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(02-07-2016, 12:09 PM)Retired@52 Wrote: Dear Value Buddies,
An Idea to share: (The Magic of percentage)
Investor A bought a share of $1.00 per unit and it drops to $0.10. He lost 90%
Investor B bought the same share at $0.10 per unit and it rises back to $1.00. He gains 900%
Investor A put in $100,000, it became $10,000
Investor B put in $100,000, it becomes $1M.
Both person put in $100,000. One left with $10,000 & the other becomes a Millionaire.
Let us take a look at Ezra.
Share Price on 14.11.07 was $2.13 per share. ( Adjusted Historical High)
This share is now traded at $0.073 (Down by 96%)
According to my records, the company made profit every year from 2005 to 2015.
E&OE
Announcement: http://infopub.sgx.com/FileOpen/Ezra%20C...eID=411280
Congrats on your astute pick..........
But to have a complete picture, it has to be said that the shares outstanding went up 10.2X since 2007 till present.
From 288 million to 2.94 billion.
Obviously whether the company has made a profit every year is not the issue here.
There are no good stocks. Stocks are only good when they go up after you bought them.
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http://infopub.sgx.com/FileOpen/3Q%20FY2...eID=412801
Ezra's released 3Q results paint a somber scenario.
IN a matter of 9 months, the company has wiped 546 mil in profits. Its accumulated profits is down from 557 mil to 9.4 mil more- all its hard years of profits has been wiped out in a single year. IMO, in the next 3 quarters, we will see negative accumulated profits
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going up again,  this counter is very good for it's ups and downs... trader's dream!
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR!
4) In BULL, SELL-SELL-SELL!
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Ezra is most likely the next to fall.
Cash: 43m as of last quarter
Operating cashflow 9M16: outflow of 87m
Debt: 1.2bn as of last quarter, and with ~500m due this year
The only profit making division for Ezra is Triyards and even that is a small portion of the business.
The Chiyoda-NYK-EMAS subsea division is now counted as a minority / associate stake. According to DBS, this division is also in a net loss position, so Ezra can't dividend up any $ to the holding company.
The OSV business is seeing 50% utilisation.
The only options next are:
1) to sell more assets or stakes to free up cash - at the same time, this reduces future cash contribution to the holding co (which Ezra needs considering the immense amount of debt it has), so this is a double edged sword.
2) ask DBS to stretch out the maturity of its current debt and LT debt even further
3) ask DBS to refinance the bonds which are coming due with corporate debt
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DBS seems to be the BIGGEST supporter of 3Es and TRIYARD so far,
Now that swiber has forced DBS to take a hit of 300milos, DBS should do a stress test for 3Es/Triyard for worst case situation they default too....
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR!
4) In BULL, SELL-SELL-SELL!
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(29-07-2016, 12:01 PM)Another option is for the directors and CEO to stop getting pay or lesser pay for a few months ;)whatamidoing Wrote: Ezra is most likely the next to fall.
Cash: 43m as of last quarter
Operating cashflow 9M16: outflow of 87m
Debt: 1.2bn as of last quarter, and with ~500m due this year
The only profit making division for Ezra is Triyards and even that is a small portion of the business.
The Chiyoda-NYK-EMAS subsea division is now counted as a minority / associate stake. According to DBS, this division is also in a net loss position, so Ezra can't dividend up any $ to the holding company.
The OSV business is seeing 50% utilisation.
The only options next are:
1) to sell more assets or stakes to free up cash - at the same time, this reduces future cash contribution to the holding co (which Ezra needs considering the immense amount of debt it has), so this is a double edged sword.
2) ask DBS to stretch out the maturity of its current debt and LT debt even further
3) ask DBS to refinance the bonds which are coming due with corporate debt
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(29-07-2016, 12:01 PM)whatamidoing Wrote: Ezra is most likely the next to fall.
Cash: 43m as of last quarter
Operating cashflow 9M16: outflow of 87m
Debt: 1.2bn as of last quarter, and with ~500m due this year
The only profit making division for Ezra is Triyards and even that is a small portion of the business.
The Chiyoda-NYK-EMAS subsea division is now counted as a minority / associate stake. According to DBS, this division is also in a net loss position, so Ezra can't dividend up any $ to the holding company.
The OSV business is seeing 50% utilisation.
The only options next are:
1) to sell more assets or stakes to free up cash - at the same time, this reduces future cash contribution to the holding co (which Ezra needs considering the immense amount of debt it has), so this is a double edged sword.
2) ask DBS to stretch out the maturity of its current debt and LT debt even further
3) ask DBS to refinance the bonds which are coming due with corporate debt
Another Option if for directors and CEO to stop getting pay or lesser pay for a few months 
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05-10-2016, 12:18 PM
(This post was last modified: 05-10-2016, 12:19 PM by specuvestor.)
Ezra owns 3/4 of Emas Offshore which owns 11.8% of Perisai and in 49% JV with Perisai in SJR Marine, which Perisai has a put option to sell 51% stake to Emas Offshore. Perisai restructuring failed and now it is deemed as default. Simple as that. No announcement needed... just show me the money. Emas offshore will be under pressure as well.
"KUALA LUMPUR, Oct 4 (Reuters) - Perisai Petroleum Teknologi Bhd defaulted on a S$125 million ($91.3 million) bond after noteholders rejected the Malaysian oil and gas service provider's request for a four-month extension on the maturity date.
Perisai received a notice dated Oct. 3 from the trustee of the notes notifying that an event of default has occurred, the company said in a statement to the Malaysian stock exchange on Tuesday. The bond was due on Monday.
Shares of the company slumped as much as 32 percent to an all-time low of 8.5 sen on Tuesday.
Perisai had started talks its bondholders in August to seek an extension.
Perisai plans to talk to bondholders about an alternative proposal after it received an indicative financing offer from a financial institution on Sept. 30, it said in a separate statement issued late on Monday.
The company did not identify the financial institution, but said about $20 million would be made available to resolve the situation with bondholders.
--snip--"
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
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18-10-2016, 07:44 PM
(This post was last modified: 18-10-2016, 08:19 PM by CY09.
Edit Reason: edits
)
http://infopub.sgx.com/FileOpen/20161018...eID=425225
Ezra is preparing itself for a persistent low oil price environment by seeking consent from its bondholders for events of not repaying in time.
If every o&G company goes through such process, i think we are going to have an even longer and prolonged recession. An overcapacity o&g support industry where they are kept alive by bondholders and shareholders persistently; to me, seems to be against the law of nature for survival. I wonder how patient banks or bondholders will be with this circus of over leverage in Singapore.
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