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Vard Holdings
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GorgeousOng
Elite |
09-Jun-2013 09:24
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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Hahahaa! Go out with him???He is an old man ...90 ler ...n his nick name very very 老 土 (old soil） hahaaa!
🙈 🙈 🙊 🙊 🙉 🙈 ! Cheers!
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NoMoney
Veteran |
08-Jun-2013 23:54
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may be he wanna date u out
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GorgeousOng
Elite |
08-Jun-2013 22:27
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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Whether I go back or not trading as usual...as long as I have my iphone n wifi. Cheers!
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ongahhuat888
Member |
08-Jun-2013 11:27
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Lucky I follow your ah kong's advice, add some more will not let go the bao so soon...
When are you coming back?
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ozone2002
Supreme |
06-Jun-2013 16:14
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Nikkei needs 3% more to be in a bear market global markets in a slump advise to run for cover 1st, and the correction take its course gd luck .. dyodd |
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eurekaw
Master |
06-Jun-2013 15:48
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as long as doesnt drop below $1.11 will be safe | ||||
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NoMoney
Veteran |
06-Jun-2013 14:54
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seems to be accumulation.. after all shit settle this will rocket up
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expertinvestor
Senior |
06-Jun-2013 14:31
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The strongest out of all ... Others drop till so jialat , this one still can rise. | ||||
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ozone2002
Supreme |
05-Jun-2013 14:59
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time to take profit 1st.. japan mkt is down big time! wait for tide to settle gd luck dyodd |
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Aberdeen123
Senior |
05-Jun-2013 14:41
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Break support at 1.17 might retrace to 1.105. | ||||
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GorgeousOng
Elite |
05-Jun-2013 08:05
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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You have to buy for me first yah! I know now you are laughing all the way to the bank!🙈 🙉 🙊 🙊 🙉 🙈 !
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ongahhuat888
Member |
05-Jun-2013 03:15
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Could not believe it your ah kong so "zhun"! Must buy him some red wine!
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GorgeousOng
Elite |
04-Jun-2013 20:22
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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Hahaha you are Chinese !
I am thai , I learn a little bit of Chinese ...a little bit of English ...and a little bit of Malay ... LOL 🙈 🙉 🙊 🙈 🙉 🙊
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NoMoney
Veteran |
04-Jun-2013 19:08
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after looking at the chart new support line is 1.125 and resistance is 1.20.. tomorrow pray can break 1.2.. well i could be wrong :) | ||||
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NoMoney
Veteran |
04-Jun-2013 16:35
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nope I am Chinese LOL I learn abit Thai hee
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Peter_Pan
Supreme |
04-Jun-2013 13:37
Yells: "did you order dunkin' donuts" |
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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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Peter_Pan
Supreme |
04-Jun-2013 13:37
Yells: "did you order dunkin' donuts" |
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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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Peter_Pan
Supreme |
04-Jun-2013 13:36
Yells: "did you order dunkin' donuts" |
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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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Peter_Pan
Supreme |
04-Jun-2013 13:35
Yells: "did you order dunkin' donuts" |
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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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Peter_Pan
Supreme |
04-Jun-2013 13:34
Yells: "did you order dunkin' donuts" |
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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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