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CIMB Squawk Box...
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STX OSV – Rising demand for rigs could keep yards busy
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Keppel Corp hit the headlines again. It bagged another US$440m newbuild contract, this time from Ensco. The order is for two ultra-premium jackup rigs plus options for two more to be exercised by August 2011.
This led us pondering if rising demand for oil rigs could lead to increased demand for offshore support vessels.
Oil rigs require offshore support vessels for a variety of reasons – tugs to move rigs or heavy equipment/machinery, as a supplies vessel, anchor handling. Some offshore support vessels are even equipped with special equipment with fire fighting capabilities.
STX OSV builds Anchor Handling Tugs Supply (AHTS) vessels and Platform Supply Vessels (PSVs). AHTS vessels are multi function vessels, which can handle anchors for rigs, move or tug the rigs to their destinations as well as transport supplies/equipment. Platform Supply Vessels on the other hand can be considered as the transport trucks of the sea. Their main function is to transport supplies, machinery and equipment.
In our view, STX OSV could be a potential beneficiary from increasing oil rigs orders in recent times.
The stock is currently trading at 8.8x CY12 P/E, slightly above offshore support vessels peer historical 5-year forward average valuations. However, in view of its scale and strong order book outstanding (estimated S$4.2bn for FY2010), we argue that STX OSV should be trading at a premium to its peers, and should be trading closer to the valuation multiples of rigbuilders. We have an Outperform recommendation with TP of S$1.60, based on 11x CY12 P/E.
(Please see attached for Technical Analysis)
Support looks like at $1.20
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Hi vonntan, seldom see U posting here.
Thk for the link. Chart posted is good for guidance and to collect more info, here is mentioned short term trench,
if it really happen then, maybe (Me) considering...side talk--
thing to note--Fund pulling out last two weeks or beginning of this Feb 2011 to a tune of 10 over billion.
Once again, thk Qs for making much effort to post.
vonntan ( Date: 17-Feb-2011 22:22) Posted:
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short term downtrend is observed in STX OSV. with immediate resistence from 14, 20 day ma, STX OSV could potentially go lower if support at 1.17 fail to hold. invest with caution.
http://sgsharemarket.com/home/2011/02/stx-osv-short-term-downtrend/
Din buy, sold sometimes back $1.21, refering to hpong5 post, so BBs bot oso @ $1.21. hehehe - just so zhun.
| STXOSV |
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1.230 |
Closed - 1.210 |
-0.020c |
-1.6% |
Volume - 6,147,000 |
906,000 |
1.200 |
1.210 |
6,000 |
Today Trade summary-Most trade done @ $1.21 (hi of $1.23, same as last 2 days)
epliew ( Date: 17-Feb-2011 09:31) Posted:
u bought @ 1.18 ?
teeth53 ( Date: 17-Feb-2011 00:14) Posted:
Day B4 today--Mkt bad not many willing to buy beyond 1.22/1.23, in fact many bot at 1.18
Mkt today good, not many is oso willing to buy beyond 1.22/1.23
Those wishing to support DMG plan...Happy trading. they are d most optimistic with TP going 1.75/1.80..?? |
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Regional bourses all ended
green, except STI in
red.
Things to take Note - * Hutchison Whampoa on road show - $6 billion ipo
* Investors wary of tightening policies * Foreign selling hurts big-caps banks underperform * Most sharemarkets record foreign outflows
teeth53 ( Date: 15-Feb-2011 21:54) Posted:
STI top 30 --Almost all end red, as inflation concerns linger continuous without a break.
" China's inflation has not neutralised fears about inflation. Inflation in Asia is still on the rise and it's not certain when rising prices will peak out.
Mkt investors turn cautious and caused worry about a possible cooling down in regional growth in response to the tightening of monetary policies in countries after interest rate increases by China early last week
Things to take Note * Investors wary of tightening policies * Foreign selling hurts big-caps banks underperform * Most sharemarkets record foreign outflows * China's rises rates to battle high inflation
crystal1818 ( Date: 15-Feb-2011 09:51) Posted:
What's your advice?
The good earnings doesn't seems to push the price up. |
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seriously.. how do u guys know?
hpong5 ( Date: 17-Feb-2011 17:16) Posted:
Today Goldman Sachs, JPMorgan, Daiwa and a few other foreign brokerage houses accumulating at 1.21
teeth53 ( Date: 17-Feb-2011 13:45) Posted:
| To know how one can get how much, that 101% right, April 2011...Hav to wait lohh, think there's opportunities to buy @1.20 and or less. Just sharing my observation. |
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Today Goldman Sachs, JPMorgan, Daiwa and a few other foreign brokerage houses accumulating at 1.21
teeth53 ( Date: 17-Feb-2011 13:45) Posted:
To know how one can get how much, that 101% right, April 2011...Hav to wait lohh, think there's opportunities to buy @1.20 and or less. Just sharing my observation.
hpong5 ( Date: 17-Feb-2011 13:24) Posted:
| But have to wait till april to know. Looking to buy back on dip hopefully below 1.2 |
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MY APOLOGIES, WRONG POSTING.... IT should be STXPO 100.
bsiong ( Date: 17-Feb-2011 16:48) Posted:
STX Pan Ocean Co., South Korea’s largest dry-bulk shipping line, reported a 79% drop in fourth-quarter profit as an expanding global fleet and China’s slowing demand for commodities sapped rates.Net income fell to US$7 million ($8.95 million) from US$33 million a year earlier, the Seoul-based shipping line said in a statement today. Sales rose 42% to US$1.49 billion. Global dry-bulk rates averaged 30% lower than a year earlier as China tightened credit to combat inflation, damping demand for shipments of iron ore. The plunging rates and an oversupply of ships forced Korea Line Corp., South Korea’s No. 2 bulk shipping line, to seek court protection from creditors last month. “There’s no sign that the supply glut will ease any time soon,” said Kim Jeong Eun, a Seoul-based analyst at HMC Investment Securities Co. STX Pan Ocean may make an operating loss in the current quarter, she said.
In the fourth quarter, operating profit, or sales minus the cost of goods sold and administrative expenses, rose 8% to US$13 million from US$12 million profit a year earlier, STX Pan Ocean said.
The shipping line fell as much as 2.4% to 10,300 won in Seoul trading and traded at 10,400 won as of 3:39 p.m. The company’s Singapore-listed shares declined 0.9% to $11.70 as of the 2:40 p.m., local time.
The Baltic Dry Index, a measure of rates for vessels used to ship iron ore, coal and other commodities, averaged 2,364 in the quarter ended December compared with 3,401 a year earlier. It rose 2.8% to 1,271 in London yesterday. China’s iron ore imports in 2010 fell 1.4% to 620 million metric tons, the first annual decline since 1998, the customs agency said Jan. 10 on its website.
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haiks...
bsiong ( Date: 17-Feb-2011 16:48) Posted:
STX Pan Ocean Co., South Korea’s largest dry-bulk shipping line, reported a 79% drop in fourth-quarter profit as an expanding global fleet and China’s slowing demand for commodities sapped rates.Net income fell to US$7 million ($8.95 million) from US$33 million a year earlier, the Seoul-based shipping line said in a statement today. Sales rose 42% to US$1.49 billion. Global dry-bulk rates averaged 30% lower than a year earlier as China tightened credit to combat inflation, damping demand for shipments of iron ore. The plunging rates and an oversupply of ships forced Korea Line Corp., South Korea’s No. 2 bulk shipping line, to seek court protection from creditors last month. “There’s no sign that the supply glut will ease any time soon,” said Kim Jeong Eun, a Seoul-based analyst at HMC Investment Securities Co. STX Pan Ocean may make an operating loss in the current quarter, she said.
In the fourth quarter, operating profit, or sales minus the cost of goods sold and administrative expenses, rose 8% to US$13 million from US$12 million profit a year earlier, STX Pan Ocean said.
The shipping line fell as much as 2.4% to 10,300 won in Seoul trading and traded at 10,400 won as of 3:39 p.m. The company’s Singapore-listed shares declined 0.9% to $11.70 as of the 2:40 p.m., local time.
The Baltic Dry Index, a measure of rates for vessels used to ship iron ore, coal and other commodities, averaged 2,364 in the quarter ended December compared with 3,401 a year earlier. It rose 2.8% to 1,271 in London yesterday. China’s iron ore imports in 2010 fell 1.4% to 620 million metric tons, the first annual decline since 1998, the customs agency said Jan. 10 on its website.
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STX Pan Ocean Co., South Korea’s largest dry-bulk shipping line, reported a 79% drop in fourth-quarter profit as an expanding global fleet and China’s slowing demand for commodities sapped rates.Net income fell to US$7 million ($8.95 million) from US$33 million a year earlier, the Seoul-based shipping line said in a statement today. Sales rose 42% to US$1.49 billion.
Global dry-bulk rates averaged 30% lower than a year earlier as China tightened credit to combat inflation, damping demand for shipments of iron ore. The plunging rates and an oversupply of ships forced Korea Line Corp., South Korea’s No. 2 bulk shipping line, to seek court protection from creditors last month.
“There’s no sign that the supply glut will ease any time soon,” said Kim Jeong Eun, a Seoul-based analyst at HMC Investment Securities Co. STX Pan Ocean may make an operating loss in the current quarter, she said.
In the fourth quarter, operating profit, or sales minus the cost of goods sold and administrative expenses, rose 8% to US$13 million from US$12 million profit a year earlier, STX Pan Ocean said.
The shipping line fell as much as 2.4% to 10,300 won in Seoul trading and traded at 10,400 won as of 3:39 p.m. The company’s Singapore-listed shares declined 0.9% to $11.70 as of the 2:40 p.m., local time.
The Baltic Dry Index, a measure of rates for vessels used to ship iron ore, coal and other commodities, averaged 2,364 in the quarter ended December compared with 3,401 a year earlier. It rose 2.8% to 1,271 in London yesterday.
China’s iron ore imports in 2010 fell 1.4% to 620 million metric tons, the first annual decline since 1998, the customs agency said Jan. 10 on its website.
Great stock to accumulate.
To know how one can get how much, that 101% right,
April 2011...Hav to wait lohh, think there's opportunities to buy @1.20 and or less. Just sharing my observation.
hpong5 ( Date: 17-Feb-2011 13:24) Posted:
But have to wait till april to know. Looking to buy back on dip hopefully below 1.20
hpong5 ( Date: 17-Feb-2011 13:09) Posted:
| STX Pan Ocean paying dividends of 100 won per share. Quite likely STX OSV's proposal for 100% profit of last quarter for dividends will get approval too. |
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But have to wait till april to know. Looking to buy back on dip hopefully below 1.20
hpong5 ( Date: 17-Feb-2011 13:09) Posted:
| STX Pan Ocean paying dividends of 100 won per share. Quite likely STX OSV's proposal for 100% profit of last quarter for dividends will get approval too. |
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STX Pan Ocean paying dividends of 100 won per share. Quite likely STX OSV's proposal for 100% profit of last quarter for dividends will get approval too.
More order wins ahead. Waiting for announcement. Same for JES.
epliew ( Date: 17-Feb-2011 09:46) Posted:
what price 1.18 ?
krisluke ( Date: 17-Feb-2011 09:37) Posted:
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what price 1.18 ?
krisluke ( Date: 17-Feb-2011 09:37) Posted:
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buy.
u bought @ 1.18 ?
teeth53 ( Date: 17-Feb-2011 00:14) Posted:
Day B4 today--Mkt bad not many willing to buy beyond 1.22/1.23, in fact many bot at 1.18
Mkt today good, not many is oso willing to buy beyond 1.22/1.23
Those wishing to support DMG plan...Happy trading. they are d most optimistic with TP going 1.75/1.80..??.
hpong5 ( Date: 16-Feb-2011 21:44) Posted:
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If tomorrow drop back to 1.20 again will enter. Today no chance to buy back at opening price.
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Day B4 today--Mkt bad not many willing to buy beyond 1.22/1.23, in fact many bot at 1.18
Mkt today good, not many is oso willing to buy beyond 1.22/1.23
Those wishing to support DMG plan...Happy trading. they are d most optimistic with TP going 1.75/1.80..??.
hpong5 ( Date: 16-Feb-2011 21:44) Posted:
If tomorrow drop back to 1.20 again will enter. Today no chance to buy back at opening price.
teeth53 ( Date: 16-Feb-2011 21:34) Posted:
| STXOSV |
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1.200 |
1.230 |
+0.050c |
+4.2% |
Volume - 10,949,000 |
471,000 |
1.220 |
1.230 |
1,628,000 |
Gap up--2cents for a start with a volume of 153 lots changed hands, some profit taking seen at $1.22c/$1.23c
trade summary--many retailers turn positive, today high=1.23c, ammo providing support to BBs plan.
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If tomorrow drop back to 1.20 again will enter. Today no chance to buy back at opening price.
teeth53 ( Date: 16-Feb-2011 21:34) Posted:
| STXOSV |
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1.200 |
1.230 |
+0.050c |
+4.2% |
Volume - 10,949,000 |
471,000 |
1.220 |
1.230 |
1,628,000 |
Gap up--2cents for a start with a volume of 153 lots changed hands, some profit taking seen at $1.22c/$1.23c
trade summary--many retailers turn positive, today high=1.23c, ammo providing support to BBs plan.
crystal1818 ( Date: 15-Feb-2011 23:08) Posted:
Think tomorrow opening will be good as DMG rated buy and have raise its TP.
1.18 seems to be a good buy however, fear overwhelmed my action as don't know whether it will goes further down... |
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