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ASL Marine
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Nostradamus
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06-Sep-2006 17:09
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It said robust demand for support vessels and tankers in the booming oil and gas industry should continue to buoy the group's net profit in the current financial year ending June 2007 following a nearly 70% jump in earnings the preceding year. "We believe that the oil and gas industry is strong in the current year and will continue to be so," ASL Marine managing director Ang kok Tian told XFN-Asia in a recent interview. Ang said industry demand for new anchor handling tug supply (AHTS) vessels, maintenance ships and work barges, as well as the need to upgrade or replace some of the oil and gas industry's ageing vessels, will drive fresh orders for ASL Marine. More conversion contracts are also expected from tanker operators, which are required by the International Maritime Organization to replace their single-hull tankers with double-hull tankers by 2010. As of end-June, its shipbuilding order book stood at $358m, 58% of which is expected to be recognized in the year to June 2007. Some of these contracts will keep ASL's shipyards busy unitl 2008, Ang said. New orders secured today will likely be scheduled for delivery only by 2008, he added. "Shipyards in Singapore are already operating at full capacity so we should enjoy a lot of spillover orders," he said. To meet the strong demand, ASL Marine recently constructed a new 150, 000-deadweight ton (dwt) graving dock next to its existing shipyard on Batam island in Indonesia. The new facility will enable ASL Marine to handled larger ship repair and conversion jobs. "We are working hard to secure more high value-added jobs," Ang said. The group has two shipyards in Singapore and Batam mainly catering to general repair for smaller vessels. A new shipyard in China will be ready for shipbuilding activity in the year ending next June. ASL Marine is also upbeat about the prospects of its ship chartering business. It is adding 27 new tugboats and barges to bring its fleet to 153 by end-December this year. Other than catering to the oil and gas sector, the company's fleet of vessels are also put into good use by unit ASL Energy's coal transportation operations in Indonesia. Its vessels also transport granite and other building materials used by the construction industry. Ang also said huge land reclamation and construction projects in the Middle East will continue to strengthen the group's chartering rates. |
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tradesman
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06-Sep-2006 13:10
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http://tradesmanonline.blogspot.com 
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Gallen
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30-Mar-2006 08:22
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Extracted from my blog http://kelongstocks.blogspot.com Please remember to support my blog :) [B]Fundamental Analysis[/B] ASL Marine recently placed out 30m new shares at $0.68 on 02 Feb 2006. Prudential Asset Management has ceased to be a substantial shareholder since 20 Mar 2006, which may have explained the weakness in recent days. Outstanding order book for shipbuilding division as at end Dec was $298m, of which 31.3% is expected to be recognised in 2nd half of FY2006. Subsequently, ASL has secured another $24.3m in new contracts. Outstanding order book for shipchartering business is S$15.9m. The 150,000 dwt graving dry dock (largest in Indonesia), which will commence operations in 2H FY2006, is expected to increase the ASLā??s capacity substantially. Also, ASL is looking to grow via potential expansion of its operations in China and the Middle East. Comparing ASL with closest comparables Jaya and Pan Utd Marine (see my earlier writeup for Jaya for details), ASL has inferior dividend yield and lower revenues compared to the latter 2 players. Order book is stronger for Jaya and Pan Utd Marine compared to ASL Marine. ASL Marine has better margins compared to Pan Utd Marine but is far inferior compared to Jaya Holdings. Price/NTA is lowest for Pan Utd Marine (after including net disposal gains of $17m from sale of vessel Rodolfo Mata), ASL Marine has the second lowest Price/NTA. ..........continued at my blog |
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Gallen
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29-Mar-2006 20:50
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Extracted from my blog http://kelongstocks.blogspot.com Please remember to support my blog :) Fundamental Analysis will be posted tomorrow. [B]Technical Analysis[/B] Chart shows ASL Marine consolidating in a symmetrical triangle formation after hitting a high of 79 cents in early Feb 2006. Monitor to see if prices will breakout on the downside from the symmetrical triangle on high volumes (bearish scenario). If so, prices will retest supports listed below and may proceed to test technical target of 61.5 to 62 cents. On the other hand, if prices break out of the triangle on the upside, likely that prices will retest 52 week high of 79 cents and head towards technical target of 85.5 to 86 cents. ......... continued at my blog |
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