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eplepl ( Date: 27-May-2011 08:59) Posted:
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chris168 ( Date: 26-May-2011 17:13) Posted:
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Who is the clients?? and their FIRST QUARTER RESULTS * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT (http://www.ksenergy.com.sg/UploadedImg/File/2011News/20110511%20-%20Q1%20Results%20announcement.pdf) , is the report ok??? any comments???
KS Energy To Build US$388 Million 2 Jackup Rigs
JAKARTA: Singapore-listed company KS Energy Ltd, that is controlled by the 40th Indonesian richest businessman Kris Wiluan, has contracted COSCO Nantong Shipyard Co Limited (COSCO Shipyard) to construct two new jackup rigs.
The total project cost is estimated at US$388 million, which includes project management, drilling and handling tools, spares and capitalized interest.
The construction will build two drilling rigs based on the LeTourneau Technologies, Inc (LeTourneau) WORKHORSE ® Class design with expected delivery date of 27 months and 32 months respectively, from the contract effective dates.
When completed, both rigs will be capable of operating in water depth of up to 400 feets and a rated
drilling depth of 35,000 feets.
Each rig can also accommodate 150 personnel on board. “To be a global player in the drilling business, we have to have a large fleet to cater to different market needs. The addition of these two rigs will increase our fleet to 12 rigs, which includes 4 jackup rigs,” said Kris Wiluan, Chairman and CEO of KS Energy, in a statement obtained by Bisnis today.
Presently KS Energy has and manages 6 land rigs, a lift boat, 2 jack-up rigs and an accommodation rig. Two of its jack-up rigs – the KS MedStar and the KS Endeavor are drilling in Egypt and West Africa.
This latest move is part of the Group’ strategy aimed at growing and expanding its drilling operations.
Following the consolidation of its distribution business last year, the Group is now moving towards consolidating its drilling business.
As of 2010, the group’s drilling businesses, including the operations of Atlantic Oilfield Services have been consolidated under the umbrella of its newly incorporated entity dubbed KS Drilling Pte Ltd (KSDR).
KSDR has operations spanning Africa, the Middle East, the North Sea, China and Indonesia. (wiw)
DBS Group Research . Equity 26 May 2011
Cosco Corporation
(Bloomberg: COS SP | Reuters: COSC.SI)BUY S$1.95, Price Target: S$2.86
Analyst:
janicechua@dbsvickers.com
HO Pei Hwa +65 6398 7968
peihwa@dbsvickers.com
Janice CHUA +65 6398 7954Secures two jackup orders from KS Energy
Source of all data: Company, DBS Vickers, Bloomberg
Orders for two jack-up from KS Energy. Cosco
announced over lunch that it has secured orders for two
units of jackup drilling rig worth US$360m in total from
KS Drilling Pte.Ltd, a subsidiary of KS Energy Limited.
The first rig is scheduled to be delivered in 3Q13 and
the second rig in 1Q14.
A vote of confidence. The jack-ups will be built at
Cosco Nantong, based on LeTOURNEAU WORKHORSE
Class design. Upon completion, these rigs will be one of
the world's deepest drilling rigs with drilling depth of up
to 35,000 ft, capable of operating in 400 feet water
depth and with accommodation for 150 persons
onboard. It features an offline stand building capability
to handle drill pipes efficiently and is equipped with a
capacity hook-load of 2 million pounds, boosting overall
rig performance and productivity. We see the award of
sophisticated rig orders as an accolade and vote of
confidence in Cosco's offshore capability.
YTD wins make up 67% of our assumption. This will
bring Cosco's YTD firm contract wins to US$637m.
Taking into account the LOIs of two cylindrical rigs from
Sevan (worth US$1.05bn), which we believe is 'almost'
in the bag, total order wins would amount to approx.
US$1.7bn, making up 67% of our order win
assumption of US$2.5bn.
More to come. As highlighted in our previous reports,
the latest wins are among the robust US$2bn contracts
in the pipeline. The new wins serve as a harbinger to
more offshore contracts for Cosco. Recent price
weakness presents an attractive entry point to buy into
Cosco ahead of contract wins. No change to our
estimates, Buy recommendation and TP of $2.86.
DBS Group Research . Equity 26 May 2011
Singapore
Flash Note
Price Relative
0 .6 0
1 .6 0
2 .6 0
3 .6 0
4 .6 0
5 .6 0
6 .6 0
7 .6 0
8 .6 0
2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1
S $
4 4
9 4
1 4 4
1 9 4
2 4 4
2 9 4
R e la t iv e In d e x
C o sco C o rp o ra t io n (LH S ) R e la t iv e S T I IN D E X (R H S )
Forecasts and Valuation
FY Dec (S$ m) 2009A 2010A 2011F 2012F
Turnover 2,899 3,861 4,732 5,865
EBITDA 341 552 667 757
Pre-tax Profit 179 402 470 558
Net Profit 110 249 252 303
Net Pft (Pre Ex.) 110 221 252 303
EPS (S cts) 4.9 11.1 11.3 13.5
EPS Pre Ex. (S cts) 4.9 9.9 11.3 13.5
EPS Gth Pre Ex (%) (64) 101 14 20
Diluted EPS (S cts) 4.9 11.1 11.3 13.5
Net DPS (S cts) 3.0 4.0 5.6 6.8
BV Per Share (S cts) 48.4 53.5 60.8 68.7
PE (X) 39.7 17.5 17.3 14.4
PE Pre Ex. (X) 39.7 19.8 17.3 14.4
P/Cash Flow (X) 16.6 10.9 10.4 9.1
EV/EBITDA (X) 13.1 9.2 6.8 5.6
Net Div Yield (%) 1.5 2.1 2.9 3.5
P/Book Value (X) 4.0 3.6 3.2 2.8
Net Debt/Equity (X) CASH 0.1 CASH CASH
ROAE (%) 9.9 21.8 19.7 20.9
Earnings Rev (%): - -
Consensus EPS (S cts): 11.6 13.4
Other Broker Recs: B: 5 S: 6 H: 4
Flash Note
Cosco Corporation
Page 2
DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows:
STRONG BUY (> 20% total return over the next 3 months, with identifiable share price catalysts within this time frame)
tomorrow should hit 2.05$
more contract coming! hold tight!
Oh but it is possible, just give it some bad news ...
It has dropped from 2.38 to 1.89 within a relatively short period.
yeah I'll still wait for 1.80 ...
after I sell this 20 lots.
rotijai ( Date: 26-May-2011 16:34) Posted:
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http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_233297C7C1AE8ACC4825789C000FE01B/$file/USD356_million_Contract.pdf?openelement
tiancai007 ( Date: 26-May-2011 16:47) Posted:
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IS THE DARK CLOUD OVER ?????
NOT VERY CLEAR!!!!!!!!!
Isolator ( Date: 26-May-2011 15:48) Posted:
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ok..1.8+ is impossible now..
can master isolator or other sifus here..
buy up to 2.1+ for me to short?
if not.. buy up to 2.3+ for me to short ? thanks
ha ha.....
smart blonde.
rotijai ( Date: 26-May-2011 16:12) Posted:
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master epl..
i believe master gaecia doesnt wan to be labeled as " smart 'alec' "
eplepl ( Date: 26-May-2011 16:08) Posted:
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