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28-Nov-2013 17:08

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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x 0

good closing, with UOB chart genie alert triggered earlier ard 3+pm

Time: 3:35PM
Exchange: SGX
Stock: Viking(557)
Signal: Resistance - Breakout with High Volume
Last Done: $0.125

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28-Nov-2013 16:53

Yamada Green Res / Yamada-Since it IPO at 0.22c-good response

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x 0

Last:0.192 Vol:61k

-0.003

so long no more mushroom activity

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28-Nov-2013 16:49

Federal Int / Federal

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x 0

Last:0.026 Vol:1475k

+0.001

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28-Nov-2013 16:35

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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x 0

Last:0.131 Vol:96629k

+0.013

hit 100 million shares done

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28-Nov-2013 16:12

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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x 0

Last:0.129 Vol:80685k

+0.011

80 million done!.. market players are back to push this stock

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28-Nov-2013 15:59

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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x 0

now 13c up 1.2c

linsong88 ( Date: 28-Nov-2013 15:47) Posted:

Quote wrong? It really 8 cent rise then huat lor.. haha

ozone2002 ( Date: 28-Nov-2013 15:36) Posted:

Last:0.126 Vol:31535k

+0.085

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28-Nov-2013 15:36

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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Last:0.126 Vol:31535k

+0.085

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28-Nov-2013 13:53

Ezion / Ezion

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Gd fundamental stocks are best bought on dip.. congrats to those who bought at low $2

Last:2.06 Vol:1990k

+0.02

ozone2002 ( Date: 18-Nov-2013 12:03) Posted:

pullback from high of $2.4+ .. now low $2.. still a gd biz nonetheless
Decent results, promising growth
?
consensus estimate3Q13 earnings slightly better than our above
?
by lower JV and other incomeGross margin outperformed impact partially offset
?
delivered in 3Q, three more by DecSome delivery rescheduling two service rigs were
? Maintain BUY with TP raised slightly to S$2.65
2Q results beat expectations
3Q13 results above.
y and 5% q-o-q to US$38.2m, bringing 9M13 net profit to
US$102.9m, or 73% and 77% of our and consensus? FY13
estimates. Growth was driven by fleet expansion,
commencement of three LNG projects at Curtis Island and
margin improvement. We are impressed with the 1.9ppt q-o-q
gross margin expansion to 48.2%, though impact on the
bottomline was partially offset by lower JV and other income.
Net gearing is manageable at 1.05x as of end Sept.Ezion?s 3Q13 net profit surged 137% yo-
Fleet to reach 18 rigs by Dec FY14/15F EPS raised by
3/2%.
in Myanmar and Mexico in 3Q - and three more units are
expected to come onstream by end Dec (for Caspian Sea, India
and Middle East), bringing its total fleet to 18 vessels (double
that of 9 in early 2013). Management indicated during the
briefing that 3 liftboats and 1 refurbished jackup rig are
experiencing delays of 3-6 months due to external factors. In
addition, service rig #11 will be off hire for about 5 months for
an upgrade requested by customer. We have adjusted our
revenue recognition accordingly. Nonetheless, after factoring
positive impact from higher margins, lower tax and interest
expense, our FY14/15F EPS are lifted marginally by 3.0%/1.6%.Ezion took delivery of two service rigs - for deployment
BUY, TP adjusted to S$2.65,
EPS. Current valuation is undemanding and we believe Ezion?s
strong earnings growth (2-year CAGR of 42% in FY13-15) and

contract wins will drive the stock price further. Maintain BUY.based on 14x revised FY13/14F

ozone2002 ( Date: 30-Aug-2013 10:25) Posted:

This is a stock to buy on pull back.. great business, growth stock
Far and away from Syria DBS
 
deployed in Middle EastSecured charter contract for a service rig to be
 
long distance from SyriaEzion?s service rigs for Middle East are near Qatar, a
  Maintain BUY TP S$3.20
Adding 3
charter contract to provide bareboat charter for a refurbished
jack up rig worth US$49.1m over four years. Upgrading and
refurbishment work is expected to commence at the Middle
East yard next week and the rig is scheduled to be delivered
to a national oil company in Middle East by mid-2014. The
cost of the project ? US$40m - will be funded by equity (30%)
and 5-year floating bank borrowings (70%).rd service rig to Middle East. Ezion has signed a
Slightly different accounting treatment.
secured at Ezion level and the service rig will be chartered
from a 50:50 JV of Ezion and Scott & English Limited, a
subsidiary of Kim Seng Holdings. Hence, Ezion will consolidate
the project revenue but at minimal profits. Bulk of profits will
still be recognised under associate/JV income line and/or other
income as management fees, similar to their previous JV
vessels. We estimate this latest contract to contribute about
US$1.5m in FY14 and US$3.2m in FY15, representing 0.6%
and 1.2% of our FY14 and FY15 forecasts respectively.The contract is
A long way from Syria.
service rig operating in Middle East, in the Arabian Gulf near
Qatar. The second one, which will come on stream by early
2014, will be deployed around that region as well.Currently, Ezion has only one
Maintain BUY TP S$3.20.
intact, with the expectations of three additional contracts this
year and eight next year. Maintain BUY on Ezion with an
unchanged TP of S$3.20, pegged to 14x FY13/14 PE. We
continue to like Ezion?s strong growth profile and earnings

visibility.We are keeping our forecasts

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28-Nov-2013 10:20

IPC Corp / Solid NTA 27c

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Abenomics Drives Japanese Yen Down As China Tension Rises

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28-Nov-2013 09:59

IPC Corp / Solid NTA 27c

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Strong Japanese stocks close in on five-and-a-half year peak as yen st ? Reuters

ozone2002 ( Date: 07-Nov-2013 09:54) Posted:

Toyota Reaps Abenomics Rewards From Keeping Japan Plants

market is not pricing in the fact that IPC is getting increased revenue recognition from all its 9 hotels

furthermore it has condo properties to sell which they had bought at distressed levels.

Abenomics is slated for inflation which means asset prices will rise and currency depreciates.

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28-Nov-2013 09:54

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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x 0

congrats! i'm still waiting for Viking to test the 20+c high

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28-Nov-2013 09:46

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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x 0

Last:0.124 Vol:16670k

+0.006

Chiong aaaaaahhh!

ozone2002 ( Date: 27-Nov-2013 09:25) Posted:

Last:0.121 Vol:9491k

+0.003

hit 10 million done in 30 minutes of trade..

looking promising

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28-Nov-2013 09:08

Hafary / Hafary

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x 0

Solid biz and excellent earnings, this is a gem waiting for market to discover it's potential
This ompany Update Technical View
Source: NextView
The stock appears to be supported near S$0.19 and a break
above S$0.275 could test S$0.32.
Peer Comparison
Company Ticker
Price
(lccy)
Mkt
Cap
(US$m)
PE
2012
(x)
PB
2012
(x)
White Horse Bhd WHIT MK 1.7 130 9.3 0.58
Royal Ceramics Lanka RCL SL 108.2 95 6.1 1.83
Somany Ceramics Ltd SOMC IN 85 53 11.7 2.33
Kpt Industries 1805 TT 13.45 36 10.3 1.14
Average 9.4 1.5
Hafary Holdings Ltd HAFA SP 0.25 86 20.0 3.11
Straits Times Index 3,432.76 14.0 1.52
Source: Bloomberg, UOB Kay Hian
Financials
Year to 30 Jun (S$m) FY11 FY12 FY13F FY14F FY15F
Net turnover 60.4 63.1 81.3 96.4 112.7
Gross profit 24.7 25.9 32.5 38.5 45.1
EBITDA 10.5 8.1 35.1 14.1 16.5
EBIT 9.7 7.1 33.9 12.3 14.4
Net profit 7.5 5.1 26.9 8.9 10.5
Adj. net profit 7.1 4.9 6.8 8.4 10.0
EPS (sen) 4.2 2.5 13.1 3.7 4.4
Adj. EPS (sen) 2.1 1.3 1.6 1.9 2.2
Adj. PE (x) 10.6 17.8 15.8 13.4 11.3
P/B (x) 3.0 2.8 1.8 1.7 1.5
Dividend yield (%) 2.0 5.6 11.0 5.0 5.0
Adj. PATMI margin
(%) 11.4 7.2 7.9 8.3 8.4
Net gearing (%) 53.0 45.7 44.0 44.0 42.0
Interest cover (x) 14.9 2.7 23.9 7.7 8.5
ROE (%) 33.2 16.5 46.7 13.7 14.3
Source: Hafary, Bloomberg, UOB Kay Hian
Background
What?s New?

has enjoyed three strong catalysts including: a) a second
interim dividend of 1.5 S cents/share (post-split), b) a
transfer to SGX Mainboard from Catalist, and c) 2-for-1 share
split. Post the share split, our revised sum-of-the-parts
(SOTP) target price is S$0.33/share, which implies an upside
of 32.0%.Triple boosters. Since early April, Hafary Holdings (Hafary)

cents (adjusted for share split), Hafary has announced a
second interim dividend of 1.5 S cents/share. This amounts
to a total payout of 2.75 S cents/share (dividend yield:
11.0%) which has exceeded our full-year forecast of 2.5 S
cents/share. Beyond FY13, we conservatively forecast the
group to deliver dividends of 1.25 S cents/share each in FY14
and FY15, which implies a dividend yield of 5.0%. However,
there could be upside if the group monetised the hidden
value of its industrial properties.Dividend bonanza. On top of its interim dividend of 1.25 S

approval in principle for the transfer of its listing status from
Catalist to SGX Mainboard. This is clearly positive as the
stringent requirements of the transfer will help reaffirm the
company?s attractiveness to investors. Interestingly, we did
an analysis of stocks that transferred to SGX Mainboard and
noted that they enjoyed an average gain of 16% in the three
months after the announcement of a transfer.In the premier league now. Hafary recently secured the
3-mth % Chg
Stock Annc date
on Annc
Date
After Annc
Date
EZION HOLDINGS 30 Oct 09 11.7 (5.9)
ASIASONS CAPITAL 8 Jun 10 18.2 (2.6)
SAPPHIRE CORP. 7 Jan 11 33.3 (15.0)
SILVERLAKE AXIS 21 Apr 11 (4.4) 27.7
MENCAST HOLDINGS 22 Sep 11 28.7 (10.7)
KREUZ HOLDINGS 3 Sep 12 27.5 21.5
SIIC ENVIRONMENT 11 Oct 12 3.9 50.9
TOP GLOBAL 8 Nov 12 (10.0) 22.2
SWISSCO HOLDINGS 2 Nov 12 (0.5) 45.7
INTERRA RES. 18 Oct 13 0.0 0.0
OXLEY HOLDINGS 6 Dec 12 5.4 47.7
CHASEN HOLDINGS 4 Jan 13 4.5 15.2
Average 9.9 16.4
Source: Bloomberg, UOB Kay Hian

has also gone ex for a 2-for-1 share split. In the long term,
this could enhance the trading liquidity of the stock.Split could potentially enhance liquidity. Hafary?s stock

tiles and wood flooring in Singapore, the group will benefit
from strong sales of BTO properties. The stock?s valuation is
also underpinned by a portfolio of industrial buildings held at
low cost on balance sheet. Any plans to unlock hidden value
of the property portfolio is expected to be an upside catalyst
for the stock, in our view.Solid fundamentals. Being the leading supplier of premium
Valuation

S$0.33. As one of the major supplier of tiles in Singapore,
Hafary is likely to continue with its outstanding performance
with the strong influx of BTO supply. Potential share catalysts
include monetising the hidden value of its industrial
properties, strong earnings growth and better-than-expected
dividends.
Hafary is a leading supplier of premium tiles, wood flooring
and sanitary ware in Singapore. The company carries over
3,000 products sourced directly from manufacturers in
Europe (Spain and Italy) and third party manufacturers from
People?s Republic of China (PRC). Some of the notable
projects that Hafary has supplied to include JCube, The

Atrium@Orchard and NUH Medical Centre.Still on our BUY list. We maintain BUY with a target price of

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28-Nov-2013 08:57

IPC Corp / Solid NTA 27c

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Tokyo stocks open 1.12% higher AFP

Nikkei 225

15,636.11

+186.48

+1.22%

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27-Nov-2013 11:49

Rex Intl / Rex International

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x 0

no revenue means only expenses will be incurred!

when that happens means losses losses and more losses... which would you prefer to invest in?

a company that has revenue and shows profit or a company with no revenue and shows losses

simple mathematics :)

evahsu ( Date: 27-Nov-2013 10:56) Posted:

Agreed with yr view fully.There is no change in potential however there are higher chances of px slipping down south instead.Notice CEO is back pedalling their words from their recent reports vs analysis reports.First time drilling using their so called " technology" likely to face hiccups.Just think if they are so confident abt their technology,they would have engaged private investors instead of seeking public listing to seek for public fund.If there are proven result for several drillings,imagine what price they can command during an IPO but they did not.This showed the mgt/ceo is also not 100% sure abt its potential. He cld be keeping something under this sleeve we never know. Maybe they did ask private investors but no one dare to take the risk as it still a unproven technology hence only option is to tap fund from the public.Drillings are bound to have hits and misses.Going forward how many missess can investors stomach?

Dont forget they are listed on second board of SGX where the company have no profit/revenue for the past 3 yrs.

ozone2002 ( Date: 26-Nov-2013 16:58) Posted:

DBS promoting this no revenue counter.. they promote Yoma @ 65x PE and now a revenue-less and profit-less counter Rex Int'l. Use common sense so as not to lose your dollars n cents.. gd luck..

No change in potential

through tie-up with Swiss firm could yield

complementary earnings stream in futureForay into oil well stimulation technology

drilling plans at existing assets are all on trackMeanwhile, progress on new licence adds and

? Balance sheet fortified by share placement

reiterate BUY with adjusted TP of S$1.15Thus, recent sell down seems unjustified

Another game-changing technology in hand?

investing US$20m for a 67% stake in Rexonic, which will own

a proprietary environmentally-friendly, high-power ultrasound

technology for commercial oil well stimulation developed by

Swiss partner Ogsonic AG. This technology is intended to

replace traditional chemical methods and has been shown to

increase oil production from 30% to 380%, both onshore and

offshore, according to management. This JV will target the oil

& gas production phase, and being complementary to Rex?s

existing offerings in the exploration phase, offers cross-sell

opportunities. Rexonic has already signed contracts with three

major NOCs and could contribute a recurrent earnings stream

within the next few years.Rex will be

Drill campaigns all on track.

Oman can be expected around end-December 2013, and the

second well around 40 days later. While the developments in

Oman are likely to be of much interest to the market, Rex is also

aiming to drill another 5-7 offshore wells in various areas in

2014, and looking to grow its portfolio from the current 15

licences to 30 licences over the next 18-24 months, potentially

providing a constant stream of newsflow and catalysts.Drill results from the first well in

Maintain BUY for 85% upside potential.

adjusted down to S$1.15, as we factor in a bigger share base

arising from the recent share placement, as well as

consideration shares issued to fund the acquisition of the

Rexonic stake and an additional stake in Rex Caribbean.

However, we believe the story for Rex remains intact, as

highlighted above, and the recent sell down thus presents a

good buying opportunity.Our TP for Rex is

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27-Nov-2013 09:25

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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Last:0.121 Vol:9491k

+0.003

hit 10 million done in 30 minutes of trade..

looking promising

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27-Nov-2013 08:57

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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opening 119c.. good start for viking

n good news for the sgx approval

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26-Nov-2013 16:58

Rex Intl / Rex International

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x 1