Post Reply
1281-1300 of 2165
share price down on very low vol...
don't expect any further depreciation in the price..
look out for the surge in price which is accompanied by high vol..
Generally market is in downtrend, so the share price also down. next support level is $0.96 & $0.915.
From OCBC Research, which is in my opinion, one of the more credible brokers:
Swiber Holdings: Significant order book and still bidding
Summary: Swiber Holdings (Swiber) reported a 3.6% YoY drop (+26% QoQ) in revenue to US$106.8m and a 18.6% fall (+70% QoQ) in net profit to US$13.8m in 2Q10. Core net profit of US$7.2m was within our expectations. It is encouraging to see that gross profit margin increased slightly from 21% in both 2Q09 and 1Q10 to 22% in 2Q10, after merely breaking even (on the gross profit level) in 4Q09. 2H10 is likely to be stronger with execution of contracts that were secured earlier, barring any disruptions. The group is also currently bidding for jobs in a few regions, such as parts of SE Asia and India. As of Aug 2010, Swiber has an order book of about US$915m. Almost all of our FY10F revenue estimate is backed by Swiber’s order book, while the corresponding figure for FY11F is 50%. The order book has visibility till 2015 (though it thins out towards the end assuming no new contracts are secured). We have tweaked our earnings estimates with more conservative revenue recognition assumptions and based on 11x blended core FY10/11F earnings, our fair value estimate eases to S$1.33 (prev. S$1.38) but our BUY rating remains. (Low Pei Han)
Swiber Holdings – Singapore
BUY
(Maintained)
Company Update
Share Price S$0.995
Target Price S$1.54
Upside +54.8%
Company Description
Swiber Holdings is a regional oilfield services
and offshore construction group
Stock Data
GICS sector Energy
Bloomberg ticker: SWIB SP
Shares issued (m): 508.4
Market cap (S$m): 505.8
Market cap (US$m): 371.0
3-mth avg daily t'over (US$m): 4.8
Price Performance (%)
52-week high/low S$1.25/S$0.815
1mth 3mth 6mth 1yr YTD
(2.5) (8.7) (7.0) 2.6 (2.5)
Major Shareholders %
Pang Yoke Ming 10.8
Goh Kim Teck 9.4
Jean Pers 6.1
Yeo Chee Neng 6.0
FY10 NAV/Share (US$) 0.66
FY10 Net Debt/Share (US$) 0.64
Price Chart
80
90
100
110
120
130
140
0.70
0.80
0.90
1.00
1.10
1.20
1.30
(lcy)
0
50
100
Aug 09 Oct 09 Dec 09 Feb 10 Apr 10 Jun 10 Aug 10
Volume
SWIBER HOLDINGS LTD Swiber Holdings Ltd/FSSTI Index (%)Source: Bloomberg
Analysts
Nancy Wei
+65 6590 6628
nancy.wei@uobkayhian.com
Stella Tan
+65 6590 6629
stellatan@uobkayhian.com
Contract awards shifting to a higher gear
What’s New
•
US$10m from the sale of two vessels, this was offset by one-off losses:
a) US$2.3m fair value loss on bonds and b) US$1.1m loss on the
dilution of PT Swiber Berjaya as Swiber did not participate in its share
issue. Separately, associates contributions were close to zero vs
S$1.9m profit contribution previously due to the high operation
expenditure at the initial stage of operation of a JV in Thailand.
2Q10: While Swiber Holdings (Swiber) booked in a large gain of•
expansion. Administrative staff head-count increased by 30% and
business development was beefed up. Swiber is bidding for more
contracts in India and set up a new office in UAE.
Administrative expenses in 2Q10 were 21% yoy higher due to business•
Swiber and does not include its consortium partners’ shares.
Furthermore, Swiber’s current orderbook does not include contract
extension from Brunei Shell Petroleum for offshore installation work to
be carried out in 2011-16 as the contract value has not been finalised.
As the contract for 2010 is worth US$81.4m – which is included in
current orderbook – we estimate the contract for 2011-16 could be
worth about US$500m.
Orderbook currently stands at US$915m. All of it is attributable to•
markets. Given the close proximity between India and Middle East, the
same fleet can be deployed to these regions, thus achieving greater
efficiency on lower mobilisation and demobilisation costs.
- India: Of the four recent bids by Swiber, the Group won three. It is
very active bidding for subsea work as well the usual offshore
platform installation and pipe-laying projects. Expect Inspection,
Repair and Maintenance (IRM) jobs to follow.
- Middle East: Swiber has offices in UAE and Saudi Arabia. JVs are
beginning the bear fruits. Swiber is bidding for one job in UAE and two
in Saudi Arabia. The Group has been invited by Saudi Aramco to bid
(after it qualified for bidding) on a project which will require 600km of
pipeline and 14 platforms over 3-4 years.
- Vietnam: Swiber is moving aggressively in anticipation of large
projects of field development with long pipelines to be awarded.
Contract bids: Management sees strong contract awards in mostKey Financials
Year to 31 Dec (US$m) 2008 2009 2010F 2011F 2012F
Net turnover 428.4 393.4 470.6 607.6 722.8
EBITDA 39.8 31.8 65.0 100.0 125.2
Operating profit 31.2 16.8 48.5 82.0 105.2
Net profit (rep./act.) 38.8 34.7 40.0 55.0 73.0
Net profit (adj.) 38.8 34.7 40.0 55.0 73.0
EPS (US$ cent) 9.2 5.8 6.3 8.7 11.5
P/E (x) 7.9 12.5 11.6 8.4 6.3
P/BV (x) 1.5 1.2 1.1 0.9 0.8
Dividend yield (n.a.) n.a. n.a. n.a. n.a. n.a.
Net margin (%) 9.1 8.8 8.5 9.0 10.1
Net debt/(cash) to equity (%) 100.4 84.7 96.5 90.4 77.7
Interest cover (x) 3.9 2.4 3.3 4.7 5.3
ROE (%) 20.3 13.8 12.6 15.1 17.0
Consensus net profit - - 36.5 53.7 61.7
UOBKH/Consensus (x) - - 1.10 1.02 1.1
Performance Review
Gross profit remained relatively stable at US$23.6 million in 2QFY2010 despite a marginal
decline in revenue. Gross margin held steady at 22.1% as compared to 21.5% in 2QFY2009.
The Group’s 25.3% decline in net profit in 2QFY2010 to US$14.3 million from US$19.1 million in
2QFY2009 was mainly attributed to higher administrative expenses, other operating expenses
and finance costs.
Administration expenses increased by 21.4% to US$8.9 million in 2QFY2010 from US$7.4 million
in 2QFY2009 mainly due to an increase in business development costs, staff related costs,
higher office and administrative expenses to support the Group’s business expansion.
Other operating expenses increased to US$4.0 million from US$300,000 mainly due to changes
in fair value of financial derivative embedded in the US$100 million 5% Convertible Bonds
issued in 4QFY2009 of US$2.3 million.
suddenly swiber got interest.. result news leakin out?
1.02..
today is the day for swiber..their result announcement
price now climbin 1.02
ozone2002 ( Date: 11-Aug-2010 10:03) Posted:
|
swiber reporting this fri 13th!!
i hope it'll be a darn gd result..
swiber oil services related industry same price as OSIM?????
u have to be kidding!!
Kruez 49c
swiber still sleepin @ 1.05-1.06
opportunity to capitalize on the laggin price..
whoot!
Kruez spin off 46c
swiber 1.07 only!!!!! lagging!!!
MAKANED!!! ..yum yum..
everytime i open my big mouth , the stock chiong..
| 11:40:08 | 1.050 | 1,075 |
S |
Kruez chionging like no tmr..
swiber still laggin after the spin off...
buy more to take advantage of this price lagging opportunity..
Swiber trying to hold on to 1.06.
Looks like in divergence stage.
ezra moved past $2
kep & semb mar have also started their upward move..
swiber still lagging behind..
time to load up on swiber before it catches up with the pack..
consolidating with support @ 1.06 (resistance becomes support)
oil @ $79 and goldman sacs saying oil is too cheap.. the only way is up..
spin off of Kruez into an IPO will provide liquidity for swiber..
in good stead..
now we know why it chiong-ed...
Kreuz offers 80 mln new shares at 27 cts/shr in IPO
By
ANGELA TAN
Kreuz Holdings Limited, Swiber Holdings
Limited's subsea services business, is offering 80 million new shares at
27 cents each in its initial public offer (IPO).
Of the total, 4.50 million new shares will be offered to the
public, while the remaining 75.50 million shares will be placed.
The public offer will open on July 22, 2010, and will close at
noon on July 27, 2010.
Listing of Kreuz's Shares on Catalist is expected to start on July
29, 2010.
just broke out on high vol..
ride the breakout .. sell once there're signs of reversal..
gd luck!