Latest Forum Topics /
NamCheong
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Namcheong : strong and profitable - will cheong
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superstartup
Supreme |
19-Nov-2025 14:07
Yells: "Enjoy doing Fundamental Research" |
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But over here for Nam Chong, DBS use a conservative PE TP of 8x only. - - - - - - - " all 3 have their target raised by analyst YZJ : $4.51 (TP PE 10) NC: $1.25 (TP PE 8) Marco : $0.13 (TP PE 14x) "
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muifan
Supreme |
19-Nov-2025 13:22
Yells: "Take the leap of faith dont regret 20 years later!" |
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all 3 have their target raised by analyst YZJ : $4.51 NC: $1.25 Marco : $0.13   
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superstartup
Supreme |
19-Nov-2025 13:06
Yells: "Enjoy doing Fundamental Research" |
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Potential multi-bagger.  Nam Cheong is trading at only ~5x FY26 PE, an unwarranted, steep discount of 50%-60% to closest peers such as Singapore-based Macro Polo (12x PE), Pacific Radian (8x), and Malaysia-based Lianson (24x). We believe Nam Cheong& rsquo s fair value should be SGD1.25, based on 8x FY26 PE. This does not reflect the potential valuation of its Miri Shipyard, which could add SGD0.13-1.15/share when OSV newbuilds make a comeback.
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muifan
Supreme |
19-Nov-2025 13:02
Yells: "Take the leap of faith dont regret 20 years later!" |
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Wow yzj nam Cheong Marco Polo  3 powerful ships |
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superstartup
Supreme |
18-Nov-2025 16:58
Yells: "Enjoy doing Fundamental Research" |
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Further update (just out) by DBS from briefing and NDR
18 Nov 2025 Key takeaway from briefing and NDR
  Management conveyed an assuring business outlook, highlighting strong fleet utilisation and a prudent, strategic approach to fleet expansion, and focus to cherry-pick higher value-add newbuild orders to maximise returns. We have just initiated coverage with a BUY rating and target price of SGD1.25 (8x FY26 PE), which yet to factor in potential upside from shipbuilding earnings and idling workboat deployment. Current valuation reflects a 40-60% discount relative to peers such as Pacific Radiance (8x PE) and Macro Polo (12x PE), a gap expected to narrow as earnings visibility and newbuild activity improve.    
 
 
 
 
 
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superstartup
Supreme |
18-Nov-2025 09:23
Yells: "Enjoy doing Fundamental Research" |
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18 Nov 2025
DBS Stock Pulse: Nam Cheong < Initiating coverage> - Attractive valuation and earnings recovery potential Stocks to WatchNam Cheong < Initiating Coverage> Undervalued Gem, Ready to Set Sail
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superstartup
Supreme |
18-Nov-2025 08:27
Yells: "Enjoy doing Fundamental Research" |
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17 Nov 2025 by DBS Undervalued Gem, Ready to Set Sail (Initiating Coverage)
Double-digit growth ahead potential revival of OSV newbuild orders adds tailwind. Nam Cheong operates a fleet of 38 mid-sized offshore support vessels (OSVs) with an average age of just over eight years. This represents a strong competitive advantage, as peer fleets average 13-15 years of age. The company benefits from strong earnings visibility due to captive demand from Petronas and a strategic shift towards 60%-70% long-term charters. Nam Cheong is also diversifying its geographic presence and product offerings to tap into the buoyant Middle Eastern and Japanese markets, as well as growing demand for green offshore solutions. Utilisation in 1H25 was weaker y/y due to vessel downtime for preparations related to long-term charters. However, it should normalise in 2H25 and 2026, reaching ~70%, vs. ~60% in 1H25. This normalisation is expected to drive sequential revenue growth of 18% h/h in 2H25 and ~12% y/y in 2026, supported by relatively stable charter rates amid tight supply. Further earnings upside expected from successful redeployment of idling workboats and newbuild orders which are yet factored in. The OSV industry faces increasing pressure to rejuvenate its ageing fleet, ideally keeping vessels under 20 years old. This revived demand for newbuilds will benefit Nam Cheong&rsquo s Miri shipyard, potentially generating RM20-180mn in profit.   Potential multi-bagger.  Nam Cheong is trading at only ~5x FY26 PE, an unwarranted, steep discount of 50%-60% to closest peers such as Singapore-based Macro Polo (12x PE), Pacific Radian (8x), and Malaysia-based Lianson (24x). We believe Nam Cheong&rsquo s fair value should be SGD1.25, based on 8x FY26 PE. This does not reflect the potential valuation of its Miri Shipyard, which could add SGD0.13-1.15/share when OSV newbuilds make a comeback. Initiate with BUY. |
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makehay
Member |
17-Nov-2025 21:17
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good analysis I am confused by your dates though, the price fell through today Nov 17 and not Nov 14. somehow prices were shooting up on friday Nov 14. from the open.  Obviously, some people on the wind of earnings announcement. But the outcome isnt what they expected.   
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sfw2124
Senior |
17-Nov-2025 20:29
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Analysis: Nam Cheong (1MZ) 3Q2025 Earnings - Shareholder Misunderstanding ConfirmedThe Core Issue: Yes, Shareholders Misinterpreted the ResultsThe evidence is clear&mdash many Nam Cheong shareholders have significantly misunderstood the 3Q2025 financial results and reacted excessively to headline negative metrics.  The stock declined approximately  11% from its peak of 0.850 SGD (November 13) to 0.745 SGD (November 14-17)  following the earnings announcement on November 14, 2025. However, this sell-off was driven by surface-level earnings metrics that obscure a substantially more positive operational  The Misunderstanding ExplainedHeadline Confusion: Year-over-Year Decline The market focused on the headline year-over-year metrics that appeared negative:
These metrics created an initial perception that the business is deteriorating, triggering panic selling. What Shareholders Overlooked: The Real Story The critical insight shareholders missed is understanding the business context and sequential performance: 1. 3Q2024 Was Exceptionally Strong (High Comparison Base) 3Q2024 represented an unusually profitable quarter with  86% vessel utilisation&mdash significantly above normalized levels. This creates an unfavorable year-over-year comparison baseline. The current  70% utilisation in 3Q2025 is management' s described " normalised" level, reflecting the intended business model post-restructuring where the company prioritizes long-term charters over spot market volatility. 2. Quarter-over-Quarter Momentum is Strongly Positive The sequential QoQ comparisons tell the real operational story shareholders ignored:
This represents genuine quarter-over-quarter acceleration after the strategic transition to long-term charters. 3. The Core PATMI Growth Was Misunderstood Investors missed that the company reported  Core PATMI growth of 26% QoQ, which excludes one-off items and provides a cleaner view of operational profitability. This metric more accurately reflects the underlying business improvement than the reported PATMI figure. The reported PATMI comparison was unfavorably influenced by:
4. Gross Margin Resilience Despite vehicle maintenance costs impacting profitability,  gross margin remained solid above 50% at 51.2%  (compared to 52.6% in 2Q2025). This demonstrates pricing power and operational efficiency that shareholders overlooked. 5. Fleet Deployment Progress Toward Target The company achieved  70% vessel utilisation with 60% of the fleet on long-term charters, moving progressively toward its  70% long-term charter target. This strategic positioning provides earnings visibility and resilience&mdash exactly the kind of business model improvement that typically warrants premium valuations. Price Action Analysis: Technical Confirmation of MisunderstandingYour attached 3-minute chart clearly shows the market structure around the announcement:
This technical breakdown is consistent with panic selling triggered by misinterpreted headline metrics rather than a fundamental deterioration in the business. What Investors Should ConsiderThe Positive Case (Often Overlooked):
The Risk Considerations:
ConclusionYes, shareholders have materially misunderstood Nam Cheong' s 3Q2025 results.  The market' s focus on year-over-year revenue decline (-15%) and PATMI decline (-3%) has obscured a more encouraging underlying narrative of quarter-over-quarter earnings acceleration (+26% core PATMI), improving vessel utilization, and strategic progress toward the long-term charter target. The  11% share price decline appears excessive  given the positive operational momentum and sequential earnings improvement, particularly if investors were simply reacting to headline YoY metrics without understanding the business model transition and high comparison base from 3Q2024' s exceptionally strong 86% utilization levels. For traders with a technical perspective, the current oversold RSI readings (23) combined with positive operational momentum could present a potential  re-entry opportunity, provided the company maintains its trajectory toward 70% long-term charter coverage and demonstrates that Core PATMI growth can sustain above 26% QoQ levels in coming quarters. DYODD
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Tracer63
Elite |
17-Nov-2025 16:42
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Good trade. Thank you shortists!!
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chiachiawee
Elite |
17-Nov-2025 16:31
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Everytime I see this stunt I know something coming. Based on the result itself it could be traded at PE5X to 6X annualised earnings. Its still lower than the peers where some has traded at PE10X to 15X, and an average of 8.5X. It has been consistently generating good profit margin at around 50% and good earnings quarter after quarter, by FY2025 itself with a good profit it could swing into accumulated profit and may start some corporate action. DBS just raised to $1.25 by the way (source from Moo Moo). Cheers. | ||||
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TraderBen
Supreme |
17-Nov-2025 15:24
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good chance to load again at 74-75 | ||||
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Tracer63
Elite |
17-Nov-2025 11:56
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Almost 300 plus lots of cross over trades done at 0.83 so insider should know better it's value, over shorted.. | ||||
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stlimst
Master |
17-Nov-2025 10:47
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Wahlau, 3Q results published on Sat, 15 Nov already lah. Not good, that' s why dropped so much. But it shot up alot just before results - some kenna con!!!
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Stocky901
Supreme |
17-Nov-2025 10:46
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Will be recovered to above 80 cents before closing today... 🧐
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Noobplayer
Member |
17-Nov-2025 10:13
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isit 3Q FR released was bad?  | ||||
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Stocky901
Supreme |
17-Nov-2025 09:20
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What's happening? Don't short..🤨 🤨
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kye_lin
Master |
17-Nov-2025 09:10
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Wah.. drop so much... | ||||
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PQTPQK
Supreme |
12-Nov-2025 20:09
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Tomorrow should break high
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SJ0724
Member |
12-Nov-2025 16:59
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Yes....Surprisingly nobody talking about it at all....
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