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| 05-Jun-2013 18:08 |
Midas
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Midas
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Midas Holdings: Green Shoots Of Recovery Buy, TP $0.75
Maybank Kim Eng Research |
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| 05-Jun-2013 18:07 |
Midas
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Midas
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Exciting times ahead for Midas as China pushes ahead for railway developments.
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| 05-Jun-2013 17:21 |
Midas
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Midas
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NEWS RELEASE: MIDAS' JV COMPANY NPRT & CONSORTIUM PARTNERS WIN RMB1.1 BILLION METRO TRAIN CONTRACT | ||||
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| 05-Jun-2013 16:45 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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Hope you made yours too! Cheers!
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| 05-Jun-2013 16:24 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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Good profits for the day. Gd luck. | ||||
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| 05-Jun-2013 13:35 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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STI is currently at an oversold level and coincides with the fibo 61.8% support level. Two scenarios. First, recovery. Second, retrace further to test 3200 level. | ||||
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| 05-Jun-2013 13:26 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Lets see if STI will rebound from current level back to around 3350. | ||||
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| 05-Jun-2013 11:22 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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Made 10 bids on the technical rebound. Gd luck. | ||||
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| 04-Jun-2013 19:51 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Spain’s Crisis Fades as Exports Transform Country | ||||
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| 04-Jun-2013 18:37 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Statoil finds additional oil at Volve field
OSLO, JUNE 4 | Tue Jun 4, 2013 3:54am EDT SHARE THIS ARTICLE OSLO, June 4 (Reuters) - Norway's Statoil said on Tuesday new drilling proved Volve field to hold additional oil reserves in a range from 8.8 million to 9.4 million barrels. That almost doubles estimated remaining reserves at the North Sea field, meaning that production there could be prolonged at least until the end of 2016, the company added. Statoil holds 59.6 percent, ExxonMobil 30.4 percent and Bayerngas Norge 10 percent of the license. |
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| 04-Jun-2013 16:01 |
Midas
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Midas
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Oh i see. I think more contract wins to come.
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| 04-Jun-2013 15:51 |
Midas
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Midas
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Midas Holdings: Green Shoots Of Recovery Buy, TP $0.75 Maybank Kim Eng Research |
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| 04-Jun-2013 15:47 |
Midas
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Midas
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Riding on the ChinaWave. | ||||
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| 04-Jun-2013 14:37 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Inflowing of big funds into Asian markets. | ||||
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| 04-Jun-2013 13:37 |
Vard
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Vard Holdings
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Investors were also interested to find out more about Fincantieri. We take the opportunity to provide more colour on the group. Fincantieri is a world leader in cruise ship construction. It also builds naval vessels, cruise ferries and mega-yachts. It has nearly 10,000 employees and owns eight shipyards and two design centres in Italy. It operates three yards in the US (all in the Great Lakes region), serving civilian and government customers. Lastly, it has a jointly-owned shipyard in the UAE which builds civilian and military ships as well as offers maintenance and refitting services. The acquisition of Vard will complement and strengthen the group, given that offshore is the only segment it does not have exposure to. Offshore is seen to have higher growth and profitability than the other sectors in which Fincantieri currently operates. As Vard itself has 10 yards and employs 9,000 people, the acquisition is almost a merger of sorts. Both Fincantieri and Vard have similar turnover of €2.4bn and €1.6bn respectively and the enlarged group will almost double their size to 22 shipyards globally, with nearly 20,000 employees and €4bn in turnover. The combined entity’s order book at end-2012 was €6.8bn: roughly one-third from cruise ships and ferries, another third from naval and the remainder from offshore.
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| 04-Jun-2013 13:37 |
Vard
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Vard Holdings
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Dividends There is no change to Vard’s minimum 30% payout policy. We expect a final DPS of 5 Scts for FY13, translating into 4.5% yields, the highest among our O& M small/mid-cap stocks.
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| 04-Jun-2013 13:36 |
Vard
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Vard Holdings
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Bullish order outlook Vard was markedly positive on its order outlook. If mega-Petrobras orders materialise, there is a strong possibility that its FY13 order intake could beat its annual run rate of NOK12bn. Recall that Petrobras could soon award contracts for seven newbuild pipe-laying support vessels (PLSVs) worth US$6bn in. Upstream reported that Vard’s Promar yard is in line to secure two units, totalling US$560m. This would translate to NOK3bn or 27% of our FY13 order target of NOK11bn. YTD, Vard has secured NOK3.8bn orders. For now, we conservatively keep our assumptions, which would be revised when any Petrobras order materialises. Due to our more bearish order assumptions, our FY14 topline and bottom-line forecasts are 9% and 12% respectively below consensus.
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| 04-Jun-2013 13:35 |
Vard
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Vard Holdings
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Margins to improve in FY14 Vard is confident that its Brazilian operations in Niteroi would stabilise by year-end. Consequently, we have hopes of margin improvements come 2014. Already, one of the vessels in the Niteroi yard has been delivered, leaving four progressive deliveries for next year. Three of the four should be delivered by 1Q14, and alleviate the drag on the group’s margins. Production bottlenecks in Brazil arise from a tight labour and equipment market. Specifically, the Niteroi yard faces constraints for steel structural work. Increased man and engineering hours as well as a step-up in project management to rectify vessel delays have created cost overruns. Vard is not making any money from its current Niteroi backlog, and we estimate that its EBITDA margins for 2013 could retreat 2.2% pts to 11%. But as its Brazilian cost overruns have been flagged and accrued since 2Q12 and late-delivery penalties are not as bad as its increased costs, there would not be an earnings hit in the quarter when the Brazilian projects are delivered. To illustrate this, two delayed vessels were delivered from its Niteroi yard in 3Q12 and the company achieved a 13.5% EBITDA margin in that quarter. We expect EBITDA margins to climb to 11.5% in FY14, stemming from a scaling of the learning curve for Transpetro orders as well as investing initiatives for its Romanian and Vietnamese yards. Work for eight LPG carriers for Transpetro has started. Vard has subcontracted the construction of the first two hulls to a third-party Brazilian yard, Rio Nave. By end-2014, its new Brazilian yard, Promar, will be constructing six of the projects. We expect yoy margin expansion as critical mass is achieved for its new yard.
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| 04-Jun-2013 13:34 |
Vard
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Vard Holdings
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Opportunities abound with Fincantieri Joint business opportunities are said to abound as Fincantieri has yards in the US and Middle East which could allow Vard to cross-sell its designs. Likewise, Fincantieri could tap Vard’s yards in Brazil and Vietnam where it does not operate in. Given Vard’s lack of presence in the Gulf of Mexico, some investors enquired whether Vard would consider acquiring/utilising Fincantieri’s US yards to build OSVs for customers eyeing the US market. Due to the Jones Act, vessels traded in US waters have to be built in the US. However, the likelihood of this is low. Existing yards are not ideal for OSV building, due to their configurations. More importantly, they are located at the Great Lakes, in the north-eastern part of the US, at the US-Canadian border. Vard has a marine system division which manufactures and installs vessel electrical systems: Vard Electro. This is an ancillary division which complements Vard’s shipbuilding business. Vard has been selective in selling its proprietary electoral systems, for fear of knowledge transfers. However, it sees more opportunities to sell these to its sister business units within Fincantieri. Similarly, Fincantieri has a marine system unit which designs and manufactures ship propulsions and power generators, and could sell these systems to Vard. These vessel systems are integral to ships and the shipbuilding supply chain. Further collaboration between the two could spur future product innovation. Fincantieri recently created a dedicated offshore business unit (prior to its acquisition of Vard) with a focus on drillships. In collaboration with Norwegian oilfield solutions firm, Aker Solutions, Fincantieri has introduced the next generation of drillships, under the “Overdrill design”. This design allows drilling contractors to drill to a maximum depth of 50,000ft. What Vard could bring to the table is its offshore expertise and project-management skills. Last but not least, Vard could enlarge its customer base through Fincantieri. For example, Italian oil service giant, Saipem, shares the same ultimate parent as Fincantieri. This could help Vard establish a closer working relationship with Saipem. Vard shared that cost synergies are limited as there is little overlap in their mutual operations. For example, a joint procurement centre is not economically viable due to the different specialised equipment needed for their spectrum of products. Even for common raw materials like steel, it makes more economical sense to procure them where the individual yards are located. Also, steel is not a critical cost for OSV building, accounting for only 3-5% of the total cost.
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| 04-Jun-2013 13:32 |
Vard
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Vard Holdings
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Staying the course Following the takeover of Vard by Fincantieri, investors are generally uncertain about the company’s roadmap. The group has assured that nothing has changed, with regard to corporate structure, management team, roadmap and listing status. Essentially, Vard would be run as an autonomous business unit of the Fincantieri Group. Its management would be retained and is actually considered Vard’s crown jewel, given its close relationships with a core group of Norwegian customers. Additionally, we believe Vard’s group structure would remain the same. We reckon that asset injections/spin-offs by Fincantieri into Vard are highly unlikely, though we do not entirely rule out Vard’s absorption of Fincantieri’s offshore business unit. Hence, Vard would spearhead all offshore activities under the Fincantieri group. Fincantieri’s offshore unit is essentially intellectual property with negligible tangible assets. Vard intends to maintain its industry leadership and keep its yards competitive. Investment programmes are being implemented at its Norwegian, Romanian and Vietnamese yards to improve their productivity. Customers would also be continuously engaged as Vard seeks to be their preferred partner in developing the next cutting-edge solutions for deepwater E& P. For example, Vard recently secured a PSV order with customised features such as a clean-design environmentally dual-fuel LNG/diesel-electric-operated vessel with advanced rescue operations. Fincantieri is contented to keep the listing status of Vard for now. Had it intended to de-list Vard in the first place, it would have offered a slightly more attractive price, rather than its low-ball offer, which only attracted less than 5% of Vard’s share capital from the market. We do not think financing was an issue. Fincantieri had net cash of €480m with bankers’ support as at end-2012 (its acquisition of a 50.75% stake in Vard cost €900m).
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