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Latest Posts By tradersgx - Veteran      About tradersgx
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20-Jan-2010 08:46 Midas   /   Midas       Go to Message
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Maintaine “buy”; Share-price forecast raised to $1.36

Midas Holdings (MIDAS SP):

The supplier of aluminum extrusion profiles used in train carriages had its share-price forecast
raised to $1.36 from $1.07 at DMG & Partners Securities Pte, which maintained its “buy” rating.

Jan'10  DMG
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20-Jan-2010 01:31 Ezra   /   Ezra       Go to Message
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Can Ezra win some projects too? Hopefully, Yes too (",)


Gorgon gas project gets final approval

The green light has officially been given to the $43 billion Gorgon gas project after the
State Government today signed off on the project at a ceremony with the joint venture
partners today................

JOSEPH SAPIENZA September 14, 2009
http://www.businessday.com.au/business/gorgon-gas-project-gets-final-approval-20090914-fn17.html

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

International oil & gas projects in the pipeline; Singapore O&M companies to benefit:

Region: Australasian**
Overview.                     :  Increase LNG production capacity from 20mtpa to 50 mtpa by 2017
Est. capex.                    :  A$85bn over 2009-2014. Over A$240bn over next decade
Short term catalysts.      :  2nd phase of Gorgon tender to be announced in 2Q10. PNG, Ichthys LNG to reach FID in late 2009 and 2010 respectively.
Key beneficiaries.          :  Marine service operators, companies exposed to LNG, oil & gas fabrication capabilities
Singapore O&M players.:  Ezra, Ezion, AusGroup, CSE Global


Multi-industry/Offshore & Marine    CIMB -LIM Siew Khee
Good Post  Bad Post 
20-Jan-2010 01:20 AusGroup   /   AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m       Go to Message
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Can Ausgroup win some project from Grogon gas project? Hopefully Yes (",)


JOSEPH SAPIENZA September 14, 2009

Gorgon gas project gets final approval

The green light has officially been given to the $43 billion Gorgon gas project after the
State Government today signed off on the project at a ceremony with the joint venture
partners today................

http://www.businessday.com.au/business/gorgon-gas-project-gets-final-approval-20090914-fn17.html

 

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

OCBC 14.01.2010

AusGroup Ltd: Look for confirmation of forward outlook at 2Q10 results

As guided by AusGroup Ltd, 2Q10 results are likely to be dampened by the order book
hole last year and a more competitive tender market. As we have previously noted, the
real earnings recovery for AusGroup is likely to play out in the 2010-2011 calendar years
as the resources sector unfreezes capex budgets and as large LNG projects are kick-started.

During the current reporting season, we will be looking for a confirmation of this outlook both
from AusGroup and its peers and customers.

AusGroup won a series of contracts worth over A$160m in November and December and its
order book now stands at A$500m versus A$347m in November (up 44%). The wins support
our earnings estimates but we are still eager to hear news on the A$43b Gorgon LNG project,
which AusGroup has been tendering for.

We continue to peg our valuation to 12x 12 months forward PER but roll the base EPS forward
three months. With this, our fair value estimate rises from S$0.70 to S$0.78. Maintain BUY.
Good Post  Bad Post 
19-Jan-2010 17:56 Ezra   /   Ezra       Go to Message
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Ezra to bid for near US$3b of deals by 2011 

Written by Thomson Reuters    
19 Jan'10 16:53 

Singapore energy services company Ezra Holdings (EZRA.SI) is looking to
bid for around US$3 billion ($4.2 billion) worth of contracts globally over the
next 18-20 months, its managing director Lionel Lee said on Tuesday.
 
"We believe we could bid for close to US$3 billion," Lee told Reuters in an interview.
 
Lee said that more than US$1 billion of those contracts would come from West Africa,

where it recently secured a jack-up rig contract.
Good Post  Bad Post 
19-Jan-2010 17:52 Ezra   /   Ezra       Go to Message
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Ezra plans to bid for over US$1b West African deals 

by Thomson Reuters    
19 January 2010 15:30 

Singapore energy service company Ezra Holdings (EZRA.SI) is looking
to bid for more than US$1 billion ($1.39 billion) worth of contracts from
West Africa, its managing director Lionel Lee said on Tuesday.
 
The company earlier announced that it has secured two contracts with
a total value of US$80 million, including one from the African oil and
gas offshore market.
 
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19-Jan-2010 15:28 Keppel   /   keppel Corp       Go to Message
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Press Release

Keppel FELS delivers first rig of 2010 on time and within budget

Singapore, 19 January 2010 –
Keppel FELS Limited (Keppel FELS) has delivered ENSCO 8502,
the third of seven ENSCO 8500 Series® semisubmersible (semi) drilling rigs it has been
contracted to build exclusively for Ensco International (NYSE:ESV).

Delivered seven days ahead of schedule, ENSCO 8502 is on track to commence operations in
the U.S. Gulf of Mexico in the second quarter of 2010, under a two-year contract with Nexen
Petroleum U.S.A. Inc. with term extension options.

The early completion was a culmination of progressive productivity gains achieved by Keppel FELS
on the construction of the Series.

Construction lead time for ENSCO 8502 was reduced by 1.1 million manhours, as compared to the
first rig in the Series. This represents a 15% boost in efficiency.

Mr Dan Rabun, Chairman, President & CEO of Ensco International, said, “We are pleased that Keppel
has remained an outstanding long-term supporter of Ensco’s deepwater strategy. We commend the
shipyard and management teams for managing the project schedule and resources very well even
through challenging times, resulting in delivery of the rig early and within budget.

“With each consecutive rig, we have seen continuous improvement in the construction progress,
reaffirming our decision to build the entire seven-rig series with a single yard to realise efficiencies
and economies of scale. We are further convinced that Keppel FELS is the right choice as our trusted
shipyard partner.”

Mr Tong Chong Heong, CEO of Keppel FELS, said, “Keppel has supported and moved closely in step
with our customers as the offshore market’s needs evolved over the years.

“In particular, we take pride in delivering to our customers, not only on time and within budget, but also
quality products that are ready to be deployed for operations, smoothly and safely. We are confident that,
like her sister rigs, ENSCO 8502 will be ready to drill on location shortly after she arrives in the Gulf of Mexico.”

Keppel Offshore & Marine Group, through its global network of yards delivering on its ‘Near Market, Near
Customer’ strategy, constructed ten of Ensco’s world-class jackups, which form a substantial part of the rig
owner’s premium fleet of 42-jackups.

When the ENSCO 8500 Series® is completed, Keppel-built rigs will make up 30% of the leading driller’s
premium fleet. Construction of the next four rigs remains on schedule with expected deliveries extending from
the fourth quarter of 2010 into 2012.
Good Post  Bad Post 
19-Jan-2010 14:16 Ezra   /   Ezra       Go to Message
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Ezra unit bags two contracts worth US$80m (SGD$111 million) !   (",) Wow!

Ezra Holdings, the integrated support and marine services provider in the
offshore oil & gas (O&G) sector, says its Energy Services unit has won two
self-propelled jack-up contracts worth up to US$80 million ($111 million) in
total with an average contract tenure of up to 4.1 years.

Under the contract, the unit will charter and operate the vessel to provide
various offshore services to support an oil major in Africa.

19.01.2010

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_75E77C397FC66936482576B00013DB3B/$file/100115_Ezra_Energy_Services_Contr
Good Post  Bad Post 
19-Jan-2010 11:45 Keppel   /   keppel Corp       Go to Message
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Keppel Corp : Price target raise to $9.80

Goldman maintains rating but raises price target to $9.80 from $9.00 following
recent target price hike for property unit Keppel Land.

It upgrades Keppel Corp's FY10 and FY11 earnings forecasts by 10 per cent
each to factor in higher property earnings, saying the outlook for Singapore
housing market is positive due to firm demand drivers such as foreign buying.

Jan2010
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19-Jan-2010 11:43 Pan Hong   /   Tapping the markets in Southern China       Go to Message
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DMG keeps rating; raises price target from 65 cents to 85 cents,
pegged at 10 per cent premium to NAV.

It notes the property developer recently bought a new site in Nanchang
and says the land bank expansion should allow Pan Hong to benefit
from resilient housing demand in China's lower-tier cities. It increases
the NAV estimate to 77 cents from 65 cents to factor in new site.

Jan2010
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18-Jan-2010 09:39 Ezra   /   Ezra       Go to Message
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Successful Alliance

As global markets open up and competition grows, midsize companies need to be increasingly
creative about how and with whom they align themselves to go to the market.

Strategic Alliances means "cooperation between groups that produces better results that can
be gained from a transaction. Because competitive markets keep improving what you can get
from transactions, an alliance must stay ahead of the market by making continuous advances."

Ezra knew above very well, and boosted the bottom line by a combined US$7.3 million profit
gain (+303% vs 1Q'09) in its share of profits in associated and joint venture companies.

jmv (",)

daphnecsf
Member
18-Jan-2010 09:20      About daphnecsf      Contact       Quote!     


Profit from operations
Share of profit of associated companies^^                  1Q'10 $5,251     vs    1Q'09 $2,011           +161%
Share of profit/(loss) of joint venture companies^^   1Q'10 $2,010     vs    1Q'09 ($210)            +nm%


March swiftly with associated and joint venture companies; q-on-q +303% profit gain in its associated companies^^ and joint venture companies^^
Ezra's bottom line was also boosted by a combined US$7.3 million profit gain (+303% vs 1Q'09) in its share of profits in associated and
joint venture companies.

DMG was also impressed by the gains from associates that arose from Ezra's diversification into the floating,
production, storage and offloading (FPSO) vessel market. Earnings rose sharply on contributions from Ezra
unit EOC's Lewek Arunothai FPSO which began operations in October.

 
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17-Jan-2010 13:00 Ezra   /   Ezra       Go to Message
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Est.PE of 15x is rational for Ezra, currently Hyflux is at around PE 30.x.    jmv  (",)

" We raise our sum-of-the-parts target price to S$3.08 from S$2.69 as we peg a higher P/E of 15x (from 13x) for EOCL,
given an improved profile as the company penetrates the international FPSO market with a second FPSO. "

" In addition, we peg a higher P/E of 15x (from 13x) for offshore support and marine services as Ezra expands its
deepwater subsea capabilities. We expect stocks catalysts from the announcement of material earnings-accretive
acquisitions and accelerated order wins. "

 



pnuklis      ( Date: 17-Jan-2010 10:05) Posted:

TP $3.08 is very ambitious

tonylim      ( Date: 16-Jan-2010 15:46) Posted:

Most broking firms are bullish on this counter.  So no need to panic - it is only a technical correction
Good Post  Bad Post 
17-Jan-2010 12:29 Keppel   /   keppel Corp       Go to Message
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Reuters is using TTM method ( http://moneyterms.co.uk/ttm-trailing-twelve-months/ ).

Ratios For Keppel Corporation Limited

Valuation Ratios
Price/Earnings:   8.48
Price/Sales:   1.16
Price/Book:   2.97
Price/Cash Flow:   9.34



temp123      ( Date: 17-Jan-2010 10:42) Posted:

Keppel PE is 12.
Good Post  Bad Post 
17-Jan-2010 01:08 Midas   /   Midas       Go to Message
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DBS Research 12Aug'09

Midas' 12 mths Price Target : S$ 1.10
Forecast PE (X):  19.9

Forecasts and Valuation 2009.F
Turnover.F:    $146m
Net Profit.F:   $38m

P&L:
Turnover:    1Q2009A $31.4m   2Q2009A $37.8m   3Q2009A $37.0m     4Q2009F $39.8m  
Net Profit:   1Q2009A  $8.5m    2Q2009A   $9.4m   3Q2009A  $9.4m     4Q2009F  $10.7m

 
Good Post  Bad Post 
16-Jan-2010 22:02 Parkway   /   Parkway Holding       Go to Message
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Ratios For Parkway Holdings Limited

Market Capitalisation
Market Cap ($ Millions):   3,263.90
Shares Outstanding:   1,125.48
Float:   1,047.22
 
Valuation Ratios
Price/Earnings:   44.93  <-----
Price/Sales:   3.45
Price/Book:   2.55
Price/Cash Flow:   36.49

Management Effectiveness (%)
Return on Equity:   3.74
Return on Assets:   1.99
Return on Investment:   2.37
 
Profitability Ratios (%)
Gross Margin:   81.69
Operating Margin:   10.51
Net Profit Margin:   7.88

Reuters
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16-Jan-2010 21:52 Parkway   /   Parkway Holding       Go to Message
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Insider moves...

Name of Announcer * PARKWAY HLDGS LTD  

Name of Substantial Shareholder * Franklin Resources, Inc.  

>> PART III
 
1. Date of change of Deemed Interest 07-01-2010  
 
2. The change in the percentage level From 6.04 % To 5.98 %
 
3. Circumstance(s) giving rise to the interest or change in interest # Others  
  # Please specify details
Acquisition and disposal of shares

Franklin Advisers, Inc. 0.004%
Franklin Templeton Investments (Asia) Limited -0.061%
Franklin Templeton Investment Management Limited 0.0003%
Templeton Global Advisors Limited 0.005%  
>> PART IV
 
1. Holdings of Substantial Shareholder , including direct and deemed interest :
 
Direct
Deemed
No. of shares held before the change 0   68217101  
As a percentage of issued share capital 0 % 6.04 %
No. of shares held after the change 0   67638101  
As a percentage of issued share capital 0 % 5.98 %

-------------------------------------------------------------------------------------

Name of Substantial Shareholder * Templeton Worldwide Inc., a wholly-owned subsidiary of Franklin Resources, Inc. 

1. Date of change of Deemed Interest 07-01-2010  
 
2. The change in the percentage level From 6.02 % To 5.96 %
 
3. Circumstance(s) giving rise to the interest or change in interest # Others  
  # Please specify details
Acquisition and disposal of shares

Franklin Templeton Investments (Asia) Limited -0.061%
Franklin Templeton Investment Management Limited 0.0003%
Templeton Global Advisors Limited 0.005%  
1. Holdings of Substantial Shareholder , including direct and deemed interest :
 
Direct
Deemed
No. of shares held before the change 0   68013101  
As a percentage of issued share capital 0 % 6.02 %
No. of shares held after the change 0   67388101  
As a percentage of issued share capital 0 % 5.96 %

--------------------------------------------------------------------------------

Name of Substantial Shareholder * Templeton International, Inc., is a wholly-owned subsidiary of Templeton Worldwide, Inc., which is a wholly-owned subsidiary of Franklin Resources, Inc. 

1. Date of change of Deemed Interest 07-01-2010  
 
2. The change in the percentage level From 6.02 % To 5.96 %
 
3. Circumstance(s) giving rise to the interest or change in interest # Others  
  # Please specify details
Acquisition and disposal of shares

Franklin Templeton Investments (Asia) Limited -0.061%
Franklin Templeton Investment Management Limited 0.0003%
Templeton Global Advisors Limited 0.005%  
1. Holdings of Substantial Shareholder , including direct and deemed interest :
 
Direct
Deemed
No. of shares held before the change 0   68013101  
As a percentage of issued share capital 0 % 6.02 %
No. of shares held after the change 0   67388101  
As a percentage of issued share capital 0 % 5.96 %


kingong      ( Date: 15-Jan-2010 21:36) Posted:



anybody has any idea why Parkway keep dropping?

 
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16-Jan-2010 17:07 Swiber   /   Swiber       Go to Message
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A better 2010. After a rather quiet 2009, we believe Singapore’s offshore & marine orders could boom in 2010,
bolstered by positive industry dynamics including higher oil prices, a capex revival and easing credit markets.
Singapore rig builders and service operators should be prime beneficiaries of order awards from Brazil*, Australia**,
the Middle East and India.

International oil & gas projects in the pipeline; Singapore O&M companies to benefit:

Region: Brazil*
Overview.                     :  Planned output to reach 3.3m bpd by 2013, with an increasing amount coming from pre-salt discoveries
Est. capex.                    :  US$174.4bn over 2009-2013
Short term catalysts.      :  28 deep-water rigs and 10 FPSOs for pre-salt discoveries. 1st package of deep-water rigs to be announced in 1Q10
Key beneficiaries.          :  Companies with deepwater and development related capabilities
Singapore O&M players.:  Ezra, Keppel Corp, Sembcorp Marine, Swiber


Multi-industry/Offshore & Marine    CIMB -LIM Siew Khee
Good Post  Bad Post 
16-Jan-2010 16:58 Keppel   /   keppel Corp       Go to Message
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Ratios For Keppel Corporation Limited

Market Capitalisation
Market Cap ($ Millions):   13,642.42
Shares Outstanding:   1,593.74
Float:   1,246.50
 
Valuation Ratios
Price/Earnings:   8.48
Price/Sales:   1.16
Price/Book:   2.97
Price/Cash Flow:   9.34

Management Effectiveness (%)
Return on Equity:   22.41
Return on Assets:   8.12
Return on Investment:   18.81
 
Profitability Ratios (%)
Gross Margin:   25.61
Operating Margin:   14.80
Net Profit Margin:   14.16
Good Post  Bad Post 
16-Jan-2010 16:53 Swiber   /   Swiber       Go to Message
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Ratios For Swiber Holdings Limited

Market Capitalisation
Market Cap ($ Millions):   616.53
Shares Outstanding:   505.36
Float:   277.45
 
Valuation Ratios
Price/Earnings:   11.97
Price/Sales:   1.04
Price/Book:   1.80
Price/Cash Flow:   9.22

Management Effectiveness (%)
Return on Equity:   20.28
Return on Assets:   7.34
Return on Investment:   11.67
 
Profitability Ratios (%)
Gross Margin:   11.04
Operating Margin:   12.20
Net Profit Margin:   9.12
Good Post  Bad Post 
16-Jan-2010 14:16 Ezra   /   Ezra       Go to Message
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Analysts upbeat on Ezra's growth strategy

ANALYSTS and investors are looking deep for further upside for Ezra Holdings, as they see future growth
coming from its new deepwater subsea services division.

While announcing near doubling of first-quarter net profit to US$18.4 million on Thursday, Ezra also said it had
won its first long-term time charter inspection, maintenance and repair contract worth up to US$12 million.

Ezra was able to secure the contract due to its commitment to developing its deepwater subsea services division,
said managing director Lionel Lee. The plan to provide clients fully integrated solutions for the entire chain of
support work in all water depths and throughout the lifecycle of the field will be enhanced with the upcoming
delivery of subsea-capable vessels, he added. The division is expected to be Ezra's key growth driver in the
next 10 years.

Analysts are upbeat on this strategy. 'We believe that at the prevailing oil price, offshore oil and gas exploration
and production activities will pick up as demand for energy rises,' said DMG and Partners in a research note.
'This will be highly beneficial to operators which are capable of offering subsea services,' DMG said, adding
that Ezra's rating is currently under review.

DMG was also impressed by the gains from associates that arose from Ezra's diversification into the floating,
production, storage and offloading (FPSO) vessel market. Earnings rose sharply on contributions from Ezra
unit EOC's Lewek Arunothai FPSO which began operations in October.

Meanwhile, CIMB maintained its 'outperform' rating and raised its target price to $3.08 as it expects 'stocks
catalysts from the announcement of material earnings-accretive acquisitions and accelerated order wins'.

CIMB is also bullish on Ezra's subsea prospects. 'We are expecting more subsea contracts on the back of the
delivery of incoming subsea-capable vessels such as two liftboats and a well intervention subsea construction
vessel by 1H10,' it said.

Q1 revenue, however, was lower, falling 46 per cent to US$61 million, mainly on lower year-on-year
recognition of engineering projects undertaken by marine services. But CIMB was unfazed by the revenue drop.
'We note that recognition is based on project milestones and there is no cause for concern,' CIMB said. It is also
optimistic about further gains as EOC's second FPSO comes online.

BT 16 Jan10



daphnecsf      ( Date: 15-Jan-2010 11:25) Posted:

Ezra TP raise to $3.08

Hi ozone2002, this new research from CIMB rite? :)



ozone2002      ( Date: 15-Jan-2010 09:33) Posted:

1QFY10 Results  -  Ezra Holdings (S$2.61) - Propelling up the value chain
Maintain Outperform on Ezra; results within expectations. 1Q10 net profit of US$18.4m (+93% yoy) forms 23% of our FY10 forecast (22% of consensus), which we consider to be in line as Ezra's earnings recognition is driven by project milestones. Our earnings estimates are intact. Lower-than-expected revenue from marine and deepwater subsea services in the quarter was made up by higher-than expected EBITDA margins and higher-than-expected forex gains. We raise our sum-of-the-parts target price to S$3.08 from S$2.69 as we peg a higher P/E of 15x (from 13x) for EOCL, given an improved profile as the company penetrates the international FPSO market with a second FPSO. In addition, we peg a higher P/E of 15x (from 13x) for offshore support and marine services as Ezra expands its deepwater subsea capabilities. We expect stocks catalysts from the announcement of material earnings-accretive acquisitions and accelerated order wins.


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15-Jan-2010 12:26 Ezra   /   Ezra       Go to Message
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15.01.2010

Deutsche is maintaining a “buy” rating with a price target of $2.90.

Deutsche Bank is more bullish, saying “Ezra Holdings' prospects remain robust for the group
and  its enhanced capabilities tie in well with some of the strongest growth areas,
particularly in deepwater offshore construction”.
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