I am revising my target price to RM1.36 to as below: 1. Assuming no growth to the latest qr. Earnings per quarter will be RM0.0339 2. Annualized the earnings. RM0.0339 x 4 = RM0.1356 3. Ascribe PER 10 for TAS. RM0.1356 x 10 = RM1.36
Wah never thought it could shoot past NTA! Luckily still have few biji left! Can afford to make less in local mkt since profit is pouring in from Japan!!! Nomura, Dentsu, Ogura, Nihon ISK etc etc etc😘
2024-01-05 15:55
SOLD the balance of my TAS @ 89c this morning!😊 +400%!
This Q less vessel delivered,guess only 1 vessel because revenue 4mil only ,next Q will be more as they secured more than 200mil of contract and estimated to be fully delivered end of next year.Each Q will be 30mil above if divided by 6Q.Buying at this level is cheap plus 1 sen dividend
next q will be surprisingly strong as delivery delayed to current quarters. imagine combining delivery of 2 quarters into 1, what will be the revenue n profit. go do the maths youself
TAS Offshore (TOB MK, NOT RATED, FV: MYR0.96) Follow up note
♦️ Why lower? The lower quarterly revenue and profit were primarily due to the absence of vessel deliveries in 4Q24, as the five scheduled tugboat deliveries were postponed from May to June. This delay resulted from the Indonesia Raya celebration in April and May, leading to a higher inventory level of MYR94.8m, up 22% quarter-on-quarter, as noted in the quarterly announcement.
♦️ What will happen next? Following my follow-up with management this morning, two of the delayed tugboats were delivered in July, and the remaining three are expected to be delivered in August, pending customer approval and payment. Additionally, there should be another two or more tugboats delivered next month, aside from the five backlog tugboats. The Board remains optimistic about its prospects as the Group is well-positioned to benefit from the steady development of mining industry and strong client base in Indonesia. The Group has also acquired additional land of 14.4 hectares for capacity expansion expected to commence by FY26F.
♦️ Consequently, the Group delivered only 10 tugboats in FY24, compared to our forecast of 14, resulting in a profit of MYR9.6m versus our previous FY24 forecast of MYR13m.
♦️ Orderbook more than double of FY24 revenue. The outstanding order book currently exceeds MYR200m, with no order cancellations to date. Looking ahead, we anticipate the Group will deliver 18 tugboats in FY25, including the delayed units, and thus maintain our FY25 forecast of MYR17.3m.
♦️ Valuation. The stock is currently trading at 6.9x FY25F P/E vs our target P/E of 10x.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
goldmanbull
267 posts
Posted by goldmanbull > 2024-04-27 23:33 | Report Abuse
Small market cap with high ROE. Can easily double to RM1.40