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Fincantieri faces tough call in general offer to STX OSV shareholders

Wednesday 16 January 2013, 13:43

Next hurdle may prove insurmountable in Italian firm’s bid to take shipbuilder private

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23-Jan-2013 19:51

Vard / STXOSV

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It's Dirt Cheap!!!

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23-Jan-2013 19:50

Vard / STXOSV

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Anticipating the big pop.......smart money buy on dips.

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23-Jan-2013 19:38

Vard / STXOSV

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STX-MEN UNITED

Now Showing

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23-Jan-2013 19:35

Golden Agri-Res / GoldenAgr

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Seems to be on mid to long term downtrend for now.

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23-Jan-2013 19:25

Dyna-Mac / Dyna-Mac Holdings

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Don't miss the boat woh....upgrading of engine is completing..

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23-Jan-2013 19:22

Dyna-Mac / Dyna-Mac Holdings

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Going for the next leg.

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23-Jan-2013 19:07

Swiber / Swiber

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Done some technical analysis also, cannot follow blindly.

srichipan ( Date: 23-Jan-2013 18:59) Posted:

Peter you base it on analyst reports ah? That's what I saw from your previous posts.

Peter_Pan ( Date: 23-Jan-2013 18:28) Posted:

Simple, this is a company with a good base. You may refer to my earlier postings. Cheers

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23-Jan-2013 18:57

AusGroup / AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m

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On the chart, it doesn't look good at all, bollinger band shows extremely high volatility, MACD is like going to u-turn, RSI and Stochastic also like going to u-turn. Momentum has plunged.

Anyway, play by ear lar.

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23-Jan-2013 18:47

Straits Times Index / STI to cross 3000 boosted by long-term investors

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Enjoy...

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23-Jan-2013 18:28

Swiber / Swiber

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Simple, this is a company with a good base. You may refer to my earlier postings. Cheers!

Bryanchoo ( Date: 23-Jan-2013 17:18) Posted:

hi Peter, any reasons for the last moment rally?have been viewing this counter for the past few days, was stagnant.

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23-Jan-2013 18:23

Vard / STXOSV

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STXOSV $1.555 COME MNEY COME

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23-Jan-2013 18:18

Midas / Midas

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Buy Target SGD0.75


OSK/DMG

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23-Jan-2013 18:15

Midas / Midas

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Midas

Year of Recovery

Recently we played host to Midas at our ASEAN Corporate Day held in Singapore.
The key takeaways from the meetings were: (i) outlook is healthy, especially for
2014 and 2015, as the government continues to increase spending on rail
infrastructure, which would buoy the demand for high-speed trains (ii) Midas is
taking steps to diversify beyond 2015 (iii) it does not expect its operations/activities
in 1H13 to differ much from those in 2H12, and any orders secured now are likely to
be delivered from 2014. Midas expects to release its 4Q12 results before end-Feb.
We reiterate our BUY recommendation and SGD0.75 TP as the potential order flow
looks good given the government’s commitment to expand China’s rail network.
Government to pour in RMB650bn in 2013. This is slightly more than the RMB631bn
spent in 2012, as the government strives to achieve the goals set out in its 12
th
Five-year
(2011–2015) plan for the rail industry. In order to achieve its goal of having a “four vertical
and four horizontal” high-speed railway network by 2015, the government may have to
spend at least an estimated least RMB500bn on railway construction in each of the next
three years, With this number of railways anticipated to come up, we expect some orders
for high-speed train cars to start flowing.
Preparing for years beyond 2015. Midas, which plans to diversify into the production of
aluminium alloy plates and sheets, has set up a JV company with Jilin Kaitong Engineering,
in which it has a 55% stake. It is building a plant with an expected capacity of 200,000
tonnes, which is envisaged to be operational in 2015 when the government’s plans for the
rail industry are expected to come to fruition. Aluminium sheet plates can be used in the
aviation, shipbuilding and automobile industries. As part of the funding for this plant will be
from bank loans, this will raise Midas’ net gearing going forward. Management has
indicated that its net gearing could go up to ~40% from 22% as at 3Q12 as it expands its
operations.
Things to pick up in 2013. While Midas’ order book deliveries are expected from FY13,
we think the bulk could be delivered in FY14 and FY15 as the government pushes to
achieve its 2015 target. Management has highlighted that since it generally takes between
18 and 24 months to deliver an order, any order secured now is likely to be handed over
from 2014 onwards. This will give a boost to the company’s FY14 earnings.

OSK/DMG

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23-Jan-2013 17:08

Swiber / Swiber

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Enjoy...

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23-Jan-2013 16:58

Midas / Midas

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Good train.

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23-Jan-2013 16:53

Straits Times Index / STI to cross 3000 boosted by long-term investors

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OCBC bullish on asia equities. Ample liquidity, attractive valuation, the US, European debt issues are the " new normal" . Money coming out of expensive bonds into equities.

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23-Jan-2013 16:44

Vard / STXOSV

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Trading halt will be lifted tomorrow.

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23-Jan-2013 15:53

Vard / STXOSV

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Fincantieri Forks Out $549M for a Majority Stake in STX OSV

Singapore-listed STX OSV, a global builder of offshore support vessels, revealed Wednesday that Italian shipbuilder Fincantieri has acquired 50.75 percent of its shares at a price of USD0.99 (SDG 1.22) per share, totalling $594 million (SDG 730 million).

Fincantieri has also made an unconditional cash offer for the remainder of STX OSV's shares. The offer from the Italian firm will be kept open for 28 days.

" This acquisition marks Fincantieri’s entry into a market segment complementary to its current ones. With 21 shipyards in three different locations, Fincantieri will double its size to become the fifth largest shipbuilder worldwide behind four Korean peers," STX OSV said in its disclosure.

At present, South Korea's Hyundai Heavy Industires in the largest shipbuilder in the world.

OSK Research's analyst, Jason Saw, told Rigzone on Wednesday that he views the sale price as " somewhat low."

" The depressed sale price could be primarily driven by desperation of the STX Group to sell its assets to pare down debts. The STX Group is also looking to sell its shipping unit, STX Pan Ocean, as part of its group restructuring process," Saw said.

Saw is also of opinion that Fincantieri's general offer for STX OSV's remaining shares is unlikely to be successful. Fincantieri needs to own at least 90 percent of STX OSV in order to squeeze the remaining shareholders. Och-Ziff, the second largest shareholder, has a 12 percent stake.

STX OSV employs 9,200 people globally, and operates ten shipyards around the world. The company builds anchor handling tug supply vessels, platform supply vessels and offshore subsea construction vessels. It is also involved in seismic survey.

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23-Jan-2013 15:48

Vard / STXOSV

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FINCANTIERI COMPLETES THE ACQUISITION OF STX OSV COUPLES WITH NEW CONTRACTS AWARDS WILL MAKE THEIR SHAREHOLDERS VERY PLEASED.

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