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Hahahaa! Go out with him???He is an old man ...90 ler ...n his nick name very very 老 土 (old soil） hahaaa!
🙈 🙈 🙊 🙊 🙉 🙈 !
Cheers!
🙈 🙈 🙊 🙊 🙉 🙈 !
Cheers!
NoMoney ( Date: 08-Jun-2013 23:54) Posted:
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may be he wanna date u out
GorgeousOng ( Date: 08-Jun-2013 22:27) Posted:
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Whether I go back or not trading as usual...as long as I have my iphone n wifi. Cheers!
ongahhuat888 ( Date: 08-Jun-2013 11:27) Posted:
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Lucky I follow your ah kong's advice, add some more will not let go the bao so soon...
When are you coming back?
When are you coming back?
GorgeousOng ( Date: 05-Jun-2013 08:05) Posted:
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Nikkei needs 3% more to be in a bear market
global markets in a slump
advise to run for cover 1st, and the correction take its course
gd luck .. dyodd
as long as doesnt drop below $1.11 will be safe
seems to be accumulation.. after all shit settle this will rocket up
expertinvestor ( Date: 06-Jun-2013 14:31) Posted:
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The strongest out of all ... Others drop till so jialat , this one still can rise.
time to take profit 1st..
japan mkt is down big time! wait for tide to settle
gd luck dyodd
Break support at 1.17 might retrace to 1.105.
You have to buy for me first yah! I know now you are laughing all the way to the bank!🙈 🙉 🙊 🙊 🙉 🙈 !
ongahhuat888 ( Date: 05-Jun-2013 03:15) Posted:
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Could not believe it your ah kong so "zhun"! Must buy him some red wine!
GorgeousOng ( Date: 27-May-2013 06:26) Posted:
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Hahaha you are Chinese !
I am thai , I learn a little bit of Chinese ...a little bit of English ...and a little bit of Malay ... LOL
🙈 🙉 🙊 🙈 🙉 🙊
I am thai , I learn a little bit of Chinese ...a little bit of English ...and a little bit of Malay ... LOL
🙈 🙉 🙊 🙈 🙉 🙊
NoMoney ( Date: 04-Jun-2013 16:35) Posted:
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after looking at the chart new support line is 1.125 and resistance is 1.20.. tomorrow pray can break 1.2.. well i could be wrong :)
nope I am Chinese LOL I learn abit Thai hee
GorgeousOng ( Date: 04-Jun-2013 13:05) Posted:
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Investors were also interested to find out more about Fincantieri. We take the
opportunity to provide more colour on the group.
Fincantieri is a world leader in cruise ship construction. It also builds naval
vessels, cruise ferries and mega-yachts. It has nearly 10,000 employees and
owns eight shipyards and two design centres in Italy. It operates three yards in
the US (all in the Great Lakes region), serving civilian and government
customers. Lastly, it has a jointly-owned shipyard in the UAE which builds
civilian and military ships as well as offers maintenance and refitting services.
The acquisition of Vard will complement and strengthen the group, given that
offshore is the only segment it does not have exposure to. Offshore is seen to
have higher growth and profitability than the other sectors in which Fincantieri
currently operates.
As Vard itself has 10 yards and employs 9,000 people, the acquisition is almost
a merger of sorts. Both Fincantieri and Vard have similar turnover of €2.4bn
and €1.6bn respectively and the enlarged group will almost double their size to
22 shipyards globally, with nearly 20,000 employees and €4bn in turnover. The
combined entity’s order book at end-2012 was €6.8bn: roughly one-third from
cruise ships and ferries, another third from naval and the remainder from
offshore.
Dividends
There is no change to Vard’s minimum 30% payout policy. We expect a final
DPS of 5 Scts for FY13, translating into 4.5% yields, the highest among our
O& M small/mid-cap stocks.
Bullish order outlook
Vard was markedly positive on its order outlook. If mega-Petrobras orders
materialise, there is a strong possibility that its FY13 order intake could beat its
annual run rate of NOK12bn.
Recall that Petrobras could soon award contracts for seven newbuild
pipe-laying support vessels (PLSVs) worth US$6bn in. Upstream reported that
Vard’s Promar yard is in line to secure two units, totalling US$560m. This
would translate to NOK3bn or 27% of our FY13 order target of NOK11bn. YTD,
Vard has secured NOK3.8bn orders.
For now, we conservatively keep our assumptions, which would be revised
when any Petrobras order materialises. Due to our more bearish order
assumptions, our FY14 topline and bottom-line forecasts are 9% and 12%
respectively below consensus.
Margins to improve in FY14
Vard is confident that its Brazilian operations in Niteroi would stabilise by
year-end. Consequently, we have hopes of margin improvements come 2014.
Already, one of the vessels in the Niteroi yard has been delivered, leaving four
progressive deliveries for next year. Three of the four should be delivered by
1Q14, and alleviate the drag on the group’s margins.
Production bottlenecks in Brazil arise from a tight labour and equipment
market. Specifically, the Niteroi yard faces constraints for steel structural work.
Increased man and engineering hours as well as a step-up in project
management to rectify vessel delays have created cost overruns.
Vard is not making any money from its current Niteroi backlog, and we
estimate that its EBITDA margins for 2013 could retreat 2.2% pts to 11%. But as
its Brazilian cost overruns have been flagged and accrued since 2Q12 and
late-delivery penalties are not as bad as its increased costs, there would not be
an earnings hit in the quarter when the Brazilian projects are delivered. To
illustrate this, two delayed vessels were delivered from its Niteroi yard in 3Q12
and the company achieved a 13.5% EBITDA margin in that quarter.
We expect EBITDA margins to climb to 11.5% in FY14, stemming from a scaling
of the learning curve for Transpetro orders as well as investing initiatives for its
Romanian and Vietnamese yards. Work for eight LPG carriers for Transpetro
has started. Vard has subcontracted the construction of the first two hulls to a
third-party Brazilian yard, Rio Nave. By end-2014, its new Brazilian yard,
Promar, will be constructing six of the projects. We expect yoy margin
expansion as critical mass is achieved for its new yard.
Opportunities abound with Fincantieri
Joint business opportunities are said to abound as Fincantieri has yards in the
US and Middle East which could allow Vard to cross-sell its designs. Likewise,
Fincantieri could tap Vard’s yards in Brazil and Vietnam where it does not
operate in.
Given Vard’s lack of presence in the Gulf of Mexico, some investors enquired
whether Vard would consider acquiring/utilising Fincantieri’s US yards to build
OSVs for customers eyeing the US market. Due to the Jones Act, vessels traded
in US waters have to be built in the US. However, the likelihood of this is low.
Existing yards are not ideal for OSV building, due to their configurations. More
importantly, they are located at the Great Lakes, in the north-eastern part of
the US, at the US-Canadian border.
Vard has a marine system division which manufactures and installs vessel
electrical systems: Vard Electro. This is an ancillary division which
complements Vard’s shipbuilding business. Vard has been selective in selling its
proprietary electoral systems, for fear of knowledge transfers. However, it sees
more opportunities to sell these to its sister business units within Fincantieri.
Similarly, Fincantieri has a marine system unit which designs and
manufactures ship propulsions and power generators, and could sell these
systems to Vard. These vessel systems are integral to ships and the shipbuilding
supply chain. Further collaboration between the two could spur future product
innovation.
Fincantieri recently created a dedicated offshore business unit (prior to its
acquisition of Vard) with a focus on drillships. In collaboration with Norwegian
oilfield solutions firm, Aker Solutions, Fincantieri has introduced the next
generation of drillships, under the “Overdrill design”. This design allows
drilling contractors to drill to a maximum depth of 50,000ft. What Vard could
bring to the table is its offshore expertise and project-management skills.
Last but not least, Vard could enlarge its customer base through Fincantieri.
For example, Italian oil service giant, Saipem, shares the same ultimate parent
as Fincantieri. This could help Vard establish a closer working relationship with
Saipem.
Vard shared that cost synergies are limited as there is little overlap in their
mutual operations. For example, a joint procurement centre is not economically
viable due to the different specialised equipment needed for their spectrum of
products. Even for common raw materials like steel, it makes more economical
sense to procure them where the individual yards are located. Also, steel is not
a critical cost for OSV building, accounting for only 3-5% of the total cost.