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QTV - Trending in Year 2017

sheerluck
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17-Mar-2015 10:46

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It is very confusing sicne both sides said it differently. So is it VARD corp comm don' t know what they are saying or VARD don' t know who they signed contract with?

granto ( Date: 17-Mar-2015 10:18) Posted:

Read the last line and draw your own conclusion about their claim... :)

sheerluck ( Date: 17-Mar-2015 09:57) Posted:

Only clarify after donkey months later on the sale agreement????

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sheerluck
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17-Mar-2015 10:15

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Market lost faith in IEV liao....many run road. Updates:

- finally closed loss-making D21 project and proceeded with ligitation against Allison Marine Contractors II LLC for US8.9mil (RM33mil)

- expect to sell oil by late Q2 from KSO project.

I expect next two Q reporting from IEV to be rough. Expect earliest to turnaround in 2016 barring oil and macro situation.

DYDD.

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sheerluck
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17-Mar-2015 10:01

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R: KE, Vard now is 20% discount to your TP. Good buy. Must buy. Buy until 57cts you still earn 1 cent spread.

KE: yes. ofc. You should buy more.

R: How about you?

KE: You should buy more.

R: You not buying?

KE: You should buy more.

R: So are you buying?

KE: You should buy more.

R: !!?!?!??!!

sheerluck ( Date: 16-Mar-2015 12:29) Posted:

Do not rule out more cancellations ahread and still ask people to hold? Really good.

KE: R, there is this one big truck coming your way.

R: what should I do?

KE: Don' t move first beause we also don' t know whether it is coming or not. I will stand one side and see how first.

R: Don' t move?

KE: Yes (and moved very far away from R) or you can still go forward a bit more.

R=retailers

KE=whoever

Octavia ( Date: 16-Mar-2015 11:55) Posted:

Vard has terminated shipbuilding contracts for two PSVs after customer E.R. Offshore filed for bankruptcy. The vessels are being constructed in Vietnam and are due for delivery in 3Q15 and 2Q16.

Maybank-KE estimates the PSVs to be valued at NOK300m (US$37m) each, with 10% prepayment made for one of the vessels. Management however expects to recover the remaining construction costs by selling both vessels.

Separately, Upstream had earlier reported that Island offshore has requested Vard to postpone deliveries of three PSVs and a OSCV, worth about NOK2.2-2.4b (US$268-292m), by six months. These vessels were due to be delivered in 2015 and 2016

The above developments reaffirm demand weakness in the offshore sector and the vulnerability of small players like E.R. Offshore, while bigger players like Island Offshore have the balance-sheet depth to delay deliveries.

It is also not surprising that most affected vessels are PSVs given oversupply of this asset class even before the recent oil rout. Vard&rsquo s net orderbook of NOK17.7b at end-2014 comprised 39 vessels, of which 13 are PSVs. Maybank-KE do not rule out more cancellations ahead.

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sheerluck
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17-Mar-2015 09:57

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Only clarify after donkey months later on the sale agreement????

granto ( Date: 16-Mar-2015 22:23) Posted:

Bit of a spat between ER Offshore and Vard over the announcement, read this...

E.R. Offshore says Vard statement regarding cancellations misleading: http://splash247.com/e-r-offshore-says-vard-statement-regarding-cancellations-misleading/

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sheerluck
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17-Mar-2015 09:55

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Is Swissco a goodbye?

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sheerluck
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16-Mar-2015 16:55

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It's not that they got something useless from Swiber but more on whatever they got isnt worth that much given OSV is and continue to be oversupply and getting worse as we speak.

nqing87 ( Date: 16-Mar-2015 14:34) Posted:

dunno how much rotten eggs vallianz get from papa, but these " rotten eggs" are mostly less than 3years old.. very new vessels..

sheerluck ( Date: 16-Mar-2015 14:31) Posted:

Main bulk from Rawabi which Vallianz acquired from Swiber with debt. Vallianz also bought a few vessels from Swiber and took over Newcruz from Swiber.

Really, it like a dad giving his son some rotten steels and said: " Go one corner and play" .

Swiber trading at 87% discount to book.

Vallianz trading at 42% discount to book.

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sheerluck
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16-Mar-2015 14:31

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Swiber trading at 87% discount to book.

Vallianz trading at 42% discount to book.

nqing87 ( Date: 16-Mar-2015 14:22) Posted:

vallianz recently has been buying & growing its vessels fleet right? these are new assets & shouldnt be part of swiber' s assets.. ezion p/e about 5, NC about 5+, PR slightly below 5, keppel 8+, vallianz slightly below 4.. keppel is blue chip, so got blue chip brand & perform better than other oil counters.. vallianz is catalist counter, & catalist counters perform the worse across all indexes.. so it has also affected its price to some extent.. now is just wondering how low can vallianz goes and when ppl start not to discriminate oil counters from the rest.. it' s like market is expecting these oil counters to have say more than 50% lower revenue ' cos of more than 50% drop in oil price in the near future.. similarly ppl like expecting transportation counters (like comfortdelgro) to earn more than 50% revenue with more than 50% drop in oil price lol (CD has increased about 50% in share price the past year).. i dunno how market can generalise in this way.. but well, that' s what market thinks.. maybe they are right, we just have to see if that' s really the case..

sheerluck ( Date: 16-Mar-2015 14:08) Posted:

Looking at the huge discount market is giving to Swiber' s assets, one cannot help but think what will Vallianz' s fate be especially when Vallianz is acquiring Swiber' s assets.

When market wakes up one day to realise that those are the same asset from Swiber which we have discounted 80% and started to apply the same discount, how will Vallianz' s price react. Logically down but for SG market, anything goes.

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sheerluck
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16-Mar-2015 14:23

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To console you: if you put a list of OSV coy into a watchlist, NC is the one in green today. NC today' s perfromace is admirable given how crude oil is becoming cooking oil.

losemoneyking ( Date: 16-Mar-2015 14:18) Posted:

Nv hit Leh back to 300 305. Sad

linbei ( Date: 16-Mar-2015 13:10) Posted:

0.315 coming soon

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sheerluck
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16-Mar-2015 14:19

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Investment horizon needs to be much longer than 1-2 weeks or 1-2 months.

When we say SG market weird, coy with good fundamental also ganna shoot down, we might want to ask deeper, are the fundamental really good or just made look good.

Mgmt/corporate action can give tell-tale sign but if mgmt purposely hid skeleton in closet or corpse in bed, then............

darocupcake ( Date: 16-Mar-2015 14:09) Posted:

I totally agree with u on this but I think this analysis only apply to sg market on low will be lower with stock that even has fundamentals.

nqing87 ( Date: 16-Mar-2015 14:05) Posted:

no one playing catalist counters liao lol.. anyone can find the 10 year chart for catalist index? catalist index now at least more than 5 year low already.. it doesnt matter if got good fundamentals or not.. even if there' s 0 debt, i wont be surprise if the price is like this.. now catalist+oil counter=hammer till backside drop.. so i wonder what it means to be investing.. it seems like it is better if can understand & predict where ppl will put their money in, no matter the fundamentals of a counter.. now, ppl still put their money in over-valued airlines/transportation counters, ' cos the mindset is already created by media to shun oil counters & put money into over-valued transportation sectors.. in investing viewpoint, we should go for under-value counter.. but then low can become lower, till dunno when is it that it is considered under-value in market' s eyes..

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sheerluck
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16-Mar-2015 14:08

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darocupcake ( Date: 16-Mar-2015 13:23) Posted:

mirach n vallianx same price today. looking at it vallianz high debt but tons of contract n mirach a total loss making company so far..whats ur take

sheerluck ( Date: 16-Mar-2015 12:20) Posted:

Like father like son.

Like Swiber like Vallianz.

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sheerluck
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16-Mar-2015 12:31

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You so kind to JES. This one no cock how to die cock stand???????

duofu1285 ( Date: 11-Mar-2015 11:18) Posted:

die cock stand.

JES...

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sheerluck
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16-Mar-2015 12:29

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Octavia ( Date: 16-Mar-2015 11:55) Posted:

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sheerluck
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16-Mar-2015 12:20

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Like father like son.

Like Swiber like Vallianz.

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sheerluck
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16-Mar-2015 11:08

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Finally entering the 4cts+ realm....

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sheerluck
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14-Mar-2015 09:26

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So yesterday drop because of news leak is it? Retailers only get to choose between breadcrumbs or stale bread.

Qanghoo ( Date: 14-Mar-2015 08:52) Posted:

Contracts terminated. Monday tank some more?

VARD HOLDINGS LIMITED

(Incorporated in the Republic of Singapore)

(Registration No. 201012504K)

TERMINATION OF CONTRACTS

The Board of Directors of Vard Holdings Limited (the " Company" ) wishes to inform that on

12 March 2015, the Company was notified that two affiliates of E.R. Offshore, our customer, have

filed for insolvency at a local court in Germany.

The Company&rsquo s subsidiary is currently constructing one PSV for each of these companies at its

shipyard in Vung Tau, Vietnam. It has received a 10% installment for one of the vessels.

On 13 March 2015 the Group terminated the two shipbuilding contracts. The Group does not

expect to repay the prepayment received, and expects to be able to sell the vessels at a price

that will cover the expected construction cost less the prepayment received.

The impact of the termination and the proposed resale is expected not to have a material effect

on the earnings per share of the Group for the financial year ending 31 December 2015.

BY ORDER OF THE BOARD

Roy Reite

Executive Director and Chief Executive Officer

14 March 2015

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sheerluck
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13-Mar-2015 10:57

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Despite KTIS falling below IPO price and heavy selling in the last few days, KWC is holding on quite well above 30cts.

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sheerluck
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11-Mar-2015 22:31

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Hats off SGX market. Good news bad news, good report bad report, stock price only one direction.

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sheerluck
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11-Mar-2015 09:35

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Macro Polo is not NC' s subsidiary so effectively both ships are sold to external customers. NC took up a stake in MPM' s subsidiary BBR for chartering business so they have business relationship. However, business is business. No point MPM taking up NC ship if they themselves got no business.

Also this contract is no prawn. I was waiting for NC to seal the US186 mil contract they announced last Oct. This contract is worth US58mil, about one-third of that. Under current oil price climate and big Dow drop and oil price last night, I think it is considered very good liao.

Anyway, at 30cts and 1.5cts div coming = 5% yield, I think it is beginning to look atractive.

Heero78 ( Date: 11-Mar-2015 08:40) Posted:

does not matter. no fish prawn also good. Better than no contract or order cancellation

RoundRound ( Date: 11-Mar-2015 07:51) Posted:

After so many months now come the contracts. But looking closer, the bigger of the 2 vessel is from its own subsidiary Macro Polo, which Nam Cheong own a stake. So effectively, from external customers, it is only 1 vessel

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sheerluck
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09-Mar-2015 18:32

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Should be read as UOBkh calling you to buy from them at 17.1cents. They can' t wait to unload to you.

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sheerluck
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06-Mar-2015 17:25

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NC is doing what most MNC are doing. Made in China. That's fine so long as QC is not in China.

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