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DMG raises STX OSV’s (MS7.SG) target to $1.75 from $1.56, based on an unchanged target P/E of 12X, after upping its earnings forecasts it keeps its Buy rating.
DMG says the shipbuilder’s 4Q10 results showed “strong bottomline on better execution” with net profit of NOK294 million (up 121% on-year, up 94% on-quarter) thanks to stronger EBITDA margins of 11.4% vs 6.8% in 4Q09.
“FY10 net profit of NOK1.031 billion was 23%-28% ahead of ours and consensus estimates as margins surprised on the upside due to better execution and the release of risk contingencies to profit.”
DMG raises its FY11-FY12 EPS estimates by 12% on higher forecast EBITDA margins of 10% vs 9.0% previously.
The house says key catalysts include new order wins, continued strong margins, and the huge valuation gap between STX OSV and big-cap shipyards. Its shares are down 0.8% at $1.18.
| WRITTEN BY DOW JONES & CO, INC |
| TUESDAY, 15 FEBRUARY 2011 15:26 |
/source: theedge/
STX OSV SECURES CONTRACT FOR A PLATFORM SUPPLY VESSEL
OF OWN DESIGN
Singapore, 15 February, 2011
the major global designers and shipbuilders of offshore and specialized vessels, is
pleased to announce that it has secured a new contract for the design and
construction of a Platform Supply Vessel of own design for an undisclosed
international customer.
The vessel is scheduled for delivery from STX OSV Aukra in Norway in 2012. The
hull will be delivered from STX OSV in Romania. The PSV 09 is designed by STX
OSV Design in Ålesund, Norway.
Including this latest contract, STX OSV has 19 contracts in its order book for
delivery in 2012.
– STX OSV Holdings Limited (“STX OSV”), one ofGoGreenGo ( Date: 15-Feb-2011 15:36) Posted:
What is the price to login?
Price seem attractive. |
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What is the price to login?
Price seem attractive.
STX OSV Holdings Ltd (SOH SP S$1.20) |
Results beat expectations. 4Q10 core net profit of NOK282m (+45% yoy) bettered our expectations of NOK68.5m and consensus' NOK54.5m, driven by stronger-than-expected sales and margins. While no dividend was declared, management guided that a recommended dividend for 2010 will be announced in early-April 2011. We believe STX OSV could pay out 30% of FY10’s earnings (equivalent to 100% of 4Q10 core net profits).
Order book of NOK17bn, with 49 vessels for delivery through 2013. The group secured six new vessel contracts worth NOK2.8bn in 4Q10. Order intake for the year was 27 vessels worth NOK12.6bn. We estimate that STX OSV will be able to clinch NOK 13.1bn of orders in FY11, inclusive of eight LPG carriers for Transpetro for US$540m.
Pending results review, we have an Outperform call and target price of S$1.60. |
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cimb/
STX OSV: Annouced strong 4Q results, which exceeded average consensus estimates with Rev at Nok3.6b, -12%YoY and +67.2%QoQ, while Net Profit at Nok 326m, +142%YoY and +111.6%QoQ. Result placed FY10 Rev at Nok11.8b, flat YoY and Net Profit at Nok1.03b, +1034%YoY….
Operating Margins at 10.5% vs 6.1%YoY was attributed to stronger integration and good collaboration between design, engineering and construction in the Romania-Norway value chain, while training programs further contributed to the development of the organization in Vietnam, while Brazil yard has successfully completed several of its technologically most complex projects to date….
Grp enjoyed a high rate of on-time deliveries and was able to deliver several projects ahead of contractual delivery date. New order intake for FY10 almost tripled from NOK 4.5b in FY09 to NOK12.6b, while total order intake for 4Q10 amounted to NOK 2.8b. For 4Q10 alone, grp has secured six additional new vessel contracts, bringing the total for 2010 to 27 new orders…..
Orderbook remains strong at Nok17b underpinning earnings visibility till 2015, and ensuring high utilization rate of grp’s yards. Going forward, grp remains confident on its prospects, and tip order momentum for vessels to improve during the yr as increasing demand for deeper water exploration and operations in harsh environments will continue to drive demand for vessels with advanced specifications …
At current Levels, valuations appear compelling, with grp trading at 5.4x FY10 PE, vs SGX listed peers of 9x and Global peers of 18.8x, which is unwarranted in our view, given grp’s soaring orderbook and specialization in high specs OSVs. Grp has a unaminous Buy Call amg the houses covering it.
No profit yet.. so, gonna wait & see. Anyway, dividends will only be announced sometime in April 2011.
Just sharing, should read more those fine word=sound like STXosv don project too much optimistic forward projection 1st. then
whatever they are doing. We don exactly know...!!!
What's your advice?
The good earnings doesn't seems to push the price up.
teeth53 ( Date: 15-Feb-2011 09:40) Posted:
To me, today trading--my thot is most taking d Q to exit for short term trading (punters and investors)
crystal1818 ( Date: 15-Feb-2011 09:23) Posted:
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To me, today trading--my thot is most taking d Q to exit for short term trading (punters and investors)
crystal1818 ( Date: 15-Feb-2011 09:23) Posted:
What do you mean? Thanks.
teeth53 ( Date: 15-Feb-2011 09:13) Posted:
| Today morning traded--news sound very, very positive, bot to a high of 0.124c @deal - 4 lots
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Oic, thanks.
Did you manage to get your Q fill? Noob79 ( Date: 15-Feb-2011 09:25) Posted:
yesterday open 1.19 and high at 1.22 and closed at 1.19 indicated a bullish inverted hammer candle... i guess so :)
crystal1818 ( Date: 15-Feb-2011 09:23) Posted:
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yesterday open 1.19 and high at 1.22 and closed at 1.19 indicated a bullish inverted hammer candle... i guess so :) crystal1818 ( Date: 15-Feb-2011 09:23) Posted:
What do you mean? Thanks.
teeth53 ( Date: 15-Feb-2011 09:13) Posted:
| Today morning traded--news sound very, very positive, bot to a high of 0.124c @deal - 4 lots
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What do you mean? Thanks. teeth53 ( Date: 15-Feb-2011 09:13) Posted:
Today morning traded--news sound very, very positive, bot to a high of 0.124c @deal - 4 lots
teeth53 ( Date: 14-Feb-2011 23:08) Posted:
It did move, then again punters seem to take profit. finished unchanged@1.19, after it hit 1.22
| STXOSV |
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1.190 |
1.190 |
0.000 |
0.0 |
Volume-12,361,000 |
942,000 |
1.190 |
1.200 |
173,000 |
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Today morning traded--news sound very, very positive, bot to a high of 0.124c @deal - 4 lots
teeth53 ( Date: 14-Feb-2011 23:08) Posted:
It did move, then again punters seem to take profit. finished unchanged@1.19, after it hit 1.22
| STXOSV |
|
|
1.190 |
1.190 |
0.000 |
0.0 |
Volume-12,361,000 |
942,000 |
1.190 |
1.200 |
173,000 |
muifan ( Date: 14-Feb-2011 11:41) Posted:
| Hopefully the quarterly result will be good tomorrow : |
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Wow.. share px chiong + dividend gao gao = BIG CNY ang bao...
wow very good result...1000% profit for yoy and 142% profit for quarter to Quater. Luckily i vested 15 lots at 1.2 yesterday.... Today sure soared :)))) jcho1962 ( Date: 15-Feb-2011 04:26) Posted:
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Isit going to spell no good news for tomorro trading ??.
just like STXosv ipo times, this time (2nd times) oso such news appears when STXosv wanted to announce it good result tomorro before it start trading.
BREAKING NEWS--Obama unveils $3.7 trillion budget for 2012, including program cuts to reduce deficits by $1.1 trillion over a decade.
9:51am: President Obama will propose his 2012 budget on Monday. Deep cuts will help slow deficits, but the plan fails to address long-term problems. More
It did move, then again punters seem to take profit. finished unchanged@1.19, after it hit 1.22
| STXOSV |
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|
1.190 |
1.190 |
0.000 |
0.0 |
Volume-12,361,000 |
942,000 |
1.190 |
1.200 |
173,000 |
muifan ( Date: 14-Feb-2011 11:41) Posted:
Hopefully the quarterly result will be good tomorrow :D
krisluke ( Date: 14-Feb-2011 11:38) Posted:
how come hardly move ? i was puzzle too. think got to sell my existing holding for profit liao. I check BDI index yesterday, see some positive number but not to technical, think wanted to shift out stxosv into yzj or nol.. |
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what happened ? trying to jack up prices ? muifan ( Date: 14-Feb-2011 12:29) Posted:
Progressively 27 lots and 28 lots buy up whole morning every few minutes....hmmm........
muifan ( Date: 14-Feb-2011 11:41) Posted:
| Hopefully the quarterly result will be good tomorrow : |
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Yeah, looks like some sort of programmed buying ranging from 27-29 lots each time every 2-3 mins...
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