Hiap Seng Engineering

Hiap Seng Engineering

Postby millionairemind » Wed Aug 13, 2008 10:23 pm

Hiap Seng Engineering Reports 78.6% Increase In Net Profit For 1Q09

Hiap Seng Engineering, a specialist integrated engineering group for the oil-and-gas, petrochemical and pharmaceutical industries, reported a 78.6% increase in net profit attributable to shareholders to $2.9m on the back of a 27.4% increase in revenue to $49.7m for the first quarter ended June 30, 2008. Said Frankie Tan, Chairman and CEO of Hiap Seng, “We are still positive of the outlook for the oil-and-gas, petrochemical and pharmaceutical industries in view of the increased investments in these industries. With our outstanding order book of approximately $168m, we are cautiously optimistic about the Group’s performance for FY09 despite the challenging conditions of the industries in which the Group operates.”
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Re: Hiap Seng Engineering

Postby kennynah » Wed Aug 13, 2008 10:24 pm

no need to say... i guess u must have jeeped this one recently... 8-)
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Re: Hiap Seng Engineering

Postby millionairemind » Wed Aug 13, 2008 10:27 pm

No lah, K... you see me too up lah.. :D

I just post the news when i see them.. :lol:
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Re: Hiap Seng Engineering

Postby bertyeo » Wed Aug 13, 2008 11:29 pm

hiap seng's quite illiquid leh
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Re: Hiap Seng Engineering

Postby millionairemind » Tue Sep 09, 2008 7:25 pm

September 9, 2008, 5.33 pm (Singapore time)

Hiap Seng wins $16.2 mln in deals for Shell S'pore project

By ANGELA TAN

Hiap Seng Engineering Ltd said on Tuesday that it has won the piping installation & painting works worth S$16.2 million for Shell ECC project in Singapore.

This is a variation order to one of the contracts totaling S$45.8 million announced on November 17, 2006.

The works are expected to commence in October 2008 and scheduled for completion by December 2009.

It expects a positive contribution to its earnings from the works but does not expect any material impact on the net tangible assets or earnings per share for the current financial year ending 31 March 2009
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Re: Hiap Seng Engineering

Postby mrEngineer » Tue May 25, 2010 1:10 am

Tadah! this is the reason why I went to catch e falling knife. haha. check out the dividend. twice of last year. but stock price is also twice of last year too.

HIAP SENG REPORTS RECORD NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF S$8.1 MILLION FOR 4QFY2010 AND S$31.5 MILLION FOR FY2010 - A SURGE OF 98% AND 143% RESPECTIVELY

Hiap Seng Engineering Ltd (“Hiap Seng” or the “Group”), a specialist integrated engineering group for the global oil-and-gas, petrochemical and pharmaceutical industries, today announced a 142.9% surge in net profit attributable to shareholders to S$31.5 million for the full year ended March 31, 2010 (“FY2010”). This was achieved on the back of a 12.4% increase in revenue to S$252.1 million.

Apart from a positive impact from higher revenue, the net profit increase was also due to better margins and the absence of any provision for doubtful debts for FY2010. Share of associated companies profit of S$0.8 million for FY2010 as compared to share of associated companies loss of S$1.2 million for FY2009, has
also contributed to the Group’s net profit for FY2010.

For 4QFY2010, net profit attributable to shareholders rose 98.4% to S$8.1 million on the back of a 11.7% increase in revenue to S$57.4 million, resulting from the completion of numerous projects as well as higher profit margins from cost efficiencies and improved productivity.

Said Mr. Frankie Tan, Chairman and CEO of Hiap Seng, “We are heartened by the strong set of results that we have delivered. This, we believe, is a testimony to the resilience of our core business. As the economy picks up, we will continue to control costs and improve productivity. At the same time, we look to enhance shareholder value by exploring new and viable business opportunities.”

The Group’s order book as at today stands at S$207.0 million.

Review of Performance

In terms of gross profit margin, for 4QFY2010, it was up at 22.5% as compared to 22.0% for the same corresponding period. As for FY2010, gross profit margin increased to 22.0% from 15.2% in FY2009. This is attributed to savings from the Group’s continued efforts in cost controls and improved productivity.

Segmentally, the Group’s core business segment, Plant Construction and Maintenance segment, which makes up about 87.1% of total sales in FY2010, continued to perform well. Revenue from this segment increased significantly by 43.9% to S$219.6 million in FY2010 from S$152.7 million in FY2009. This increase was mainly due to the completion of numerous projects during FY2010.

The Group’s Compression and Process Equipment Fabrication segment, which makes up the remaining 12.9% of total revenue in FY2010, experienced a 54.7% decline in revenue to S$32.5 million as major projects were completed in FY2009.

As at March 31 2010, the Group was in a net cash position with cash and cash equivalents of S$17.7 million (S$25.7 million as at March 31, 2009). However, a substantial amount of the trade receivables had been received subsequent to the financial year end.

Outlook

The outlook for the oil-and-gas, petrochemical and pharmaceutical industries, which the Group serves, remains positive. Barring any unforeseen circumstances, the Directors are optimistic about the Group’s performance for FY2011. The Group will continue with its efforts to control costs, improve productivity and explore new business opportunities in order to enhance shareholder value.

Proposed Final Dividend

To reward its loyal shareholders, Hiap Seng is proposing a final dividend of 3.0 cents per share, which, if approved by shareholders at the Annual General Meeting to be held on July 28, 2010, will be paid on August 27, 2010. Together with the interim dividend of 1.0 cent per share paid on January 18, 2010, the total dividend payout for the year amounts to S$12.2 million.
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Re: Hiap Seng Engineering

Postby winston » Thu Sep 23, 2010 10:47 am

Not vested

Singapore Hot Stocks-Hiap Seng jumps 16 pct on DBS report

SINGAPORE, Sept 23 (Reuters) - Shares of Singapore's engineering company Hiap Seng jumped 16.9 percent to S$0.76 on Thursday after a broker highlighted the firm's merits and said the stock was undervalued, traders said.

Over 18 million shares had changed hands by 0237 GMT.

DBS Vickers said in a report that Hiap Seng is trading at a 28 percent discount to its local peers, which is unwarranted as its orderbook is expected to grow on the back of strong demand from the Middle East.

DBS reiterated its "buy" rating on Hiap Seng and target price of S$0.85.

Source: Reuters
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Re: Hiap Seng Engineering

Postby millionairemind » Thu Sep 23, 2010 2:16 pm

Wonder if anyone here has noticed that alot of the stocks that gapped up in the morning with huge volume have been recommended by DBS analysts on the same day? JES, Hiap Seng etc...etc...
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Re: Hiap Seng Engineering

Postby stilicon » Fri Nov 19, 2010 6:32 pm

Risky (because net profit are volatile) but tempting.

The recent correction of Hiap Seng made me consider this co. So vested.

- The development of engineering projects for both O&G + Pharma is interesting. The duality should give a bit of stability. And both should develop well in all Asia in the coming years.

- Hiap Seng proved to be resilient in the FY09 tempest. Its management seems prudent. It also seems to be respectful of the shareholders.

- It achieved a CAGR increase in NAV of about 24% in the last 4 years (est. FY2010 included). Similarly its revenue and op. result and dividend improved consistently.

- Yield is high (6,4% at 4c/year) and well-funded (FCF Yield should be above 10%)

- With a reasonably stable background, a valuation through a mere DDM with 8% expected return, 1% growth in the 5 1st years and 0,5% afterwards gives a number close to S$0,72.

So, at S$0,625 today it seems really interesting to me.
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Re: Hiap Seng Engineering

Postby winston » Tue Feb 08, 2011 10:54 am

Even the 'expert analysts" cannot even get it right, what chance do you have to be able to analyse things properly ?

Not vested. From DBS:-

Hiap Seng has officially guided a potential net loss for its 3QFY2011 (FYE Mar) results due on 14 Feb 2011, owing to slower revenue recognition and cost overruns on certain projects.

Our analyst has cut FY11/12 earnings by 50/24%.

Downgrade to FULLY VALUED; TP lowered to S$0.56 (Prev S$0.82). Re-rating catalysts should come from stronger project execution and order flow.

Separately, Hiap Seng announced that it has been awarded a Letter of Intent (LOI) for an EPC contract worth approximately S$10.3m. Work on the project has commenced in Singapore and is expected to be completed by March 2012.
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