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Vard Holdings
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fantasizer
Member |
26-May-2014 17:46
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Finally man. I have high hopes for this stock. Hope to sell next year when it reaches 1.5 hehe |
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WanSiTong
Supreme |
26-May-2014 15:53
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Vard Holdings - Strong order win momentum Written By Stock Fanatic on Monday, May 26, 2014
■ Secured two new contracts worth NOK1.3b, of which one worth more than NOK1b is for Island Offshore.
■ YTD order win of NOK6.8b forms 53% of our FY14E forecast.
■ Beneficiary of an OSV upcycle reiterate BUY with SGD1.27 TP based on 1.4x FY15E P/BV.
What&rsquo s New
Vard has secured its second contract win for the quarter, following last Monday' s win for a platform supply vessel (PSV) worth NOK300m. The new order, worth more than NOK1b, is for an offshore support vessel (OSV) for repeat customer, Island Offshore. The vessel will be delivered from Vard Brevik yard in Norway in 2Q16, while the construction of the hull will be at Vard Tulcea yard in Romania. The new contract win would bring YTD orders secured to more than NOK6.8b, more than 53% of our full-year forecast of NOK12.8b. If this momentum continues, there is scope for us to upgrade our order win assumptions.
Technical Analysis
What&rsquo s Our View
Operationally, Vard is on track for margin recovery as the cost overrun issues at its Niteroi yard in Brazil are resolved. While the new Promar yard in Brazil may face initial teething issues, they are likely to be manageable.
As new rigs enter into service this year and next, we see opportunities in the OSV market. Based on estimates by Pareto Securities, OSV-to-rig ratio could slide from 4.36 currently to 3.89 beyond 2015, suggesting tighter supply ahead. This should continue to drive order win momentum for Vard given its ability to build high-end sophisticated vessels that are increasingly well sought after due to requirements from deeper and harsher environments.
This supports our BUY recommendation for Vard. Our TP is based on 1.4x FY15E P/BV, which is 1SD below its five-year P/BV average. (Read Report)
DYODD
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pineapple123
Member |
26-May-2014 09:42
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if can close above 1.05 should test 1.08 in near term... my long-term target: 1.30! |
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WanSiTong
Supreme |
26-May-2014 09:04
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Woah~~~ Vard ! Vard: Secures S$ 210m from repeat customer. Vard Holdings announced its second contract win for the quarter to construct an offshore support vessel of Rolls-Royce design for NOK1b (S$ 210m) from repeat customer Island Offshore. (Source: The Business Times) |
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halleluyah
Supreme |
23-May-2014 23:27
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All workers will become MC kings...lol
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sheerluck
Supreme |
23-May-2014 23:26
Yells: "Work for your money first then let your money work for you" |
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Good point! 
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Secret_Squirrel
Elite |
23-May-2014 23:15
Yells: "Stay curious but skeptical" |
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World cup held in Brazil. Can Brazil yard perform? Got heart to work during world cup?
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sheerluck
Supreme |
23-May-2014 20:56
Yells: "Work for your money first then let your money work for you" |
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It has a wound but is recovering. What market wants to see is a confirmation of a strong recovery of its bottomline. That is the last ingredient for VARD. When it does, it will attract investors/traders like raw meat to a pack of wolves. Yummy....... Not a call to buy/sell/contra/short/trade/whatsoever. DYDD. 
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bishan22
Supreme |
23-May-2014 19:18
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This duck still pai ka one. Cant take off leh. | ||||
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sheerluck
Supreme |
23-May-2014 18:41
Yells: "Work for your money first then let your money work for you" |
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VARD ability to win contracts is well-known. Now if they can top it up with good execution ie sort out the mess at the Brazilian yard, it will be perfect. My view. DYDD.
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hem2998
Veteran |
23-May-2014 18:33
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Singapore, 23 May 2014 ? Vard Holdings Limited (?VARD?), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that it has secured a new contract with Island Offshore for the construction of one offshore support vessel of Rolls-Royce design. The value of the contract is in excess of NOK 1 billion. Delivery is scheduled from Vard Brevik in Norway in 2Q 2016. The hull of the vessel will be | ||||
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Angel555
Senior |
21-May-2014 11:11
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this mkt is not much trading anymore, a buy n hold for good stocks. we will be likely i think headed for a period of consolidation- world cup coming 12 june 2014. ....vard 1 sgd seem firm support...lets see over next 2-4 weeks any more pullbacks for this stock to 94-95 or so. |
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hem2998
Veteran |
21-May-2014 11:06
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still stuck inn the mud. need it to stay above $1 convinciingly.... |
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pineapple123
Member |
21-May-2014 11:04
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I feel that this company is worth keeping in the long run.. | ||||
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WanSiTong
Supreme |
21-May-2014 10:53
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Vard Holdings - Wins First Order Of 2Q14 Written By Stock Fanatic on Wednesday, May 21, 2014
Vard Holdings (Vard) secured a repeat order for one platform supply vessel (PSV) from Carlotta Offshore, which we estimate to be worth NOK500m, bringing its YTD order win to about NOK6bn. As its valuation, at 10.8/8.5x FY14/15F P/Es, looks fair, we maintain NEUTRAL on the stock with a SGD1.00 TP. We prefer Nam Cheong for exposure to the offshore supply vessel construction market.
■ Meets NOK6bn of our NOK14.5bn forecast YTD, Vard has secured nine orders for new vessels worth an estimated NOK6bn, meeting c.41% of our full-year order win forecast. Interestingly, at least four of these orders are for large PSVs, which runs counter to the market opinion of oversupply in the large PSV segment.
■ Higher margins expected from the repeat order
Similar to the previous two orders placed by Carlotta Offshore, the latest vessel will be built based on the VARD 1 08 design with a total length of 81 meters, beam of 18 meters and a cargo deck area of 830 sq m. Delivery is expected from Vard Vung Tau in Vietnam in 3Q15.
■ Under-utilisation in Vung Tau eases but challenges remain for European yards in FY14
With four of the nine orders this year to be built in Vietnam, Vard Vung Tau will see better utilisation and should be able to realise normalised operating margins. However &ndash as management has flagged &ndash orders this year tend to be for a smaller number of vessels of larger average values. This will present challenges to the European yards in terms of efficient operational planning.
Technical Analysis
■ Maintain NEUTRAL, with a SGD1.00 TP
With margins in Brazil slowly recovering this year but potential operational issues in its main European yards, we feel that Vard&rsquo s current valuation of 10.8x/8.5x FY14/15F P/Es appears fair. We prefer Nam Cheong (NCL SP, BUY, TP: SGD0.52), with its solid execution and potential for earnings surprises, for exposure to the offshore supply vessel construction market. Maintain NEUTRAL on Vard with a TP of SGD1.00 TP, based on a 11x FY14F P/E. (Read Report)
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MtFaber
Senior |
20-May-2014 16:43
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Somebody guarding 0.995 and don' t let it pass? |
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WanSiTong
Supreme |
19-May-2014 17:32
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VARD SECURES CONTRACT FOR ONE PLATFORM SUPPLY VESSEL FOR CARLOTTA OFFSHORE Singapore, 19 May 2014 &ndash Vard Holdings Limited (" VARD" ), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that it has secured another contract for the design and construction of one Platform Supply Vessel (" PSV" ) for Carlotta Offshore Ltd. The vessel is a multifunctional PSV of VARD 1 08 design with a total length of 81 meters, beam of 18 meters and a cargo deck area of 830 m2. The vessel will be prepared for standby, rescue, firefighting and oil recovery operations. Delivery is scheduled from Vard Vung Tau in Vietnam in 3Q 2015. With this newbuilding, VARD has three vessels under construction for Carlotta Offshore. The VARD 1-SERIES comprises a wide range of Platform Supply Vessels designed by Vard Design in Å lesund, Norway. The vessels are designed with high focus on cargo capacity and excellent maneuvering capabilities combined with low fuel consumption. |
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bishan22
Supreme |
19-May-2014 15:19
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After dumping, dont feel like jumping in again. Always sell down the moment it went up to 1.005. 
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Angel555
Senior |
19-May-2014 14:57
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yeah, need cataylsts such as new contract wins, if not i guess it might just drift back to 94-95 cents |
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Secret_Squirrel
Elite |
14-May-2014 21:29
Yells: "Stay curious but skeptical" |
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No it is a duck
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