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Vard Holdings
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Peter_Pan
Supreme |
04-Jun-2013 13:32
Yells: "did you order dunkin' donuts" |
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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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Peter_Pan
Supreme |
04-Jun-2013 13:29
Yells: "did you order dunkin' donuts" |
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An Italian love affair During Vard’s recent non-deal roadshow, we were heartened to learn of numerous opportunities for the company in conjunction with its new parent, Fincantieri. Stronger orders and toplines should compensate for lower margins, providing re-rating catalysts. We keep our FY13-15 EPS and target price, at 9x CY14 P/E (1 SD above its trading mean since listing). Maintain Outperform. Vard is our top pick among small/mid-cap O& M stocks. What Happened We recently hosted non-deal roadshows for Vard in Kuala Lumpur and Singapore, after its 1Q13 results. Head of Investor Relations, Mr Holger Dilling, met 16 institutional funds. Investors wanted to know the potential synergies between Vard and Fincantieri. Mr Dilling suggested that there could be numerous joint business opportunities, including a cross-selling of designs collaboration between the two companies’ marine system businesses and a bigger customer base. Vard’s roadmap, management team and group structure will remain the same. Other topics included margins, Brazilian operating conditions, order outlook and dividend policy. What We Think In terms of technology, markets and culture, we see Fincantieri as a much better fit for Vard than its previous parent, the STX Group. Also, Fincantieri has greater vested interests in the future growth of Vard while the STX Group was only interested in selling the company in the later years of ownership. Mr Dilling also pointed out that Fincantieri adheres to the highest standards of corporate governance, due to its exposure to naval vessels whose end-customers are governmental units. On margins, Vard remains conservative, though it believes that operations should stabilise by year-end. We expect margins to improve in 2014 from a scaling of the learning curve for Transpetro orders as well as investment initiatives for its Romanian and Vietnamese yards. Additionally, Vard was markedly positive on its order outlook. Stronger orders and toplines could compensate for lower margins. What You Should Do Trading at 7.4x Cy14 P/E and 4.3% dividend yields, investors agreed that the stock is cheap, against local OSV companies. Vard is our top pick among small/mid-cap O& M stocks.
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GorgeousOng
Elite |
04-Jun-2013 13:05
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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K̄ hxthos̄ ʹ c̄ hạ n khid ẁ ā khuṇ s̄ ā mā rt̄ h x̀ ā n p̣ hā s̄ ʹ ā thị y dị ̂ Mị ̀ dị ̂ khuṇ thị y?
sorry, I thought you can read thai. aren't you thai?
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NoMoney
Veteran |
04-Jun-2013 11:45
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555 y half thai half English haha anyway too Chim pom mai thai
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GorgeousOng
Elite |
04-Jun-2013 11:35
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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Now NoMoney got a lot money hor!
ต อ น น ี ้ ค น ร ว ย แ ล ้ ว ! Now rich man already!!! 55555! Reā thuk khn chokh dī ! Hahaha! We all good luck!!!
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GorgeousOng
Elite |
04-Jun-2013 10:59
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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At last I am back in the city! Strong wifi I can connect with you guys! This marlin is going to very fat! Good luck!
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GorgeousOng
Elite |
04-Jun-2013 10:58
Yells: "Hehehaha...enjoy life n live to the fullest..." |
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Hahaha! ท ี ่ ล ่ า ส ุ ด ผ ม ก ล ั บ ม า อ ย ู ่ ใ น เ ม ื อ ง ! ท ี ่ แ ข ็ ง แ ก ร ่ ง wifi ข อ ง ฉ ั น ส า ม า ร ถ เ ช ื ่ อ ม ต ่ อ ก ั บ พ ว ก ค ุ ณ ! ม า ร ์ ล ิ น น ี ้ จ ะ ม ี ไ ข ม ั น ม า ก ! ข อ ใ ห ้ โ ช ค ด ี ! | ||||
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NoMoney
Veteran |
04-Jun-2013 10:43
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not really need to break 1.30 to see profit cause I cut lost on hyflux and noble both lose about $ 0.20 each and too advantage avg up. this now avg price is 1.06 still chrap:) . hope dividend got $0.10 then really Swee mak mak
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Blastoff
Elite |
04-Jun-2013 10:34
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What do you think is it true value?
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ozone2002
Supreme |
04-Jun-2013 10:26
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1.195! .. indeed the cheapest O& M play on SGX.. gd luck dyodd
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WanSiTong
Master |
04-Jun-2013 10:11
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NoMoney : You entered @ 1.04 ! If you book in the profit, u will have a lot of money!!
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Tempest
Senior |
04-Jun-2013 09:57
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Ytd somebody asked me why I keep telling ppl to buy. Vard chiong up again, hopefully my answer has enlighten you... Woohoo!! Kopi $$ to those to bought! Congrats | ||||
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Peter_Pan
Supreme |
04-Jun-2013 09:52
Yells: "did you order dunkin' donuts" |
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Very likely many big institutional investors are getting into Vard everyday.
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Octavia
Elite |
04-Jun-2013 09:49
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They are make homeless by this counter....lol Sista,pls take care of the homeless.Tsk tsk.
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Peter_Pan
Supreme |
04-Jun-2013 09:44
Yells: "did you order dunkin' donuts" |
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Very positive!
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SFGuyRuleZ
Veteran |
04-Jun-2013 09:28
Yells: "You are your own master.." |
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Congrats to all still vested. All huat liao!! | ||||
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guoyanyunyan
Elite |
04-Jun-2013 09:27
Yells: "uncertainty always exist" |
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Vard Holdings: Bullish Setup!Bullish Signal: Bullish double bottom breakout with high volume! Entry price: $1.175 Stop loss: $1.065 Profit target: $1.295 Reward to risk ratio: 1.1 Q2 2013 Vard Holdings Ltd Earnings Release on 12th Aug! |
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halleluyah
Elite |
04-Jun-2013 09:26
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Still zzzZZZZ
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sean123
Member |
04-Jun-2013 09:24
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where are our cheerleaders? | ||||
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NoMoney
Veteran |
04-Jun-2013 09:24
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nice broke my resistance of 1.17 now towards 1.20-1.22 got to use the desktop to see chart lio | ||||
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