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This CH offshore had just reported 3Q results. ,
EPS 5.9 US cents, NAV 24.5 US cents.
http://info.sgx.com/webcorannc.nsf/0357d11048060bb84825735f0028e25b/991fdba4138110d4482575af002206ad?OpenDocument
related counter to this is Chuan Hup.
CH Offshore seems to have been heavily oversold. Good buying opportunity, also a likely target of Middle Eastern funds buying into Singapore listed company. Just loaded up 36000 shares, and wait for action !
Today Kim Eng research came with a report for CH Offshore TP $1.10. Below is extract from it:
The stock is trading at attractive PE multiples of 14.3x for FY08 and 9.9x for
FY09. We are maintaining our target price of S$1.10, based on 15.8x 2008 PE
which is derived from 0.3x PEG. We expect the stock to outperform the index
over the next 12 months as CHO disposes of its vessels at significant gains. As
with Jaya, CHO could potentially emerge as a takeover target as well, given that
Malaysian shareholders appear not to mind divesting their shares in CHO.
Announcement by CHO and CHH
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_85D879511915731848257386007D9522/$file/CHOANNC02NOV07DJ.pdf?openelement
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_85D879511915731848257386007D9522/$file/CHHANNC02NOV07DJ.pdf?openelement
| cashiertan Master |
Posted: 01-Nov-2007 13:42 |
 x 0  x 0 * Alert Admin |
very high volume is distribution most of the time. not accumulation |
cashier can pls explain more y spikes in volume are inclined to distribution? interesting...
If you read through this thread it sounds more positive:
http://www.canslim.sg/forum/viewtopic.php?p=16567#16567
Relook at the latest chart. CashierTan is correct. It does looks like distribution. But other indicators are showing positive sign.. ..now getting a little confused on the direction of the share. Would have love for it to do another spike up ; before it shows it's true colour?!
DJ MARKET TALK: Chuan Hup +8% On Possible CH Offshore Stake Sale (2007-11-01 06:07:00)
0607 GMT [Dow Jones] Chuan Hup (C33.SG) +8% at 3-month high of S$0.405 in active trade, possibly on hopes marine transportation service provider may sell its 23% stake in offshore support vessel operator CH Offshore (C13.SG). "Considering the company''s track record of rewarding shareholders, we believe management is likely to distribute a significant portion of the proceeds back to shareholders in the event of a successful sale," says Kim Eng Securities. Tips stake to be worth S$162 million. Says Chuan Hup may even bundle stake with Scomi Marine''s (7045.KU) 29% interest in CH Offshore in collective sale to secure higher premium. Resistance for Chuan Hup tipped at S$0.44 (July 23 close). Talk of sale also pushing up share price of CH Offshore, which is likely to end up takeover target if both Chuan Hup, Scomi sell their combined 52% stake. Under Singapore laws, any party must launch takeover for remaining shares once stake reaches 30% or more. CH Offshore +10.4% at S$1.06 on strong volume. (FKH)
Active trading on rumours of Scomi Marine divesting its 29.1% stake.
Neutral response from CHO's management. Downgrade to HOLD
the rise today does not make sense to me. Scomi is a major shareholder and now announces that it wants to sell bulk of CH Offshore. this would mean that supply will be great! also, why would Scomi want to sell?
can someone please advise?
Jumped a hefty S$0.11 till S$0.975 just today... looks like people are sitting up and looking at this counter! perhaps it should reach KE's TP in no time??
Vested!
Kim Eng
|
Price |
$0.82 |
|
Target |
$1.10 |
CHO?s underlying value is underscored by the General Offer for Chuan Hup shares. Following our earnings upgrade, the stock is trading at very attractive PE multiples of 11.2x for FY08 and 7.8x for FY09. Our previous target price of S$0.85 has been revised up to S$1.10 based on 15.0x 2008 PE, derived from 0.3x PEG. We expect the stock to outperform over the next 12 months as CHO dispose of its vessels at significant gains. |