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Mermaid'll go dwn further @ 0.350 if nxt Qtr result not gd...
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aircraft ( Date: 29-Dec-2010 11:23) Posted:
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Haiz, really cannot cut... Ave cost 70 + cents
Bon3260 ( Date: 29-Dec-2010 11:01) Posted:
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Break out ??
aircraft,
割肉离场吧!
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Bon3260 ( Date: 22-Oct-2010 20:38) Posted:
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I'm puzzled,
3 major shareholders - THORESEN THAI AGENCIES PLC , SOLEADO HOLDINGS PTE. LTD. and THAILAND EQUITY FUND already holding 72.21 % of the total free float, so who sold down from 90 cents till now ? Any advice ?
The 2 rigs for keppel is just build for them or mermaid will own the rigs after building ?
http://singstocks.com/forum/showthread.php?121-Mermaid
Mermaid Maritime (MMT SP) BUY
Price/Tgt: $0.405/0.70 Mkt Cap: US$243.0m Daily Vol: US$2.0m 1-Yr Hi/Lo: $0.935/0.405
Keppel Corporation (KEP SP) HOLD
Price/Tgt: $10.82/9.20 Mkt Cap: US$13.3b Daily Vol: US$33.6m 1-Yr Hi/Lo: $11.06/7.98
Mermaid Maritime's subscription of 49% in AOD confirmed
Analyst: Stella Tan / Nancy Wei Tel: +65 6590 6629 / +65 6590 6628
Event
Mermaid Maritime (MMT) has announced that its subscription to 49% of Asia Offshore Drilling Limited (AOD) (the special investment vehicle for the acquisition and operation of 2 jack-up rigs) has been confirmed. The two jack-up rigs, to be constructed by Keppel FELS (Keppel) based on Keppel’s proprietary design, the Mod V-B Class, are scheduled for delivery in Dec 2012 and Mar 2013, respectively. AOD also holds options to construct an additional two more similar units of jack-up rigs. MMT’s investment into AOD is funded by proceeds from the company’s rights issue in 2009.
Our take
With MMT’s formal subscription into AOD, we conclude that the conditions precedent to the subscription (which included, among other things, i) AOD resolving to complete the private placement, and ii) the replacement of the Letter of Intent with Keppel for turnkey construction contracts) have been fulfilled.
From our last discussion with company representatives, the options for the two additional units must be exercised by end-2010.
Impact on Mermaid Maritime: The two new units will only start to contribute to earnings in FY13, due to delivery schedules and MMT’s Sept FY end. We maintain our BUY recommendation and target price of S$0.70, which is based on P/BV of 1.0x.
Impact on Keppel Corp: The formalization of these construction contracts has no tangible impact on our forecast and recommendation, as the value of these contracts has already been imputed into our contract win assumptions for 2010 (S$2.5b). We maintain our HOLD recommendation and SOTP-derived fair price of S$9.20.
wud rather wait 4 data from u/states tis fri.
The market is extremely bullish at the moment..
lookcc ( Date: 29-Nov-2010 22:07) Posted:
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November 29, 2010
- Mermaid posted a wider-than-expected recurring net loss of Bt639m.
- Subsea division continues to suffer from weak utilisation and day rates.
- Expect Mermaid to post Bt96m loss in FY11 from Bt92m profit previously.
- Maintain HOLD as downside limited by quality assets; Take Profit adjusted down to S$0.49.
Losses larger than expected.
Mermaid’s FY10 revenue of Bt3.5bn, down 33% y-o-y, was in line with expectations on weak utilisation rates across its subsea and tender rig fleet. However, net loss (pre-ex) of Bt639m was wider than expected, due to the Subsea division which suffered on the back of lower utilisation and day rates, and its inherently high operating leverage.
Newbuild jackups – a 2013 story.
With the recent successful fund raising by Asia Offshore Drilling (49% owned by Mermaid), we believe the LOIs with Keppel FELS for 2 newbuild jackups are likely to be converted to firm orders soon. However, even if Mermaid were to secure back-to-back charters today, contributions will only kick in from FY13 onwards, providing no support for near to medium term earnings.
Reducing FY11 numbers.
We expect Mermaid to post a net loss (pre-ex) of Bt96m in FY11 (from net profit of Bt92m previously) on a higher than expected fixed cost base due to an expanded vessel fleet combined with poor utilisation and day rates.
Maintain HOLD; TP adjusted to S$0.49.
We adjust our Take Profit to S$0.49 (from S$0.52), pegged to 0.8x FY11F P/B (prev FY10). Despite the weak earnings outlook for FY11, we believe Mermaid’s quality subsea assets should limit downside to current valuations. Maintain HOLD.
shortists probably eyeing tis counter.
any potential to dip further? eyeing for sometime but no courage to buy in
Very nice, hit some new lows with the drop.
Not neccessary all gaps must be filled up.
today up two cents.
Bintang ( Date: 28-Nov-2010 12:47) Posted:
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If Mermaid drops to 39 cents , it is not its bottom , because there is a gap at 28 cents not filled yet .
Bintang ( Date: 25-Nov-2010 20:24) Posted:
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result looks bad.. if they can drop to 38-39 cts.. maybe can buy some
456,484 million Baht ????
should be 456484000 baht.
Although there is a big loss of this Mermaid but the fundamental wise for Mermaid is good.
CURRENT RATIO : 4.352 and PRICE TO CASH FLOW RATIO : 2.107
debt and cash flow are good.
thulasiappan ( Date: 27-Nov-2010 21:54) Posted:
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Nvm, I've found it. Contract for MTR-1 is 96 million baht
Shit, more than 1/3 of my $ is stuck in mermaid.. the loss mainly because of MTR-1 ? Anyone here knows how much they lost due to MTR-1 ? thanks.