Swiber   

Swiber

RAMPAGE!!!

vol gg to surpass yest closing vol...

$1 baby!!! go go go

over over over sold counter

 

I bought at 0.93. Is this stock worth holding for a while? or shld i sell it today after making abit of profit?

 

94.5

on da move.......

push it push it somemore........

 

now i know who's been collecting cheap.....

Swiber Holdings: S$0.91                                                      BUY (TP: S$1.35)

Primed for growth


Re-initiate with a BUY. We re-initiate coverage on Swiber Holdings with a BUY rating and TP of S$1.35 based on 10x P/E on FY11 core EPS. Our TP implies 48% upside from its last price. We like the stock because: (1) Swiber is a leading offshore construction player in the Asia Pacific region and is a direct beneficiary of pick-up in new platform and pipeline projects. (2) Record high order book at US$1b provides strong topline visibility for the next three years. (3) Valuation is attractive at 7x FY10 P/E vs. peers’ valuation at 11-14x P/E. We expect Swiber to achieve FY10-11 core net profit of US$39m and US$49m respectively. Key re-rating catalysts are new order wins and strong earnings momentum.

Order book hitting new highs. Swiber experienced strong order book expansion in recent months, having secured US$462m new orders since the start of the year. Swiber’s total order book is now US$1b, a record for the company, and this is more than two times FY09 revenue. The company is looking at US$5b new EPCIC tenders in the market and we think there could be more upside surprise on new orders as these contracts are eventually awarded in the next 12 months.

Compound earnings growth of 25% to be driven by high orders. We expect Swiber to achieve 2-year EPS CAGR of 25% over FY10-11 mainly driven by higher revenue (+16% CAGR FY10-11) and higher margins. We see little downside risk to our FY10-11 revenue forecasts as more than 70% of our revenue assumptions are backed by orders in-hand. Margins could surprise on the upside as the increased vessel ownership will result in better cost control. We estimate operating margins to range 12-13% in FY10-11 vs. 5% in FY09.

Good entry price; undemanding valuation. Swiber’s share price has fallen 27% from its recent high and now trades at 7x FY10 P/E, 1.1x FY09 P/B and 0.27x PEG. We believe valuation is attractive: (1) Global offshore construction peers are trading at higher P/E multiple of 11-14X and P/B multiple of 2.0-3.0x. (2) Current P/E valuation is a 50% discount to its average P/E since listing of 14x and well below its peak P/E of more than 30x during the last oil up-cycle.

 

swiber having some activity today...

let's see it can chiong after all the BBs collected @ low 90s..

 

Swiber is also a recommended counter to buy on dip....besides shipping stocks such as NOL, gaming stock such as Genting, etc....good luck :)

 

taking A380...

93 now..

these BBs know how to cock tease slowly..haha

 

vol very thin..

can either fly to the heavens or drown in the depths of hell..

i prefer flying...

 

They know wat they r doing. Smart guys.

 

200 lots snapped up @ 91.5

BBs collectin cheaply..

still vested...

 

Frankly, I believe oil n gas sector stocks have been unfairly penalised by BP fiasco. One of the more depressed index. May have some good ones for the longer term. Take a good hard look.

 

 

With this ...... monday no eye see

Oil (Light Crude) July 2010 contract

71.51 $ / barrel

-3.10 -4.15%

 

This counter may be hit by DOW negative impact.....expected to go lower on Monday

 

Is it a good bet to hold?

 

hit 95 today..

gotta clear the 95 hurdle...

ozone2002      ( Date: 03-Jun-2010 11:32) Posted: accumulation @ 935...

 

dun tnk tt big fishes have enter tis counter yet. if not u should be able to  c more gain.

a gd co. winning contract on regul basic. but need to get tt bb attention.

leejlk      ( Date: 03-Jun-2010 14:33) Posted: Can join into the accumulation now?  Not sure at what price will the big fish withdraw?

 

Singapore Index is up up down down up up for the past couple of weeks liao.....guess what will be tomorrow trend? Should toss a coin to see whether tomorrow is up or down.

 

 

Can join into the accumulation now?  Not sure at what price will the big fish withdraw?

 

accumulation @ 935...

 

yesterday swiber got pushed down to 91c..today rebound to 93.5...

SCARE tactic ..to scare investors off their panties...

ozone2002      ( Date: 02-Jun-2010 15:10) Posted: push down to collect cheap.. scare tactic..