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Vard Holdings
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ozone2002
Supreme |
07-Aug-2013 09:31
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Last:0.845 Vol:4204k  +0.015
moving up..now 84.5 volume ard 4million..still pretty decent when overall mkt is down gd luck DYODD
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MtFaber
Senior |
07-Aug-2013 09:31
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Nice rounded bottom formed based on technical chart. Crossed the 20days MA. Hope it will cover the gap at 1.00 to 1.08 eventually. Best of luck. |
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p0emmm
Member |
07-Aug-2013 09:26
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Showing signs of healthy recovery | ||||
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heavenknow
Member |
07-Aug-2013 09:10
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Climbing up early in the morning~
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guoyanyunyan
Supreme |
07-Aug-2013 07:47
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Vard Holdings - two-day non-deal roadshow in Singapore ....We hosted Vard for a two-day non-deal roadshow in Singapore with > 30 analysts and fund managers where interest was strong, with a focus on the negative surprises in Brazil. While Vard has taken a beating post its 2Q13 results, its FY13F valuations at 9.4x P/E and 3.7x EV/EBITDA (ex. construction loans) are attractive.
We expect it to rebound on potential
new orders in Brazil and signs of margin stabilising from 3Q13.
* Provisions taken on best estimates
We estimate Vard took a
~NOK200m provision for the delays and cost overruns in Brazil and
NOK70m in goodwill write-down for Niterói. Making adjustments for the
provisions, operations outside Brazil is stable, with an estimated EBITDA
margin of 10%-11%. Management explained that it has taken the
provisions based on its best assessment of the situation in Brazil and
that it has made significant changes to its productivity assumptions.
Four vessels
are still under construction, with the last unit to be delivered in 4Q2014.
These orders are expected to have zero margins until completion.
* Two more hulls under sub-contract
The LPG hulls will delivered to the company?s new 50.5%-owned shipyard,
Vard Promar, by end-2013 and early-2014. Starting from the third LPG
unit, all major structures will be fabricated in-house, given that Vard
Promar has started its operations in June 2013.
* Potential Brazilian orders valued at up to NOK6bn
Petrobras (PBR)
has awarded charters for three pipelaying support vessels (PLSVs) to
Sapura Navegaca and three PLSVs to Subsea 7. Upstream reported
PBR is in negotiation with Technip-DOF JV to charter four PLSVs with
two 300-tonne units to be built at Vard Promar and two 650-tonne units
at Vard?s yard in Norway. We estimate the total value of these four
PLSVs at around NOK6bn (USD1bn).
* Maintain Buy with $1.10 TP
Vard?s share price has been severely
hit following weak 2Q13 results. However, we see catalysts in the form
of order wins and recovery of investor confidence in the stock once the
worst is proven to be over. |
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eaton1977
Member |
07-Aug-2013 07:44
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Hope to stay above 1 soon | ||||
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guoyanyunyan
Supreme |
07-Aug-2013 07:40
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...with proper formatting... previous post should look like this... Vard suffers from delays and cost overruns in Brazil .... Management likely to have taken a NOK200m provision. According to OSK, it estimates Vard took a ~NOK200m provision for the delays and cost overruns in Brazil and NOK70m in goodwill write-down for Niterói. Making adjustments for the provisions, operations outside Brazil is stable, with an estimated EBITDA margin of 10%-11%. Here's more: Management explained that it has taken the provisions based on its best assessment of the situation in Brazil and that it has made significant changes to its productivity assumptions. NOK650m outstanding orderbook remaining at Niterói. Four vessels are still under construction, with the last unit to be delivered in 4Q2014. These orders are expected to have zero margins until completion. Two more hulls under sub-contract. The liquiefied petroleum gas (LPG) hulls will delivered to the company’s new 50.5%-owned shipyard, Vard Promar, by end-2013 and early-2014. Starting from the third LPG unit, all major structures will be fabricated in-house, given that Vard Promar has started its operations in June 2013. Potential Brazilian orders valued at up to NOK6bn. Petrobras (PBR) has awarded charters for three pipelaying support vessels (PLSVs) to Sapura Navegaca and three PLSVs to Subsea 7. Upstream reported PBR is in negotiation with Technip-DOF JV to charter four PLSVs with two 300-tonne units to be built at Vard Promar and two 650-tonne units at Vard’s yard in Norway. We estimate the total value of these four PLSVs at around NOK6bn (USD1bn). |
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newbie888
Veteran |
07-Aug-2013 00:41
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hm...seems like its time to load more...cheers!! | ||||
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SFGuyRuleZ
Veteran |
06-Aug-2013 21:47
Yells: "You are your own master.." |
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Sorry the formatting is all screwed up.. Will try posting again later. Please ignore..
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SFGuyRuleZ
Veteran |
06-Aug-2013 21:37
Yells: "You are your own master.." |
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http://en.wikipedia.org/wiki/Pre-salt_layer http://subseaworldnews.com/2013/05/08/petrobras-announces-oil-discovery-in-brazils-santos-basin-pre-salt-region/ http://www.pennenergy.com/articles/pennenergy/2013/06/petrobras-starts-production-in-santos-basin-lula-nordeste-pre-sa.html http://www.technip.com/en/entities/brazil http://en.wikipedia.org/wiki/Pipe-laying_ship Do your own due diligence.. | ||||
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Peter_Pan
Supreme |
06-Aug-2013 21:33
Yells: "kopi-o siu dai mai hum!" |
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0.90 is a given. | ||||
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guoyanyunyan
Supreme |
06-Aug-2013 20:48
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Vard suffers from delays and cost overruns in Brazil Management likely to have taken a NOK200m provision. According to OSK, it estimates Vard took a ~NOK200m provision for the delays and cost overruns in Brazil and NOK70m in goodwill write-down for Niterói. Making adjustments for the provisions, operations outside Brazil is stable, with an estimated EBITDA margin of 10%-11%. Here's more: Management explained that it has taken the provisions based on its best assessment of the situation in Brazil and that it has made significant changes to its productivity assumptions. NOK650m outstanding orderbook remaining at Niterói. Four vessels are still under construction, with the last unit to be delivered in 4Q2014. These orders are expected to have zero margins until completion. Two more hulls under sub-contract. The liquiefied petroleum gas (LPG) hulls will delivered to the company?s new 50.5%-owned shipyard, Vard Promar, by end-2013 and early-2014. Starting from the third LPG unit, all major structures will be fabricated in-house, given that Vard Promar has started its operations in June 2013. Potential Brazilian orders valued at up to NOK6bn. Petrobras (PBR) has awarded charters for three pipelaying support vessels (PLSVs) to Sapura Navegaca and three PLSVs to Subsea 7. Upstream reported PBR is in negotiation with Technip-DOF JV to charter four PLSVs with two 300-tonne units to be built at Vard Promar and two 650-tonne units at Vard?s yard in Norway. We estimate the total value of these four PLSVs at around NOK6bn (USD1bn). | ||||
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yokoosi
Member |
06-Aug-2013 20:32
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BB coming in ...
Shorties losing their pants...hahaha
Huat Ah !
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jomini
Veteran |
06-Aug-2013 20:23
Yells: "slow down, think, question" |
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shoot up $1 wait long long la. if really tmrw then must really short | ||||
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duofu1285
Member |
06-Aug-2013 20:20
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Wow....shoot up $1 early tomorrow morning got chance boh | ||||
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SFGuyRuleZ
Veteran |
06-Aug-2013 20:11
Yells: "You are your own master.." |
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Alright thanks.. Just created a free trial account for the sake of verifying. Don't think can reveal all the content here as there may be a breach of piracy. So now Vard will be building pipelaying support vessels, assuming the source is true (which I feel very high chance it is). Do your own due diligence..
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heavenknow
Member |
06-Aug-2013 18:48
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http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content&B=AnnouncementToday&F=885670#.UgDTa3QZ7qA
MItsubishi UFJ Financial Group adding to their holdings . Coming in ~ |
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rabbitfoot
Master |
06-Aug-2013 18:33
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This is big news man ! | ||||
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newagetrader
Member |
06-Aug-2013 18:31
Yells: "Trading is to make Profit$$" |
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Report from OSK-DMG: https://cced0bba-a-62cb3a1a-s-sites.googlegroups.com/site/researchreport92/DMG_VardHoldings06082013.pdf?attachauth=ANoY7co40miIiNhW2SULycBkKdIACnma41NM-CLpCSXsqnMBWd1azAgLqQSjIyFpjzo-cNDe3ZiO3FfRNwkQdEuQYhY2Hm4m0VYIDDz0w5XGSt9dTu6SK-DeIoCQIFbWYTJEd9w1-WzC51sj0vFDBztiUlfn5jUzeR_S6jNTE6Ac5ywFK6kLcKOf7BQSNwqZ1pPnJdc35qRvqys1OcdNT-VqDdeXsc3zZS4FjCy9jasmTRP3Xj6oISM%3D&attredirects=0 Value of the deal is estimated at US$1bln | ||||
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newagetrader
Member |
06-Aug-2013 18:17
Yells: "Trading is to make Profit$$" |
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The source is from Upstreamonline Newspaper. An international O&G newspaper. I think this is the deal CIMB or Maybank quoted in their report. Expecting a swift rebound upon securing contract from Petrobras. The deal should worth around US$500-600mln. | ||||
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