Back

Latest Forum Topics / Mermaid Maritime    Last:0.101    -0.003

Post Reply

Mermaid Maritime Post Reply Rate topic
Wind22i Supreme	05-Apr-2017 08:38        Wind22i About Contact  Quote this Post!
x 0   x 0  Alert Admin	Seadrill Warns of 'Likely' Bankruptcy Filing in U.S. or U.K. Offshore drilling services company Seadrill Ltd. said Tuesday it is planning a comprehensive debt restructuring that will likely include a bankruptcy filing in the U.S. or the U.K.
Useful To Me  Not Useful To Me
Msport Elite	05-Apr-2017 08:33        Msport About Contact  Quote this Post! Style: Flexible
x 0   x 0  Alert Admin	Oil up  Mermaid up
Useful To Me  Not Useful To Me
huafaster Veteran	29-Mar-2017 23:45        huafaster About Contact  Quote this Post!
x 0   x 0  Alert Admin	What happen? Why dumping these days?oil rebound, hopefully it starts to pump up! TanSiBeiKu      ( Date: 07-Mar-2017 18:45) Posted: Another potential candidate to delist ? * 22.33% Float * Price / Book Value --> 0.606  * NAV --> $0.34
Useful To Me  Not Useful To Me
ganyun Member	22-Mar-2017 21:53        ganyun About Contact  Quote this Post!
x 0   x 0  Alert Admin	How's the mermaid? Hope it didn't drown in the red Sea today
Useful To Me  Not Useful To Me
chiachiawee Elite	21-Mar-2017 15:51        chiachiawee About Contact  Quote this Post!
x 0   x 0  Alert Admin	not sure but for me this is just the beginning though. some players already out earlier before 0.20 as they versted since 0.10x. Goodiessss      ( Date: 21-Mar-2017 15:34) Posted: At what price would you recommend selling? 😊
Useful To Me  Not Useful To Me
Goodiessss Member	21-Mar-2017 15:34        Goodiessss About Contact  Quote this Post!
x 0   x 0  Alert Admin	At what price would you recommend selling? 😊
Useful To Me  Not Useful To Me
chiachiawee Elite	21-Mar-2017 14:18        chiachiawee About Contact  Quote this Post!
x 0   x 0  Alert Admin	Lai Liao? :)
Useful To Me  Not Useful To Me
ZeroByDivide Member	18-Mar-2017 14:08        ZeroByDivide About Contact  Quote this Post!
x 0   x 0  Alert Admin	No idea trying to figure out why RedEye1811      ( Date: 17-Mar-2017 17:10) Posted: Big jump today in afternoon...is it sign final move toward going private?
Useful To Me  Not Useful To Me
RedEye1811 Master	17-Mar-2017 17:10        RedEye1811 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Big jump today in afternoon...is it sign final move toward going private?
Useful To Me  Not Useful To Me
TanSiBeiKu Senior	07-Mar-2017 18:45        TanSiBeiKu About Contact  Quote this Post!
x 0   x 0  Alert Admin	Another potential candidate to delist ? * 22.33% Float * Price / Book Value --> 0.606  * NAV --> $0.34
Useful To Me  Not Useful To Me
Msport Elite	02-Mar-2017 14:34        Msport About Contact  Quote this Post! Style: Flexible
x 0   x 0  Alert Admin	Safety in balance sheet strength Maintain BUY as Mermaid looks set to remain profitable through the crisis. Balance sheet risks have mostly dissipated for Mermaid Maritime (Mermaid) following the cancellation late last year of newbuild contracts for three vessels (two tender rigs and one dive support vessel), which would have otherwise entailed US$379m in remaining capex commitments. Balance sheet has moved to net cash position as at end-FY16 as Mermaid generated US$49m positive operating cash flow in FY16. With a healthy operating profit improvement from subsea business in FY16 on the back of cost reductions and renewals of contracts for all three jack-up rigs under associate AOD III coming through in FY16, earnings visibility has improved and the stock continues to offer a more favourable risk-reward profile amid industry peers. Chances of privatisation by parent Thoresen Thai and its associated promoter group provides further upside potential. FY16 profits were slightly above expectations on cost savings. Mermaid&rsquo s core net profit of US$17.1m was slightly above our estimates due to better than expected cost savings and higher than expected associate income in 4Q16. Taking this into account, we revised up our net profit forecasts for FY17F/18F to US$7.9m/ US$9.6m from US$1.7m/ US$4.4m earlier. The drop in profit in FY17F compared to FY16 is due to the drop in associate contributions owing to revision of day rates for the rig contract renewals but sustained profitability puts Mermaid in an enviable position compared to peers in the oil services space. Valuation: Given the healthy balance sheet situation, we maintain our P/BV peg at 0.7x &ndash slightly below our peg for PACC Offshore, our top pick amongst SGX-listed OSV operators - and adjust our TP to S$0.25, representing a c.25% upside at current prices. Our 2-stage DCF (9.2% WACC terminal growth 1%) valuation, used as a cross-check measure, also supports this. Key Risks to Our View: Failure to refinance the bank debt at associate AOD level in the next few months could lead to some uncertainty. At A Glance Issued Capital (m shrs) 1,413 Mkt. Cap (S$m/US$m) 283 / 202 Major Shareholders (%) Thoresen Thai Agencies PCL 58.2 Mahagitsiri Chalermchai 10.7 Mahagitsiri Prayudh 8.4 Free Float (%) 22.7 3m Avg. Daily Val (US$m) 1.0
Useful To Me  Not Useful To Me
Msport Elite	02-Mar-2017 09:47        Msport About Contact  Quote this Post! Style: Flexible
x 0   x 0  Alert Admin	Mermaid Maritime 4Q16 : Starting FY17 with a stronger balance sheet FY16 core net profit (US$18.3m) formed 91% of our forecast due ■ to slightly weaker revenue and GP margins. It met consensus estimate. ■ Despite the slight miss, it is undeniable that MMT has posted a significant earnings turnaround on the back of stringent cost rationalisations. ■ Financially flexible from healthy balance sheet and no impending vessel deliveries. ■ Maintain Add with a higher target price of S$0.28, based on FY17 P/BV of 0.77x (10% above its historical 5-year average). 4Q16 skewed by lower revenue and weaker GP margins MMT&rsquo s 4Q16 core net profit of US$2.7m was below our US$3.8m forecast largely due to revenue and EBIT margins, which came in at US$44.2m and 5.6% respectively (vs. our forecasted US$48.9m and 11.0%). 4Q16 core net profit excluded a US$4m provision booked in SG& A for cancelled vessels which we consider as one-off, and a tax credit of US$2.1m. Overall, 4Q16 was a large improvement over 4Q15&rsquo s core loss of US$16.2m. An applaudable FY16 due to cost rationalisations MMT posted a significant turnaround in FY16 with a full-year core net profit of US$18.3m (vs. FY15 core net profit of US$3.7m). Revenue fell 45% to US$185.2m (vs. FY15: US$336.6m) on the back of day rate cuts and lack of cable-lay contracts, while associate earnings also fell 43.3% due to rate cuts from its Saudi Aramco contracts. But these were all mitigated by MMT&rsquo s tireless efforts to optimise its costs, via cold stacking exercises, reduction in marine crew & dive tech expenses and SG& A. Low likelihood of further impairments Unlike its peers, MMT did not report any impairments in 4Q16, as it had already taken impairments of US$163m for own assets and US$70.7m for AOD rigs post an extensive exercise in 2015. Moving ahead, we believe there is low possibility of further impairments unless the sector takes a turn for the worse again. Outlook Management guided that there is still some time-lag in subsea opportunities and that it is still focused on cash preservation and cost management. MMT enters FY17 with an order book of US$170.6m and long-term contracts for its AOD rigs (3-year contracts till Jun/Dec-19). We note that its four major vessels recorded an average utilisation of 72% in 4Q16 (vs. 4Q15&rsquo s 48%). Management guides Mermaid Commander could see lower utilisation in 1H17 and hopes to improve that via the bidding season in Feb-Mar 17. Healthy balance sheet = financial flexibility MMT turned net cash as at end-16, and has resolved its loan covenant breach (which saw long-term (LT) loans being reclassified as short-term (ST) in 2016). It also finalised the cancellation of the newbuilds it had committed to pre-2016. In terms of debt repayments, the majority of its US$89.5m LT loans will mature after four years or more. It reported a positive operational cashflow of US$49.0m in FY16. Maintain Add We trim our FY17/18F EPS by 6.7/5.9% on lower revenue assumptions (-7.7%/-6.8%). We also introduce FY19 forecasts. We maintain Add but with a higher TP of S$0.28 (vs. S$0.24) on a FY17F P/BV of 0.77x (0.65x prev.). We believe MMT warrants c.10% premium to its historical 5-year mean of 0.7x, given its balance sheet strength, minimal downside risk (low impairment and blow-up risks), and its position to capitalise on any asset acquisition opportunities ahead. Key risk is weaker utilisation and DCRs.
Useful To Me  Not Useful To Me
taxiuncle Veteran	24-Feb-2017 21:50        taxiuncle About Contact  Quote this Post!
x 0   x 0  Alert Admin	What has happened to mermaid ? Sleeping
Useful To Me  Not Useful To Me
pnuklis Master	09-Feb-2017 07:49        pnuklis About Contact  Quote this Post!
x 0   x 0  Alert Admin	Must keep it' s momentum today towards 0.30.
Useful To Me  Not Useful To Me
desmondquek Senior	08-Feb-2017 14:48        desmondquek About Contact  Quote this Post!
x 0   x 0  Alert Admin	CAN see VIKING also!!
Useful To Me  Not Useful To Me
pnuklis Master	08-Feb-2017 14:41        pnuklis About Contact  Quote this Post!
x 0   x 0  Alert Admin	Run Run to 0.25. Huat ahhhhhhhh
Useful To Me  Not Useful To Me
Mandy1986 Veteran	08-Feb-2017 13:58        Mandy1986 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Go Go Go  ... Still holding my 0.147-0.15 ... 2017 year really a good Beginning.
Useful To Me  Not Useful To Me
ronleech Elite	06-Feb-2017 17:04        ronleech About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Believe in yourself. Ride with the waves......"
x 0   x 0  Alert Admin	strange price movenment. Looks like something is brewing behind... another take over case like vard in the making? Quite possible.
Useful To Me  Not Useful To Me
ronleech Elite	06-Feb-2017 09:39        ronleech About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Believe in yourself. Ride with the waves......"
x 0   x 0  Alert Admin	big block at 20 and 205..if break likely go 22 but looking tough
Useful To Me  Not Useful To Me
vadimur Member	24-Jan-2017 09:21        vadimur About Contact  Quote this Post!
x 0   x 0  Alert Admin	Trading halt?
Useful To Me  Not Useful To Me

                                                         First   < Newer   4181-4200 of 4259   Older>   Last