WHY WHY!!! what happen to you?? so many good news came out one by one but you still in RED!? Lot people play penny stock but i'm still with you... so disappointing
Neutral on this.....looking at other fish!!...just a heads up. hint half yr 27.5m...FY13 full yr 89.6m....other co's would have got rapped on the knuckles already(with this style of reporting)
1H14 adjusted net profit made up 42% of our FY forecast.
3-year adjusted net profit CAGR of 30% driven by improved utilisation and expansion in fleet to 39 units by 1Q16.
Maintain BUY and MYR2.00 TP (15x 2015 PER, comparable to peer average).
What’s New
2Q14 adjusted net profit of MYR27m (+12% QoQ; -1% YoY) took 1H14 adjusted earnings to MYR51m (+39% YoY), on track to meet our expectation of MYR122m for FY14. 2Q14 relatively mirrored 1Q’s performance except for the technical fee income gathered following the mobilisation of a new OSV.
Our adjusted net profit in 2Q14/1H14 took account these items: (i) MYR15m/MYR15m IPO expenses, (ii) MYR2m/MYR4m RCPS-I profit, and (iii) MYR2m/MYR5m amortisation of intangible assets.
What’s Our View
Our forecasts are unchanged, expecting stronger 2H vis-à-vis 1H as Icon recognises earnings from its Brunei-based AWB. Overall, Icon is set to enjoy strong growth momentum, underpinned by: (i) the planned expansion of its OSV fleet, and (ii) improved utilisation. We project Icon to take delivery of 6 new OSVs in 3Q14-1Q16, comprising: (i) 1 unit of AWBs, (ii) 2 units of 10,930 bhp AHTS, (iii) 2 units of PSVs and (iv) 1 unit of FCB.
We do not rule out further fleet expansion in the future considering Icon’s lean balance sheet (net gearing <1x) as well as M&A opportunities locally/overseas. Icon is a Shariah compliant stock, which is a positive.
Patience is the key . Icon's management has been issuing a statement to rebut previously negative news over icon( check icon's website ) . Time needed to regain investors' confident , I believe that when impediment diluted over the time and most investors' mind converging at some point , consensus ad idem , unpredictably hidden upward trend . Examination's result of Q1-pass Q2- pass Q3- Q4- Well done , keep going ...
cepat jual...ini kaunter dah habis...takde buying interest ...pasal IPO dah overprice...akan jatuh sampai 1.50....lebih baik beli kaunter lain cover loss...
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Posted by sunshine1989 > 2014-08-21 12:06 | Report Abuse
http://www.theedgemalaysia.com/business-news/303748-icon-offshore-bags-rm297m-worth-of-jobs.html