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Vard Holdings
matrixxx
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02-Jul 13:25     
 
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 Alert Admin 		It's no surprise that ppl are getting frustrated with the consolidation price. It has been ding dong here and there for 5 mths, with no indication of which trend she's heading.

The market is never obvious and she never will be. It's always the patience and foresight of a smart investors that will reap
the final reward of the gold chest.

When the selling has ease, and the buyers are tired and forsaken, then it's the time the real dealmakers rip the biggest rewards
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halleluyah
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02-Jan-2014 17:35     
 
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 Alert Admin 		am out of tis ship....
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darkknight
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02-Jan-2014 16:48     
 
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 Alert Admin 		The existing open revenue in Brazil is only less than 5%  of VARD outstanding orders,  any reason  on the  concern that it  will continue to worsen into 2014?   
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pnuklis
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02-Jan-2014 12:16     
 
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 Alert Admin 		Big cost overruns in Brazil. Expected to go down further. Get out of this stock
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New123
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02-Jan-2014 12:13     
 
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 Alert Admin 		looking gd to go higher.

New123      ( Date: 01-Jan-2014 15:01) Posted:



Vard Hldgs needs to clear 82.5 cents in order to move higher.

  http://sporeonlines.blogspot.sg/2013/12/vard-hldgs.html
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ozone2002
Supreme
02-Jan-2014 11:52     
 
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  Last:0.835     Vol:2421k     +0.02

did u grab at 80c?

ozone2002      ( Date: 31-Dec-2013 10:49) Posted:

Vard Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that it has secured a contract with a new customer, Harkand Group (Harkand), for the design and construction of one Diving Support and Construction Vessel. The value of the contract exceeds NOK 1 billion. The vessel is scheduled for delivery from Vard Søviknes in Norway in 2Q 2016. The hull of the vessel will be delivered from Vard Tulceain Romania. The contract comprises an option to place an order for a second similar vessel. (Closing Price: $0.8050., -0.617%)

ozone2002      ( Date: 11-Dec-2013 14:01) Posted:



Last:0.8     Vol:1013k - wah back to 80c..slivating at this price, time to buy on dip..yummy yummy.. below is the report from Maybank Kim Eng

Vard Holdings

Don?t Miss This Distressed Play

Investment thesis

Vard has carved a niche for itself as the builder of highly complex and

high-end OSVs. The company has suffered a loss in confidence from

cost overrun issues at its Niteroi yard in Brazil due to work overload and

outsourcing woes. With the share price down 39% YTD, we see Vard

as a distressed play poised for a rebound when it can deliver margin

and earnings turnaround in 2014. Our confidence stems from (1) its

strong order win momentum, (2) bottoming out of margins in 2Q13, and

(3) undemanding valuations at 6.4x FY14F PER.

Order win momentum was particularly strong in FY13 with NOK12.4b

worth of orders secured YTD, lifting outstanding orderbook to about

NOK20b, the highest level since 2009. We are optimistic that orders

would continue to flow based on our thesis of a cyclical rebound in the

OSV market. Meanwhile, demand from the offshore construction vessel

(OSCV) market remains firm due to a shortage of high-end and capable

subsea construction vessels to meet the expected increase in subsea

activities over the next few years.

Valuation and recommendation

We value Vard based on 8x PER on average FY13F-15F earnings. At

the current price, the stock is trading at a cheap 6.4x FY14F PER,

substantially below its peers. Reiterate BUY in anticipation of a

turnaround in FY14.

Risks to our view

(1) Further cost overruns in Niteroi yard. (2) Weak execution at new

Promar yard in Brazil. (3) Order momentum in FY14 fails to keep up.

Catalysts

(1) Margin recovery on resolution of Brazil yard issues. (2) Strong order

win momentum as OSV market stages a cyclical rebound.

Vard Holdings ? Summary Earnings Table

FYE Dec (NOK m) FY11 FY12 FY13F FY14F FY15F

Revenue 12,401 11,129 11,006 12,527 15,826

EBITDA 2,355 1,473 743 1,138 1,665

Recurring Net Profit 1,594 902 371 720 1,018

Recurring Basic EPS (cents) 135.1 76.4 31.4 61.0 86.2

EPS growth (%) 34.3 (43.4) (58.9) 93.9 41.4

DPS (SG cents) 15.0 13.0 2.0 4.0 6.0

PER 2.9 5.1 12.4 6.4 4.5

EV/EBITDA (x) 3.4 5.4 10.7 7.0 4.8

Div Yield (%) 18.9 16.4 2.5 5.0 7.5

P/BV(x) 1.3 1.5 1.5 1.3 1.0

Net Gearing (%) (12.1) 47.2 70.9 68.1 58.0

ROE (%) 54.1 27.0 12.0 21.7 25.2

ROA (%) 12.7 7.0 2.8 5.2 6.4

Consensus Net Profit (NOK m) 381 590 495

Source: Company, Maybank KE estimates
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eaton1977
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02-Jan-2014 10:53     
 
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Hope this year it can break 1

sean123      ( Date: 02-Jan-2014 10:33) Posted:

I am holding my 128 lots tight till seeing $1.2x..., one or two years we will see its heydays. :)
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WanSiTong
Supreme
02-Jan 10:39     
 
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Vard Holdings ST: short term rebound

  2013-12-31 08:23:00


The MACD is above its signal line and negative.

Our pivot point stands at 0.793.

Our preference: short term rebound.

Alternative scenario: the downside breakout of 0.793 would call for 0.777 and 0.767.

Comment: the RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the stock is trading above its 20 day MA (0.8) but under its 50 day MA (0.82).

Supports and resistances:
0.868 **
0.859 *
0.849 **
0.839
0.815 last
0.799
0.79



 
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sean123
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02-Jan-2014 10:33     
 
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 Alert Admin 		I am holding my 128 lots tight till seeing $1.2x..., one or two years we will see its heydays. :)
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Solidsnake
Member
02-Jan-2014 09:28     
 
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 Alert Admin 		Gobbled @ $0.825. It's def trending up with interest.

xoonxoon      ( Date: 02-Jan-2014 07:02) Posted:

Vard, now 815, going to move up soon. First tgt 845. 2nd tgt, 865.

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xoonxoon
Member
02-Jan-2014 07:02     
 
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Yells: "facebook dot com slash xoonxoonstocks for prescient calls"
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 Alert Admin 		Vard, now 815, going to move up soon. First tgt 845. 2nd tgt, 865.
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matrixxx
Senior
02-Jan-2014 01:27     
 
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One good news is that 2014 will be a very good year for Vard Holdings.



Why?

1. Vard started out at  sub 80 cents  on Nov 2010. Reach highest sub 1.80  Mar 2012.



  From Mar 2012, a downtrend chart for about 2 yrs till now sub 80 cents again. Good value for smart investors to collect  at sub 80 cents again now.

2. From monthly chart, one can  easily see that selling  had oreadi ease.    Smart ppl are slowly collecting at sub 80 cents.

3. Need to recall the major  contract  secured Vard Holdings secures record S$1.39b order on 12 Aug 2013. And many other contracts that keep coming in from Sep to December. All this contracts will contribute to future Earnings/Profits. People tend to be forgetful, lol

4. Will Vard Holdings give dividends to shareholders soon? so as  to  reward faithful shareholders? Lets hope.

These are the  4  strong points that Vard Holdings will be heading soon to Mount Everest.

 



Of course, there will be a part 2 installment of another 4 stronger points soon, only if Vard has reach another strong pivotal point, 90 cents.



Lets await. 

 



 
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New123
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01-Jan-2014 15:01     
 
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Vard Hldgs needs to clear 82.5 cents in order to move higher.

  http://sporeonlines.blogspot.sg/2013/12/vard-hldgs.html
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eaton1977
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31-Dec-2013 12:45     
 
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 Alert Admin 		Hope will be more than 1 next year
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Solidsnake
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31-Dec-2013 12:29     
 
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 Alert Admin 		Maybe catchup with Ezra or with YZJ or but why NOL? NOL is in different business -ie. container shipping.

kokhong      ( Date: 31-Dec-2013 08:12) Posted:

In that case it may return back to a dollar! Catching up with Ezra n NOL...
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ozone2002
Supreme
31-Dec-2013 10:49     
 
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 Alert Admin 		Vard Holdings Limited, one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that it has secured a contract with a new customer, Harkand Group (Harkand), for the design and construction of one Diving Support and Construction Vessel. The value of the contract exceeds NOK 1 billion. The vessel is scheduled for delivery from Vard Søviknes in Norway in 2Q 2016. The hull of the vessel will be delivered from Vard Tulceain Romania. The contract comprises an option to place an order for a second similar vessel. (Closing Price: $0.8050., -0.617%)

ozone2002      ( Date: 11-Dec-2013 14:01) Posted:



Last:0.8     Vol:1013k - wah back to 80c..slivating at this price, time to buy on dip..yummy yummy.. below is the report from Maybank Kim Eng

Vard Holdings

Don?t Miss This Distressed Play

Investment thesis

Vard has carved a niche for itself as the builder of highly complex and

high-end OSVs. The company has suffered a loss in confidence from

cost overrun issues at its Niteroi yard in Brazil due to work overload and

outsourcing woes. With the share price down 39% YTD, we see Vard

as a distressed play poised for a rebound when it can deliver margin

and earnings turnaround in 2014. Our confidence stems from (1) its

strong order win momentum, (2) bottoming out of margins in 2Q13, and

(3) undemanding valuations at 6.4x FY14F PER.

Order win momentum was particularly strong in FY13 with NOK12.4b

worth of orders secured YTD, lifting outstanding orderbook to about

NOK20b, the highest level since 2009. We are optimistic that orders

would continue to flow based on our thesis of a cyclical rebound in the

OSV market. Meanwhile, demand from the offshore construction vessel

(OSCV) market remains firm due to a shortage of high-end and capable

subsea construction vessels to meet the expected increase in subsea

activities over the next few years.

Valuation and recommendation

We value Vard based on 8x PER on average FY13F-15F earnings. At

the current price, the stock is trading at a cheap 6.4x FY14F PER,

substantially below its peers. Reiterate BUY in anticipation of a

turnaround in FY14.

Risks to our view

(1) Further cost overruns in Niteroi yard. (2) Weak execution at new

Promar yard in Brazil. (3) Order momentum in FY14 fails to keep up.

Catalysts

(1) Margin recovery on resolution of Brazil yard issues. (2) Strong order

win momentum as OSV market stages a cyclical rebound.

Vard Holdings ? Summary Earnings Table

FYE Dec (NOK m) FY11 FY12 FY13F FY14F FY15F

Revenue 12,401 11,129 11,006 12,527 15,826

EBITDA 2,355 1,473 743 1,138 1,665

Recurring Net Profit 1,594 902 371 720 1,018

Recurring Basic EPS (cents) 135.1 76.4 31.4 61.0 86.2

EPS growth (%) 34.3 (43.4) (58.9) 93.9 41.4

DPS (SG cents) 15.0 13.0 2.0 4.0 6.0

PER 2.9 5.1 12.4 6.4 4.5

EV/EBITDA (x) 3.4 5.4 10.7 7.0 4.8

Div Yield (%) 18.9 16.4 2.5 5.0 7.5

P/BV(x) 1.3 1.5 1.5 1.3 1.0

Net Gearing (%) (12.1) 47.2 70.9 68.1 58.0

ROE (%) 54.1 27.0 12.0 21.7 25.2

ROA (%) 12.7 7.0 2.8 5.2 6.4

Consensus Net Profit (NOK m) 381 590 495

Source: Company, Maybank KE estimates
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kokhong
Senior
31-Dec-2013 08:12     
 
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 Alert Admin 		In that case it may return back to a dollar! Catching up with Ezra n NOL...
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ah.wei
Member
31-Dec-2013 06:36     
 
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 Alert Admin 		Ard there as they say it exceed 1b but nv say actual figure so Shd be above 200m sgd

kye_lin      ( Date: 31-Dec-2013 06:23) Posted:

200 million SGD... substantial amount... should move up a few pips...

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kye_lin
Master
31-Dec-2013 06:23     
 
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 Alert Admin 		200 million SGD... substantial amount... should move up a few pips...
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kokhong
Senior
31-Dec-2013 00:13     
 
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NOK$1,000,000,000 is how much singapore or usd dollars?

Probably can invest some for mid term since still very close to IPO price. Lelong lelong...
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