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Mermaids Mermaids, can move a few pips down? I wanna jeep abit more....... :(
i was in a meeting and cant reply fast to those waiting for answers.
1) you posted " outlook for 2018" but the report and eps you gave was posted last year FR by DBS. DBS has since change their outlook for Mermaid. My post was not an outlook. Rather its an article posted by wall Street American analyst on the prospect of buying mermaid maritime. I am just sharing an information not updating or sharing any outlook for 2018.
2)
BUSINESS is as usual as Mermaid Maritime Public Company Limited announced that its interest in Asia Offshore Drilling Limited (AOD), a subsidiary of Seadrill, will be largely unaffected by Seadrill' s bankruptcy, or Chapter 11, filing.
On Thursday, mainboard-listed Mermaid said that AOD and its subsidiaries are at this stage excluded from Seadrill' s Chapter 11 filing and expected to continue business operations " uninterrupted in the interim" while restructuring talks continue.
" To implement the restructuring agreement, Seadrill and certain of its subsidiaries have filed prearranged Chapter 11 cases in the southern district of Texas together with an agreed restructuring plan. As part of the Chapter 11 cases, " first day" motions were filed that, when granted, will enable day-to-day operations to continue as usual, including the provision of management services to Seadrill' s subsidiaries inclusive of AOD" , Mermaid said in a Singapore Exchange filing.
Mermaid has a 33.76 per cent equity interest in AOD, with the remaining 66.24 per cent of the shares held by Seadrill.
During the interim period, AOD will continue to evaluate options to reach a consensual solution among its shareholders and lenders.
On Thursday, Mermaid also announced that its Middle East business unit has been awarded a long-term cable survey contract in the Middle East with an estimated value of US$7 million.
" The highlighted package of work, due to commence in the third quarter of 2017, will involve use of a Mermaid chartered-in vessel with geophysical survey personnel, equipment and a survey class remotely operated vehicle (ROV) onboard, carrying out survey of a submarine cable network for a national upstream oil and gas company offshore in the Middle East GCC" , it said.
This clearly shows you the debt is not under mermaid. In fact, latest figures show that Mermaid has around 82 mil of LT debt. Debt maturity is 4 years later, longest for any O & G firm.
3) Mermaid has won 7 contracts for the year 2017. (1st being usd$26mil on 30th May and last being usd$7mil on 14th sept)
4) I cannot persuade the managment on dividend so on the dividend front its not up to investors. They did have excess cash so the management bought the property to diversify their cash horde. Anyway i am sure the property will appreciate as Cambodia is growing very fast just like Myanmar.
Last point: In the O & G sector, being cash rich is very important. Ezion, Marco Polo marine and so many others including Upstream players like Linc energy have busted because they have too much debt to cash.( i am not using debt to equity as they can play up equity) I emphasised on this so that investors in Mermaid can know they can sleep easy without the worry of potential share dilution such as RI, SI, etc. They also need not to worry about the company suddenly filing for bankruptcy protection. That ,means the next time they check one year later , MM is still around. Some company have high DTE ratio but they are still surviving like Kris energy etc. These companies have strong shareholders to back them up in terms of liquidity crisis (kris has Temasek Holdings support) and can somehow still survive.
1) you posted " outlook for 2018" but the report and eps you gave was posted last year FR by DBS. DBS has since change their outlook for Mermaid. My post was not an outlook. Rather its an article posted by wall Street American analyst on the prospect of buying mermaid maritime. I am just sharing an information not updating or sharing any outlook for 2018.
2)
BUSINESS is as usual as Mermaid Maritime Public Company Limited announced that its interest in Asia Offshore Drilling Limited (AOD), a subsidiary of Seadrill, will be largely unaffected by Seadrill' s bankruptcy, or Chapter 11, filing.
On Thursday, mainboard-listed Mermaid said that AOD and its subsidiaries are at this stage excluded from Seadrill' s Chapter 11 filing and expected to continue business operations " uninterrupted in the interim" while restructuring talks continue.
" To implement the restructuring agreement, Seadrill and certain of its subsidiaries have filed prearranged Chapter 11 cases in the southern district of Texas together with an agreed restructuring plan. As part of the Chapter 11 cases, " first day" motions were filed that, when granted, will enable day-to-day operations to continue as usual, including the provision of management services to Seadrill' s subsidiaries inclusive of AOD" , Mermaid said in a Singapore Exchange filing.
Mermaid has a 33.76 per cent equity interest in AOD, with the remaining 66.24 per cent of the shares held by Seadrill.
AOD and its subsidiaries have received, as part of Seadrill' s restructuring agreement, the benefit of a temporary waiver and forbearance from default that may have arisen under AOD' s bank credit facility agreement. AOD has approximately US$210 milliion outstanding under its bank credit facility, which matures in April 2018.
During the interim period, AOD will continue to evaluate options to reach a consensual solution among its shareholders and lenders.
On Thursday, Mermaid also announced that its Middle East business unit has been awarded a long-term cable survey contract in the Middle East with an estimated value of US$7 million.
" The highlighted package of work, due to commence in the third quarter of 2017, will involve use of a Mermaid chartered-in vessel with geophysical survey personnel, equipment and a survey class remotely operated vehicle (ROV) onboard, carrying out survey of a submarine cable network for a national upstream oil and gas company offshore in the Middle East GCC" , it said.
3) Mermaid has won 7 contracts for the year 2017. (1st being usd$26mil on 30th May and last being usd$7mil on 14th sept)
4) I cannot persuade the managment on dividend so on the dividend front its not up to investors. They did have excess cash so the management bought the property to diversify their cash horde. Anyway i am sure the property will appreciate as Cambodia is growing very fast just like Myanmar.
Last point: In the O & G sector, being cash rich is very important. Ezion, Marco Polo marine and so many others including Upstream players like Linc energy have busted because they have too much debt to cash.( i am not using debt to equity as they can play up equity) I emphasised on this so that investors in Mermaid can know they can sleep easy without the worry of potential share dilution such as RI, SI, etc. They also need not to worry about the company suddenly filing for bankruptcy protection. That ,means the next time they check one year later , MM is still around. Some company have high DTE ratio but they are still surviving like Kris energy etc. These companies have strong shareholders to back them up in terms of liquidity crisis (kris has Temasek Holdings support) and can somehow still survive.
onionknight ( Date: 29-Jan-2018 13:35) Posted:
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Thanks but whether you " accept" or not means nothing to me. I am not vested yet nor do I plan to short this counter. So my motivation of posting is to share a fuller picture like outlook, asset management, vessel utilization, its investment liability and revenue sustainability other than just the cash you chose to highlight on. And I had to rebuke your statement because:
- First thing you said is I have shared outdated information, but then you quoted the same order figure yourself (scratching my head)
- Then you go ahead and share an even older article (still scratching)
- Try to play down the AOD debt but cannot provide any concrete supporting facts
- criticised that what I shared was outdated and order me to clarify the misunderstanding, but cannot deny that 1) they havent won any new contracts since last year Aug 2) only one of their vessels (Asiana) has assignment, the rest are still dry docked. Let me ask you: how are these outdated information if they still hold true?
All you can talk about is their spare cash and they invested in a cambodian company but SO WHAT? they have so much cash but have they given out any dividents in the past 2 FY?
But for what it is worth, I can still somewhat engage in a proper discussion with you here because unlike in midas forum you just shouted crap like " falling knives" to spread fear, in this forum you are still trying to be somewhat factual. but try harder.
- First thing you said is I have shared outdated information, but then you quoted the same order figure yourself (scratching my head)
- Then you go ahead and share an even older article (still scratching)
- Try to play down the AOD debt but cannot provide any concrete supporting facts
- criticised that what I shared was outdated and order me to clarify the misunderstanding, but cannot deny that 1) they havent won any new contracts since last year Aug 2) only one of their vessels (Asiana) has assignment, the rest are still dry docked. Let me ask you: how are these outdated information if they still hold true?
All you can talk about is their spare cash and they invested in a cambodian company but SO WHAT? they have so much cash but have they given out any dividents in the past 2 FY?
But for what it is worth, I can still somewhat engage in a proper discussion with you here because unlike in midas forum you just shouted crap like " falling knives" to spread fear, in this forum you are still trying to be somewhat factual. but try harder.
WL123456 ( Date: 29-Jan-2018 13:10) Posted:
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Yes tks for sharing yr view
Ok I can accept your statement on this . Different folks different stokes. You see 2H18, I see now. Anyway both are forward looking . I will respect your view . Thanks for sharing .
onionknight ( Date: 29-Jan-2018 12:08) Posted:
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say what I found from analyst report published in 12 Jan " outdated" , but share an article published last year december..
sorry the irony is just too much for me not to mock at it. haha
http://research.sginvestors.io/2018/01/mermaid-maritime-cimb-research-2018-01-12.html
sorry the irony is just too much for me not to mock at it. haha
http://research.sginvestors.io/2018/01/mermaid-maritime-cimb-research-2018-01-12.html
WL123456 ( Date: 29-Jan-2018 11:40) Posted:
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Regardless of the date but what I stated there still apply, I am not saying that mermaid is a bad counter, just the first Q18 is not the best time to enter. 2H18 maybe better.
The only drilling contract it has won now is its Asiana vessel currently operating at middle east, won last year aug-sep which means mermaid has not benefited from the oil recovery yet. currently it has 3 vessels dry docking. until it wins another contract from now on, you can' t say that mermaid is riding on the oil recovery wave. it has not even sniff it yet.
AOD situation is getting ' better' you say, but ' good' enough to settle its 200 Million debt by april?
you may disagree but I am just trying to include a fuller picture incl. outlook, asset management, vessel utilization, its investment liability and revenue sustainability. since when everything is about cash cash cash?
The only drilling contract it has won now is its Asiana vessel currently operating at middle east, won last year aug-sep which means mermaid has not benefited from the oil recovery yet. currently it has 3 vessels dry docking. until it wins another contract from now on, you can' t say that mermaid is riding on the oil recovery wave. it has not even sniff it yet.
AOD situation is getting ' better' you say, but ' good' enough to settle its 200 Million debt by april?
you may disagree but I am just trying to include a fuller picture incl. outlook, asset management, vessel utilization, its investment liability and revenue sustainability. since when everything is about cash cash cash?
An article by a covering analyst from Wall Street :
https://simplywall.st/stocks/sg/energy/sgx-du4/mermaid-maritime-shares/news/should-you-buy-mermaid-maritime-public-company-limited-sgxdu4-now/
https://simplywall.st/stocks/sg/energy/sgx-du4/mermaid-maritime-shares/news/should-you-buy-mermaid-maritime-public-company-limited-sgxdu4-now/
You are posting something that?s outdated. Please quote the date as it?s misleading .
Anyway just to update : the AOD situation is getijnf better as the day rates have been increasing due to demand as oil prices surge . AOD has contracts secured till 2019. Current order books stands at USD $174 million. I can safely say the next FR will be better than the previous . Most importantly mermaid is the best capitalised in O and G . Revenue has been improving due to successful implementation of cost cutting . Excess cash to invest in properties show no debt constraint. Most of its LT debts maturity profile are 4 years onwards and it currently has more cash than debts . How many in the O and G has this ratio ? Non.
Anyway just to update : the AOD situation is getijnf better as the day rates have been increasing due to demand as oil prices surge . AOD has contracts secured till 2019. Current order books stands at USD $174 million. I can safely say the next FR will be better than the previous . Most importantly mermaid is the best capitalised in O and G . Revenue has been improving due to successful implementation of cost cutting . Excess cash to invest in properties show no debt constraint. Most of its LT debts maturity profile are 4 years onwards and it currently has more cash than debts . How many in the O and G has this ratio ? Non.
onionknight ( Date: 29-Jan-2018 11:08) Posted:
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Mermaid' s outlook in 2018:
- 1Q18 looks to inccur potential losses as the 3 vessels Commander, Endurer, and Asiana have to undergo drydocking, and there looks to be limited visibility on workload (aside from the Asiana) for the rest of the year. This is already after a net loss of 2.04 million in 3Q17.
- 25% of its equity invested in AOD, which has 200 million of debt due in April, and a subsidiary of Seadrill which has already filed for bankruptcy last year.
- 49% of stake invested in cambodia company unlikely to generate income in the near future, while current orderbook of 174 million is only sufficient for 15 months of revenue
- cost cutting ceiling reached, FY18-19F EPS cut by~20% due to lower revenue and higher costs.
- current TP by cimb and dbs: 0.14-0.142
The consensus is 2H2018 will be a better time to enter this counter, once the dusts surrounding AOD settles and whether they manage to secure anymore contracts to sustain their revenue. For now it is better to trade with caution.
- 1Q18 looks to inccur potential losses as the 3 vessels Commander, Endurer, and Asiana have to undergo drydocking, and there looks to be limited visibility on workload (aside from the Asiana) for the rest of the year. This is already after a net loss of 2.04 million in 3Q17.
- 25% of its equity invested in AOD, which has 200 million of debt due in April, and a subsidiary of Seadrill which has already filed for bankruptcy last year.
- 49% of stake invested in cambodia company unlikely to generate income in the near future, while current orderbook of 174 million is only sufficient for 15 months of revenue
- cost cutting ceiling reached, FY18-19F EPS cut by~20% due to lower revenue and higher costs.
- current TP by cimb and dbs: 0.14-0.142
The consensus is 2H2018 will be a better time to enter this counter, once the dusts surrounding AOD settles and whether they manage to secure anymore contracts to sustain their revenue. For now it is better to trade with caution.
👍 . You are in good company .
SgYuan ( Date: 29-Jan-2018 10:37) Posted:
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Surprise the correction is so little.
It break 164 and start EW, but too fast.
Saw the 5m bollinger squeeze on 26Jan 14:45 @161.
No gut to enter. Sad
EW uptrend start 161 w1 170 w2?165 w3?179 w4?174 w5 183
w1 9
w2 5, correct base on 38.2%
w3 14
w4 5
w5 9
w2 correction may be less.
5m chart 160-166-172 uptrend
After lunch, the mid should move to 168.
15m 157-164-170 uptrend.
After lunch, the mid should move to 166
Loaded 1st batch @168.
Will load again if go down.
It break 164 and start EW, but too fast.
Saw the 5m bollinger squeeze on 26Jan 14:45 @161.
No gut to enter. Sad
EW uptrend start 161 w1 170 w2?165 w3?179 w4?174 w5 183
w1 9
w2 5, correct base on 38.2%
w3 14
w4 5
w5 9
w2 correction may be less.
5m chart 160-166-172 uptrend
After lunch, the mid should move to 168.
15m 157-164-170 uptrend.
After lunch, the mid should move to 166
Loaded 1st batch @168.
Will load again if go down.
WL123456 ( Date: 29-Jan-2018 09:32) Posted:
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I will wait . I have a TP of at least 0.20 this cash rich firm . Best O & G counter . No default risk as it?s cash rich . Nice supply of contracts plus oil now trading at all time high for past 5 years . There should be more contract annoucement soon as demand for their advices should rocket . Management also shows diversification by buying land in Cambodia to be more efficient with their cash reserve . 0.17 too cheap for this company .
SgYuan ( Date: 29-Jan-2018 09:27) Posted:
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W2 tgt px is...?
SgYuan ( Date: 29-Jan-2018 09:27) Posted:
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Come too fast. Wait for w2.
SgYuan ( Date: 29-Jan-2018 09:16) Posted:
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HeI only bring my bikini and towel... =D
WL123456 ( Date: 29-Jan-2018 09:20) Posted:
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Hahahah, I bought a lot a lot of stuff last week . Sun shade , sunblock , cooler , etc . Make sure I had a good swim lol . I hope you too .
chillipadi ( Date: 29-Jan-2018 09:16) Posted:
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swimming... =D
Chasing, May not get
WL123456 ( Date: 29-Jan-2018 09:13) Posted:
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Yuan , got being your swimming trunk ? Heheh
SgYuan ( Date: 25-Jan-2018 18:35) Posted:
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