perdana is now in extreme overbought territory, it will drop like shit slowly from now on. not good to buy now anymore. crude oil wti price has topped. u guys will see this later
Perdana Nautika Sdn Bhd (“PNSB”), a wholly-owned subsidiary company of PPB, has accepted the letter of award (the “LOA”) dated 10 January 2014 from Talisman Malaysia Limited for the charter of one (1) unit of Anchor Handling Tug Supply (AHTS) vessel (the “Contract”). The LOA is valued at approximately RM50.0 million
Maintain BUY with a revised TP of MYR2.55 (+34%; 15x FY15 PER) following 11%-32% rise in FY13-15 earnings forecasts.
Market underestimates its growth but a sterling 4Q13, higher utilisation & DCRs, and fleet expansion will intensify interest.
A growth stock (3-yr 76% net profit CAGR), with inexpensive valuations and improving balance sheet.
What’s New 4Q13 results are likely to beat expectations. Fundamentals are better than initially projected. Consensus estimates are conservative relative to growth. Our revised FY13/14/15 forecasts are 18%/12%/22% above the Street’s numbers.
What’s Our View We expect Perdana to report strong 4Q13 net earnings of MYR18m- 20m (+16-29% QoQ). This would lift its full-year earnings to MYR60m (+167% YoY), beating consensus estimates by 17%. We expect this outperformance to be fuelled by higher utilisation and lower operating expenses.
For 2014, Perdana will realise MYR20m in savings from the disposal of 8 ageing OSVs (MYR10m) and the purchase of 3 OSVs (Frontier, Horizon and Liberty) from its sale & leaseback scheme (MYR10m) in 2013. It will also progressively recognise maiden profits for 3 new OSVs (Protector, Resolute, Emerald) with charter contracts. Utilisation of OSVs is set to improve further should it convert 3 spot charters (Frontier, Ranger, Enterprise) to long-term contracts.
Its balance sheet and cash flow have improved and Perdana is well positioned to expand its fleet size. It has the capacity to add 2-3 new OSVs to its fleet as it leverages on PETRONAS increasing capex and EOR works in Malaysia. 2 new work barges could lift earnings by MYR18m p.a. while capping net gearing at 1x (0.6x now).
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inikalilah888
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Posted by inikalilah888 > 2014-01-10 10:00 | Report Abuse
Ini kali lah :)