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Nam Cheong
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CharlesChen
Senior |
03-Sep-2014 01:49
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High chance of reversal soon. Gonna break $0.5 in Sept. |
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sun233
Elite |
26-Aug-2014 11:56
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LOL stock price speaks for itself
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ash902
Veteran |
22-Aug-2014 09:56
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DMG OSK
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ash902
Veteran |
22-Aug-2014 09:55
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Nam Cheong announced that it has entered into a JV to bareboat charter and accommodation work vessel (AWV) in Malaysia with Marco Polo Marine (MPM). At the same time, it announced sales of four vessels worth a total of USD90m, bringing its gross orderbook to a record MYR2.0bn. We like its move towards building a recurring charter income base.Maintain BUY and SGD0.58 TP.
■ Solid JV with 5+2+2 year contract secured
Nam Cheong will co-own an AWV with Marco Polo Marine (MPM SP, BUY, TP: SGD0.65), bareboat chartering it in Malaysia for a five-year firm contract worth more than USD27m with a 2+2 year option, which could bring the total charter contract value to almost USD50m. The charter value works out to a daily rate of c.USD15,000. Assuming 20-year depreciation, 75-25% debt-equity and 4% interest, we estimate that the JV can earn USD3.1m per year, or about USD1.5m for each partner annually. While this is not large relative to Nam Cheong&rsquo s shipbuilding earnings, it is another step towards building a recurring income base.
■ Happy builder, happy customer
We also like the bareboat charter method, in which Nam Cheong enjoys some of the benefits of vessel ownership, while simultaneously supporting its customer in providing an asset plus financing to earn the spread between time- and bareboat-charters.
■ Record orderbook bolstered by four more vessels sold
Nam Cheong also sold four vessels worth a total of USD90m:
i) a 5,000-deadweight-ton platform supply vessel (PSV) to Bumi Armada,
ii) an AWV to the JV,
iii) a 6,000 brake-horse-power (bhp) anchor handling tug supply (AHTS) vessel to a new Vietnamese client, and
iv) a 5,000bhp AHTS to Time Marine Services SB, a repeat customer in Malaysia.
Together, these propel Nam Cheong&rsquo s gross orderbook to MYR2.0bn, of which c.MYR1.7bn remain unrecognised.
■ Vessel-owning may provide long-tem growth
While Nam Cheong continues to grow its shipbuilding business, we view the vessel-owning space as a source of growing recurrent income. The stock is trading at merely 9x FY14F P/E on 45% earnings growth. Our SGD0.58 TP is based on a 10x blended FY14/15F P/E.
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pineapple123
Member |
20-Aug-2014 09:32
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Finance 101 for you: raising debt typically > raising equity
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sun233
Elite |
20-Aug-2014 09:19
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Price will fall coz they are raising cash.....Not a good sign when they have to go to open market to raise cash.... |
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ozone2002
Supreme |
19-Aug-2014 10:00
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quote wrongly just now :)
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ozone2002
Supreme |
19-Aug-2014 09:58
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buay pai la..100% gain.. since i vested in 2012.. learn how to spot value companies with gd biz prospects .. and the rest will follow Last:0.48 Vol:3103k  +0.01
(DBS) Nam Cheong has secured sale contracts for four vessels with a total value worth approximately US$90m. Revenue from the contracts will be recognised over the relevant contractual period in accordance with the Group&rsquo s revenue recognition policy. The contracts are expected to contribute positively to the earnings of the Group for FY Dec 14. With the contracts, Nam Cheong&rsquo s order book stands at approximately RM2.0 bn. Separately, Nam Cheong has entered into a Joint Venture agreement with SGX-listed company, Marco Polo Marine to form a JV company. The JV Co recently purchased a newly built Accommodation Work Vessel (AWV) constructed by the Nam Cheong Group. Following the acquisition of the AWV, the JV Co announced that it has secured a long-term firmed five-year bare-boat contract with an estimated value in excess of US$27m, excluding extension options.
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granto
Master |
19-Aug-2014 09:43
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Nam Cheong nets $90m from sale of four vessels: http://www.seashipnews.com/News/Nam-Cheong-nets-$90m-from-sale-of-four-vessels/3w3c2537.html |
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granto
Master |
19-Aug-2014 09:35
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This is much bigger newa than the vessel orders... Marco Polo and Nam Cheong form jv: http://www.seashipnews.com/News/Marco-Polo-and-Nam-Cheong-form-jv/3w3c2536.html |
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ranojoy
Veteran |
19-Aug-2014 08:55
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NAM CHEONG SECURES SALE CONTRACTS FOR FOUR VESSELS WITH A TOTAL VALUE WORTH APPROXIMATELY US$90 MILLION (EQUIVALENT TO APPROXIMATELY S$112.1 MILLION BASED ON THE EXCHANGE RATE OF US$1 = S$1.24560) Revenue from the Contracts will be recognised over the relevant contractual period in accordance with the Group&rsquo s revenue recognition policy. The Contracts are expected to contribute positively to the earnings of the Group for the financial year ending 31 December 2014. With the Contracts, Nam Cheong&rsquo s order book stands at approximately RM2.0 billion. |
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ramuslow
Member |
11-Aug-2014 22:18
Yells: "MASTERSTOCKTRADER BLOG SPOT SG" |
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SWEE !!! Today my Nam Cheong Cheooong..... See how I enter ithis stock at my investment blog masterstocktrader blog spot sg |
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sheerluck
Supreme |
11-Aug-2014 15:07
Yells: "Work for your money first then let your money work for you" |
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Latest TP from house OSKDMG 58cts OCBC 55cts KIMENG 55cts LIM& TAN 53cts CIMB 52cts DBSVickers 52cts scary!!!! OSK has been a stanuch believer of NCL. It mentioned of new products launch. Hm....... Lets see if they can reveal some info in their next analyst report. ***************************************************************************************************************************************************************************** Nam Cheong (NCL SP, BUY, TP: SGD0.58) High Anticipation Over 17 Oct Launch Results Review Nam Cheong delivered strong 2Q14 PATMI of MYR63.3m (+55% y-o-y, -11% q-o-q), above our MYR55m previewed estimate. During the results briefing, management revealed that it will launch new products in Singapore on 17 Oct, which we think will generate significant buzz in the offshore industry. We increase our FY14F-FY16F forecasts by 5/4/2%, and raise our TP to SGD0.58 (from SGD0.53), based on 10x blended FY14F/FY15F P/E. Analyst: Lee Yue Jer, CFA, +65 6232 3898 Previous Report: Nam Cheong 2Q14 Results Preview (BUY) - Buy On Dips Before Results (5 August 2014) ***************************************************************************************************************************************************************************** As usual DYDD. 
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nami_robin
Member |
08-Aug-2014 17:17
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What i think about this company worth keeping is because they take care of their share holders.. Hence, I feel safe even i not monitoring for a long period.. |
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RoundRound
Elite |
08-Aug-2014 10:36
Yells: "Tikam Tikam can also" |
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Yes, missed that. Margin falling for a few quarters so things to note
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Qanghoo
Supreme |
08-Aug-2014 10:19
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Also, margin seems to be squeezed a bit.
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RoundRound
Elite |
08-Aug-2014 09:47
Yells: "Tikam Tikam can also" |
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WHY?
1. The recent run up in price probably factored in this Quarter earning. 2. Their year-to-date order book is not that stellar. 3. Lastly, their primary client Petronas in Malaysia is cutting back on expansion of its offshore fleet.
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ash902
Veteran |
08-Aug-2014 09:42
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don' t be worried about the " noise" , company is profit making and geared for the long run. |
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nstar0227
Member |
08-Aug-2014 09:39
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Profit increases but still people throwing out the stocks? |
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ash902
Veteran |
08-Aug-2014 08:01
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Net profit up 53% to RM 63 milion and total revenue increased by 54% compared to first half last year! Super results as expected from nam cheong. | ||||
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