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This news might pull down it price to 13.5c 50 MA support loh
guards80 ( Date: 31-Dec-2016 18:38) Posted:
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The rig business really so bad...?
guards80 ( Date: 31-Dec-2016 18:38) Posted:
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Mermaid Maritime: General Announcement :: MERMAID' S TWO (2) NEWBUILD DRILLING RIGS UNDER CONSTRUCTION CANCELLED BY MUTUAL AGREEMENT
http://repository.shareinvestor.com/rpt_view.pl/id/671191.1/type/sgxnet/original_filename/1
This fish start swimming fast loh...no 17 c no stop!
Msport ( Date: 28-Dec-2016 08:28) Posted:
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minimal gearing
Msport ( Date: 27-Dec-2016 08:46) Posted:
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Mermaid Maritime (Add, TP S$0.17)
&bull The TP is based on 0.5x on FY17 P/BV. Our c.17% discount to 1.s.d levels below mean of 0.58x is largely due to the key downside risk of the non-renewal of AOD III&rsquo s contract
&bull We are positive on company as it boasts a stable balance sheet with minimal gearing (0.02x in 9MFY16) and is churning positive operating cash flows even at low levels of vessel utilisation.
&bull The stock is trading at trough valuations of 0.36x FY16F P/BV (5-year mean: 0.8x), despite having minimal default risks.
&bull Best time to enter the stock: Post Dec 16, once MMT has greater clarity on the AOD III.
&bull Our TP would be S$0.20/share if we re-rated the stock to -1 s.d. levels.
Watch for this counter.. 401 n 821 both accumulating
Strong balance sheet -
cash : 83.8 mil
debt : 128 mil
josephyeo ( Date: 09-Dec-2016 00:08) Posted:
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Company has already turned around
1st qt profit - S$1.7
2nd qt profit - S$10.8 mil
3rd qt profit - S$10.4 mil
9 months current financial year - profit S$23 mil
this is excellent result given the extremely difficult situation in the industry.
Am vested - above is just my views. Figures used may be different from
others due to differences in exchange rate used.
All impairments provided for in FY 2015. Forward looking,I believe this company has turned the corner and had seen its darkest hours just like ASL, Ezion and Kris Energy among the smaller cap O& M stocks.
Whether one likes it or not, the charts have slowly turned positive for these few counters :)
pnuklis ( Date: 08-Dec-2016 09:38) Posted:
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Lost all the down payment paid and how will that be good? Must have been burnt blue & black
Good or bad?
willylim ( Date: 07-Dec-2016 18:51) Posted:
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http://infopub.sgx.com/FileOpen/Mermaid_AusanaCancel_07122016.ashx?App=Announcement& FileID=432202
MERMAID&rsquo S NEWBUILD SUBSEA VESSEL UNDER CONSTRUCTION CANCELLED BY MUTUAL AGREEMENT All pre-paid installments and associated costs were part of asset-impairment in 2015 Financial Statements. No further payment obligations are due to Builder. Mermaid also recovered USD 1 million as compensation for termination and release
No more debt of more 100 million US dollars, almost debt free.
Listed in 2007 at $1.32.........if potential delist...ALL HOLDERS HUAT MAN
The problem now is its on the high side..
It may suddenly crash..
It may suddenly crash..
Wtf..price keep going up
Thanks pnuklis for the highlights. I am results orientated and it appears that the latest results look pretty good.
In other words .. i am looking at what they are now with what they have and what they have done. The latest
seem to show that they know what they are doing. i also note that they are on the " downstream" side of the
business which is less impacted by the lower oil price. Anyway, oil price seems to be heading north after OPEC
agree to cut production .. which should be good for the industry.
Just my thoughts and i stand corrected.
Hi, J, The comlany was OK as for as they limited themselves to subsea sector. The momenmt they diversified in to Jack-up rigs and Tender rigs the equation has changed compltely. Now the company is most vulnerable due to the drilling which is at its lowest and impairments and costs are high even for layup. Now the new assets are a liability. Future will improve only if they can get the tender rigs and jack-up to work otherwise the cash will dissappear very soon. That is the reason the stock has been hantam down.
" Its darkest before dawn"
Mermaid Maritime is another counter which is likely to survive the current oil crisis.
I am sharing some basic datas below:
1. Share price. 52 weeks high - 16.8 cts, low 9.0 cts. Current 14.5 cts.
2. Nta 33.6 cts. against current price of 14.5 cts
3. Debt S$128 mil against cash of S$83.8 mil. - debt is supported by 65% cash.
This is quite rare in the current O& M sector.
4. Profitable in the latest 3 quarters - 1st qt - S$1.7 mil 2nd qt - S$10.8 and 3rd qt - S$10.4.
Profit for 9 mths in current financial year - S$23.0 mil
i am vested for following reasons - trading below nta strong balance sheet, company profitable
despite extremely difficult environment and likely survival in current oil crisis.
Pls note above write up is for sharing n not a call to buy or sell.