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Aqua-Terra Supply Co. Limited
(Company Registration No: 200100108D)
2 Sixth Lok Yang Road
Singapore 628100
Tel: (65) 6319 4666 Fax: (65) 6268 4455
http://www.aqua-terra.com
NEWS RELEASE
AQUA-TERRA SETS UP A RIGGING AND
TESTING & CERTIFICATION FACILITY IN BATAM
SINGAPORE,
(?Aqua-Terra? or ?ATS?) today announced that it has set up a rigging and testing &
certification facility in Batam. This new facility is poised to serve the needs of the
rapidly increasing number of oil and gas and marine companies operating in Batam.
Incorporated in Indonesia, this new entity is a subsidiary of Marinehub Pte Ltd
(?Marinehub?). It will operate under the name of PT MH Global Indonesia
(?PTMHG?). Marinehub is a wholly owned subsidiary of Aqua-Terra.
PTMHG occupies an area of 86,000 square feet within the 400-hectare Kabil
Industrial Estate, which is located on the eastern seaboard of Batam Island, Indonesia.
This industrial park is owned and managed by PT Kabil Indonusa Estate. The
presence of Aqua-Terra in Batam is timely. Recent years have seen an increasing
number of shipbuilding, marine and oil and gas companies expanding their
manufacturing and fabricating operations to the island. This new facility will enable
Aqua-Terra to expand its rigging and testing & certification facility that is currently
located in Singapore, so that it can better serve its customers in Batam.
Commenting on Aqua-Terra?s move, Mr. Kris Wiluan, Chairman and CEO said, ?the
close proximity of Batam to Singapore and the recent implementation of the Special
Economic Zone have raised the attractiveness of Batam as an operation base for the
oil and gas and marine industries. Our Kabil Industrial Estate, which has an offshore
jetty capable to berth vessels of 30,000 dwt, is currently serving many international
oil and gas and marine companies, and Aqua-Terra?s presence will help us to respond
more rapidly to the needs of customers operating in Batam and Singapore.?
2
7th January 2008 ? Main board listed Aqua-Terra Supply Co. LimitedAQUA-TERRA SUPPLY CO. LIMITED
(Company Registration No: 200100108D)
PTMHG has an issued and paid up share capital of US$1.5 million with Marinehub
holding 99% of the equity interest and the remaining 1% equity interest held by PT
Kabil Indonusa Estate. The total investment in PTMHG will be in excess of US$3.0
million.
Funding for the abovementioned investment will be through a combination of internal
resources and bank borrowings.
The abovementioned transaction is not expected to have any material effect on the net
earnings per share and net tangible assets per share of the Company for the financial
year ended 31 December 2007 but it is expected to contribute positively to the
Group?s earnings in 2008 and beyond.
Except as disclosed above, none of the directors or substantial shareholders of the
Company have any interest, direct or indirect on the abovementioned transaction.
About Aqua-Terra Supply Co. Limited (?ATS?)
ATS is a leading integrated supply and procurement services provider serving
customers from the oil and gas and marine industries. Headquartered in Singapore,
ATS has offices in China, Hong Kong, India, Indonesia, Qatar and Vietnam
For more information, please visit our website at:
www.aqua-terra.com**********
For enquiry, please contact:
Tan Peck Hwa
Asia Business Channels Pte Ltd
Tel: 6749 8871 / 9635 4996
email:
DBS vickers call to buy Aqua Terra Supply again today at the recommended price of 0.84.
http://www.remisiers.org/research.html
Terence thanks for the, by the way yesterday "Zao Bao" also published the articles written by OCBC reseach team, it covered ATS & target price recommended is S$0.70
What is your comments about this counter?
Extract below in Blue colour is the Buy recommendation from DBS vickers posted today at
www.dbsvickers.comhttp://www.remisiers.org/research.html
Target price S$0.81 upside potential 84% based on current share price. Refer to important disclosures at the end of this report Company Focus See Hup Seng Limited
3 of Ratings ? oil and gas sector FYE Mkt Mkt Price Target
Company Cap Cap (S$) Price % Div Yld Eps Gth
(S$m) (US$m) 03-Dec (S$) Upside Rcmd Curr Fwd 1 Fwd 2 Curr Fwd 1 Fwd 2 Curr Fwd 1 Fwd 2 07F 07F
Singapore
Yards Cosco Corporation Dec 14,992 10,337 6.70 9.00 34% Buy 45.2x 27.1x 19.5x 25.3x 14.8x 10.7x 16.1x 10.9x 7.6x 0.7% 77%
Keppel Corporation Dec 21,234 14,640 13.40 16.50 23% Buy 20.7x 16.8x 13.6x 11.4x n.a. 4.1x 3.4x 1.2% 36%
SembCorp Marine Dec 9,028 6,225 4.36 5.20 19% Hold 30.3x 22.2x 18.7x 21.7x 15.4x 13.2x 7.2x 5.7x 5.1x 0.7% 39% Oilfield Services Ezra Holdings * Aug 1,968 1,357 3.36 8.00 138% Buy 43.0x 18.5x 22.5x 15.0x n.a. 3.0x 2.7x 1.5% 32%
Jaya Holdings * Jun 1,400 966 1.82 2.15 18% Buy 9.4x 8.4x 7.5x 6.8x n.a. 3.1x 2.7x 6.3% 21%
KS Energy Dec 816 562 3.24 5.51 70% Buy 16.2x 8.8x 6.5x 15.0x 7.4x 5.3x 2.2x 1.7x 1.4x 3.1% 51%
See Hup Seng Dec 207 143 0.575 1.18 105% Buy 12.1x 9.2x 7.9x 8.1x 5.6x 4.6x 2.9x 2.2x 1.7x 0.0% 356%
Sinwa Dec 119 82 0.530 0.79 49% Buy 11.2x 7.8x 6.9x 10.7x 7.3x 6.2x 2.2x 1.8x 1.5x 2.5% 39%
Swiber Dec 1,485 1,024 3.50 4.18 19% Buy 28.9x 16.1x 12.0x 24.8x 13.2x 9.5x 9.9x 5.9x 3.9x 0.0% 110%
Swissco International Dec 211 145 1.18 1.77 50% Buy 31.1x 17.3x 16.6x 13.2x 8.3x 7.2x 1.4x 1.3x 1.3x 3.4% 9% Stockists
FY end Mrkt Last price target Upsie Reom
S$ US$ Price potential Aqua-Terra Dec 160 110 0.455 0.84 84% Buy 11.3x 8.1x 6.8x 10.0x 7.4x 5.7x 1.6x 1.4x 1.2x 1.1% 84%
Asia Enterprises Dec 129 89 0.465 0.71 52% Buy 6.2x 5.7x 4.4x 3.8x n.a. 1.3x 1.2x 6.5% 34%
HupSteel * Jun 257 177 0.41 0.51 25% Buy 8.0x 6.6x 5.5x 6.2x 5.1x 4.2x 1.3x 1.2x 1.1x 5.0% (11%)
SSH Corporation * Jun 210 145 0.39 0.66 68% Buy 9.3x 7.9x 7.3x 7.6x 6.7x 5.7x 2.0x 1.7x 1.4x 2.7% 24% Average * Valuation 08, 09 & 10 forecast respectively PE (x) EV/EBITDA (x) P/BV x Source: DBS Vickers
PLEASE SEE THE RECOMMENDATION FROM OCBC POSTED TODAY -03/12/07(MONDAY)
Aqua-Terra Supply Co.
True value yet to be unleashed Maintain
BUY
Previous Rating: BUY
S$0.45
Fair Value: S$0.70
Stock Code:
Reuters: AQUA.SI
Bloomberg: AQUA SP
Event: Update
General Data
Issued Capital (m) 351
Mkt Cap (S$m/US$m) 158 / 109
Major
(55%)
Free Float (%) 46.2
NTA per share (S$) 0.25
Daily Vol 3-mth (?000) 3,159
52Wk High (S$) 0.650
52Wk Low (S$) 0.349
A player in the booming oil and gas industry. The recent weakness in
market sentiment has resulted in Aqua-Terra Supply's (ATS) share price
falling by 18% from its peak in mid October. Given ATS's affirmed market
position and strong order book from the booming oil and gas industry, we
view ATS as an undervalued stockist whose true potential has yet to be
fully appreciated.
Recent wins augment ATS' market position. In Jan 07, ATS secured its
maiden sizeable project of S$68m from China National Offshore Oil Corp
(CNOOC) Oil Base Group Ltd to provide integrated procurement and
management services for the construction of Bunkering Oil Tankers and
Offshore Utility Vessels. In Sept 07, ATS clinched another S$30m contract
to supply pre-fabricated chord and rack and other rig components for the
construction of a jack-up rig. We view both wins to be an affirmation of ATS'
market position and capability as a one-stop shop engineering services
provider.
Expect more contract wins in 2008. Owing to robust demand from the
local yards, 75% of ATS' revenue comes from
of these yards stretching out till 2010-11, we expect ATS to continue to
have good earnings visibility and contract wins in the coming year. Although
we expect piecemeal contracts from the overseas operations to flow in
soon, we have not factored in ATS' long term consumables and equipment
supply for the rig refurbishment facility in
Maiden contributions from China in FY08. We expect topline contribution
of S$49m from the operations in
projects are merely the tip of the ice-berg, and ATS should be leaving more
footprints in the Chinese rig market. We are optimistic of the potential
upside from
from 8% currently to 20%.
Reiterate BUY with fair value of S$0.70. We are projecting bottom-line
gain of S$11.5m (EPS of S$0.033) for FY07 and S$19.5m (S$0.056 EPS)
for FY08. Using 16x FY07/08F blended earnings, we derive a fair value of S$0.70 .
We reiterate BUY
OUTPERFORM rating remains.
focus their business on 1.Deepwater exploration services equipment such
as
2.Middle East play such as
gas services-related stockists such as
and
this presents a good opportunity to re-enter the market, riding on the still
strong demand growth in this sector. Outperform Source: Bloomberg & OIR estimates Last Closing Price Share Price Capital Gain Fair Potential Rating
Company Fin Year Ended (30 Nov 2007) (3 Jan 2007) to-date Value Upside
(S$) (S$) (%) (S$) (%)
FY END CLOSING PRI SHARE PRI CAPITAL GAIN FAIR VALUE UPSIDE POTENTIAL RATING
31.11.07 03.01.07 SO FAR Aqua Terra Dec 0.450 0.372 20.9 0.70 55.6 BUY
Ezra Hldgs Aug 3.340 2.100 59.0 4.02 20.4 BUY
Keppel Corp Dec 13.400 9.136 46.70 17.10 27.6 BUY
Rotary Dec 1.250 0.720 73.6 1.60 28.0 BUY
SSH Corp Jun 0.365 0.275 32.7 0.60 64.4 BUY
Serene Lim
(65) 6531 9824
e-mail: serene@ocbc-research.com
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Aqua-Terra
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Symbol: |
Currency: |
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Last:
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0.47
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No Change
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Vol (K): 82.0
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Trading
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Updated Time
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19-Nov
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Open
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0.47
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High
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0.47
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Low
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0.465
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Prev Close
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0.47
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Buy
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0.465
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Sell
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0.47
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Volume(K)
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82.0
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Buy Vol(K)
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124.0
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Sell Vol(K)
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191.0
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52 Wk High
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0.63
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52 Wk Low
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0.38
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52 Wk Avg Vol
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2441.614
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All Time High
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0.845
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All Time Low
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0.15
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Comments
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No Info
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*Reporting Currency in SGD
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Financials
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Date Updated
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Financial Year
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|
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Current Year Profit |
7.712
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Previous Year Profit |
6.052
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Net Asset Per Share
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0.15
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Turnover $'000,000
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93.36
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Current Year EPS |
0.03
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Previous Year EPS |
0.03
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PE Ratio (After Tax)
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16.8
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Times Covered
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3.8
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Price (at update time)
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0.505
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Dividend Yield
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0.02
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*Technical Analysis Information is updated Daily
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Technicals
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RSI
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37.2
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Williams %R
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-90.0
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Comments (RSI)
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No Info
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Comments (W%R)
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Oversold
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Aqua Terra S falls under the oversold status..... It's the time to pick up the stock before it's too late.....
Hi,
No point pinning this up hoping mid term it would go up... The BB/investors are trying to make this stock down... probably goes down to 0.45 or lower before it rebounces
Thanks and Best Rgds,
Happy
Key factors: (e.g. China & Middle East), High oil prices resulting in more demand
in the rig building market, and Singapore's fragmented market as 75% of ATS's
revenue comes from Singapore.
Oil and gas and marine sectors are still robust, but with high oil prices, most
energy-linked stocks have become pricey. Hence, offshore engineering companies
? those that are involved in the manufacturing and distribution of oil and gas
equipment and products, and are playing an equally crucial and profitable role in
this booming oil and gas market.
likely to have strong upsides. Good to stock up now.
ATS latest S$0.85 fair value implies upside of 75.25% from last done price of S$0.485 (5 Nov).
Phillip Securities Research (update: 5 Nov 07)
Upgrade to BUY, with fair value estimate of $0.85.
We value ATS at $0.85, based on 15x FY08 PER. We have adjusted our PE peg up from 11x to
account current boom in the oil and gas industry, of which we view ATS to be a direct beneficiary.
We also believe ATS deserves a higher valuation than before, due to the vast improvements in
product offering, and extended geographical reach. Upgrade to BUY, with fair value estimate of $0.85.
Going by our estimates, current net order book based on announced contracts, with fulfillments
stretching into FY09, are close to S$130 mil.
Current Orderbook (Announced)
Date Contract details Customer Contract value Fulfillment
17-Aug-06 Marine equipment and CNOOC Oil Base Group Ltd US$14 mil (S$30 mil) 1H08
system for 3 supply vessels
29-Jan-07 Procurement and project CNOOC Oil Base Group Ltd S$68 mil 2008 / 2009
management for 6,500 dwt
Bunkering Oil Tankers, 300-man
Accomodation / Work Barge,
55m Offshore Utility Vessel
8-Aug-07 Supply pre-fabricated chord and Unnamed Chinese Shipyard S$30 mil 1H09
rack and other rig components for
the construction of a 350-foot
jack-up rig
..............................
Aqua-Terra Supply Co
Budding Procurement Honcho
5th Nov 2007
Stella Tan-Philip Securities Research ��
FAX 65-6536 4435 �� Recent contract wins cement Aqua-Terra?s market position Synergistic benefits of acquisitions and integration yet to be fully appreciated. Strengthening of geographical presence. Strong contributions from new acquisitions shore up 1H07 earnings.
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Upgrade to BUY with fair value estimate of S$0.85. We value ATS at $0.85, based on 15x FY08 PER. We have adjusted our PE peg up from 11x to account current boom in the oil and gas industry, of which we view ATS to be a direct beneficiary. We also believe ATS deserves a higher valuation than before, due to improvements in product offering, and extended geographical reach. Our FVE of S$0.85 implies upside of 71.7% from previous closing price of S$0.495. Upgrade to BUY, with fair value estimate of $0.85.
Key Financial Data |
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(Financial Year End 31 December) |
FY05 |
FY06 |
%ch |
FY07F |
FY08F |
||||||
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Revenue (S$m) |
112.6 |
155.5 |
38.1% |
194.4 |
260.6 |
||||||
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EBIT (S$m) |
8.6 |
9.8 |
14.1% |
14.2 |
19.7 |
||||||
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Net Profit (S$m) |
6.1 |
8.0 |
32.0% |
14.3 |
21.0 |
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EPS (SGD cents) |
2.6 |
3.3 |
27.4% |
3.8 |
5.7 |
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ROE(%) |
18.4% |
19.0% |
6.5 |
ppt |
14.0% |
17.5% |
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Net DPS (SGD cents) |
0.0 |
0.7 |
N.A. |
1.0 |
1.6 |
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NTA per Share (SGD cents) |
11.6 |
15.1 |
30.3% |
25.6 |
30.8 |
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Source: Company, Phillip Securities Research |
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Valuation
We have updated our top line estimates for FY07 and FY08 to S$194.4 mil (-2.7%) and S$260.6 mil (-4.8%), respectively. We have also revised our net profit estimates to S$14.0 mil (+3.0%) for FY07 and S$19.9 mil (+11.8%) for FY08 to account for stronger contribution from associate, SSH Corp. Our revised estimates for FY08 include full year contributions from RSC and Fischer. In addition, we also expect some contributions to flow from Indonesian operations servicing PTCT?s rig refurbishment facility in FY08.
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We value ATS at $0.85, based on 15x FY08 PER. We have adjusted our PE peg up from 11x to account current boom in the oil and gas industry, of which we view ATS to be a direct beneficiary. We also believe ATS deserves a higher valuation than before, due to the vast improvements in product offering, and extended geographical reach. Upgrade to BUY, with fair value estimate of $0.85. Peer Comparison |
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Ccy |
Last Price |
Market Cap |
Hist PE |
Fwd PE |
P/B |
Op Margin |
Rev Growth |
|||||||||||||||
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(S$ m) |
(X) |
(X) |
(X) |
(%) |
(%) |
|||||||||||||||||
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BENG KUANG MARINE |
SGD |
0.895 |
114.8 |
27.3 |
20.8 |
4.7 |
7.8 |
32.5 |
||||||||||||||
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BH GLOBAL MARINE |
SGD |
0.800 |
224.0 |
20.0 |
12.9 |
5.9 |
24.7 |
94.6 |
||||||||||||||
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SINWA LTD |
SGD |
0.620 |
139.1 |
15.5 |
12.7 |
3.9 |
7.8 |
9.8 |
||||||||||||||
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SSH CORP |
SGD |
0.425 |
2292.3 |
12.7 |
10.1 |
2.7 |
13.2 |
67.9 |
||||||||||||||
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Average |
18.9 |
14.1 |
4.3 |
13.4 |
||||||||||||||||||
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AQUA-TERRA SUPPLY |
SGD |
0.495 |
173.7 |
16.1 |
11.3 |
3.1 |
6.8 |
37. |
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Hi taybc1071
Thanks!!! Great to have this small dividend, but think it is good because it won't dilute the cash in this company, in order to fund operations...
Dow Jones not badly affected in today's trade so far.. The wave going to come for aqua to cheong based on technical analysis and its fundamentals. Alot of people is not accumulating at such good price range, that is great
The stock's resistance level is 0.49, time to buy. Cheers...
Hi happyse27, you will get S$2.74 per lot (1000 shares) if you buy on 5th Nov . If you have 10
lots, the divdend payment is S$27.40.
Hope this help.
May I know how much money each lot of share entitled to when there are shares bought on the 5th NOV and the dividend is executed on 16th NOV. Now is already going to month end...
And what is the impact after that. Not really familar with dividend.
Anyone can enlighten???
Thanks,
Happy
| Announcement Title * | NOTICE OF BOOKS CLOSURE AND DATE OF DIVIDEND PAYMENT |
| Description |
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