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Otto Marine posts 22% fall in full-year net profit to $40.7m
Otto Marine says group revenue increased by over 36% to $579.9 million for FY2010. However, net profit attributable to shareholders (PATMI) was down 22% to $40.7 million because of a net foreign exchange loss of $22.4 million and reversal of $23.6 million in profits recognised for the terminated sale contracts for vessels sold to a customer and an associate.Full year results tomorrow morn. before the market open.
Cheers.
Otto Marine – Update (Alfred Low)
Recommendation: Hold
Previous close: S$0.325
Fair value: S$0.38
- Options to acquire Go Marine for S$20 million
- Otto Marine intends to enter the Australian oil and gas market
- Maintain hold and fair value at S$0.38
//ps////
Seems like a falling wedge for OTT.MAR and ending off with a rounding bottom. Wat you guys think?
bsiong ( Date: 17-Nov-2010 01:24) Posted:
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Phillip Securities Research Pte Ltd
Singapore
15 Nov 2010
Otto Marine – Results (Alfred Low)
Recommendation: Hold
Previous close: S$0.36
Fair value: S$0.38
· 3Q10 revenue of S$80.3m, gross profit of S$7.2m, net profit of S$8.7m
· Net profit increased mainly because of the forfeiture of deposit of S$4.7m and higher profit from two of its associates
· Maintain hold and reduce fair value from S$0.40 to S$0.38
bought back at 345 again...
enghou ( Date: 16-Nov-2010 16:44) Posted:
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Otto Marine Ltd
3Q10 Results Cancellation risks already priced in
Otto Marine’s 3Q10 net profit of $8.7m was below our and consensus
expectations due to slower revenue recognition for shipbuilding
orders. But we were encouraged by the strong performance from its
two associates, which partially mitigated the earnings shortfall.
Reiterate BUY with a lower SOTP target price of $0.46.
Our View
Shipbuilding revenue fell by 25.8% yoy and 54.2% qoq to $50m in
3Q10. Management attributed the decline to equipment delays
resulting from customer‐initiated changes in ship design. Gross
margin was negatively affected given the high overheads at its
shipyard in Batam.
In line with the steady recovery of the seismic market, Otto’s
geophysical segment posted its third consecutive quarter of turnover
growth. However, we note that gross margin narrowed to only 4.6%
in 3Q10 as the group incurred certain mobilisation expenses due to
redeployment of its vessels in the designated areas.
Following global settlement with GC Rieber on claims relating to their
JV, Polar Marine II Pte Ltd., Otto has sold one of the three 3,200 dwt
PSVs (Hull No. 7038) for £24.1m. We believe it may also sell another
vessel (Hull No. 7049) in the near term. The quick turnaround sale
should help to improve Otto’s liquidity position, thus alleviating
concerns over its weak operating cashflow.
Action & Recommendation
We have tweaked our FY10F‐12F EPS to factor in the $6‐7m provision for
potential cancellation of the second Mosvold vessel, and the assumption
that the first cancelled vessel (Hull No. 7047) can be successfully sold and
the second 21,000bhp AHTS (Hull No. 7048) would join Otto’s charter
fleet. Accordingly, our SOTP target price is reduced to $0.46, from $0.58,
which still implies about 28% upside. Maintain BUY.
didn't manage to sell at high so just tiny profits...
pehtrick ( Date: 16-Nov-2010 13:19) Posted:
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Sold mine few days back.. waiting to buy back at lower...
sarsar ( Date: 16-Nov-2010 12:21) Posted:
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Dead again... zzzz
bought another batch at 36... support seems to be getting stronger at 36... another 300 lots being taken at 365... seems to be taking off! results could be good...
pehtrick ( Date: 11-Nov-2010 11:03) Posted:
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just hit 37 this morning... if results gd... may even break the wedge resistance of 38.... upside is higher than downside...
pehtrick ( Date: 11-Nov-2010 11:02) Posted:
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This is starting to show some movements... results will be out tom morning...
pehtrick ( Date: 09-Nov-2010 17:09) Posted:
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this is finally up... vested at 345 last week...
hahalol ( Date: 31-Oct-2010 00:17) Posted:
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entry px 34 - 34.5cts
looking at what?! on what basis?!
matias80sg ( Date: 25-Oct-2010 11:32) Posted:
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Watch out for Otto Marine within this week. Expected to reach 0.39.
no. this is not the sign of accumulation.
When price is up one bid, sell queue appears, when price is down one bid, buy queue appears... is this call the accumulation act?
Thanks.
| Written by The Edge |
| Tuesday, 28 September 2010 14:08 |
Written by The Edge
Tuesday, 28 September 2010 14:08
Otto Marine unit secures $12m contract to perform 3D seismic data acquisition in Trinidad
| Written by The Edge |
| Tuesday, 28 September 2010 14:08 |