Stock Name: ASL Marine
Company Name: ASL MARINE HOLDINGS LTD
DBS Vickers Securities in an Apr 17 research report says: "ASL Marine announced that it has secured another $132.5 million worth of shipbuilding contracts for 4 tugs and 1 PSV, bringing FY2012 (FYE June) YTD order wins to $481 million, exceeding our existing order win assumption of $380 million. "These order wins will boost ASL’s shipbuilding orderbook to close to $650 million, implying book-to-bill ratio of 2.5x. Given the latest set of contract wins, we revise up FY2013F earnings up by 6% to $45 million. "Our revised target price of 83 cents is pegged to 7x PE on blended FY20-12/2013F earnings for its shipbuilding and chartering businesses, and 10x for shiprepair. Current valuations are undemanding, with the counter trading at 5.5x FY13 PE (FYE June) and 0.6x FY13 P/BV. MAINTAIN BUY."
Company Name: ASL MARINE HOLDINGS LTD
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.83 |
DBS Vickers Securities in an Apr 17 research report says: "ASL Marine announced that it has secured another $132.5 million worth of shipbuilding contracts for 4 tugs and 1 PSV, bringing FY2012 (FYE June) YTD order wins to $481 million, exceeding our existing order win assumption of $380 million. "These order wins will boost ASL’s shipbuilding orderbook to close to $650 million, implying book-to-bill ratio of 2.5x. Given the latest set of contract wins, we revise up FY2013F earnings up by 6% to $45 million. "Our revised target price of 83 cents is pegged to 7x PE on blended FY20-12/2013F earnings for its shipbuilding and chartering businesses, and 10x for shiprepair. Current valuations are undemanding, with the counter trading at 5.5x FY13 PE (FYE June) and 0.6x FY13 P/BV. MAINTAIN BUY."
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