Works for the first jack-up derrick is expected to commence on 16 August 2011. (close: S$0.62, -1.6%)
2 GREAT news from SGX:
1) Mencast registered 12.5% growth in HY2011 earnings to S$5.4 million
Revenue surged 60.9% to S$24.4 million
Order book stood at S$18.7 million as at 30 June 2011
With enhanced yard facilities and recent acquisitions, Mencast will be able to provide a fuller range of MRO services and tap on a much larger pool of clients in the region
2) MENCAST’S SUBSIDIARY SECURES TERM CONTRACT WORTH S$5.18 MILLION FROM KEPPEL FELS LIMITED
GOOD LUCK!
Wow, that's great, thanks! 
pnuklis ( Date: 03-Aug-2011 18:01) Posted:
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This is a super counter. TP is $0.70 coming soon. Jump in still not too late to buy
Quite a strong one, too bad never join in until now. Hope I'm not too late. 
This one quietly (diam diam) chiong from july to now........swee
ozone2002 ( Date: 02-Aug-2011 15:14) Posted:
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STI is down but this baby keeps gg up..
64!!...
63c!!..best of the best!
yeah man! theres some more upside to go i believe! good luck!
tianloong86> > > >
around that price too..38-40c
now 60c..almost 50% gain..shiok ah..
best undervalued stock
now about PE 11x.. will sell off about PE 13-15x
I bought at 0.4 (42.5% returns)! how much did u buy and whats your TP? =D
57!!!..shiok..coming 50% gain for me..
55.5!!!
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Director / Substantial Shareholders’ Transactions |
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Company |
Substantial Shareholder |
From (%) |
To (%) |
|
Ocean International Holdings Ltd |
Zhang Aihua |
88.5 |
90.3 |
|
Capitamalls Asia Ltd |
The Capital Group Companies, Inc |
5.8131 |
4.9482 |
|
Mencast Holdings Ltd |
Chua Kim Choo |
10.85 |
16.53 |
53.5!!! chiong ah!!! :)
go go go
best performing stock up ~25% so far..
shiok..nobody buy i buy..
everybody wanna buy i sell..
gd luck!
watch break at 0.515
This counter has woken up big. I assume TO 0.80 and will run and run
high of 51c today..
took some profit..go go go..
gd luck!
CHIONG AH!!! SHIOK AH!!! :)
SHARES OF CATALIST-traded Mencast Holdings have seen heavy trading volume after it announced on May 18 it had acquired engineering systems installer Top Great Engineering & Marine.
Mencast -- which makes, supplies and repairs propellers and stern gear for seafaring vessels -- is purchasing Top Great for $24 million. Mencast will pay $9.6 million in cash and satisfy the remaining $14.4 million through an allotment of new Mencast shares via three separate tranches -- “a small price to pay for an accretive deal”, according to Gary Ng of CIMB.
That’s because the acquisition comes with a guarantee that Top Great will achieve net profits of not less than $8 million between May 1, 2011 and April 31, 2013. It Top Great fails to meet the target, it'll have to make good the shortfall in cash to Mencast within six months after the agreed period.
For the year ended Dec 31, 2010, income earned by Top Great before deducting taxes was $4.7 million. In comparison, Mencast achieved a net profit of $8.5 million over the same period, a 20.8% y-o-y rise, on the back of $32 million in revenues, up 21.9% y-o-y.
Analysts say the addition of Top Great will give Mencast the opportunity to tap a larger pool of clients in the region and add margin value with a fuller range of maintenance, repair and overhaul (MRO) services to the booming offshore and marine industry.
“This [acquisition] would allow Mencast to create positive synergies, economies of scale and strengthen its value proposition to attract and retain new clientele,” Ng of CIMB points out. “We think that with Top Great being integrated into Mencast, the group would eventually make its foray into overseas markets, which would mean higher margins due to the higher premium the group charges for projects outside Singapore.”
Mencast started out three decades ago as provider of repairs and maintenance services of marine propellers for fishing and bumboats in Singapore. It eventually expanded its client base to include owners and operators of tugboats and ferries in 1993 and extended its capabilities to provide a full range of sterngear equipment and services for local and regional shipyards and ship owners in 2001. In 2008, Mencast, which operates a yard in Tuas, sought a listing on the Catalist.
Last year, in a bid to increase growth, Mencast announced that it would lease 16,200 sq m of land at the waterfront on Penjuru Road to build a manufacturing plant for stern gear equipment and centralise its manufacturing activities for better efficiencies. Mencast expects to complete construction of the plant -- which will be 3.5 times larger than all its existing plants combined -- by year-end. Despite slowing demand for commercial ships given an existing oversupply in the market, Mencast is confident of booking revenues from repeat MRO (Maintenance, repair and operations) contracts from ship owners and expects to see growth coming from the booming offshore sector. The company currently has an order book of about $8 million.
Since the start of the year, shares of Mencast are up by about 10%, closing on May 20 at an all-time high of 45 cents each. But there’s more good news. Ng of CIMB has upgraded his 12-month target price on the stock by 6% to 70 cents apiece despite dilution from the new shares, as the stock is still trading at a 15% discount to its larger peers. At current levels, it has a market capitalisation of just $76.6 million and trades at 8 times earnings.
“This stock is only at the growth stage and has not scaled the high wall of valuation,” Ng writes in a recent report. “[The shares] will climb, and a further re-rating will propel the stock with an upgrade to the Mainboard from its current board.”