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| 02-Jan-2013 14:59 |
Swiber
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Swiber
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Why So Cheap ????? | ||||
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| 02-Jan-2013 14:57 |
Swiber
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Swiber
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Maybank starts Swiber with 'buy', target S$0.82 Maybank Kim Eng initiated its coverage of offshore services firm Swiber Holdings Ltd S$0.82 target price, citing the stock's low valuations and limited downside. Swiber shares were up 4.2 percent at S$0.62 on Wednesday. The shares have risen 16 percent so far this year versus the 23 percent gain in the FT ST Small Cap Index < .FTFSTS> . Maybank expects Swiber's earnings per share to grow at a compound annual growth rate of 18 percent over 2012-2014 fiscal years, supported by the recognition of its $1.4 billion offshore construction order book and contract win momentum. Swiber's fleet size increased from 10 vessels in 2006 to more than 50 currently, allowing it to handle more sophisticated jobs, depend less on third-party vessels and have greater flexibilities in fleet deployment, Maybank said. The broker added that Swiber stock is a relative " laggard" , trading at a price-earnings ratio of 5.8 times for 2013 fiscal year and a price-to-book of 0.6 times. But it noted there might be an overhang from high gearing and cash needs. 1005 (0205 GMT) (Reporting by Eveline Danubrata in Singapore Editing by Jijo Jacob eveline.danubrata@thomsonreuters.com) |
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| 02-Jan-2013 14:49 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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Upgrading...finishing soon. Got turbo somemore.
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| 02-Jan-2013 14:36 |
Ezra
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Ezra
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Company share buyback. | ||||
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| 02-Jan-2013 14:28 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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High can get higher...likewise low can get lower. Just don't go the wrong direction...
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| 02-Jan-2013 14:17 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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Don't miss the boat woh... | ||||
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| 02-Jan-2013 13:55 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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STI is very angry because you make him very angry. Now STI becomes Incredible Hulk liao!
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| 02-Jan-2013 13:44 |
Midas
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Midas
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This train is riding on the China-Wave 2.0. | ||||
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| 02-Jan-2013 13:42 |
Midas
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Midas
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Near term 0.48.
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| 02-Jan-2013 13:27 |
Swiber
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Swiber
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Yah! So undervalued!!!
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| 02-Jan-2013 13:12 |
Swiber
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Swiber
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Strong buy signal detected also!!! | ||||
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| 02-Jan-2013 13:07 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Heehee ok noted.
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| 02-Jan-2013 13:05 |
Swiber
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Swiber
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This week's target for me is 0.68. | ||||
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| 02-Jan-2013 13:02 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Tomorrow China's market will very likely have a BIG RALLY !!! | ||||
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| 02-Jan-2013 12:59 |
Swiber
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Swiber
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Don't miss the boat woh... | ||||
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| 02-Jan-2013 12:58 |
Swiber
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Swiber
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Swiber could be due for a re-rating given its growing orderbook traction. Early success shown in strong order wins. We have seen early successes from strong contract wins this year. Net orderbook reached a historical high of USD1.6b in 2Q12 although it has come down slightly to USD1.4b in 3Q12. 2012 has been a bountiful year for Swiber in terms of order wins, with YTD contracts secured in excess of USD1.7b, significantly higher than the USD733m secured for the preceding year. Importantly, management expects the bidding environment in 2013 to be even better than 2012. Majority of the current outstanding orderbook should be recognised within the next 2 years. Contract wins and execution will be positive catalysts. Indications that would support our prognosis on Swiber’s prospect would first come in the form of more contract wins in 2013. Secondly, we also expect improvements in margins, which would signal that Swiber is indeed reaping greater efficiencies from the benefits of a bigger owned-fleet. These are two key signs which we believe would trigger positive stock price response. Limited downside at current valuations, initiate with BUY. Swiber is trading at FY13F PER of only 5.8x, below its mean forward PER of 10.8x and below Singapore-listed small caps O& M peer average of 8.0x. Additionally, it is also trading at only 0.6x P/B. We see earnings growing at a CAGR of 18% for FY12-14F, from a strong string of contract wins. While concerns on gearing and funding could be overhangs, we see limited downside at current low valuations. Initiate with BUY and target price of SGD0.82, pegged at 8x peer average PER. Valuations is also supported by our RNAV valuation of its assets which yields a value of SGD1.11 per share. Swiber to benefit from growth in Asia-Pacific region. While onshore spending would account for the largest share of total capex, offshore capex growth is expected to outpace that of onshore capex. As evident in the following chart, the Asia-Pacific region is a key source of growth for offshore spending, and is a key contributor to global offshore capex growth. The Middle East is also expected to be the main growth region in terms of total spending. Swiber’s existing presences in these regions place it in a strong position to benefit from this growth. Sector consolidation, Swiber a potential M& A target. The industry has seen several consolidations in recent years, the more prominent being that between Subsea 7 and Acergy, Technip and Global Industries, and SapuraCrest and Kencana. The potential of Swiber being acquired or merging with another player to enhance each other’s competitiveness is entirely plausible. With its below-book valuations and funding needs, we think that Swiber makes a good case as a potential M& A target. Maybank Kim Eng |
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| 02-Jan-2013 12:51 |
Ezra
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Ezra
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Target $1.53 | ||||
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| 02-Jan-2013 12:34 |
Swiber
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Swiber
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Maybank starts Swiber with 'buy', target S$0.82 | ||||
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| 02-Jan-2013 12:33 |
Vard
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STXOSV
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Getting fiercer.. | ||||
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| 02-Jan-2013 12:30 |
Ezra
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Ezra
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Enjoy... | ||||
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