Stock Name: ASL Marine
Company Name: ASL MARINE HOLDINGS LTD
OCBC Investment Research in a Feb 13 research report says: "ASL Marine (ASL) reported a 25.0% fall in revenue to $77.4 million and a 24.3% drop in net profit to $7.6 million in 2QFY12. Excluding exceptional items comprising such as vessel disposal gains, core net profit was about $6.6 million, such that the 1HFY12 figure accounted for 49.6% of our full year estimate.
"After securing $426 million worth of new contracts in 2HCY11 (vs. $93.5 million in CY2010), ASL has continued to win new shipbuilding orders worth about $54 million recently. This brings its outstanding shipbuilding order book (from external customers) to about $553 million (39 vessels) with deliveries till 1Q14, and this is the highest level that the group has seen since 3QFY09.
"We raise our peg to 12x blended FY12/13F core earnings (prev. 10x), leading to a higher fair value estimate of 68 cents. UPGRADE TO BUY."
Company Name: ASL MARINE HOLDINGS LTD
| Research House: OCBC | Price Call: BUY | Target Price: 0.68 |
OCBC Investment Research in a Feb 13 research report says: "ASL Marine (ASL) reported a 25.0% fall in revenue to $77.4 million and a 24.3% drop in net profit to $7.6 million in 2QFY12. Excluding exceptional items comprising such as vessel disposal gains, core net profit was about $6.6 million, such that the 1HFY12 figure accounted for 49.6% of our full year estimate.
"After securing $426 million worth of new contracts in 2HCY11 (vs. $93.5 million in CY2010), ASL has continued to win new shipbuilding orders worth about $54 million recently. This brings its outstanding shipbuilding order book (from external customers) to about $553 million (39 vessels) with deliveries till 1Q14, and this is the highest level that the group has seen since 3QFY09.
"We raise our peg to 12x blended FY12/13F core earnings (prev. 10x), leading to a higher fair value estimate of 68 cents. UPGRADE TO BUY."
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