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08-Jun-2012 08:57

Intraco / Intraco is value for money

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one more of OHL's baby..

looking to go in below his buy price of 50c..

don't chase with the herd.. get trampled in the end..

dyodd gd luck!

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01-Jun-2012 15:58

Seatrium / Sembmarine

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i saw a lot of brokerage houses recommending to accumulate on weakness the O& G sector plays

namely SEMBMAR & KEPCORP..

hope there will be more upside to this in time to come..

gd luck dyodd

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01-Jun-2012 15:36

IPC Corp / Solid NTA 27c

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so much volume today..

becoz of the rights issue?.............. :((((

dyodd gd luck!

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01-Jun-2012 15:17

AusGroup / AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m

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Ausgrp highlighted in TheEdge magazine this week

briefs

AUSGRP trading @ 6x earnings vs Civmec of 34x

looking to gain investor confidence back..

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01-Jun-2012 14:33

Seatrium / Sembmarine

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the high court order didn't dampen the share price..in fact it boosted the share price from the intro day

low..

rock steady!

gd luck.. dyodd

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01-Jun-2012 14:20

Keppel / keppel Corp

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9.9 yum yum price..

slurp

gd luck dyodd..

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31-May-2012 09:59

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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Bottom-fishing

YZJ is cheap at 1.2x P/BV, its trough during GFC. After a strong 1Q12,

we believe FY12 is likely to beat consensus expectations on margin

strength. Securing jack-up rig orders could be its game changer.

We adjust FY12-14 EPS by -5% to

+7% on changes to shipbuilding

margins. Maintain Outperform, albeit

with a lower 7x CY13 P/E target, 20%

below its 5-year mean (from 8x or

10% below its 5-year mean) to reflect

increased risk aversion. Implied P/BV

is 1.5x, 20% below its 4-year -1SD of

1.9x – still cheap. .

Trough unwarranted

The stock had outperformed the

FSSTI by 20% year to Apr before

sliding in May following a resurgent

European debt crisis. We think it has

been oversold, to 1.2x P/BV (GFC

valuations in Oct 08). With no news

of order cancellations, we foresee a

rapid recovery in its share price if and

when euro-zone concerns dissipate.

Strong margins from Cosco’s

pre-crisis orders

YZJ beat our expectations in 1Q12

with shipbuilding gross margins of

27.2% against our 23.5% expectation

for FY12. We believe progressive

execution of its remaining 18 pre-GFC

high-margin container-vessel orders

from COSCO in FY12-13 could

support margins. We now expect

shipbuilding gross margins of 25%,

22% and 15% for FY12-14 (previously

23.5%, 21% and 19%).

Offshore re-rating

YZJ’s entry into rig building should

be imminent as it prepares itself by

developing the Taicang yard and

hiring personnel to beef up its

offshore division. Given its

shipbuilding track record, we believe

its learning curve could be less

painful than for other Chinese

shipbuilding aspirants such as Cosco

Corp and JES. Management is

confident of securing 1-2 jack-up rig

orders by end-2012.

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30-May-2012 14:53

Seatrium / Sembmarine

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Nomura singing the same tune in terms of my prior buy on dip calls based on the fat orderbooks of the oil rig companies notably Semb Mar & Kep Corp..

The recent sell-down in equities offers a good chance to increase weightings in Singapore oil rig builders such as Keppel Corp and Sembcorp Marine, Nomura said.

The broker kept its buy rating on both companies, and has a target price of S$13.80 for Keppel and S$6.08 for Sembcorp Marine. Curent levels are S$10.14 and S$4.50, respectively.

Shares of Keppel, the world's largest rig builder, and smaller rival Sembcorp Marine have risen about 9 percent and 17 percent respectively so far this year.

However, Sembcorp Marine plunged 12 percent and Keppel lost 8 percent this month alone a mid a global flight from riskier assets, worse than the benchmark Straits Times Index's 6.6 percent loss.

" While new order momentum may slow in the coming quarters, given macro headwinds and weaker oil prices, we believe underlying long-term demand for offshore exploration and production remains robust," Nomura said.

It highlighted that the industry would benefit from the recent new oil discoveries, while the move to deeper waters and frontier drilling is expected to support demand for high-specification rigs.

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30-May-2012 10:15

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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looks like a breakout!..gd luck dyodd

Yangzijiang Shipbulding - Bullish breaks suggest further recovery

Resistance: S$1.20
Support: S$1.02

Last Closing Price: S$1.075
52-week Px Range: S$0.77 - S$1.63

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26-May-2012 14:28

IPC Corp / Solid NTA 27c

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believe in Uncle Oei.. and also the 2 substantial shareholders that bought 20 m shares..

collecting on the cheap..

gd luck DYODD

ozone2002 ( Date: 12-Apr-2012 11:58) Posted:

IPC stirring interests today with vol hitting 12m..

already vested..waiting to reap the rewards with uncle Oei!

gd luck ! dyodd!

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26-May-2012 14:24

ABR / Peter Lim upps stake in ABR

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one of the very few shares that have made gains despite the fall of the overall markets..

furthermore Peter Lim is vested..

gd luck !!dyodd

ozone2002 ( Date: 25-Feb-2012 11:23) Posted:

seems like this is low key investment for him..

didn't see any news reported in the papers..

i shall quietly accumulate till the herd comes trampling in :)

gd luck!!

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24-May-2012 11:03

Straits Times Index / STI to cross 3000 boosted by long-term investors

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downside another 2+%.. upside 1-2%..

STI - Maintain view for downside to 2700 technical

rebound to test the 2820 level along the way.

We maintain view on STI for downside to 2700 level, with

technical rebound to test the 2820 level along the way.

Developments out of Europe will remain the main focus,

determining the market’s direction.

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24-May-2012 09:31

Seatrium / Sembmarine

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seeing director buying activity .. provides a further vote of confidence in the stock purchase..

averaged down by buying more @ $4.5

gd luck ..dyodd

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24-May-2012 09:26

AusGroup / AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m

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AUSGROUP's new CEO has track record as strong business builder

Written by Leong Chan Teik

Sunday, 20 May 2012 13:19

Based in Perth, Laurie Barlow, 50, was in Singapore recently to meet fund managers. Photo by Leong Chan Teik

GROWING UP in Queensland, Australia, young Laurie Barlow absorbed working knowledge that would later dovetail into his own lifetime career.

“My father was a civil engineer in a contractor company that built roads, airports, etc – all the time I was growing up, we were talking about project delivery and contract management,” remembers Mr Barlow in an interview with NextInsight recently.

He gained first-hand experience too in the industry. “When I was in high school and university, I spent the holidays working on-site in the construction industry.”

Since graduating as a chemical engineer from the University of Queensland in 1983, and picking up a MBA along the way, Mr Barlow has spent three decades working on sites, or desk-bound work, all of which were related to projects in the mining, or oil & gas sectors in Australia.

Now 50, he was appointed CEO of AusGroup, which is listed on the Singapore Exchange, effective March this year.

AusGroup’s business is familiar terrain to him – AusGroup provides fabrication and manufacturing, construction and integrated services to natural resource development companies.

Previously, he was MD of the mining division of AECOM Australia.

AECOM is a much bigger company than AusGroup – AECOM is a Fortune 500 company listed on the New York Stock Exchange providing consulting and project management services.

While AECOM has annual revenues of US$8 billion, AusGroup reported AUD602 million in revenue (and AUD12.4 million in net profit) for FY11.

An interesting fact about Mr Barlow’s 4.5 years at AECOM is that he grew its mining division to become a significant contributor to AECOM’s annual revenue.

Similarly and strikingly, Mr Barlow had grown a start-up to a significant size at his previous workplace, SNC-Lavalin, one of the largest engineering and construction companies in Canada.

Based in Australia, he was Vice President and General Manager, responsible for the management of SNC-Lavalin business activities and operations in the Australian region.

It now has a major EPC (engineering, procurement and construction) operation in Australia.

Why join AusGroup?

For heavy structure assembly and construction, AusGroup has a facility (above) in the Australian Marine Complex. NextInsight file photo

" I wanted to run a company that was delivering projects to the resources sector in Australia, especially in mining and oil and gas. I looked closer at AusGroup -- it had 3,000 people, it was delivering iconic mega projects in Western Australia, and it had a fantastic safety culture."

Safety is not about measuring lost time but achieving accident-free days, he says.

Mr Barlow fishes out from his bag his work pass -- it has the words " Perfect Day" and a photo of him on a jet ski with his son.

" Our safety philsophy is - we want to go to work and come home and enjoy something we do at home. So my Perfect Day would be to go to work and come home and enjoy jet-skiing with my son."

AusGroup recently traded at 33 cents for a market cap of S$155 million and historical PE of 10.

Other things about AusGroup attracted him. As part of his research, " I looked at the share price and I thought there is a lot of upside for this company."

AusGroup operates in an industry where, according to a recent media report, there are some AUD300 billion of resource projects in the execution or planning stage in Australia, of which AUD220 billion is in Western Australia.

In the next financial year, Mr Barlow is looking to expand its business from Western Australia to Queensland in the east coast (where he grew up) either organically or through acquisitions.

" I have been to a lot of mine sites and travelled around Australia - by road, helicopter, plane. There's not many places in Australia I have not been to. The knowledge, coupled with a project delivery focus, will help AusGroup grow."

On his management philosophy: " We have a clear strategy for the business and my direct staff clearly understand that strategy and have the freedom to implement it.

" I'm very open, and I'm very results-driven. I need the bottomline because that's what our shareholders want."

Family and leisure

Mr Barlow has three children: Myles, 20, who is studying commerce at the University of Western Australia Lydia, 20, who is studying physiotherapy at Curtin University and Remy, 15, who is in high school.

His wife, Lee, used to work in consulting engineering but has since become a lady of leisure.

In his own lesiure, aside from jet-skiing, Mr Barlow enjoys scuba diving, citing the Great Barrier Reef and the relatively unknown Ningaloo Reef off Western Australia as his favourites.

I asked a hypothetical question: If he were close to retirement, what would he be planning to do?

" I would like to do a lot of travelling to nice places with my wife. I have done so much travelling in the past 20 years but not a lot of that's for leisure. I would fly to cities and have meetings but not have the time to see them properly. I have been to Beijing, Hongkong, New York, LA, Rio, you name it, I have been there -- I've been to Singapore a lot of times but I've only seen Changi."

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18-May-2012 14:00

Seatrium / Sembmarine

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$4.4... looking to average down more

gd luck dyodd

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18-May-2012 13:58

Keppel / keppel Corp

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9.81 so tempting..

fingers itchy already...

yummy..

dyodd gd luck!

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18-May-2012 10:16

Seatrium / Sembmarine

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sentiment sentiment sentiment..

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18-May-2012 00:52

Seatrium / Sembmarine

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SembMarine's unit secures $130m worth of contracts

Carine Lee

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Sembcorp Marine on Thursday said its subsidiary, Sembawang Shipyard, has secured three major contracts totalling S$130 million.

The first contract, awarded by Sonangol Pesquisa e Producao SA (SNLPP) is for major repairs and upgrading of the 20 year old FSO Palanca.

Major work scope includes the renewal of the vessel's cargo piping system and pumps, tank blasting and coating, and cables renewal for the entire electrical system. The existing 30-men accommodation block will be redesigned and rebuilt to accommodate 60 men. The new accommodation block will include a new helideck to meet the vessel's operational requirements.

The vessel is expected to enter Sembawang Shipyard in August 2012 and, upon completion, will return to Palanca Terminal in offshore Angola.

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16-May-2012 15:34

Keppel / keppel Corp

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STX OSV to name preferred bidder soon. Quoting a South Korean business news
website (MK Business News), Upstream reported that STX Group will soon
reveal the preferred bidder for its 50.8% stake in STX OSV. Among the
potential candidates are a consortium consisting of Fincantieri, a
state-owned Italian shipbuilder, with US private-equity firm, Carlyle
Group, and Singapore’s Keppel Corp. Note that in January 2012, Both Keppel
Corp and SembCorp Marine clarified that they are ‘currently not making a
bid for a stake in STX OSV’.

STX OSV a strong value proposition to potential buyers.
To recap, STX is the largest builder of AHTS of > 20,000 BHP and PSVs of
> 4,500 DWT, with a global market share of 30.8% and 18.0% respectively. It
operates from a network of nine shipyards in Norway (5), Romania (2), and 1
each in Brazil and Vietnam. The group is building on its leading 45% market
share in Brazil with the development of a second yard, to commence
operations in 2013. Once in full operation, STX will be able to deliver 6-7
larger vessels a year, boosting its Brazilian capacity by 3.3-4x. With a
strong presence and expansion plan in Brazil, STX OSV is among the prime
beneficiaries of Petrobras plan to expand its offshore support vessel fleet
by 66% in the next 5 years. Maintain BUY on STX OSV, the stock has retraced
by 12% from recent highs. A confirmed bid will benefit minorities, as the
purchase is likely to trigger a takeover offer. Our target price of S$2.00
for STX OSV is pegged to 11x blended FY12/13F PE.

If true, acquisition likely to be positive for KEP. Given that KEP had
earlier indicated no interest in the bid, it is unlikely that KEP will have
a change of heart, unless it is a sweet deal. In the event KEP emerges as
the winner for the stake, we envisage several benefits for Keppel.

a) Moving UP the value chain. STX OSV will push it up the value chain for
large, advanced OSVs while strengthening KEP’s leading global positioning
in the offshore engineering space. It is now the king in jack-ups with an
estimated 40% market share and 20% market share in semi-submersibles.

b) Boost to group order book. STX OSV has been building up its order book,
now at NOK18.0bn (S$3.8bn), translating to a healthy book-to-bill ratio of
1.6x. With an orderbook of S$14bn (including LOIs), KEP's book-to-bill
ratio is already at a record 2.7x!

c) Likely to be an earnings accretive deal. The deal is likely to be
accretive, given that STX is trading at 8x PE vs. KEP's 11x. Assuming KEP
does not overpay for the STX deal, our back-of-the-envelope estimates
indicate the acquisition could be earnings accretive for KEP, adding c. S
$100m to FY13F, or ~5.8%. This assumes KEP acquires 100% of STX OSV at our
target price of $2/share, and funding this entirely with debt at 4%.
Maintain BUY on KEP, TP $13.20.

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16-May-2012 11:25

Seatrium / Sembmarine

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i'm there @ 4.5

hit me :)

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