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Vard Holdings
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Peter_Pan
Supreme |
24-Jun-2013 10:54
Yells: "kopi-o siu dai mai hum!" |
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Vard Holdings Voices from the Customers Reiterate Buy, order intake to gather pace in 2H13. Vard’s share price is off its low of SGD1.015 following an unwarranted selldown previously. While there are some easing of concerns over margins and order intake, further rerating would need to be triggered by real order wins which we believe would gather pace towards 2H13. Vard has the most attractive valuations among the O& M stocks under our coverage, trading at 5.8x FY14F PER, 5-6% forward dividend yields and FY13- 15F ROEs of > 25%. Reiterate Buy and TP of SGD1.65. Buildup of activities in the North Sea. Optimism expressed by leading OSV owners following their 1Q13 results generally support our view that high end OSV newbuild ordering is on the verge of picking up again in 2H13. GulfMark Offshore remarked that North Sea fixtures are being set at higher-than-expected levels. Tidewater Inc.’s recent acquisition of Troms Offshore to expand into the Norwegian market reflects their view on the long term attractiveness of the North Sea market. Average utilisation and charter rates for AHTSs and PSVs are generally rising although there are still occasional bouts of volatility. An oversupplied order backlog may still hinder new orders but that should ease as most vessels get delivered in 2013. Solstad believes that there are opportunities for AHTS and PSV orders to surprise on the upside this year. New rigs entering the market warrants more support vessels. A common notion brought up by the OSV owners is that a large number of rigs (> 50) entering into service over the next 12 months would warrant the need for more support vessels. We concur with this view which is consistent with rig delivery schedules of Singapore rigbuilders under our coverage. Construction vessels market still steady. The subsea construction market is still strong and Solstad believes that it is underpinned by solid fundamentals and limited availability of modern and large construction vessels. A batch of pipelay vessel orders from Petrobras potentially worth NOK3b is still in the cards which would be a bonus to our expectation of NOK11.5b in new order wins for Vard this year. The award could be near as Petrobras has recently been returning to the market to issue tenders which have been outstanding since 2012.
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Peter_Pan
Supreme |
24-Jun-2013 10:42
Yells: "kopi-o siu dai mai hum!" |
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Vard Holdings: Voices from the Customers Buy TP $1.65 Maybank Kim Eng |
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biturbo
Senior |
23-Jun-2013 16:33
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Loaded some on friday...think it is lowest it can go short term...hope for 1.2 happy already... :) | ||||
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tea444u
Elite |
23-Jun-2013 16:14
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haiya... sian ... but what is the postion we talking about? i tot investors club or stg?
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GorgeousOng
Supreme |
23-Jun-2013 13:27
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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Starlene, we have been discussing your questions for awhile...now I don't bother to find out the answers anymore ...haha! All is guessing only!!!
As far as I know now more BB are interested with this Italiano ...just play along ...enjoy n have fun lah!!!! Cheers!!!!
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ongahhuat888
Member |
22-Jun-2013 19:01
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At the moment only one position is available.:)
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tea444u
Elite |
22-Jun-2013 16:48
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i want to join. can?
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ongahhuat888
Member |
22-Jun-2013 16:11
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PM me your package.
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GorgeousOng
Supreme |
22-Jun-2013 15:23
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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My view ....Monday will try to attempt 1.14 again...if decisively break 1.19 a lot of our friends here will be happy like fish....
Hmmm...type this phrase : "happy like fish"....just remind me about ..iPunter...just miss him ..the strong minded OLD man!!!!Hahaha! Pls come here and check how is Gorgeous faring ler!!! Miss your lectures!!!! |
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tea444u
Elite |
22-Jun-2013 14:03
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i say Gorgeous Ong...i just stumbled here...missed eh...
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GorgeousOng
Supreme |
21-Jun-2013 21:40
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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How much per month?
Commission ? Car ? 🙈 🙉 🙊 🙊 🙉 🙈
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ongahhuat888
Member |
21-Jun-2013 20:16
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You can join my team now!!!
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GorgeousOng
Supreme |
21-Jun-2013 15:43
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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Must log in here every hr! 1.06 not many done.
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NoMoney
Master |
21-Jun-2013 15:37
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Sian missed the train again zzz wanted to buy back when hits 1.06-1.07 :zzz | ||||
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GorgeousOng
Supreme |
21-Jun-2013 12:14
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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Sorry...Typo error should be 1.085.....Cheers!!!
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GorgeousOng
Supreme |
21-Jun-2013 12:11
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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When the price stabilize...at the mid point 1.85....then tua tua mau arh!!!! Hahaha!!! One by one testing me hor!!! Must pay commission ler!!!! Hahaaaaa!!!!Dyodd!!!! Cheers!!!
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TinyPotato
Member |
21-Jun-2013 11:23
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Base on my own projection line, good entry point at $1.06. Patiently queuing :) | ||||
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rayyeo
Senior |
21-Jun-2013 11:16
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haha... if nv go 1.03 and nv go above 1.14 then how? | ||||
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GorgeousOng
Supreme |
21-Jun-2013 10:55
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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Then go down to 1.03...buy some more lor!!!!
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jomini
Veteran |
21-Jun-2013 10:52
Yells: "slow down, think, question" |
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if not then how?
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