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Mermaid

I might v rude... Tried v v hard 2 cool dwn myself eh. ('',)

Now dan I noe y CheongWee & Bintang so mad liao...

utilisation rate of subsea fleet.FY09 results in-line; weak y-o-y performance due to poorer

• Large cash horde favours opportunistic asset acquisitions.

• Maintain BUY, TP unchanged at S$1.11.

Comment on Results

FY09 in-line. Mermaid reported headline net profit of Bt714.5m

(-38% y-o-y) on revenue of Bt5.2bn (-1% y-o-y). An improved

performance from the drilling division was offset by weak utilisation

on its subsea fleet, leading to a flat y-o-y performance at the EBIT

level. However, losses attributable to associates and the higher tax

expense vs. FY08, led to a drop in bottomline; we estimate

Mermaid’s FY09 recurring net profit to be Bt748.7m (-25% y-o-y)

after excluding exceptionals from forex translational losses and

disposal gains, in line with our estimate of Bt727m.

Cash horde favours opportunistic asset acquisitions. The group saw

a >2x increase in its operating cash flow, to Bt1.9bn. Together with

cash balance of Bt1.5bn as of end September 2009 and proceeds

of Bt3.7bn from its recently completed rights issue, Mermaid has

built up a sizeable war chest for potential asset acquisitions.

Recommendation

A better FY10? Mermaid’s specialized subsea vessels are currently

experiencing high utilisation rates as oil and gas companies resume

their work programs for projects previously delayed. Also, recent

call for tenders for rigs could potentially lead to contract awards for

2-3 tender rigs commencing from February through April 2010.

This bodes well for MTR-1, which is currently off-hire and assumed

to only recommence work from April 2010.

Maintain BUY. Our TP of S$1.11 is unchanged, and based on 9x

and 12x blended FY10/11 PE (FYE Sep) for its subsea engineeri

Yes goondusamy, tis rabbit'll turn out 2 b a wolf wif a long long & huge snake below @ e front. But not "alittle cute cute bunny's tail" @ e back especially @ nite... I hv a nick name too. Girls used 2 called me "SM". Do u noe wat's "SM" stands 4?

"Sex Monster"!!! Still need a dictionary?

2nite I'm single, wash clean clean & wait 4 me... ('',)

Hi Rearmirror,

I too agree with you view.

Indeed Bon3260 is the first person who tried to minimise the tense atmosphere. But unfortunately it went out of control.

In this forum many benefited (including me) from Cheongwee's buy call as well as from Bintang's TA. So both are equally important to us. But we can not let one down for the sake of other.

The reason I requested to show support towards Bintang was rain or shine he was with us and his TA views helped many to cut loss (especially the newbies). He took the pain to analyse the charts for our benefit too. When he is in trouble if we keep mum and watch it from sidelines..................... just put ourselves in that position !!!!!!! Sure that person will decide to leavethis forum. Already Richtan was missing from this forum because of same kind of trouble. Atleast our sincere support and appreciation will help Bintang to stay in this forum.

At any point in my post I didn't ask any one to show disrespect to other party. But may be some body interpreted my posting in the other way. It is very painful to see the issue taking a new shape and hurting others.

Hi Bon3260,

Your position is 100% correct. Just ignore the disturbances and carry on your humorous postings.

Ok let us put an end to this issue and concentrate on the "ART OF MONEY MAKING".

i like this story...but im even interested to know who are the goat then??

Ya Bon3260,

  It's a jungle out there!

the market brings out all kinds of animals..and the ones we deal with are the bulls and the bears

U r rite... Wat if we form an Investmt Company & share holders r CheongWee, Bintang, Richtan, Riskaker, iPunter, boyikao3, DnApeh, singaporegal, tankuku, keepnosecrets & so & so & so...

Wah!!! BBs oso no fight eh... ('',)

Tell u a story...

Once upon a time, a rabbit was in a jungle running 4 his life. It was b'cos a lion's chasing aft him & wanted 2 eat him. A few days later lion was stopped chasing aft him & rabbit's too stopped running. It was bcos they were tired & hungry... Suddenly rabbit has an idea, & told lion dat if he can stop chasing him & eat him. He'll show him a place dat can hunt more goats. So lion agreed... Lion has finally eaten a goat, but lion din eat e rabbit... & too, rabbit has accompanied e lion & kept showing him e way 2 hunt more goats. Do u noe y e rabbit din run away???

The reason was rabbit needs lion 2 potect him in e jungle. Cos in e jungle, there were more dan a lion / tiger if he wants 2 live. End of Story...

I'm e rabbit now & I'm not 2-head snake / 3 legs... I respect pple here in e Forum posting... Cos they r caring... Especially CheongWee, Bintang, Richtan, Riskaker, iPunter, boyikao3, DnApeh, singaporegal, tankuku, keepnosecrets & so & so & so... ('',)

Bintang哥哥...

全世界都不理我的時候. 只有您Bintang哥哥, 不可以不理我哦...

('',)

Thinkfirst      ( Date: 03-Dec-2009 21:31) Posted: Indeed... Bintang's post is the one and only post I would very much like to read  ... Hopefully he'll post more  and for sure, I believe that there are many peoples like me... read and follow quietly... Carry on with the extraordinary efforts Bintang We need more posts from you thulasiappan      ( Date: 03-Dec-2009 10:11) Posted: Thanks Mumwoks for your appreciation and support towards abc2xyz and Bintang. Money blinded our eyes. So we couldn't see yesterday's rant on Bintang. There was no support (except very few) shown towards Bintang eventhough his postings were perfectly correct. He took time to read through the charts and cautioned us. Yesterday he was so much hurt that he do not want to post in this forum any more. How much we need a person to show the tips on uptrend market (buy call) that much we need a person to show the down turn market too. Already some kind souls are missing from this forum. So we can not loose Bintang.  So please show your support to the other kind souls who caution us. If you are benefited by Bintang's or other kind souls postings please come up and show your appreciation towards them. Just clicking the useful to me is not enough. Show your support openly so that others will not attack them personally. To Bintang Thank you for your wonderful postings. Do not loose heart. Ignore unnecessary noises.  We would like to see your postings again. Cheers.

Thx CheongWee... Actually my friend has too asked me 2 pay & learn.

Btw, I din receive ur PM eh. Even I kept refreshing my Inbox... Still din receive ur PM... : (