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http://sgx.i3investor.com/servlets/ptres/3650.jsp
Technical capabilities top in class. MPM's shipyard has delivered AHTS vessels with sustained bollard pulls averaging 15% in excess of the norm. Impressively, it recently outfitted a DP-3 vessel - a milestone usually reserved for established large yards. For a small company, this level of technical competence is remarkable. We like small companies with superior capabilities - these tend to appreciate strongly over the long term.
James, to me ASL Marine is also undervalued like Marco Polo. At today's ASL closing price 72ct, PE 9.4X, NAV 88cts,.......looks good, got potential to rise further.
Target price: OCBC: 82ct / DBS: 90c, citing more room to grow / CIMB: 85c. (All 3 TPs were issued recently: Nov, Dec and Jan 2013.)
Think u shd hold ASL, no point switching to ezra or swiber.
Shipping stocks seem to be in the limelight this year, all the best to u!
Laggards in shipping, offshore marine/gas seem to be in focus since Nov, but personally i'm weary of swiber and ezra, bcos do u know they hv very high net gearing? 135% and 110% respectively! (according to UOBKH report this month). ASL with 52.9% gearing looks tame compared to the 2 above.
Howevr, you may decide to switch boat, from an underperforming stk to one that is rallying now. How we play depends on each individual's strategy, conviction and risk appetite.
james87 ( Date: 11-Jan-2013 10:28) Posted:
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steadylar ( Date: 11-Jan-2013 10:11) Posted:
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Shipping stks on a roll! cosco, yzj, nol.... Marco polo vroom! James, your asl marine is also in the right sector, congrats!
get ready to charge with this counter...
steadylar ( Date: 10-Jan-2013 16:01) Posted:
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James and Staphy, be patient, today's price at around 62.5 cts has broken above the trendline resistence, and effectively still trending up. Vol has also increased to that of Q1/2012.
oh i see, so you'v been holding on to it for some time, i can understand, sometimes we feel like giving up, it's chanllenging to be stuck. Nobody can boast that they get the timing right all the time, but Staphy, when the management is progressive and ambitious, and the stk is showing potential to grow, it pays to stay with it and ride it up as prospects improve. Now that it has caught the media and analysts' attention, it should win favour of the investment community. Fundamental, valuation and chart wise, marco polo is certainly a buy at current price.
steadylar ( Date: 09-Jan-2013 10:21) Posted:
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James, I'm not vested in ASL Marine so I dont keep tab on it. As u r vested, keep a watchful eye on it's business prospects, health of balance sheet, any change in views by analysts covering it?
All the best in yr investments!
Ho sey liao, today DMG also joins the other analysts who are upbeat on Marco Polo the Great:
Scoop of the Day
MPM is enjoying steady growth in its operations and bottom line, fuelled by an
increasingly energy-hungry Indonesia. The growth profile combined with
demonstrated technical superiority means the stock should enjoy a premium, yet it
trades at 1.0x historical-cost book. MPM is a conviction call with a potential to
double in 2-3 years. MPM is one of the very rare companies which can safely
operate in Indonesian waters, without running afoul of the strongly-enforced
cabotage laws and without having to worry about local partners, by virtue of
management’s nationality. Associate PT BBR is listing today on the JSX. PT Bina
Buana Raya, MPM’s 49%-owned associate, is listing today on the JSX. This will
allow MPM to tap an alternative source of capital, much-needed in its capitalintensive
growth strategy. We are forecasting BBR to grow at a 90% EPS CAGR
for the three years to FY14F due to a fast-growing AHTS fleet, and 1H12 earnings
of US$4.5m have already far exceeded the entire FY11’s US$2.6m. Valuation: TP
$0.61. Conviction call, likely to double in 2-3 years. We value MPM at 9x FY13F
EPS, a fair multiple for 12.5% 3-year EPS CAGR. The same multiple on FY15F
EPS yields a value of $0.80, a doubling on today’s price.
: We re-initiate coverage with a Buy rating and TP of S$0.61.(Lee Yue Jer)WHAT’S INSIDE
On the Platter
Marco Polo Marine: Conviction call, Tapping into a captive market (BUY,
S$0.415, TP: S$0.61)