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NamCheong
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Namcheong : strong and profitable - will cheong
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superstartup
Supreme |
09-Feb-2026 15:22
Yells: "Enjoy doing Fundamental Research" |
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Above $1.30. Nice : ) | ||||
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melody88
Member |
03-Feb-2026 11:53
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Really chiong towards $1.6 as DBS forecast. next target price $1.4 soon.... | ||||
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superstartup
Supreme |
03-Feb-2026 11:01
Yells: "Enjoy doing Fundamental Research" |
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At $1.30, people thought that it is expensive on nominal $ basis. But it is actually trading at 30% - 35% discount compared to peers (including a few local players). ( In any case, please perform your own DD )
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Joelton
Supreme |
03-Feb-2026 10:24
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CGS International initiates coverage on Nam Cheong CGS International is expressing confidence in shipyard Nam Cheong by initiating coverage of the counter and rating it as an &ldquo add&rdquo with a target price of $1.87, representing 68 cents or 57% upside from its Jan 30 closing price of $1.19. Analysts Meghana Kande and Lim Siew Khee are bullish on Nam Cheong&rsquo s prospects for three reasons: stronger fleet utilisation and fleet expansion newbuild replacement cycle opportunities and balance sheet flexibility. They project Nam Cheong&rsquo s revenue to grow y-o-y by 8% and 11 % respectively for FY2026 and FY2027. Firstly, they expect Nam Cheong&rsquo s fleet of offshore support vessels (OSV) to enjoy better utilisation rates to around 68% for FY2026 and 70% FY2027, bringing in more cash from chartering. They also note that around 64% of its current 36-strong OSV fleet is under long-term charter, signalling earnings visibility. Both are also optimistic that the six vessels under construction could add 5% to 7% of revenue growth or around RM75 million annually. Next, Kande and Lim believe that Nam Cheong is well-positioned to seize newbuild OSV opportunities as global OSV fleets age and incur higher maintenance costs and become less efficient. They point out that Nam Cheong handled peak orderbooks of more than RM1 billion from FY2012 to FY2015 as well as management&rsquo s hints that the company is in active discussion for newbuild orders. The use of proceeds from a December 2025 sale of a vessel for shipbuilding capex also reaffirms CGSI&rsquo s view of Nam Cheong&rsquo s opportunity in this segment, with CGSI forecasting two newbuild contracts worth US$30 million in FY2026 for delivery in 2028. Thirdly, both analysts are positive on Nam Cheong&rsquo s efforts to pare debt. They forecast net gearing to decrease to 20% in FY2026 before decreasing further to 12% in FY2027. With lower finance costs and the unlocking of liquidity from the sale of older vessels, Kande and Lim believe Nam Cheong will have the flexibility to fund growth initiatives and potentially resume dividends. Should newbuild orders or vessel utilisation exceed expectations, or dividends resume, CGSI would view these as catalysts for a rerate. They remain watchful for downside risks including lower fleet utilisation arising from decreased capex by oil majors and delays in securing newbuild contracts. In summary, CGSI is confident in Nam Cheong&rsquo s business as a ship charterer and builder. They believe at around seven times P/E, the counter is undervalued. Their valuation of $1.87 is based on a forecasted FY2027 P/E of 11 times, in line with peers. At around 4:30 pm on Feb 2, Nam Cheong shares are trading at $1.28, an increase of nine cents or 7.6% from the previous trading day. |
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superstartup
Supreme |
02-Feb-2026 15:34
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The next catalyst is Ship Building Contracts. The brokerage houses mentioned Nam Cheong is in advance discussions with a few parties. Now just wait patiently. I no play contra, can hold and wait. |
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PQTPQK
Supreme |
02-Feb-2026 15:26
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let see whether later will cheong again ....
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superstartup
Supreme |
02-Feb-2026 14:33
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Stock trades at 35% discount to peers. TP $1.87 by CGSI Luckily am over here (and Singholdings) in a sea of red. ( as usual, please perform your own DD )
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superstartup
Supreme |
02-Feb-2026 10:58
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Just like Singholdings, I like quiet board : ) | ||||
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superstartup
Supreme |
02-Feb-2026 10:19
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CGS International: We initiate coverage on Nam Cheong with an Add call and TP of S$1.87 on 11x FY27F P/E, in line with peers. Stock trades at 35% discount to peers. Fleet expansion, better utilisation and potential newbuild order wins underpin our estimated 12% core net profit CAGR over FY25F-27F. Key re-rating catalysts: stronger-than expected newbuild orders, resumption of dividends and capital recycling to fund growth and debt repayment. Now wait for UOB KH, etc. to join in too. |
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superstartup
Supreme |
02-Feb-2026 09:55
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Glad bought lotsa : )
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superstartup
Supreme |
02-Feb-2026 09:03
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DBS is conservative. Another brokerage house initiated coverage and gave a much higher TP.
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Sgvale
Supreme |
30-Jan-2026 15:00
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So optimistic
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superstartup
Supreme |
30-Jan-2026 14:59
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DBS revised TP $1.60 (+35c) Media yet to report. |
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melody88
Member |
30-Jan-2026 09:45
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nice to see the target price going higher and higher.... hope it can chiong to $1.30 before CNY | ||||
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superstartup
Supreme |
30-Jan-2026 08:40
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Just out:
Nam Cheong - Newbuild Waves Incoming (TP raised to SGD1.60)
Debt Repayments Boost Dividend Odds. Nam Cheong continues disciplined fleet reprofiling with two PSV sales in two months (total > USD40mn), crystallising c.RM50mn disposal gains in 4Q25E/1Q26F (upper end of RM30& ndash 50mn historic range, excluded from core earnings). These unlock embedded vessel value (< 50% of market value on books), pulling forward 7& ndash 8 years of charter earnings (~RM7mn net profit p.a.). Proceeds fund newbuild activities and accelerate deleveraging (debt repayments rising from RM35mn FY24 to > RM78mn FY25E, > RM100mn FY26E), with total restructured debt halving from RM495mn (early 2024) to < RM280mn this year. Net gearing trends from ~0.5x toward < 0.4x, meaningfully raising dividend odds. A conservative 20& ndash 30% payout on FY26F net profit (~RM200mn) translates to 2.6& ndash 3.9 Scts/share (2.5& ndash 3.5% yield). Newbuild Catalysts Drive Further Re-rating. The buoyant OSV secondhand market signals rising newbuild demand as aged fleets (~15 years average) reach renewal. Enquiry levels for newbuild orders are rising. Nam Cheong' s 12.6-hectare Miri shipyard (Kuala Baram, Sarawak) has capacity for 4-12 vessels annually during the 2012& ndash 14 peak, it delivered 24 vessels (including partner yards). This positions Nam Cheong for RM20& ndash 200mn net profit potential (adding 10-100% to annual profit ahead). Despite recent rally, Nam Cheong& rsquo s valuation remains undemanding at only ~7x FY26 PE, an unwarranted, steep discount of 20%-50% to closest peers such as Singapore-based Macro Polo (16x PE), Pacific Radiance (10x), ASL Marine (9x) and Malaysia-based Lianson (22x). We are raising our PE multiple to 10x (vs 8x prev) in line with lower end of the peers trading range with room for further expansion as newbuild wave gathers steam. Our fair value is lifted to SGD1.60 (vs SGD1.25 prev). This has yet reflected the potential valuation of its Miri Shipyard, which could add SGD0.13-1.17/share (8x PE) to fair value when OSV newbuilds make a comeback. Reiterate BUY. Nam Cheong is well positioned, with its comparatively younger fleet (~9-years), to benefit from tightening global OSV supply, ageing regional fleets and stricter safety and efficiency standards, while leveraging its in-house shipyard capabilities to ride the upcoming newbuild wave. Unlike most O& G and O& M plays, Nam Cheong benefits from weaker USD as > 80% of earnings are denominated in RM, which has been strengthening against USD and SGD. |
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superstartup
Supreme |
29-Jan-2026 16:55
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Buy for tomorrow news. | ||||
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superstartup
Supreme |
29-Jan-2026 15:36
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Just added lotsa for tomorrow.
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superstartup
Supreme |
28-Jan-2026 11:21
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Above $1.20 : ) 难 冲 (Nam Cheong) 继 续 冲
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focusy
Senior |
27-Jan-2026 10:23
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NAM CHEONG: Stock +9% on news of another vessel sale, potentially " turbocharging" debt repayment
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Meemee1
Member |
27-Jan-2026 10:09
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Huat to those still holding!
The game has just started. Sell vessels to get capital...good move The next half of the show is about new build orders&mdash let&rsquo s wait and see. |
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