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This one beginning to look interesting.
Limited downside. Upside will be triggered if volume picks up further....
Limited downside. Upside will be triggered if volume picks up further....
More insider buying by founder Ang Sin Liu..
Family stake went up from 64.81% to 72.69%
The company have already made pre-tax profit, hence satistfied one of the conditions for exit of watchlist
The other condition to exit watchlist is to hit 40 million market capitalisation.
Once the Ang family exercises their warrants, company can and will exit the watchlist !!
Just imagine how the share price will rocket when the curse of the watchlist is lifted!!!
Multibagger soon!!!!! Just wait and watch :)
Target would be the NAV of 12 cents (since most marine and offshore counters are above their NAV)
Family stake went up from 64.81% to 72.69%
The company have already made pre-tax profit, hence satistfied one of the conditions for exit of watchlist
The other condition to exit watchlist is to hit 40 million market capitalisation.
Once the Ang family exercises their warrants, company can and will exit the watchlist !!
Just imagine how the share price will rocket when the curse of the watchlist is lifted!!!
Multibagger soon!!!!! Just wait and watch :)
Target would be the NAV of 12 cents (since most marine and offshore counters are above their NAV)
ASL Marine looked as though it might be in a touch of trouble towards the back end of last year, with some looming bond payments and not enough equity. However, a rights issue at 12c per share, largely backed by the Ang family who are the controlling share holders ( and who occupy all of the executive board seats ), and renegotiation with bond holders which saw the payment schedules on outstanding debt pushed out by three years, has left the group placed on a pretty steady footing going forwards.
ASLs business is in Ship Building, Ship Chartering, Repair and Maintenance and Engineering services & ndash so really right across the spectrum of offshore services, In fact their real area of expertise is in Tug Boats and Barges, so they should be in a better position than some to better diversify themselves away from Oil and Gas related revenues. In the Q3 results which were out on Monday they make it clear that infrastructure spend is very important to end demand for all their businesses, particularly here in Singapore relating to the Tuas mega infrastructure programme.
Its also worth noting that while the Q3 results reflected a small headline loss, largely thanks to increased costs associated with the debt renegotiations, the 9m result for 2017 has seen operating cash inflows of 79.3m, as inventories have shrunk and they have managed working capital and recievables aggressively down. That' ' s versus the current market cap of 84m.
This boils to valuation at the end of things. The stock is trading on 0.15x BV at this price which is ludicrously cheap. I think the moment the Ang family see a sniff of a recovery they will look to buy out minorities, hopefully at a decent premium to the current price and closer to 0.5x BV. I mean why would' nt they - they built the business up from scratch and know what its worth having invested in the fixed assets along the way - so if they see the opportunity to buy those assets at a big discount to BV at the bottom of the offshore marine cycle, you' d imagine they' d jump at the chance !!
ASLs business is in Ship Building, Ship Chartering, Repair and Maintenance and Engineering services & ndash so really right across the spectrum of offshore services, In fact their real area of expertise is in Tug Boats and Barges, so they should be in a better position than some to better diversify themselves away from Oil and Gas related revenues. In the Q3 results which were out on Monday they make it clear that infrastructure spend is very important to end demand for all their businesses, particularly here in Singapore relating to the Tuas mega infrastructure programme.
Its also worth noting that while the Q3 results reflected a small headline loss, largely thanks to increased costs associated with the debt renegotiations, the 9m result for 2017 has seen operating cash inflows of 79.3m, as inventories have shrunk and they have managed working capital and recievables aggressively down. That' ' s versus the current market cap of 84m.
This boils to valuation at the end of things. The stock is trading on 0.15x BV at this price which is ludicrously cheap. I think the moment the Ang family see a sniff of a recovery they will look to buy out minorities, hopefully at a decent premium to the current price and closer to 0.5x BV. I mean why would' nt they - they built the business up from scratch and know what its worth having invested in the fixed assets along the way - so if they see the opportunity to buy those assets at a big discount to BV at the bottom of the offshore marine cycle, you' d imagine they' d jump at the chance !!