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1141-1160 of 2165
bought more @ 1.06 from those contra forced sell
saw a DBS vickers report..CHIONG AH!!!!
Swiber Holdings, Buy S$1.08 , Bloomberg: SWIB SP
Earnings recovery intact
Price Target : 12-Month S$ 1.28 (Prev S$ 1.42)
By: Jeremy THIA +65 6398 7974
· Expect a strong finish to 2010 with seasonal order wins, award of
contracts on tender.
· Reduce core FY10/11F by 50%/26% on revised recognition schedule;
expect qoq improvement in 3Q10.
· Maintain BUY; TP revised down to S$1.28.
FY10 order wins assumption maintained at US$800m. We believe 4Q10 contract
awards could make up the outstanding order wins assumption of US$371m for
FY10 on the back of 1) potential awards of at least 4 major contracts worth
an estimated US$1.5bn in total; and 2) seasonal order wins for offshore
field development projects in Southeast Asia over 4Q10 to 1Q11.
FY10/11F cut on revised earnings recognition schedule assumption. Our
original earnings projections were too high, premised on shorter project
execution periods on smaller projects. In line with YTD contract wins and
Swiber’s aim to continue pursuing sizeable projects, we have adjusted the
assumed revenue recognition period to better match this, resulting in a
50%/26% reduction in FY10/11 recurring earnings forecasts. Notwithstanding
the cut, we project +268% y-o-y growth in FY10 earnings.
Sequential improvement in 3Q10 results to signal sustained earnings
recovery. We expect Swiber to post a recurring PATMI of US$11.5m for 3Q10
(vs. US$0.9m in 3Q09; US$4.7m in 2Q10) on sales of US$136.4m. This will be
largely driven by progressive recognition of its orderbook and positive
operating leverage, which will be reflected in improved EBIT margins of
12.3% (+6.3ppt y-o-y; +1.4ppt q-o-q).
Maintain BUY. Swiber’s TP is reduced to S$1.28 (prev S$1.42) on lowered
FY11 earnings and greater potential dilution with a lower conversion price
on its CBs, pegged to 10x diluted recurring FY11 PE. Maintain BUY on strong
expected order flows and earnings recovery, with potential upside should it
deliver stronger than expected margins.
Bo pian, I am benchmark by international indices, have to play catch up.
Also the technical charts looks increasing positive for swiber. Massive selling is unlikely.
And I trust their independent director who has a lot tricks as he is a commercial guy whom I met personally before.
This god damm oil prices hitting the roof, it will be sometime before Swiber hit 80cents and more likely it will go up during these three months as Swiber has a habit of collecting contracts towards year end.
so the pros beats the cons at this moment. but once it goes up it should shoot to at least $1.35,
You see now all their troops of ships and barge, whatever that can move in sea has been delivered to their doorstep, so if I am the boss, I wll snatch all contracts at all cost in order to maintain cash flow, so contract is a deal done. Profits later, since investor looks at contract , so we buy the news first , sell later when margins goes under.
if oil hit to $100, then this will fly but I think $1.50 is the limit unless M&A in play.
Maybe they will seek listing at elsewhere.
Fully invested. 38 lots . wat ah!!
ah_seng1001 ( Date: 07-Nov-2010 09:48) Posted:
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Hardly gain easily drop.
OMG!! result closer a bit worry right now.
ozone2002 ( Date: 04-Nov-2010 09:19) Posted:
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when kreuz is moving , swiber is sleeping
when kreuz is sleeping , swiber is booming
If no big buy up on these few days then don't expect the result will be good.
tchekchuan ( Date: 08-Nov-2010 09:26) Posted:
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Sigh, crude oil already hit $87, why this share just refused to hit way up?
GO GO GO swiber...
FearValueGreed ( Date: 07-Nov-2010 00:55) Posted:
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yes a breakout is imminent.
buy is never wrong, just dun short
- +0.55Price/barrel$87.40
Effects of Foreign Exchange Rate Changes will affect Swiber Q3 result?
- +0.61Price/barrel$87.10
bishan22 ( Date: 05-Nov-2010 08:15) Posted:
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