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Triyards - Bid coming ?
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danger
Supreme |
27-Jul-2017 17:17
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THINK THIS VICKS BANKRUPT ALL THE WAY FROM 20c OVER UNTIL NOW
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Starship
Supreme |
27-Jul-2017 17:12
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This stock is worse than the Titanic. At least the Titanic sank within hours so the victims didn' t have to suffer a slow and long agonising death. My small holding is now down 58% and next month is the first anniversary. |
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danger
Supreme |
24-Jul-2017 10:12
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Good luck on your averaging
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laksaman57
Supreme |
24-Jul-2017 09:55
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Submerging fast & furious | ||
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laksaman57
Supreme |
21-Jul-2017 08:44
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https://www.theedgesingapore.com/triyards-sinks-losses-3q-and-9m | ||
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RogerTech
Member |
11-Jul-2017 20:22
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just wondering: when there are quite some profitable companies in O& G sector on SGX, why people choose to buy loss-making counters likw Ezion/Triyards? don' t just dream of multi-baggers! choose certainty, choose profitability! don' t choose HOPE, it is like PRAY, may NOT happen! |
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Vicks666
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11-Jul-2017 18:52
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Willing sellers and decent assets, for which there should be plenty of demand, should add up to more than a pipedream...... We' ll see........ |
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alexchew
Master |
11-Jul-2017 16:44
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stop dreaming | ||
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Vicks666
Member |
11-Jul-2017 16:10
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The fact that Triyards has warned on Q3 comes as no surprsie to me, and should do to noone else who has been watching this stock, especially in light of the upcoming impairment charge from their US assets, which, as a matter of course probably represent less than 10% of the NAV, meaning any impairment will have a negligible impact on the NAV itself. I guess what should' nt surprise me, but does, is the markets continual inability to look at valuations and beyond short term noise ! My investment thesis remains 100% intact. This is owned by the banks, who will not want in the long term to be holding these shares. They also hold most of any debt there is at the corporate level, and they are hardly likely to want to blow up their own equity positions by being difficult about that. There should be plenty of willing buyers for the Triyards assets once all of the Ezra nonsense exits Chapter 11, and with the stock trading at around around 0.15x - 0.25x PB depending on who you believe, you' ve got to hope that any buyer would pay a significant premium to the current px !! I' m not saying it all tickety boo round at Triyards - just that the shares are the wrong px, and that I remain of the beleif we' ll come into work one day and find its been bid for at a significant premium to where the shares are now ! |
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laksaman57
Supreme |
10-Jul-2017 19:54
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https://www.theedgesingapore.com/triyards-hits-new-low-loss-warning-3q-results-delay | ||
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SgTrader17
Elite |
10-Jul-2017 12:55
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Why drop 4cts when bid coming? | ||
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pnuklis
Master |
10-Jul-2017 12:51
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Profit warning by Triyards and the shares have got a beating today! | ||
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pnuklis
Master |
20-Jun-2017 15:48
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Vicks - the banks must have deep pockets to support Ezion in difficult times. They will gain when they sell the company when market has recovered. | ||
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Vicks666
Member |
18-Jun-2017 17:27
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And hey look pnuklis - just to clarify I' m not claiming everything is tickety boo round at Triyards or at any Singapore offshore related listco for that matter. However, valuation should be the first premise of any investment - and after the shares px falls Triyards is trading at 0.15x BV, which is very, very cheap. With the Banks owning 70% of the equity, and them hardly being natural long term share holders - they will be looking for a buyer for Triyards, and I hope once Chap 11 for Ezra is wound up, a sale takes place. I hope they have the imagination to try and get more than 0.15x BV for the company !! I started buying these in March on the initial Ezra news when the shares traded down to 20c, and have been picking them up since. No doubt the newsflow is going to be choppy in the short term, but I hope other investors, and ultimately a buyer for the whole business, will start looking at just how cheap the equity of Triyards is ! |
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Vicks666
Member |
18-Jun-2017 17:02
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I' m not sure its that bad pnuklis. I spoke with them 2 weeks ago and the 2 MPSV' s were on track for delivery around calendar year end, The 4 lift boats they' ve actually started work on, they have already been 80-95% paid for by Ezion - if they get deferred from here its not the end of the world. As for the yards having come to a standstill and them not paying suppliers, again, thats very different from the message they were giving out - I know they have been actively bidding for ( and I hope winning ) new contracts in the tug segment anyway. Agreed the faster they can distance themselves from Ezra and the Lee' s the better, but there' s little debt at the company level ( most of it is secured on individual boat building contracts). I hope if any of it does have truth behind it then it precipitates a sale of Triyards as a seperate listco - and 0.15x book is a long way below M& A pricing in the ship yards space ! |
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pnuklis
Master |
17-Jun-2017 10:26
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All the lift boats delivery deferred and MPSV order cancelled by owner. They are not paying the equipment suppliers as such ship building has come to a stand still. If Triyards want to survive they must distance themselves from Lee family so as to get any help from the banks. I feel sad for the employees. | ||
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kerier
Veteran |
16-Jun-2017 12:13
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Triyards need more cash very soon, it has only $12m cash on hand and expends about $1m every month. | ||
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Vicks666
Member |
16-Jun-2017 12:12
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I think thats very true on the oil and gas side of things but Triyards have managed to diversify themselves away from that segment to some extent. of the 6 outstanding liftboats for Ezion that they are working on, 4 are 80-95% paid for already, so I think its unlikely Ezion walk away, and for the other 2, Triyards have barely done any work. The MPSV' s and Chemical tankers they are due to deliver later this year there are no issues with - market remains OK for those segments. I hear they are still actively bidding for and winning work to try and replenish the order book - see the contract wins from March and I think they may have recently won some new Tug contracts yet to be announced. Clearly with it being majority of the equity being owned by the banks you' re right, its unlikely they continue as an independent entity, but I doubt DBS and OCBC would be willing to sell it for the current valuation of 0.15x BV ! Fingers crossed. |
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Vicks666
Member |
16-Jun-2017 12:11
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I think thats very true on the oil and gas side of things but Triyards have managed to diversify themselves away from that segment to some extent. of the 6 outstanding liftboats for Ezion that they are working on, 4 are 80-95% paid for already, so I think its unlikely Ezion walk away, and for the other 2, Triyards have barely done any work. The MPSV' s and Chemical tankers they are due to deliver later this year there are no issues with - market remains OK for those segments. I hear they are still actively bidding for and winning work to try and replenish the order book - see the contract wins from March and I think they may have recently won some new Tug contracts yet to be announced. Clearly with it being majority of the equity being owned by the banks you' re right, its unlikely they continue as an independent entity, but I doubt DBS and OCBC would be willing to sell it for the current valuation of 0.15x BV ! Fingers crossed. |
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pnuklis
Master |
16-Jun-2017 12:00
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Not much update from Ezra on the Chapter 11 proceedings. Only hear that Emas-Cheoda going to Subsea7 through DIP financing which means that Lee' s will loose control of that entity after their debt restructuring. Coming to Triyards, majority of shares owned by Ezra in Triyards are plegded to banks which means Banks own it. The only entity left is Ezra shell company + huge bebt and Emas are left. Emas is likely to run out of cash any time and is a candidate for restructuring soon than later as it' s banks are not lending even one cent to them anymore. I see it is difficult for Triyards to stay on when most owners are not paying stage payments and are delaying delivery of vessels. When Keppel & Sembmarine are struggling is is no cake walk for Triyards or Mr. Chan. Most of Emas vessels are going offhire one by one daily as they are not able to find cash to to do docking or maintanance. Most of teir vessels are lease back or mortgauged to banks. | ||
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