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Mooreast
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kenshin87
Member |
15-Aug-2026 19:45
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Full report here: https://www.kgieworld.sg/securities/resources/ck/files/docs/research/Mooreast%20Initiation%20Report%20FY25%20(Final).pdf
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Joelton
Supreme |
15-Aug-2026 16:14
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Mooreast&rsquo s physical expansion to &lsquo fundamentally&rsquo improve earnings profile: KGI Securities The Straits Times Index has been gaining new highs driven by the outperformance of large and well-owned blue chips. Amid the bullish sentiment, Chong Ting Shuo of KGI Securities has identified a relatively unknown small cap in a niche business as an interesting counter for investors to look out for. Chong, in his Aug 7 note, initiated coverage on Mooreast Holdings, with an &ldquo outperform&rdquo call and target price of 19.5 cents, which is a potential upside of nearly 40%. The company was listed back in November 2021 at an IPO price of 22 cents. The counter is trading at just 12 cents or so, giving it a market cap of less than $40 million. As the company&rsquo s name suggests, it is an offshore marine engineering company in the niche business of designing and making mooring systems such as anchors and rigging solutions. Its customers are in the oil & gas, marine and offshore renewable-energy industries. From Chong&rsquo s perspective, the company is worth looking at as an investment case for its two pillars, which are not interdependent. The first is a demonstrably recovering core mooring franchise supported by an expanded fabrication platform capable of generating sustainable earnings and cash flow. Expanded capacity According to Chong, the company&rsquo s expanded capacity, following the $12.5 million acquisition of 60 Shipyard Crescent, which is adjacent to where it is already operating, has &ldquo fundamentally&rdquo changed its earnings capacity over the long term. The additional space will improve Mooreast&rsquo s ability to secure and execute larger, more integrated offshore projects. The expanded space can help Mooreast reduce reliance on third-party fabrication and strengthen its position when bidding for integrated mooring packages. &ldquo We therefore expect the new yard to be earnings-accretive rather than a drag on returns,&rdquo says Chong. Chong believes that utilisation will rise as Mooreast converts its existing mooring pipeline and renewable-energy opportunities into fabrication work. Once revenue moves beyond $45 million to $50 million, the enlarged fixed-cost base should support stronger operating leverage, higher absolute gross profit and improved free-cash-flow generation. &ldquo This is the key reason we expect the yard to become a structural earnings driver over the next 12&ndash 36 months,&rdquo says Chong. The second is a portfolio of long-duration floating offshore wind opportunities that provide substantial upside without being required for our base-case valuation. This combination differentiates Mooreast from companies whose valuations depend almost entirely on speculative renewable pipelines. In Chong&rsquo s view, the current share price underestimates both the earnings power of the existing business and the embedded option value of the company&rsquo s strategic positioning within floating offshore wind. &ldquo The market is valuing Mooreast as a floating-wind proxy, while the earnings recovery is already being driven by its conventional mooring franchise,&rdquo says Chong. Awaiting offshore wind Investor discussions around Mooreast, according to Chong, increasingly focus on floating offshore wind, Timor-Leste and ScotWind. &ldquo While these opportunities are strategically important, they are not yet the primary earnings driver.&rdquo The analyst points out that Mooreast&rsquo s FY2025 numbers demonstrated that its recovery was led by conventional offshore mooring projects, which generated most of the revenue growth and restored profitability. &ldquo Our central view is that the market is underestimating the earnings resilience of this core business while simultaneously overemphasising the timing of renewable commercialisation,&rdquo says Chong. As such, the implication is that Mooreast can continue growing earnings over the next two years even if floating-wind awards are delayed, provided offshore maintenance activity, replacement demand and project execution remain healthy. &ldquo Investors should therefore focus on mooring order intake, project conversion, gross margin and operating cash flow rather than renewable announcements alone,&rdquo says Chong. Given its niche nature, Chong is of the view that Mooreast has no perfect listed comparable. The closest comparables operate across offshore engineering, mooring equipment, subsea services, marine fabrication and offshore-energy support. However, they differ considerably in size, product scope and earnings quality. According to Chong, Tekmar Group is probably the closest operating comparable due to its exposure to offshore-energy engineering and subsea protection and mooring-related products. However, he points out that Tekmar&rsquo s recent earnings volatility and loss-making periods reduce the reliability of its P/E multiple. Other offshore-services peers are substantially larger and more diversified, with broader vessel fleets, international operations, longer order books and stronger access to financing. The peer group trades at around 18.1 times forward P/E and 7.5 times EV/Ebitda. Having said so, Chong is not applying these median multiples directly to Mooreast because doing so would ignore its smaller scale, lower liquidity, more concentrated earnings base and limited disclosed order book visibility. At Chong&rsquo s target price of 19.5 cents, Mooreast would trade at around 8.9 times FY2027 earnings, which remains around 50% below the peer average and does not assume full convergence with larger offshore services companies. |
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Newbie85
Veteran |
27-Jul-2026 15:24
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Especially with their past dealings with seatrium. | ||||
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Newbie85
Veteran |
10-Jul-2026 15:53
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Putting this back into watchlist. volume picking up and might be out of range next week. |
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Joelton
Supreme |
09-Jun-2026 10:23
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Mooreast' s $6 mil placement attracts Amova, Lion Global Mooreast Holdings has raised just over $6 million placing out new shares at 13.5 cents each to investors including EQDP managers Amova Asset Management and Lion Global Investors, as well as other investors the likes of Asdew Acquisitions and ICH Synergrowth Fund. The placement was managed by Zico Capital and the sub-placement agent is Maybank Securities. A total of 44.45 million new shares were issued, equivalent to 14.65% of the company' s enlarged share base. At 13.5 cents, the placement shares were priced at a VWAP discount of 2.03% on May 22. The net proceeds of some $5.8 million will be used for working capital. The company recently acquired 60 Shipyard Crescent for $12.5 million. " The fresh capital raised will give us the working capital flexibility to pursue new projects and deliver on our commitments to customers, as we continue to execute on the group&rsquo s growth strategy," says CEO Erik Ellingsen. He says the participation of new institutional shareholders " underscores confidence in the quality of Mooreast&rsquo s business and long-term prospects." Mooreast shares closed at 16 cents on June 8, up 4.58% for the day. |
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spursfan
Supreme |
02-Jun-2026 21:03
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 https://links.sgx.com/1.0.0/corporate-announcements/7K4NP5AB836AYOQM/891081_MEH_SeaTwirl%20Collaboration.pdf |
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Joelton
Supreme |
29-May-2026 10:37
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Mooreast aims to raise $6 mil by issuing new shares at 13.5 cents each Mooreast Holdings is the latest to join a growing line of listcos doing secondary fund raisings. The company has appointed Zico Capital to raise and Maybank Securities to help raise up to $6 million by selling 44.45 million new shares at 13.5 cents each. These new shares will enlarge Mooreast' s share base by 14.65% and the placement price is a discount of 2.03% off the last traded price on May 22. Mooreast, which expects net proceeds of some $5.83 million, says the funds raised will help it take on additional projects. |
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spursfan
Supreme |
29-May-2026 09:33
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placement seem to be well received
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RODSTEWARD
Member |
28-May-2026 22:38
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Halted 2 days n today all penny rally n Mooreast suck thumbs silly mgt takes 2 .5 days to announce placement | ||||
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spursfan
Supreme |
28-May-2026 22:04
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Halt lifted
PROPOSED PLACEMENT OF UP TO 44,450,000 NEW ORDINARY SHARES AT THE PLACEMENT PRICE OF S$0.135 PER NEW ORDINARY SHARE ? ENTRY INTO PLACEMENT AGREEMENT https://links.sgx.com/1.0.0/corporate-announcements/LR8HMMG4VKCIC7VR/890691_20260528_MEH_Announcement_Proposed%20placement.pdf |
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antifragile
Senior |
08-May-2026 16:26
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Congrats!...
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antifragile
Senior |
08-May-2026 10:56
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Brewing....
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spursfan
Supreme |
08-May-2026 10:28
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price up from 11.5 cents after ann. decent.
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Joelton
Supreme |
28-Apr-2026 11:20
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Mooreast to divest 51 Shipyard Road for $29.7 mil Mooreast Holdings has agreed to divest 51 Shipyard Road for a cash consideration of $29.7 million. On April 27, the group announced that it had granted an option to purchase to HLMG-Nuform System for the sale of the leasehold 30,691 sqm (323,000 sq ft) property. The land &mdash comprising Lots 192V, 193P and 288L of Mukim 7 &mdash is held under a 30-year lease from Jurong Town Corporation (JTC) from July 1, 2013. The group will receive net proceeds of $19.2 million, which it will use for expansion, capital expenditure and operational build-out purposes at its newly-acquired facility at 60 Shipyard Crescent. Mooreast acquired the facility from Seatrium New Energy in March for $12.5 million as part of its strategic pivot towards the offshore renewable energy market. The new facility, which measures 98,919 sqm or around 1.1 million sq ft, will be used to fabricate high-value subsea foundations. It will also serve as a logistics hub to hold, stage and assemble equipment and blocks. The group says having its activities in one location will enable it to &ldquo improve efficiency and reduce project congestion&rdquo . Mooreast acquired 51 Shipyard Road for $18.5 million in September 2021. The sale price exceeds the property&rsquo s independent open market valuation of $28 million as at April 8. The price also represents a &ldquo significant premium&rdquo over the book value of the property and plant and machinery of approximately $15.4 million as at Dec 31, 2025. On the pro forma basis, if the disposal was completed as at end-December 2025, the group&rsquo s net tangible assets (NTA) per share would have increased to 14.6 cents from 8.7 cents. The group&rsquo s earnings per share (EPS) would have increased to 7.26 cents from 1.41 cents originally. Mooreast has received an option fee of $297,000. The option remains valid till 4pm on July 13. It has not been exercised by HLMG-Nuform. The proposed disposal is conditional upon the approvals of JTC and Mooreast&rsquo s shareholders, among other things. &ldquo The proposed disposal allows us to unlock value from an asset that has served us well &ndash and to redeploy that capital at a pivotal moment in our growth journey. With our new facility at 60 Shipyard Crescent now in hand, this transaction sharpens our focus and frees up resources that we can direct squarely towards our transformation to serve the emerging floating offshore wind market,&rdquo says Sim Koon Lam, founder, executive director and deputy chairman of Mooreast. &ldquo The proceeds will accelerate our build-out at 60 Shipyard Crescent, which quadruples our production capacity and positions Mooreast to take on projects of a scale that were simply not possible before,&rdquo adds Eirik Ellingsen, Mooreast&rsquo s CEO. |
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antifragile
Senior |
28-Apr-2026 09:51
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Mooreast' s ipo price: $0.22 Wont be surprised if owner decided to privatise it at $0.15 |
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SmallSmall
Supreme |
28-Apr-2026 09:22
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The Sale Price was arrived at on a willing-buyer, willing-seller basis, and exceeds the independent open market valuation of the Property of S$28.0 million as at 8 April 2026. It represents a significant premium over the book value of the Property and plant and machinery of approximately S$15.4 million as at 31 December 2025. The gain on disposal &ndash being the excess of the Sale Price over the book value of the Property and plant and machinery &ndash is approximately S$14.3 million. After settling the outstanding loan and estimated transaction expenses, Mooreast expects to record net proceeds of approximately S$19.2 million. Assuming completion as at 31 December 2025, the Group&rsquo s net tangible assets per share would have increased from 8.7 Singapore cents to 14.6 Singapore cents, while earnings per share would have increased from 1.41 Singapore cents to 7.26 Singapore cents. MAPL has received an option fee of S$297,000. The Option remains valid until 4.00 p.m. on 13 July 2026 and has not yet been exercised by the Purchaser. The Proposed Disposal is conditional upon, amongst other things, the approval of JTC Corporation as lessor of the Property, and the approval of Mooreast&rsquo s shareholders at an extraordinary general meeting to be convened. Mr Sim Koon Lam, Founder, Executive Director and Deputy Chairman of Mooreast, said: &ldquo The Proposed Disposal allows us to unlock value from an asset that has served us well &ndash and to redeploy that capital at a pivotal moment in our growth journey. With our new facility at 60 Shipyard Crescent now in hand, this transaction sharpens our focus and frees up resources that we can direct squarely towards our transformation to serve the emerging floating offshore wind market.&rdquo Mr Eirik Ellingsen, Chief Executive Officer of Mooreast, said, &ldquo The proceeds will accelerate our build-out at 60 Shipyard Crescent, which quadruples our production capacity and positions Mooreast to take on projects of a scale that were simply not possible before. We believe this is the right strategic step at the right time, and one that will deliver long-term value for our shareholders.&rdquo Note: This press release is to be read in conjunction with the SGX announcement released on the same date. ***E |
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spursfan
Supreme |
28-Apr-2026 09:05
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Press Release SGX-Listed Mooreast to Divest 51 Shipyard Road for S$29.7 Million Net Proceeds of S$19.2 Million Will Accelerate Offshore Wind Activities at New Location https://links.sgx.com/1.0.0/corporate-announcements/N27PVD9YGR32DM6O/885974_MEH%20-%2051%20Shipyard%20Road%20OTP.pdf |
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Joelton
Supreme |
25-Feb-2026 11:43
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Mooreast returns to profitability with higher revenue and margins Mooreast Holdings reported a return to profitability in 2HFY2025, with earnings of $106,000 and full-year earnings of $3.64 million. The company plans to focus on the floating offshore renewable market and has received approval to acquire 60 Shipyard Crescent from Seatrium.
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Joelton
Supreme |
24-Dec-2025 10:03
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Catalist-listed Mooreast eyes Norway&rsquo s 30 GW offshore wind pie, signs MoU to enhance business opportunities
Mooreast Holdings, Asia&rsquo s only drag-embedment anchor designer and manufacturer, has signed a Memorandum of Understanding (MoU) with Norway-based GMC Holdings AS to collaborate and explore opportunities in floating offshore wind and oil and gas opportunities across the Land of the Midnight Sun and the greater North Sea area.
Under the MoU, both parties will set up a framework to explore joint business opportunities, share technical expertise and create tailored anchoring, mooring, and engineering solutions for the Norwegian offshore market.
Established in 1973, GMC is a family-owned rigging, installation and industrial specialist. Headquartered in Stavanger, Norway, GMC serves the offshore and marine sector in northern Europe.
Mooreast CEO Eirik Ellingsen says that Norway&rsquo s offshore sector is evolving &ldquo rapidly&rdquo with tailwinds for floating renewable projects. He says, &ldquo We look forward to partnering with GMC to tap into their deep local knowledge and operational strengths to deliver value to floating wind and oil and gas projects.&rdquo
In its press release, Mooreast shares that Norway has launched the first part of its inaugural floating wind tender to develop commercial projects of up to 500 MW at the Utsira Nord site and the company is presumably interested in this project. Norway aims to have 30 GW of offshore wind allocated and under development by 2040.
Earlier in July, Mooreast signed an agreement with Norway-based GeoProvider AS to strengthen capabilities in offshore data analysis and enhance its value proposition to the floating offshore renewable energy market.
For the half-year ended Jun 30, Mooreast reported revenue of $25.2 million and net profit of $6.8 million.
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Joelton
Supreme |
18-Dec-2025 17:50
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Mooreast Holdings appoints Yangzijiang Financial&rsquo s MD Alvin Chew to board
Mooreast Holdings has appointed Alvin Chew as a non-executive non-independent director from Jan 1, 2026.
The group says that this is in line with its acceleration of plans to serve the floating renewable market.
Chew is currently the managing director and head of investments at Yangzijiang Financial Holding, with more than 20 years of experience spanning direct investments, investment banking and corporate development.
Prior to his role at Yangzijiang Financial, Chew held senior leadership roles at EDBI, and spent close to a decade at ACA Investments as managing partner investing in mid-market private equity transactions across Southeast Asia and North Asia.
Chew will also serve as a member of the audit & risk committee upon his appointment to the board.
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