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CH Offshore
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joe1991
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27-Apr-2026 21:45
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i shd have cut loss long ago. anyway my investments in shares are very little .maybe age are catching up. just made some noise hoping for some miracles... 😂
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pool100
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27-Apr-2026 20:08
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Lanjiao is the word. I was really upset with the Baker management for that meaningless rights issue. It served no purpose and the company was healthy and didn' t need to do the cash call at all. Only the minority shareholders suffered as all of us had to cough up the cash. If it was to buy new vessels or for earnings accretive purpose, it would have been appreciated. But to do a rights issue and put the cash in the bank to earn interest at 1-2%, that' s really dumb. So far, they have not announced using the funds for other purposes and to me that' s destroying shareholder value. Coming from the chuan hup days, I only wished that Jimmy Peh didn' t sell off CHO. It would have been better managed than the current Baker management. The company would probably have grown instead of being run to the ground. I finally cut loss as I feel that this company is hopeless already. Market cap will get smaller and smaller as the vessels get older by each year until scrap. It' s a painful lesson.
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joe1991
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24-Apr-2026 07:07
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i too got stuck here...lanjiao stock. | ||||
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pool100
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24-Apr-2026 05:21
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Just reviewing some of the old stocks that I used to own and this is one of them. I saw their latest results and I conclude that this company is hopeless already. Last time under Jimmy Peh and team from Chuan Hup, this was a cash cow with more than 15 vessels. Now it appears that the new owners Baker Tech has sold down their fleet to only 6 vessels today and most of them are pretty old already. I give them maybe 2-3 more years of lifespan? All other O& G vessel owners have strengthened their fleet post covid and grown from strength to strength. It seems that only CHO didn' t. Not sure that' s their plans but it appears this management is just running the company to the ground. We kena the meaningless cash call from the rights issue and it seems that they raised funds to put them in the bank?? Shareholders ought to bang table and ask why. In this business, fleet renewal is essential. It doesn' t seem to be an objective by this management. Imagine a car rental company like Hertz still running Nissan Sunnys from the 90s today. That' s probably an apt description of CHO. It' s now just a company running 6 old ladies that will be too old and due to be scrapped soon. No plans to renew and just pure value destruction for shareholder. I have sold the shares earlier this year as I can see this company being run to the ground by incompetant management. I owned the shares from old Chuan Hup days and I' ve seen the best and the worst. Now market cap is only SGD29m. It will get smaller and smaller as the vessels get older and older. It' s like dying a slow death and and that' s why I sold and sad to say at a significant loss. If I still have the shares, I' d love to demand answers from the management at the AGM why they allowed this value destruction to happen. |
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superstartup
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15-Jan-2026 15:50
Yells: "Enjoy doing Fundamental Research" |
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Can see unwinding starts for a few counters, not just micro-caps, but also small-caps and mid-caps. Proprietary traders all trying to cut risk and avoid various companies announcement on Net Loss Guidance.
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superstartup
Supreme |
14-Jan-2026 11:13
Yells: "Enjoy doing Fundamental Research" |
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Profit Guidance for Net Loss. More micro-cap companies to issue same Net Loss guidance over the coming weeks. |
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piscesmonkey
Supreme |
31-Dec-2025 11:14
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Heavy duty? | ||||
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QueenMaya
Senior |
31-Dec-2025 11:10
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CH Offshore is cheap on assets and very lightly geared.
1. Quick snapshot (as of late Dec 2025)
Approx numbers in SGD:
Share price: ~S$0.015 �
Financial Times Markets
Market cap: ~S$31?32m �
Cash: ~S$17.3m (mrq) �
Total debt: ~S$5.0m �
Net cash: ~S$12m+ (i.e. more cash than debt) �
Debt / equity: ~9% (very low leverage)
Book value (equity): ~S$41?68m depending on source and FX basis book per share roughly S$0.03 (vs price S$0.015) �
TTM net profit: around S$1.0?1.1m (back to profit in FY2024) �
P/B ≈ 0.5x (trades at about half of book value)
P/E ≈ 30x (earnings still small relative to market cap)
EV/EBIT ≈ 10x (after net cash) ? not ?crazy cheap? on operating earnings
2. What looks attractive (why value-hunters glance at it)
a) Very conservative balance sheet
Total debt only about S$5m vs equity above S$40m debt-to-equity under 10% is low by any standard.
Cash ~S$17m gives a net cash position of ~S$12m+, which is big for a S$31m market cap (almost 40% of market cap is net cash).
Downside is cushioned by cash + vessels on balance sheet.
Company is unlikely to be forced into fire-sale / restructuring just because of debt, unlike many offshore names in the last cycle.
b) Trading below book value
Book value per share around S$0.03 vs share price ~S$0.015, so you?re buying at about 50 cents on the dollar of accounting equity.
vessels are worth close to book (or more in a stronger cycle), and
management will eventually unlock that value (charters, sales, M&A, liquidation, etc.).
If the OSV/offshore cycle improves and charter rates rise, even a rerating from 0.5x to 0.8?1.0x book could mean a decent % gain even without huge earnings growth.
c) Signs of operational turnaround
Company moved from losses in FY2022?23 to a small profit in FY2024 (EPS ~US$0.002 vs prior loss). �
Revenue has been growing modestly again (high-single-digit % YoY), and ROIC/ROI is positive but low single-digits. �
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PQTPQK
Supreme |
31-Dec-2025 09:07
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time to move....?? | ||||
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piscesmonkey
Supreme |
09-Oct-2025 15:21
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Later good news come all goong buy higher liao 😁
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piscesmonkey
Supreme |
09-Oct-2025 11:15
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https://www.nextinsight.net/story-archive-mainmenu-60/948-2025/16249-extremely-undervalued-and-flush-with-cash-will-this-company-be-taken-private-for-a-song
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piscesmonkey
Supreme |
09-Oct-2025 10:59
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Consolidate fewsday at 17 should be breaout 18 and go up 20 above soon
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governor
Veteran |
09-Oct-2025 09:30
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Wolf Money(CH Offshore Ltd)soldhttps://lonewolfinvestor.blogspot.com/2025/10/wolf-moneych-offshore-ltdsold.html |
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piscesmonkey
Supreme |
08-Oct-2025 13:58
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https://www.theedgesingapore.com/capital/investing-ideas/cashed-ch-offshore-ideal-privatisation-candidate-lim-tan | ||||
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PQTPQK
Supreme |
08-Oct-2025 12:05
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should test 0.02 soon ...
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superstartup
Supreme |
08-Oct-2025 10:04
Yells: "Enjoy doing Fundamental Research" |
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V nice profit.
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piscesmonkey
Supreme |
08-Oct-2025 09:57
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Once 18 break should be more up above 20 | ||||
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piscesmonkey
Supreme |
08-Oct-2025 09:12
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NAV 0.032
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piscesmonkey
Supreme |
08-Oct-2025 09:04
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Suddenly so many buyer?
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QueenMaya
Senior |
08-Oct-2025 07:53
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https://sginvestorsedge.com/ch-offshore-cash-rich-but-share-price-stuck-while-osv-peers-surge/
CH Offshore
Cash-rich but share price stuck while OSV peers surge
Ven Sreenivasan, Editorial Director
Investors Edge 7 October 2025 12.20pm
Strategy & industry
CH Offshore ? once on the brink, has rebuilt itself into a leaner, cash-rich offshore support vessel (OSV) operator.
Its fleet of six vessels services oil majors in subsea work and logistics.
With global offshore exploration rebounding and day rates firming, the sector has rarely looked stronger. peers such as Marco Polo Marine and Nam Cheong have seen their stocks soar in 2025, riding the wave of higher utilisation and improved earnings.
Yet CH Offshore has been an outlier ? despite the same sector tailwinds, its stock has barely budged this year.
Growth drivers
According to NextInsight (June 2025), CH Offshore raised s$14 million via a rights issue, pushing net cash to about S$17.6 million ? a rare position of strength for a small-cap OSV name.
Backed by controlling shareholder Baker Technology Ltd (55%), the company has outlined plans to expand its fleet over the next five years.
Operationally, CH Offshore swung back into the black in FY2024 with US$1.3 million in profit and US$7 million EBITDA, delivering a gross margin of 23.5%.
Cost controls and asset pruning have stabilised the business, and return on capital employed has recovered from ?14.5% three years ago to near breakeven.
Financials & stock performance
As of October 2025, ch offshore trades at around S$0.017. Its performance:
1M: flat
3M: +8%
12M: +15%
YTD: +12%
That modest climb pales against sector peers. Marco Polo Marine has rallied about +40% ytd, while Samudera Shipping has rebounded +25% from mid-year lows (Bloomberg data). Nam Cheong, despite heavy gearing, trades at just 3× p/e and has doubled this year.
By contrast, CH Offshore?s muted share price leaves it trading at only about 2× EV/EBITDA ? arguably cheap, but stuck in neutral.
Risks
Execution: Scaling up the fleet will require capital discipline and industry timing.
Cycle risk: OSV demand is cyclical oil price weakness or delays in offshore projects could hit charter rates.
Liquidity and control: thin trading volume and Baker Tech?s 55% stake raise concerns over minority shareholder influence. Speculation about a low-ball privatization is never far away.
ESG & governance
The close family links between Baker Tech and CH Offshore management mean governance will remain a focus for investors.
On the environmental side, fleet age and emissions compliance could become more pressing as charterers tighten ESG standards.
Bottom line
CH Offshore has done the hard work: it is profitable again, flush with cash, and positioned in a sector enjoying one of its best cycles in years.
And yet, the market has barely rewarded it.
For investors, the question is whether this is a hidden value play waiting for recognition ? or a value trap where peers continue to outpace.
Disclaimer: Investors Edge is a journalistic site that aims to inform and engage, not to tell you what to buy or sell. Always do your due diligence, understand the risks involved, and seek professional advice where needed.
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