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Swissco price target cut 25% to 90 cents by CIMB
SINGAPORE (March 5): CIMB has cut its price target for Swissco Holdings from $1.20 to 90 cents, based on 7.5 times projected FY2016 earnings, after lowering its estimates to factor in reduced demand for its services.
" Given the weak industry sentiment, we now expect only two new 50%-owned rigs to be added to its fleet in 2H15 instead of four 100%-owned rigs for 2015," CIMB analysts Lim Siew Khee and Yeo Zhi Bin wrote in a note.
While Swissco' s offshore support vessel segment, which accounts for about a quarter of its revenue, has been able to fetch higher charter rates, its maritime services segment, which mainly comprises the sale of vessels, will be scaled back, they said.
Still, CIMB has not changed its " Add" rating on the stock.
" In Swissco' s 4Q14 results briefing, management reiterated its confidence that the charter contracts for its nine rigs are firm," the analysts said, adding that the stock is the cheapest of its kind in Singapore, trading at just four times FY2015 earnings.
Swissco shares ended at 44.5 cents yesterday.
Last : $ 0.46
sign of rebound?
1 sep 2014 ...swissco $1.125
9 sep 2014 swissco $0.50
Think over react liao ?? Too cheap to sell now ??
Too me..look attractive.....but .....maybe i will wait for a u turn first....
9 sep 2014 swissco $0.50
Think over react liao ?? Too cheap to sell now ??
Too me..look attractive.....but .....maybe i will wait for a u turn first....
this company is considerably more richly valued as opposed to more establised players in O& G sector. no surprise to see the bigger falls everyday actually...
Swissco has ordered too many rigs for delivery at the wrong time. Its executive chairman Tan Fuh Gih already stepped down recently. So the KS Tan family no longer interested in this company?
wait for these rigs assets heavy companies to write off a major chunk of the value of their rigs before buying. Transocean wrote off a massive USD 2.76 billion of rigs values recently.
moron101 ( Date: 09-Dec-2014 16:31) Posted:
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Another 10% drop so far today. Gone case liao.. take care..
moron101 ( Date: 08-Dec-2014 18:03) Posted:
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Dropped 15% today. Report to Hor Lan liao.. More to see for your own eyes..
rogeryap ( Date: 29-Nov-2014 15:39) Posted:
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Swissco reshuffles its Executive Board: http://www.seashipnews.com/News/Swissco-reshuffles-its-Executive-Board/3w3c2950.html
How bad will sectors like swissco be hit with the crash in oil prices? Anyone?
Come thursday see can improved the value or not!...
granto ( Date: 24-Nov-2014 15:02) Posted:
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Interview with the ceo...
Swissco Holdings: Rig synergies: http://maritime-ceo.com/News/Swissco-Holdings:-Rig-synergies/3w3c490.html
engine starting?
rogeryap ( Date: 12-Nov-2014 09:27) Posted:
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ya clear 86 & shd fly
DeepBlue ( Date: 12-Nov-2014 09:16) Posted:
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Break the bull flag with vol, and it will fly.
price moving soon????
granto ( Date: 12-Nov-2014 08:43) Posted:
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Rig charter and vessel charter for Swissco...
Swissco scores $115m rig deal: http://www.seashipnews.com/News/Swissco-scores-$115m-rig-deal/3w3c2868.html
Swissco secures contracts for four offshore drilling units: http://www.seashipnews.com/News/Swissco-secures-contracts-for-four-offshore-drilling-units/3w3c2526.html
Coming!
Chart on this counter looking pretty good for uptrend.
this counter laggard.