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Sembcorp Drill Baby Drill
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piscesmonkey
Supreme |
08-Oct-2025 09:04
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Suddenly so many buyer?
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QueenMaya
Senior |
08-Oct-2025 07:53
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https://sginvestorsedge.com/ch-offshore-cash-rich-but-share-price-stuck-while-osv-peers-surge/
CH Offshore
Cash-rich but share price stuck while OSV peers surge
Ven Sreenivasan, Editorial Director
Investors Edge 7 October 2025 12.20pm
Strategy & industry
CH Offshore ? once on the brink, has rebuilt itself into a leaner, cash-rich offshore support vessel (OSV) operator.
Its fleet of six vessels services oil majors in subsea work and logistics.
With global offshore exploration rebounding and day rates firming, the sector has rarely looked stronger. peers such as Marco Polo Marine and Nam Cheong have seen their stocks soar in 2025, riding the wave of higher utilisation and improved earnings.
Yet CH Offshore has been an outlier ? despite the same sector tailwinds, its stock has barely budged this year.
Growth drivers
According to NextInsight (June 2025), CH Offshore raised s$14 million via a rights issue, pushing net cash to about S$17.6 million ? a rare position of strength for a small-cap OSV name.
Backed by controlling shareholder Baker Technology Ltd (55%), the company has outlined plans to expand its fleet over the next five years.
Operationally, CH Offshore swung back into the black in FY2024 with US$1.3 million in profit and US$7 million EBITDA, delivering a gross margin of 23.5%.
Cost controls and asset pruning have stabilised the business, and return on capital employed has recovered from ?14.5% three years ago to near breakeven.
Financials & stock performance
As of October 2025, ch offshore trades at around S$0.017. Its performance:
1M: flat
3M: +8%
12M: +15%
YTD: +12%
That modest climb pales against sector peers. Marco Polo Marine has rallied about +40% ytd, while Samudera Shipping has rebounded +25% from mid-year lows (Bloomberg data). Nam Cheong, despite heavy gearing, trades at just 3× p/e and has doubled this year.
By contrast, CH Offshore?s muted share price leaves it trading at only about 2× EV/EBITDA ? arguably cheap, but stuck in neutral.
Risks
Execution: Scaling up the fleet will require capital discipline and industry timing.
Cycle risk: OSV demand is cyclical oil price weakness or delays in offshore projects could hit charter rates.
Liquidity and control: thin trading volume and Baker Tech?s 55% stake raise concerns over minority shareholder influence. Speculation about a low-ball privatization is never far away.
ESG & governance
The close family links between Baker Tech and CH Offshore management mean governance will remain a focus for investors.
On the environmental side, fleet age and emissions compliance could become more pressing as charterers tighten ESG standards.
Bottom line
CH Offshore has done the hard work: it is profitable again, flush with cash, and positioned in a sector enjoying one of its best cycles in years.
And yet, the market has barely rewarded it.
For investors, the question is whether this is a hidden value play waiting for recognition ? or a value trap where peers continue to outpace.
Disclaimer: Investors Edge is a journalistic site that aims to inform and engage, not to tell you what to buy or sell. Always do your due diligence, understand the risks involved, and seek professional advice where needed.
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Newbie85
Veteran |
06-Oct-2025 13:06
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One of the last osv that is going to burst! | ||||
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QueenMaya
Senior |
06-Oct-2025 10:07
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CH Offshore just Buy
1. Ultra-low valuation, priced for failure
At just SGD 0.015, CH Offshore?s market cap is only ~SGD 31m, with enterprise value even lower (~SGD 17?18m). The stock is already heavily punished, leaving little downside and plenty of upside if conditions improve.
2. Cash-rich balance sheet after rights issue
The ongoing 2-for-1 rights issue will raise ~SGD 14m, giving CH Offshore a net cash position of ~SGD 17?18m. This financial cushion lowers bankruptcy risk and provides flexibility to grow.
3. Signs of turnaround profitability
After years of red ink, CH Offshore turned profitable in FY2024 (US$1.3m net profit, ~US$7m EBITDA). Cost cuts and asset rationalisation are starting to bear fruit, pointing to sustainable recovery.
4. Strategic backing from Baker Technology
With Baker Tech owning ~55%, CH Offshore has strong parent support, access to vessel resources, and alignment of management incentives ? a key edge over other small offshore service players.
5. Sector recovery tailwinds
The offshore & oilfield services market is in recovery, with rising energy exploration and subsea demand. Lean players like CH Offshore stand to benefit disproportionately if vessel charter rates strengthen.
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QueenMaya
Senior |
06-Oct-2025 09:17
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The time has come for this trading at only 0.5 book.
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joe1991
Veteran |
03-Oct-2025 17:28
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Shameful....my friend in the 80s during clob time ...made 50k with this stock. In one instance..look at it now..already months stuck at this price...its a joke | ||||
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sengkang
Master |
03-Oct-2025 13:43
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Next stop is 16, 18, .....20 | ||||
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superstartup
Supreme |
03-Oct-2025 13:40
Yells: "Enjoy doing Fundamental Research" |
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No more selling to 15?
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MarcLim
Veteran |
02-Oct-2025 12:35
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Still habour 15/16... sellers fast sell. when the boat rock, hopefully is forward 🙏 🏻
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superstartup
Supreme |
02-Oct-2025 10:13
Yells: "Enjoy doing Fundamental Research" |
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15 keep getting topped up. Lure or accumulation? ( Please do your own DD )
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governor
Veteran |
30-Sep-2025 18:13
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Wolf Money(portfolio update end Sept 2025)part 2 long post (CH Offshore related) Ho Ho Ho!!& hellip . Santa has no gift Mdm. Ho Ching reminds new buyers of older HDB flat not to expect generous benefits from government policies when the VERS is launched. They shouldn& rsquo t expect leases on the flats to be extended at a favourable term too& hellip https://lonewolfinvestor.blogspot.com/2025/09/wolf-moneyportfolio-update-end-sept_30.html?m=1 |
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joe1991
Veteran |
25-Sep-2025 16:38
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Careful fund selling | ||||
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superstartup
Supreme |
25-Sep-2025 16:36
Yells: "Enjoy doing Fundamental Research" |
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Bought a bit over here. Turn around company. Now profitable from Ops. Price at current level for a while. |
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governor
Veteran |
25-Sep-2025 15:46
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Wolf Money(CH Offshore Ltd)https://lonewolfinvestor.blogspot.com/2025/09/wolf-moneych-offshore-ltd.html |
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money4life
Senior |
18-Sep-2025 15:59
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Hopefully they can get more contract like Nam Cheong 
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joe1991
Veteran |
10-Sep-2025 20:09
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If lim N tan NVR recommend to buy...N being broadcast by nextinsight , nobody will get injured here | ||||
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money4life
Senior |
10-Sep-2025 09:47
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Pity those sharholders that subscribed to the rights  hope the management just take the company private
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money4life
Senior |
10-Sep-2025 09:44
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Without BB to buy up, do not think it will move. Hope not just lookinbg into earnings but look at their assets taking away liabilities. Is pretty attractive 
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MarcLim
Veteran |
08-Sep-2025 21:57
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New buyers on board. Hope new ship sail smoothly to 18, then 20 moon 24/25. Huat all soon🙏 🏻
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bechaotic
Member |
30-Jul-2025 10:57
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Oh gosh! What happened to its share price today? | ||||
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