Penguin International

(08-12-2014, 10:31 AM)dydx Wrote:

(08-12-2014, 10:09 AM)CityFarmer Wrote: It is consistent with my guesstimate, Penguin has a significant non-Offshore business.

(vested)

I think more importantly, we have to recognise that Penguin has an increasing range of high-quality and competitively priced aluminium boats targeted at niches in the offshore and non-offshore markets. Penguin's range of mid-size crew boats is and will continue to be a 'sweet spot' for quite awhile, mainly because of the boats' operational economics and usage flexibility - fast, fuel-efficient, low upfront capex, designed to carry both crew and cargoes, multi-roles including fire-fighting, rescue/evacuation, standby, and as an armour-enhanced patrol boat. Of equal importance, these boats are of Penguin's own design (in collaboration with external marine architects), and have been clearly marketed under own "Flex" brand-name.

I concur.

Three of the merits of the company that make me confident on the company

1) Comprehensive and quality product line-up
2) Well-planed production capacity
3) Conservative and down-to-earth company strategy

(a confident and happy shareholder)

New video on Horizon Ferry



http://www.penguin.com.sg/vessel-specs/flex-ferry/

Penguin Shipyard International has delivered the first of three Flex Ferries to Horizon Ferries. Christened “Horizon 9”, the 238-pax monohull ferry is the most modern and spacious ferry deployed in the Singapore-Batam route. The Flex Ferry is a joint fast-track development by PSI and its UK design partner, BMT Nigel Gee.

This is the latest development since this article surfaced http://www.bmt.org/news/2013/11/bmt-nige...h-penguin/

Awesome!

I am looking at Penguin but I am not sure if currently it is the right time to buy. I see their share price has very little movements. Hmm...

can anyone share if Penguin has been giving out steady dividends for the past 5-10 years? And where do you get news from them as I can't really find any from their website

I can do better than that. Being a Penguin shareholder since its IPO in Oct 97, I can give you a complete dividend history from my own record. Pls note that the date refers to the date payable and not necessarily the FY. Hope this help.

[wrap][table=Penguin Dividend History]
1
2
3
4
5
6
7
8
9
[/table]
[table=Type]
Final
Final
Final
First & Final
Final
First & Final
First & Final
Special Interim
First & Final
[/table]
[table=Date Payable]
09-Jun-98
08-Jun-99
28-Jul-00
20-Jun-01
28-Jun-02
27-Jun-03
23-May-07
28-Nov-07
28-May-14
[/table]
[table=DPS]
$0.005
$0.005
$0.0025
$0.0025
$0.005
$0.0025
$0.001
$0.025
$0.005
[/table][/wrap]

So as you can see, in the initial years 98-03, it gave dividends every year. Since then its been patchy.

So it seems that this stock is not so attractive if we want to earn dividends.

lonewolf, any reasons why you are still holding onto this stock?

(14-01-2015, 08:34 PM)new-comer1 Wrote: So it seems that this stock is not so attractive if we want to earn dividends.

lonewolf, any reasons why you are still holding onto this stock?

I dun think Penguin has ever been positioned as a dividend stock. The number of small cap dividend stock is small to begin with.

There was no compelling reasons to divest of the shares so I decided to keep it.

Is the past a reliable basis to predict the future? Probably not in this case, as Penguin before 2012 was a very different company with the main focus as a regional ferry operator based in Singapore. Penguin has since undergone a major transformation. The best way to understand the present Penguin is to review in detail the company website…..
http://www.penguin.com.sg
, the latest FY13 AR…..
http://www.penguin.com.sg/wp-content/upl...n-AR13.pdf
, and the latest 3Q-FY14 result announcement…..
http://infopub.sgx.com/FileOpen/Penguin_...eID=323397

With FY14's full-year EPS expected to come close to $0.05 (extrapolated from first 9 months' EPS of $0.0376), which will be a very significant increase from FY13's full-year EPS of only $0.0249, a good and higher final dividend (vs. FY13: $0.005/share) for FY14 is a reasonable expectation. A fair 30% payout would mean as much as $0.015/share. Penguin has no problem doing so, as the group has no borrowings and is sitting on a huge cash reserve of $39.6m - equivalent to $0.06/share - as at 30Sep14. NAV/share as at 31Dec14 should be in excess of $0.21 (vs. $0.2009 as at 30Sep14).

Share price wise, Penguin has been rather steady since Jun14 and is still up 60% in the last 12 months (from the $0.135 level in Jan14), and has out-performed STI by over 50% and Nam Cheong (a pretty good builder of OSVs based in Sarawak, Malaysia) by over 60% during the same period…..
https://sg.finance.yahoo.com/echarts?s=P...I;range=1y

I cited my concerns about the oil and Ms Heng from BSL corporate replied:

On behalf of our client, Penguin International Limited (“Penguin”), we thank you for your email.

The Management of Penguin appreciates your long-standing support of the Company and is heartened by your encouragement and positive feedback. The Management is always mindful of shareholders' concerns, particularly in light of declining oil prices, and will continue to keep you updated on significant developments affecting the Company whilst balancing the need for prudence and confidentiality. You have rightfully pointed out that the Management is conservative and has seen the Company through past market cycles.

Please continue to visit Penguin’s website at http://www.penguin.com.sg/ for periodic updates, as well as Management's review and outlook in their upcoming Full Year Results announcement for FY2014.

Meanwhile, you may wish to peruse the following news story that appeared in a recent issue of FairPlay shipping magazine about the impact on OSV's by declining oil prices.

We look forward to your continuing support of the Company and wish you a blessed 2015!

http://www.ihsmaritime360.com/article/16...osv-market

Penguin has been relentlessly coming up with stronger models or further enhancing current model. For example: Flex-40SL


https://www.youtube.com/watch?v=zS8tZJ24fn4

Quote:Good, better, best. Never let it rest..." On 15 January, Penguin Shipyard International delivered its first crewboat in 2015 to a Malaysian owner, EA Technique. Named "Nautica Tg Puteri XXX", the Flex-40SL is Penguin’s 83rd Flex. For now, global
demand for crewboats remains steady against a backdrop of cheaper oil. After all, crewboats are a basic necessity in the offshore industry. And the Flex is the logical choice of enlightened crewboat owners.

- source: http://www.penguin.com.sg/

Clearly - we can tell Penguin is a better business to own other than some over-leveraged companies in similar industry.