ASL Marine

Re: ASL Marine

Postby winston » Thu Aug 19, 2010 12:39 pm

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RESEARCH ALERT-UPDATE 1-UOB downgrades ASL Marine to "sell"

SINGAPORE, Aug 19 (Reuters) - UOB has downgraded its rating on Singapore marine company ASL Marine to "sell" from "hold" and lowered its target price to S$0.84 from S$1.07.

OCBC Investment Research has also lowered its target price to S$1.04 from S$1.09, but maintained its "buy" rating.

UOB Sell (Hold) S$0.84 (S$1.07) Marine
OCBC Buy (Buy) S$1.04 (S$1.09)

STATEMENT: UOB KayHian has lowered its forecasts for ASL Marine's 2011 and 2012 financial year net profit by 15 and 35 percent respectively due to lower contract wins and margin assumptions.

The brokerage said the visibility of new ship building contracts remains murky, while the ship repair and ship chartering segments appear to have bottomed.

It said it expects the firm's share price to continue to slump although its downside will be limited.

Shares of ASL Marine fell 2.23 percent to S$0.875 at 0347 GMT, down 8.4 percent so far this year.


Source: Reuters
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Re: ASL Marine

Postby winston » Thu Sep 30, 2010 8:04 pm

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PE 8; No Growth ?

From OCBC:-

Maintain BUY rating and S$1.04 fair value estimate.

The acquisitions are not expected to have a material financial impact on the consolidated NTA and EPS of ASL for FY11.

We are positive on the proposed property acquisition, but are more cautious regarding the vessel acquisitions. The group has been experiencing lower vessel utilization and charter pricing which was reflected in its 4QFY10 results.

This is partly due to a more competitive environment and also because certain vessels in ASL's fleet are being reflagged with the Indonesian cabotage rule. As such, we keep our earnings estimates unchanged for now till we obtain more clarity on the vessel expansion plan and see further recovery in the chartering market.

However, given an upside potential of about 12%, we maintain our BUY rating and fair value estimate of S$1.04 on the stock.

http://www.remisiers.org/cms_images/res ... IR_buy.pdf
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Re: ASL Marine

Postby winston » Fri Nov 26, 2010 9:59 am

Not vested. This counter is up 7%. Do you know why you are buying or selling ?



ASL Marine: Proposed bonus issue of shares

Summary: ASL Marine (ASL) has proposed a bonus issue of four bonus shares for every ten existing ordinary shares. Given ASL’s existing share base, this will mean a bonus issue of up to 120.578m new ordinary shares (including bonus shares pertaining to outstanding share options).

This will enable ASL to increase the number of shares available for trading and improve the trading liquidity of the company’s shares. This move should also broaden the shareholder base.

As the bonus issue is conditional upon approval from the SGX, we keep our fair value estimate of S$0.94 for now. However, this will drop to about S$0.67 upon SGX’s approval due to the enlarged share base.

We maintain our HOLD rating on ASL. (Low Pei Han)


Source: OCBC
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Re: ASL Marine

Postby winston » Fri Feb 11, 2011 6:29 pm

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ASL Marine's Q2 profit up 11.8% to $10m By JOYCE HOOI

ASL Marine Holdings posted an 11.8 per cent increase in net profit to $10 million for its second quarter ended Dec 31, 2010.

Its revenue for the same period fell 24.1 per cent, from $135.8 million to $103.1 million.

For the six months ended Dec 31, net profit fell 13.3 per cent to $18.1 million, while revenue dropped 27.1 per cent to $184.5 million.

http://www.businesstimes.com.sg/sub/lat ... 87,00.html?
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Re: ASL Marine

Postby winston » Fri Jun 03, 2011 9:04 am

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ASL Marine- Share price has bottomed, awaiting catalysts.
(HOLD/S$0.585/Target: S$0.63)

FY11F PE (x): 7.2
FY12F PE (x): 6.8

Shipbuilding – strong enquiries and competition. ASL Marine is seeing strong enquiries for platform support vessels (PSVs), small sized 5,000-bhp AHTS vessels (from Indonesia to satisfy local cabotage regulation), tugs and barges, and other types of offshore support vessels (OSV), but competition remains intense.

In the first 11 months of FY11 (year-end: June), ASL Marine secured total new contracts worth S$100m, below its target of S$200m pa.

As of end- 3QFY11 (Mar 11), shipbuilding orderbook was S$218m - until early- FY12 – compared with S$327m as of end-FY10 (FY09: S$457m).

We maintain our target price of S$0.63 which is based on sum-of-the parts valuation. This time round, vessel oversupply and yard overcapacity have stalled the recovery of OSV shipyards.

While shipbuilding enquiry level has picked, the timing and strength of a recovery still lacks visibility at this juncture.

That said, we maintain our HOLD call in view of ASL Marine’s undemanding FY11F and FY12F P/B valuations.

Source: UOBKH
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Re: ASL Marine

Postby winston » Wed Oct 12, 2011 8:31 am

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ASL Marine Holdings Ltd said its wholly-owned subsidiary has secured new shipbuilding contracts worth around S$267 million ($209 million) for the construction of five vessels.

Source: Reuters
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Re: ASL Marine

Postby winston » Fri Sep 21, 2012 9:08 am

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ASL Marine: A worthy stock amidst the rising tide

Summary: Announcement of QE3, while long-expected, has helped buoy sentiment across the board. However, amidst the rising tide, investors are well-advised to pick stocks that can stand the test of time.

In the small-mid cap space, ASL Marine’s (ASL) diversified business model means it is positioned to capitalise on the recovering newbuild market (driven by offshore support vessels), while still being supported by its healthy shiprepair and chartering operations.

Management has turned more positive but more importantly, we also expect the group to double its capex to about S$115m (mainly to expand shipcharter fleet and deepen waterfront) in FY13 compared to just S$67m in FY12.

With an upside potential of about 27%, we maintain our BUY rating on the stock with S$0.82 fair value estimate.


Source: OCBC
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Re: ASL Marine

Postby Breadman25 » Wed Nov 07, 2012 2:20 pm

Has the price bottom out? It looks like a good time to enter.
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Re: ASL Marine

Postby behappyalways » Tue Sep 12, 2017 2:10 pm

5-workers-dead-1-injured-asl-marine%E2%80%99s-batam-shipyard-fire
https://www.theedgesingapore.com/5-work ... pyard-fire
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Re: ASL Marine

Postby behappyalways » Tue Sep 11, 2018 1:49 pm

struggling-asl-marine-seeks-talks-with-noteholders
https://splash247.com/struggling-asl-ma ... teholders/
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