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Falcon Energy
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Snappers
Senior |
24-Feb-2010 23:47
Yells: "Buy when there is Fear, Sell when there is Greed" |
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hi susan66, thank you very much... yours is very informative.. think tomolo i will vest in this counter tomolo morning.. hope to make some coffee money... thanks again...
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susan66
Master |
24-Feb-2010 22:46
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I am no sifu but just my personal view. From the chart, can see it's oversold, starting to bottom-up and bollinger band tightened, higher percentage is to explode upwards. For more confirmation, look out if break 0.715 to have more upside and may speed up the pace. This counter when BBs come, it's very fast. Think can consider vesting. 
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Snappers
Senior |
24-Feb-2010 22:36
Yells: "Buy when there is Fear, Sell when there is Greed" |
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looks like this counter today's volume quite high... thinking of vesting.... any sifu can give advice on this counter? thanks... | ||||
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beidou
Member |
12-Feb-2010 12:52
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Bumped onto the following write-up in Bloombery (it has a buy recommendation for CH Offshore - TP is 87 cts): Falcon to acquire the entire Scomi stake in CHO (29.1%) at S$0.70 per share. New shareholder in complementary business, may offer synergies. Although there is no takeover offer, transaction price should provide downside support to CHO, Maintain BUY. Falcon to acquire Scomi’s stake for S$0.70 per share. CHO’s largest shareholder, Scomi Marine, has announced that it has entered into a conditional share purchase agreement with Falcon Energy to dispose its entire 29.1% stake in CHO (205m shares) for a cash consideration of S$143.5m or S$0.70 per CHO share. Upon completion of the transaction, CHO will become an associate of Falcon Energy. Who is Falcon Energy? Falcon Energy is a Singapore-listed oil and gas service provider, with an operational track record of 30 years. It focuses mainly on the production phase of oilfield activities, and owns and operates a fleet of vessels comprising mainly of work/accommodation vessels. It is helmed by Mr Tan Pong Tyea, Executive Chairman and CEO, who has over 20 years of experience in the industry, supported by a team of industry veterans. A positive change for CHO? While it is not immediately clear to what extent Falcon will be involved in CHO’s daily operations, we believe that synergies such as enlarged business network, cross-selling of services, and broadened scope of services could be extracted from association with its new major shareholder, given the complementary businesses. Deal underscores CHO’s attractive valuations, maintain BUY. We maintain our BUY recommendation on CHO as we believe this deal underscores CHO’s attractive valuations. Although the deal does not trigger a general offer, we believe the transacted price and our estimated asset breakup value of CHO’s AHTS fleet of S$0.67 should limited downside to its share price. Our TP is unchanged at S$0.87. |
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shplayer
Elite |
11-Feb-2010 16:53
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Noted. Thanks
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tonylim2
Senior |
11-Feb-2010 16:10
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Tan Pong Tyea of Falcon and Jimmy pek of CHH are long-time close friend, ( more than 30 years ), believe Tan and Pek must have discussed before Tan decided to buy the stake from Scomi.
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shplayer
Elite |
11-Feb-2010 15:21
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Actually, the question about this takeover is....How does Chuan Hup Holdings (CHH) view it? Bear in mind, CHH still holds 24% of CHO. If they view Falcon as a partner that shares the same ideals, then it will be a happy partnership. If not, then will CHH try to regain control of CHO? Falcon has very little room to move.......v close to GO trigger and purchase price of CHO is 75c. CHH is in a position to launch a fight for control.......at today's price, it can accumulate their stake in CHO at 64c.....much cheaper that Falcon....and they certainly have the $$$ to do so....cash in hand of USD35m (S$49m).... Just thinking out loud and welcome forumers views. |
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tanh2l
Veteran |
09-Feb-2010 14:36
Yells: "Outcome is the proof to all brilliant processes." |
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its a good deal for CHO in the immediate term, good support in curretn situation. on far-sight, falcon is making a good m&a for near and future term | ||||
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beidou
Member |
09-Feb-2010 13:08
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The following is from a local broking house: Falcon (NOT RATED) announced last Fri that it was buying Scomi's 29.07% stake or 205m shares in CH Offshore (CHO, NOT RATED) for $143.5m or $0.70 per share The financial impact is positive for Falcon immediately: a) acquisition is earnings accretive given CHO's 7x PE vs Falcon's 14x PE b) CHO's fleet is estimated to worth a market value of above $0.80 per share c) deal could boost Falcon's FY10 earnings to above US$55m or 7.4x FY10 PE Strategy wise, it is also positive for Falcon: a) addition of new customer base from CHO b) complementary asset class as Falcon focuses on production supporting vessels while CHO brings in a younger, deepwater AHTS fleet. This enables Falcon to offer a wider spectrum of services to the O&G industry c) moving up the margin scale with deepwater vessels commanding GPM of >60% d) CHO brings in new geographical exposure in Latin American and Australia Although this deal is viewed as an investment in the short term, there are longer term excitement arising from potential synergy and cross-selling of product offerings if Falcon takes on a more active role in CHO |
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starbugs
Member |
08-Feb-2010 20:31
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** Pasting what I posted in another forum ** Falcon had $12mil cash at the end of Jun 09. They raised about S$58mil from placements in Sep 09. Also, they have to maintain some cash for existing capex and operations, so I would say Falcon needs to raise about $80 mil from debt or CB, which is not insignificant. Currently, Falcon's equity is about $180 mil and debt is about $40mil. Assuming $80mil is borrowed, net debt will be about $110mil. Net debt/equity will be about 0.6, unless Falcon issue CBs or more placements. |
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shplayer
Elite |
08-Feb-2010 20:10
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Everyone has their own investment criteria and risk appetite......as such, sorry, I cannot make BUY, HOLD or SELL calls for others. I can present numbers and my personnal views but final decision to B, H or S is a decision left to individuals to make. Suffice to say, I did not track Falcon and as such not vested. I only took notice of it when the announcement was made on 5 Feb.
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Hulumas
Supreme |
08-Feb-2010 19:25
Yells: "INVEST but not TRADE please!" |
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So, BUY? HOLD? SELL?
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shplayer
Elite |
08-Feb-2010 17:17
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Today's market reaction today indicates it is not too eastatic about the takeover deal. Prices of buyer, seller and CHO all closed down. | ||||
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shplayer
Elite |
07-Feb-2010 21:24
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Co. raised approx S$58.2m cash in a share placement exercise in Sep 09. This would raise its net asset to approx USD166m. CHO total net asset is approx USD200m.....29.07% is approx USD 58m or S$81.4m....so this purchase is approx 60% of its current net asset......major acquisition. For S$143.5m (USD102.5), it gives Co. control of a USD 200m company. => At S$143.5m, Falcon is paying a premium of 143.5 - 81.4 = S$62.1m....or 76.3% Price per share for CHO works out to be S$0.75....2010 HY eps is approx SGD 4.0cents....extrapolating....fwd P/E is about 9.4 x? Seems abit expensive ....but the upside is, it gets control of CHO, a company larger than itself. |
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starbugs
Member |
06-Feb-2010 11:41
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Big question is where Falcon is going to get $143.50 million. Convertible bonds may be on the cards. | ||||
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beidou
Member |
06-Feb-2010 09:18
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Scomi Marine selling CH Offshore stake SCOMI Marine Services Pte Ltd is planning to sell its entire 29.07 per cent stake in CH Offshore Ltd to Falcon Energy Group Limited for $143.50 million. Scomi Marine Services is a subsidiary of Scomi Marine Bhd. The sale price translates into 70 cents per CH share. I think the above news is positive to both companies (CHO & Falcon) as there will be synergy between the two similar type of business. The acquisition will help Falcon grow its business and expands its revenue source. |
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summerleaf
Member |
29-Oct-2009 17:21
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maybe today results will be good when everybody expect it wont. Hope it will. |
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risktaker
Supreme |
29-Oct-2009 16:35
Yells: "Sometimes you think you know, but in fact you dont" |
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time to exit if u donno :) | ||||
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risktaker
Supreme |
29-Oct-2009 16:27
Yells: "Sometimes you think you know, but in fact you dont" |
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nice 0.80 :P | ||||
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summerleaf
Member |
29-Oct-2009 15:59
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finally i see queue today... alot of queue. | ||||
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