Stock Name: ASL Marine
Company Name: ASL MARINE HOLDINGS LTD
DBS Vickers Securities in an Aug 18 research report says: "FY2011 recurring net profit of $31.9 million (-14% y-o-y) was within expectations. Revenue declined 22% to $363.2 million due to (1) lower shipbuilding orderbook; (2) fewer large conversion jobs; and (3) weaker demand for towing jobs.
"Net gearing inched up to 0.61x vs. 0.37x a year ago and may edge higher towards 0.68x by end FY12 as 20/80 payment terms to customers become increasingly common. A final DPS of 1.5 cents was declared, translating into a full year payout ratio of 20% or a yield of 2.9%.
"We trim our FY2012/2013F earnings by around 5% each as we adjust the recognition schedule for ASL's shipbuilding orderbook. Target price is lowered to 59 cents (from 63 cents), still pegged to 8.2x FY12 PE. MAINTAIN HOLD."
Company Name: ASL MARINE HOLDINGS LTD
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 0.59 |
DBS Vickers Securities in an Aug 18 research report says: "FY2011 recurring net profit of $31.9 million (-14% y-o-y) was within expectations. Revenue declined 22% to $363.2 million due to (1) lower shipbuilding orderbook; (2) fewer large conversion jobs; and (3) weaker demand for towing jobs.
"Net gearing inched up to 0.61x vs. 0.37x a year ago and may edge higher towards 0.68x by end FY12 as 20/80 payment terms to customers become increasingly common. A final DPS of 1.5 cents was declared, translating into a full year payout ratio of 20% or a yield of 2.9%.
"We trim our FY2012/2013F earnings by around 5% each as we adjust the recognition schedule for ASL's shipbuilding orderbook. Target price is lowered to 59 cents (from 63 cents), still pegged to 8.2x FY12 PE. MAINTAIN HOLD."
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