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Accumulation of this stocks by BBs at the moment. Watch.
Going next leg up*
Dividends 1 ct, XD Wed 26 Dec, will credit to us on 18 Jan.
Swiber very undervalued, stay invested, one by one the sleeping stks begin to wake up, hope this one will awake too.
Don't miss the boat woh..
FearValueGreed ( Date: 09-Dec-2012 14:46) Posted:
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Dun believe this one as its heydays are over. Dividends means u just hv to see if the yield is worth the stock price to pay.
Swiber could be due for a re-rating given its growing orderbook traction.
Early success shown in strong order wins. We have seen early successes from strong contract wins this year. Net orderbook reached a historical high of USD1.6b in 2Q12 although it has come down slightly to USD1.4b in 3Q12. 2012 has been a bountiful year for Swiber in terms of order wins, with YTD contracts secured in excess of USD1.7b, significantly higher than the USD733m secured for the preceding year. Importantly, management expects the bidding environment in 2013 to be even better than 2012. Majority of the current outstanding orderbook should be recognised within the next 2 years.
Contract wins and execution will be positive catalysts. Indications that would support our prognosis on Swiber’s prospect would first come in the form of more contract wins in 2013. Secondly, we also expect improvements in margins, which would signal that Swiber is indeed reaping greater efficiencies from the benefits of a bigger owned-fleet. These are two key signs which we believe would trigger positive stock price response.
Limited downside at current valuations, initiate with BUY. Swiber is trading at FY13F PER of only 5.8x, below its mean forward PER of 10.8x and below Singapore-listed small caps O& M peer average of 8.0x. Additionally, it is also trading at only 0.6x P/B. We see earnings growing at a CAGR of 18% for FY12-14F, from a strong string of contract wins. While concerns on gearing and funding could be overhangs, we see limited downside at current low valuations. Initiate with BUY and target price of SGD0.82, pegged at 8x peer average PER. Valuations is also supported by our RNAV valuation of its assets which yields a value of SGD1.11 per share.
Swiber to benefit from growth in Asia-Pacific region. While onshore spending would account for the largest share of total capex, offshore capex growth is expected to outpace that of onshore capex. As evident in the following chart, the Asia-Pacific region is a key source of growth for offshore spending, and is a key contributor to global offshore capex growth. The Middle East is also expected to be the main growth region in terms of total spending. Swiber’s existing presences in these regions place it in a strong position to benefit from this growth.
Sector consolidation, Swiber a potential M& A target. The industry has seen several consolidations in recent years, the more prominent being that between Subsea 7 and Acergy, Technip and Global Industries, and SapuraCrest and Kencana. The potential of Swiber being acquired or merging with another player to enhance each other’s competitiveness is entirely plausible. With its below-book valuations and funding needs, we think that Swiber makes a good case as a potential M& A target.
Maybank Kim Eng
Don't Miss The Boat Woh...
Maybank starts Swiber with 'buy', target S$0.82
More contracts to be awarded.
Maybank Kim Eng said robust activities in rig-building would filter down the value chain and it is time to start looking at the smaller offshore support services companies, many of which are trading at single-digit price-earnings ratios.
Maybank’s top pick is Ezion Holdings due to the company’s expected earnings per share compound annual growth rate of 36 percent over the next three years.
In the offshore construction space, Ezra Holdings and Swiber Holdings have accumulated strong order books, Maybank said.
The broker also highlighted module fabricators like Dyna-Mac Holdings and Technics Oil and Gas, as well as offshore support vessel builders and charterers who may be potential beneficiaries.
Heard it's a laggard counter, meaning it could start its rally very soon. used to be priced at more than $2 few years back. I think could gain quite alot due to dividends. but this one fundamental good?
Maybank Kim Eng said robust activities in rig-building would filter down the value chain and it is time to start looking at the smaller offshore support services companies, many of which are trading at single-digit price-earnings ratios.
Maybank’s top pick is Ezion Holdings due to the company’s expected earnings per share compound annual growth rate of 36 percent over the next three years.
In the offshore construction space, Ezra Holdings and Swiber Holdings have accumulated strong order books, Maybank said.
The broker also highlighted module fabricators like Dyna-Mac Holdings and Technics Oil and Gas, as well as offshore support vessel builders and charterers who may be potential beneficiaries.
10:14 STOCKS NEWS SINGAPORE-
Maybank starts Swiber with 'buy', target S$0.82
Maybank Kim Eng initiated its coverage of offshore services
firm Swiber Holdings Ltd
S$0.82 target price, citing the stock's low valuations and
limited downside.
Swiber shares were up 4.2 percent at S$0.62 on Wednesday.
The shares have risen 16 percent so far this year versus the 23
percent gain in the FT ST Small Cap Index < .FTFSTS> .
Maybank expects Swiber's earnings per share to grow at a
compound annual growth rate of 18 percent over 2012-2014 fiscal
years, supported by the recognition of its $1.4 billion offshore
construction order book and contract win momentum.
Swiber's fleet size increased from 10 vessels in 2006 to
more than 50 currently, allowing it to handle more sophisticated
jobs, depend less on third-party vessels and have greater
flexibilities in fleet deployment, Maybank said.
The broker added that Swiber stock is a relative " laggard" ,
trading at a price-earnings ratio of 5.8 times for 2013 fiscal
year and a price-to-book of 0.6 times. But it noted there might
be an overhang from high gearing and cash needs.
1005 (0205 GMT)
(Reporting by Eveline Danubrata in Singapore Editing by
Jijo Jacob eveline.danubrata@thomsonreuters.com)
The dividend is definitely a good sign. Sherwood's comment that the " margins are very thin" is way off. If you look at the latest 3Q results, you can see for yourself that their gross margin is > 15%. Link here: http://swiber.listedcompany.com/newsroom/20121114_060206_AK3_AB35B362CC26A66D48257AB0002AC399.3.pdf
Dividends are good if the company is making money. This company is struggling as their margins are very thin. I see this stock going down to the early .50 s
well finally an issue of dividend, be it as little as 0.01. Better den nothing. well bravo SWIBER ! ur finally following wht other listed co. r doing
ya, 0.01/share. ex-date 28/12/12
freeman_5js ( Date: 14-Nov-2012 16:15) Posted:
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looks like they r issuing dividend, am i correct?
dun blame the coy. this was once a high flying stock but came crushing down as it has past it high growth phase. Mr ezion will also be like that like one day. just like Ezra.