Post Reply
41-60 of 117
Cheong argh...multi baggers coming
SmallSmall ( Date: 18-Jul-2025 11:10) Posted:
| Finally stages a major breakout today $0.018 +$0.003 Volume 90 mil |
|
Solid ssh and experienced team led by Jeanette Chang and Benety Chang.
Wan shui.
Finally stages a major breakout today $0.018 +$0.003 Volume 90 mil
Just put $5k worth of CH Offshore macam Bond and don' t look at it for next ten years. Wonder what will the price be?
Going to be vested by tomorrow.
Now 1.5~1.6c huat ah.
Hopefully 2.0c on the way, jia you.
lol how to be multibagger? Not capallianz?
bernardc ( Date: 26-Jun-2025 17:15) Posted:
| Jeep argh..for multiple baggers |
|
Closing at 1.5c today.
Tomolo up?
Jeep argh..for multiple baggers
I cut lost move on alr. Up few pips down so much lose 2k++ :(
bernardc ( Date: 26-Jun-2025 16:46) Posted:
Share holders loose pants over the rights issue
Excess rights too much demand most disappointed..
SmallSmall ( Date: 23-Jun-2025 10:44) Posted:
| Excess rights holders selling into profits but there also appears to have strong hand accumulating |
|
|
|
Share holders loose pants over the rights issue
Excess rights too much demand most disappointed..
SmallSmall ( Date: 23-Jun-2025 10:44) Posted:
| Excess rights holders selling into profits but there also appears to have strong hand accumulating |
|
Excess rights holders selling into profits but there also appears to have strong hand accumulating
This Company&rsquo s Rights Issue Oversubscribed: Free Float Surges from 11% to 45% as Investors Pounce on Deep Discount
Leong Chan Teik
20 June 2025
CH Offshore Ltd., established in 1976 and headquartered in Singapore, owns and charters offshore support vessels (OSVs) for the oil, gas, and renewables industries.
Its current fleet of six vessels&mdash comprising anchor handling tugs, platform supply vessels, work boats, and lift boats&mdash serves clients across Southeast Asia, and beyond.
After several challenging years marked by losses since FY2020, CH Offshore achieved a turnaround in 2024, posting a profit of US$1.3 million and an EBITDA of nearly US$7 million.
This recovery was driven by improved operational efficiency, among other factors, and particularly a resurgence in charter rates due to tight vessel supply and robust demand from offshore energy projects.
US$&rsquo 000
|
FY24
|
FY23
|
FY22
|
FY21
|
Revenue
|
26,229
|
24,094
|
18,599
|
15,520
|
Gross profit/(loss) after direct depreciation
|
6,160
|
(717)
|
2,304
|
(634)
|
Profit/(loss) after tax
|
1,317
|
(8,249)
|
(3,331)
|
(4,954)
|
Gross profit/(loss) margin
|
23.5%
|
-3.0%
|
12.4%
|
-4.1%
|
In Feb 2025, CH Offshore launched a 2-for-1 rights issue, offering new shares at S$0.01 each&mdash a steep discount to the pre-announcement price of S$0.046.
Results of the issue released on 18 June showed it was heavily oversubscribed, with only 115 million shares left unsubscribed, while excess demand reached 1.1 billion shares.
As a result, the company&rsquo s free float rose from 11% to 45%, significantly improving liquidity and broadening the shareholder base.
The remaining 55% is owned by Singapore-listed Baker Technology (whose $111 million market cap, by the way, stands way below its cash level, which is a story for another time). |
| Post-Issue Financial Position |
- Market Valuation:
- Current share price of $0.015 values the company at $31.5 million (2.1 billion shares × $0.015).
- Net cash stands at $16 million, representing half the market cap.
- Book Value Analysis:
- New book value = $0.032 per share, placing the current price at a 53% discount.
- Historically, shares traded at a 40% discount to book value pre-rights ($0.046 vs. $0.077 book value).
- Free Float Impact:
- Public float surged from 11% to 45% post-rights, enhancing liquidity.
| Market Dynamics and Outlook |
The capital raise generated $14 million for the company, yet market cap declined from $32.3 million (pre-rights) to $31.5 million despite the cash injection.
This disparity stems from:
- Overhang pressure: Investors who secured rights shares at 1 cent may sell for quick profits (current price: $0.015= 50% gain).
- Valuation disconnect: The stock trades at a steeper discount to book value (-53% approximately) than the historical -40%, suggesting potential upside to $0.02 (40% discount to $0.032 book value).
The rights issue strengthens CH Offshore' s ability to seize opportunities to enhance its vessel fleet:
" Strengthening the balance sheet now gives the Company flexibility to move quickly when suitable, younger second-hand vessels become available to place orders for new builds or initiate specification upgrades when pricing and design clarity improve and provide the financial comfort that sellers, shipyards and financiers typically require.
" Management expects charter rates to improve going forward. Historically, there has been minimal new vessel construction over the past 10 years, resulting in a limited supply of offshore support vessels. This supply constraint, coupled with sustained demand in the offshore oil and gas sector and emerging opportunities in renewables, supports a positive outlook for charter rates."
-- CH Offshore (source: EGM minutes) |
Long-term value hinges on whether the market reappraises the stock toward its historical discount-to-book norm and whether CH Offshore delivers improved results that ride on the booming charter rates.
For more on the fundamentals, see our recent story: CH OFFSHORE: Cash-Rich Comeback in Booming OSV Sector
|
Marine stocks can be quite powerful plays if history is anything to go by -> Nam Cheong, Pac Radiance
Picture will be vlearer in coming days when the rights shares come outs
Go up then promote hahahaha....backside cannon
Hi
so the company got more cash now... supported by Baker Tech.
NAV high. What is Prospect moving forward? At current 0.015SmallSmall ( Date: 28-May-2025 14:38) Posted:
Same same for all these rigths issue. Right issue price low low and then offer to take up excess by the undertaking shareholder which is Baker Tech in this case. The company actually has a NAV of $0.0792
IRREVOCABLE UNDERTAKING 5.1. As at the date of this announcement, the Undertaking Shareholder, a controlling Shareholder of the Company, holds directly 387,535,300 Shares, representing approximately 54.98% of the Company&rsquo s existing issued and paid-up share capital. To demonstrate its support for the Proposed Rights Issue and its commitment to and confidence in the Company, the Undertaking Shareholder had provided an irrevocable undertaking (the &ldquo Irrevocable Undertaking&rdquo ) to the Company and has undertaken to: (a) vote and/or procure the voting in favour of the Proposed Rights Issue at the EGM (b) participate in the Proposed Rights Issue by subscribing and paying for (and/or procure the subscription and payment for) (i) its pro rata entitlement of 775,070,600 Rights Shares pursuant to the Proposed Rights Issue for the subscription amount of S$7.75 million, and (ii) up to 211,467,754 Rights Shares in excess of its provisional allotments (&ldquo Undertaken Excess Rights Shares&rdquo ) (approximately an additional 15.00% of Rights Shares in excess of its provisional allotments) under the Proposed Rights Issue which are not taken up by the other Entitled Shareholders (subject to availability), on the basis that it will rank last in |
|
This one rebounding quite strong......$0.016 +$0.001 17 mil shares trades
Give me 19 plzzzzzzzZZZ
Buyers for rights coming in......
Starting from 003/004 at beginning.. 😊
Stocky901 ( Date: 29-May-2025 19:25) Posted:
The trading range of nil rights should be 001/002🫢 🫢
SmallSmall ( Date: 29-May-2025 12:37) Posted:
Commencement of trading of &ldquo nil-paid&rdquo rights : 30 May 2025 at 9.00 a.m.
Last date and time for splitting Rights Shares : 9 June 2025 at 5.00 p.m. |
|
|
|
