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Latest Forum Topics / Mermaid Maritime    Last:0.13    -0.003  Post Reply
Mermaid
Bintang
Elite
11-Aug-2011 09:42     
 
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 Alert Admin 		Mermaid almost reached the target already .

Bintang      ( Date: 08-Aug-2011 08:00) Posted:



This target would be achieved .

Bintang      ( Date: 17-Jul-2011 13:22) Posted:

Mermaid went down to 29 cents n turned up for a technical rebounce on 17/03/2011  . It went up to reach 41.5 cents almost touching 200MA on 14/04/2011   . But it turned down again after forming a shooting star on the same day . Mermaid went all the way down to 31 cents on 20/06/2011 , it went up again to form a bearish rising wedge after that . It gapped down breaking the wedge on 11/07/2011 .  Now the downside target is 25.5 cents


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Bintang
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08-Aug-2011 08:00     
 
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This target would be achieved .

Bintang      ( Date: 17-Jul-2011 13:22) Posted:

Mermaid went down to 29 cents n turned up for a technical rebounce on 17/03/2011  . It went up to reach 41.5 cents almost touching 200MA on 14/04/2011   . But it turned down again after forming a shooting star on the same day . Mermaid went all the way down to 31 cents on 20/06/2011 , it went up again to form a bearish rising wedge after that . It gapped down breaking the wedge on 11/07/2011 .  Now the downside target is 25.5 cents .

Bintang      ( Date: 15-Mar-2011 11:26) Posted:

Mermaid has just hit 30 cents , n may fill the gap at 28 cents finally


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flyersummer
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02-Aug-2011 22:02     
 
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 Alert Admin 		  Likely further recovery after bullish breaks

Downtrend channel conquered. Mermaid Maritime could see more upside ahead after initiating a bullish break above the upper boundary of its 14-month downtrend channel and $0.37 support-turned-resistance a few sessions ago this was followed by a successful retest and rebound off these levels on increasing volume yesterday.

Indicators still bullish.

Initial resistance at $0.42.
We expect the counter to test the immediate resistance at $0.42 (key support-turned-resistance). The subsequent key resistance can be found at $0.50 (minor peaks from Jun to Oct ‘10).

Immediate support at $0.37.
Meanwhile, $0.37 is now the newly established resistance-turned-support, with the subsequent key support pegged at $0.29 (key trough in Mar ‘11).With both the RSI and MACD still trending up steadily, these suggest that the upside momentum is likely to continue.

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pharoah88
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25-Jul-2011 10:09     
 
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Mermaid has secured a drilling contract in Indonesia worth US$26.5m for tender rig drilling MTR-2. We note the operational excellence of MTR-2, which had achieved eight years of no loss time accident.

In addition, we continue to see multiple catalysts from drilling which includes

1) exercise of the last in-the-money jack-up options with Keppel as well as

2) drilling contracts secured for newbuild jack-ups.

Any contracts secured by MTR-1 would also provide upside to our earnings estimates as we have not factored any contributions.

Current entry price provides limited downside risks, in our view.

Maintain OUTPERFORM

CIMB  TP S$0.49.
CIMB Trader PM
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bishan22
Elite
22-Jul-2011 17:51     
 
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 Alert Admin 		Chun boh 0.49, thought u said it turn into a MAID.  Smiley

pharoah88      ( Date: 18-Jul-2011 20:04) Posted:



Mermaid Maritime

As losses snowballed from an over-expanded subsea fleet in a surplus market, Mermaid has underperformed the FSSTI by 25% YTD.

However, we believe that the worst could be over with Mermaid bottoming out in terms of qoq earnings.

Invoked by compelling valuations against BV, visible improvements in its subsea business and multiple catalysts from drilling, we upgrade Mermaid to OUTPERFORM from Neutral.

Incorporating higher utilisation rates, we lower our FY11 net losses by 8% and raise our earnings estimates for FY13 by 114%.

As we believe that losses could be contained, we narrow our discount to BV to 20%, raising our TP to S$0.49.

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pharoah88
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18-Jul-2011 20:04     
 
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Mermaid Maritime

As losses snowballed from an over-expanded subsea fleet in a surplus market, Mermaid has underperformed the FSSTI by 25% YTD.

However, we believe that the worst could be over with Mermaid bottoming out in terms of qoq earnings.

Invoked by compelling valuations against BV, visible improvements in its subsea business and multiple catalysts from drilling, we upgrade Mermaid to OUTPERFORM from Neutral.

Incorporating higher utilisation rates, we lower our FY11 net losses by 8% and raise our earnings estimates for FY13 by 114%.

As we believe that losses could be contained, we narrow our discount to BV to 20%, raising our TP to S$0.49.
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pharoah88
Supreme
18-Jul-2011 18:43     
 
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MERMAID

becAme

mAId  ? ? ? ?

Bintang      ( Date: 17-Jul-2011 13:22) Posted:

Mermaid went down to 29 cents n turned up for a technical rebounce on 17/03/2011  . It went up to reach 41.5 cents almost touching 200MA on 14/04/2011   . But it turned down again after forming a shooting star on the same day . Mermaid went all the way down to 31 cents on 20/06/2011 , it went up again to form a bearish rising wedge after that . It gapped down breaking the wedge on 11/07/2011 .  Now the downside target is 25.5 cents .

Bintang      ( Date: 15-Mar-2011 11:26) Posted:

Mermaid has just hit 30 cents , n may fill the gap at 28 cents finally


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pharoah88
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18-Jul-2011 18:41     
 
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 Alert Admin 		 
Negative triggers dissipate.
We believe that the worst could be over with Mermaidbottoming out in terms of qoq earnings. Due to compelling valuations against BV,visible improvements in its subsea business and multiple catalysts from drilling, weupgrade Mermaid from Neutral to OUTPERFORM. Given higher utilisation rates, welower our FY11 net loss forecast by 8% and raise our estimate for FY13 by 114%. Aswe believe that losses could be contained, we raiseour target price to S$0.49, basedon 0.8x CY11 P/BV (previously S$0.41, based on 0.7x CY11 P/BV, its average since2009). We see catalysts from sustained improvement in subsea utilisation andcontracts for newbuild jack-ups.
•
 
Visible improvements in subsea business.
Utilisation for 2QFY11 has climbed to54% vs. 28% for 2QFY10. Based on an order book of over US$100m, subsea shouldachieve above 60% utilisation for 2HFY11. In turn, we project that Mermaid will post itsfirst subsea gross profit in 3QFY11 after five straight quarters of losses.
•
 
Seadrill’s recent participation in AOD enhances chances of securing drillingcontracts.
As over 90% of newbuilds in this cycle are built on speculation, Mermaidstands a better chance against other investors/speculators with Seadrill on board.Mermaid targets to secure contracts for its newbuilds by 1H12. This shouldsignificantlycatalyse its share price.
•
 
Subsea fleet value limits downside risks.
As it is
 
trading at 0.6x CY11 P/BV, webelieve that downside risks are limited and see its share price supportedby value insubsea assets. Even if we exclude Mermaid’s drilling business, RNAV of its subseafleet alone is S$0.41/share, representing a 21% upside to its current trading price.
Financial summary
FYE Sep 2009 2010 2011F 2012F 2013F
Revenue (THB m) 5,209.9 3,476.4 4,755.6 5,621.3 5,879.1EBITDA (THB m) 1,509.6 354.1 1,027.7 1,686.6 2,005.7EBITDA margins (%) 29.0% 10.2% 21.6% 30.0% 34.1%Pretax profit (THB m) 863.1 (263.2) (470.3) 167.8 644.5Net profit (THB m) 714.5 (456.1) (560.3) 87.8 544.5EPS (S cts) 5.4 (2.5) (2.9) 0.5 2.8EPS growth (%) (39.0%) (146.1%) (17.3%) 115.7% 519.9%P/E (x) 6.3 nm nm 74.9 12.1Core EPS (S cts) 5.4 (3.4) (2.9) 0.5 2.8Core EPS growth (%) (39.0%) (163.4%) 14.6% 115.7% 519.9%Core P/E (x) 6.3 nm nm 74.9 12.1Gross DPS (S cts) 0.0 0.0 2.4 0.0 0.0Dividend yield (%) 0.0% 0.0% 6.9% 0.0% 0.0%P/BV (x) 0.5 0.5 0.6 0.5 0.5ROE (%) 7.4% (4.0%) (4.5%) 0.7% 4.5%Net gearing (%) 10.3% 4.5% 21.4% 12.2% N/AP/FCFE (x) (9.4) (5.7) (3.1) 15.5 7.0EV/EBITDA (x) 3.9 19.6 7.1 3.7 2.3% change in EPS estimates (7.6%) +3.2% +114.5%CIMB/Consensus (x) 0.93 1.02 1.12
Note: Per share data translated into listing currency at current fx spot rates, valuation methodology based on house forex forecastsSource: Company, CIMB Research, Bloomberg
Price chart Market capitalisation & share price info
Market cap S$267m/US$219m
Share price perf. (%) 1M 3M12M
12-mth price range S$0.49/S$0.30 Relative0.5 (12.0) (32.4)3-mth avg daily volume 0.3m Absolute1.5 (13.9) (29.2)# of shares (m) 785
Major shareholders%
Est. free float (%) 42.8 Thoresen Thai Agency57.1Conv. secs (m) None Thailand Equity Fund15.1Conv. price
0.20.30.30.40.40.50.50.60.6  Jul-10 Dec-10 May-110.000.200.400.600.801.001.201.401.601.80
Volume 10m (R.H.Scale) Mermaid Maritime PCL
 
Source: Bloomberg Source: Company, CIMB Research, Bloomberg
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flyersummer
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18-Jul-2011 14:58     
 
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 Alert Admin

New mermaid Analyst Report - CIMB

http://www.scribd.com/fullscreen/60228705?access_key=key-18lxzsatzhc3xsic9wv0
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Bintang
Elite
17-Jul-2011 13:22     
 
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 Alert Admin 		Mermaid went down to 29 cents n turned up for a technical rebounce on 17/03/2011  . It went up to reach 41.5 cents almost touching 200MA on 14/04/2011   . But it turned down again after forming a shooting star on the same day . Mermaid went all the way down to 31 cents on 20/06/2011 , it went up again to form a bearish rising wedge after that . It gapped down breaking the wedge on 11/07/2011 .  Now the downside target is 25.5 cents .

Bintang      ( Date: 15-Mar-2011 11:26) Posted:

Mermaid has just hit 30 cents , n may fill the gap at 28 cents finally .

Bintang      ( Date: 22-Feb-2011 21:26) Posted:

Unfortunately , Mermaid came down to 38 cents today . All long n short term moving averages are pressing the share price to go down further. Breaking the trendline at 37.5 cents would go down to 30 cents n may fill the gap at 28 cents eventually


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pharoah88
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13-Jul-2011 09:03     
 
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Mermaid Maritime's associate Asia Offshore Drilling (AOD) has signed a construction contract for the third newbuild jack-up rig with Keppel Fels and has transferred the technical and commercial management agreement from Mermaid to Seadrill Limited.

We have a NEUTRAL call and TP S$0.41 on the stock.
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pharoah88
Supreme
04-Jul-2011 09:44     
 
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O V E R H E A R D :

Adjunied GRC

was

" A A A A"   SUPER  Team  ? ? ? ?

aircraft      ( Date: 07-Apr-2011 11:20) Posted:

Lol... This 'A' team ideology is crap lah

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pharoah88
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04-Jul-2011 09:41     
 
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Mermaid's AOD has raised US$80m in gross proceeds from private placement of new shares. Mermaid has been allocated US$15m in the private placement and now owns 37.5% of enlarged share capital. Proceeds of the share placement will be used to exercise the first of two AOD's jack-up options with Keppel Corp. Exercise of the option is value-accretive as the options are in-the-money. Key positive is also the partnership with Seadrill, which enables Mermaid to capitalise on its strong operational platform.   

Maintain NEUTRAL TP S$0.41.
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vonntan
Senior
09-Jun-2011 11:27     
 
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Mermaid Maritime Public Company Limited announced that its associate Asia Offshore Drilling Limited (AOD) has retained SEB Enskilda AS, Pareto Securities AS and RS Platou Markets AS as Joint Lead Managers and Joint Bookrunners to advise on and effect a private placement of new shares in AOD directed towards Norwegian investors and international institutional investors.

http://sgsharemarket.com/home/2011/06/singapore-company-highlights-09062011/?=MermaidMaritime

 


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aircraft
Veteran
07-Apr-2011 11:20     
 
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 Alert Admin 		Lol... This 'A' team ideology is crap lah
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pharoah88
Supreme
07-Apr-2011 10:53     
 
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 Alert Admin 		IS  there  an  " A" TEAM  in  MERMAID ? ? ? ?
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pharoah88
Supreme
07-Apr-2011 10:51     
 
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 Alert Admin 		RECOVERY from RAPE
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flyersummer
Member
06-Apr-2011 21:00     
 
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 Alert Admin 		up 0.38
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bishan22
Elite
24-Mar-2011 10:29     
 
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 Alert Admin 		Now Dugong rape by Mermaid.  Smiley
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pharoah88
Supreme
17-Mar-2011 17:38     
 
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M E R M A I D

RAPED  by  DUGONG
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