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Cornerstone investor GAY CHEE YONG in mencast
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ozone2002
Supreme |
21-May-2011 19:55
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now with Mencast being spotlighted in TheEdge mag.. more investors will jump on the bandwagon.. good to spot and vest b4 the herd comes in.. gd luck! |
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enghou
Senior |
20-May-2011 22:05
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Top Great buy propels Mencast into spotlight Shares of Catalist-traded Mencast Holdings have seen heavy trading volume after it announced on May 18 it had acquired engineering systems installer Top Great Engineering & Marine. Mencast -- which makes, supplies and repairs propellers and stern gear for seafaring vessels -- is purchasing Top Great for $24 million. Mencast will pay $9.6 million in cash and satisfy the remaining $14.4 million through an allotment of new Mencast shares via three separate tranches -- “a small price to pay for an accretive deal”, according to Gary Ng of CIMB. That’s because the acquisition comes with a guarantee that Top Great will achieve net profits of not less than $8 million between May 1, 2011 and April 31, 2013. It Top Great fails to meet the target, it'll have to make good the shortfall in cash to Mencast within six months after the agreed period. For the year ended Dec 31, 2010, income earned by Top Great before deducting taxes was $4.7 million. In comparison, Mencast achieved a net profit of $8.5 million over the same period, a 20.8% y-o-y rise, on the back of $32 million in revenues, up 21.9% y-o-y. Analysts say the addition of Top Great will give Mencast the opportunity to tap a larger pool of clients in the region and add margin value with a fuller range of maintenance, repair and overhaul (MRO) services to the booming offshore and marine industry. “This [acquisition] would allow Mencast to create positive synergies, economies of scale and strengthen its value proposition to attract and retain new clientele,” Ng of CIMB points out. “We think that with Top Great being integrated into Mencast, the group would eventually make its foray into overseas markets, which would mean higher margins due to the higher premium the group charges for projects outside Singapore.” Mencast started out three decades ago as provider of repairs and maintenance services of marine propellers for fishing and bumboats in Singapore. It eventually expanded its client base to include owners and operators of tugboats and ferries in 1993 and extended its capabilities to provide a full range of sterngear equipment and services for local and regional shipyards and ship owners in 2001. In 2008, Mencast, which operates a yard in Tuas, sought a listing on the Catalist. Last year, in a bid to increase growth, Mencast announced that it would lease 16,200 sq m of land at the waterfront on Penjuru Road to build a manufacturing plant for stern gear equipment and centralise its manufacturing activities for better efficiencies. Mencast expects to complete construction of the plant -- which will be 3.5 times larger than all its existing plants combined -- by year-end. Despite slowing demand for commercial ships given an existing oversupply in the market, Mencast is confident of booking revenues from repeat MRO (Maintenance, repair and operations) contracts from ship owners and expects to see growth coming from the booming offshore sector. The company currently has an order book of about $8 million. Since the start of the year, shares of Mencast are up by about 10%, closing on May 20 at an all-time high of 45 cents each. But there’s more good news. Ng of CIMB has upgraded his 12-month target price on the stock by 6% to 70 cents apiece despite dilution from the new shares, as the stock is still trading at a 15% discount to its larger peers. At current levels, it has a market capitalisation of just $76.6 million and trades at 8 times earnings. “This stock is only at the growth stage and has not scaled the high wall of valuation,” Ng writes in a recent report. “[The shares] will climb, and a further re-rating will propel the stock with an upgrade to the Mainboard from its current board Good Luck |
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bsiong
Supreme |
18-May-2011 20:11
Yells: "The Greatest Wealth is Health" |
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Mencast Holdings to acquire Top Great unit for $24m |
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ozone2002
Supreme |
29-Apr-2011 10:18
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mencast XD n still up ..now 45c.. | ||
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ozone2002
Supreme |
26-Apr-2011 11:52
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44c moving up slow and steady.. | ||
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Quantico
Member |
17-Apr-2011 22:59
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Ozone2002, Thanks for info. Gay was also an investor in ACCS. |
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focusy
Senior |
17-Apr-2011 13:40
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MENCAST: After record 2010 profit, will there be encore in 2011?
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ozone2002
Supreme |
17-Apr-2011 10:39
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From Kim Eng Up-to-date in 60 seconds Background: Mencast Holdings is a Singaporebased marine services provider and a leading sterngear manufacturer and repair company for a wide range of commercial applications. It caters mainly to customers in the marine and offshore oil and gas industries in the Asia Pacific. Recent development: Mencast’s net profit grew by 20.8% YoY to $8.5m in FY10, from $7.0m a year ago. The growth was due to the full-year contribution from its subsidiary, Recon Propeller & Engineering, as well as higher demand for sterngear services (+60.8% YoY in revenue to $19.3m). However, this increase was partly offset by a 10.8% decrease in sales of the sterngear manufacturing segment due to the slowdown in shipbuilding activities in the region. Key ratios… Price-to-earnings: 6.7x Price-to-NTA: 1.5x Dividend per share / yield: $0.011 / 3.1% Net cash/(debt) per share: $0.005 Net cash as % of market cap: 1.4% Source: Bloomberg, based on historical data Everything else… Share price S$0.360 Issued shares (m) 170.573 Market cap (S$m) 61.41 Free float (%) 31.2% Recent fundraising activities Nov 2010: Private placement of 15.5m shares at S$0.35 a share Financial YE 31 December Major shareholders Sim Family (57.5%), Gay Chee Cheong (5.23%) YTD change -12.2% 52-wk price range S$0.29-0.425 Source: Company Our view Clear expansion plans in place. As part of its ongoing business expansion, Mencast is looking to raise its production capacity with the building of a new manufacturing plant in Penjuru Road. When completed in 4Q11, the waterfront facility will enable the company to expand its product range to include high-end sterngear equipments that generally command better margins. Strategic alliance brings new opportunities. Since 2008, Mencast has been working closely with Becker Marine Systems, a leading rudder and manoeuvring solutions provider in Europe. The tie-up has allowed Mencast to leverage on Becker’s technologies and acquire new customers, particularly from South Korea, Japan and China. Management believes the company is one of the preferred manufacturers of heavy rudder assemblies and high-end sterngear equipment in Asia. Robust orderbook. As at end-December 2010, Mencast’s sterngear manufacturing business segment has an outstanding orderbook of $8.0m, most of which is expected to be recognised in the first half of FY11. Undemanding valuation with decent yield. The company has declared a final cash dividend of 1.1 cent per share for FY10, representing a payout ratio of about 20.4%. The stock currently trades at 6.7x FY10 PER. |
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Quantico
Member |
13-Apr-2011 11:09
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Who is Gay Chee Yong? | ||
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niuyear
Supreme |
13-Apr-2011 10:37
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true blue singapore warren buffet.
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ozone2002
Supreme |
13-Apr-2011 10:27
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the secret to stocks.. buy when majority isn't buying.. sell when everybody wants to buy it.. |
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Richman
Veteran |
13-Apr-2011 10:02
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Tks for the good news Vested |
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niuyear
Supreme |
13-Apr-2011 09:49
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7 traders, you one of them......hahaha!
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ozone2002
Supreme |
13-Apr-2011 09:47
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Mencast up 2.5c ...now $0.43 gd luck |
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ozone2002
Supreme |
11-Apr-2011 14:54
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activity detected today... vested |
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