Penguin International

Hi valuebuddies

Some of your queries are answered in AR 2013 Note to Accounts 37c Foreign Currency Risk (page 104). The foreign currency risk is primarily managed by natural hedges of matching assets and liabilities denominated in foreign currencies. In addition, management use forward currency contract to reduce currency exposure on material transactions.

Major Customers

I read with interest on Note to Account 37a Credit Risk, which provided some Trade Debtor information on Major Customer (Page 102 bottom). Noted that 53% of Group Trade Debtors are owed by 3 major customers who are multi-industry conglomerates located in various countries. Any VB able to advise who are these 3 customers. Thanks in advance.

(vested)

(18-03-2015, 12:13 AM)Yoyo Wrote: Hi valuebuddies

Some of your queries are answered in AR 2013 Note to Accounts 37c Foreign Currency Risk (page 104). The foreign currency risk is primarily managed by natural hedges of matching assets and liabilities denominated in foreign currencies. In addition, management use forward currency contract to reduce currency exposure on material transactions.

Major Customers

I read with interest on Note to Account 37a Credit Risk, which provided some Trade Debtor information on Major Customer (Page 102 bottom). Noted that 53% of Group Trade Debtors are owed by 3 major customers who are multi-industry conglomerates located in various countries. Any VB able to advise who are these 3 customers. Thanks in advance.

(vested)

Thank for the post to clarify. AR able to give the answers to most investors queries.

I don't know the answer for the top 3 customers. I reckon the management might not disclose it due to competition.

My best guess, base on the geographic sales, and shareholders list.

- Keppel O&M in Singapore
- Petronas in M'sia
- Unknown offshore operator in West Africa.

Any other intelligent guesses?

(vested)

(18-03-2015, 09:35 AM)CityFarmer Wrote:

(18-03-2015, 12:13 AM)Yoyo Wrote: Hi valuebuddies

Some of your queries are answered in AR 2013 Note to Accounts 37c Foreign Currency Risk (page 104). The foreign currency risk is primarily managed by natural hedges of matching assets and liabilities denominated in foreign currencies. In addition, management use forward currency contract to reduce currency exposure on material transactions.

Major Customers

I read with interest on Note to Account 37a Credit Risk, which provided some Trade Debtor information on Major Customer (Page 102 bottom). Noted that 53% of Group Trade Debtors are owed by 3 major customers who are multi-industry conglomerates located in various countries. Any VB able to advise who are these 3 customers. Thanks in advance.

(vested)

Thank for the post to clarify. AR able to give the answers to most investors queries.

I don't know the answer for the top 3 customers. I reckon the management might not disclose it due to competition.

My best guess, base on the geographic sales, and shareholders list.

- Keppel O&M in Singapore
- Petronas in M'sia
- Unknown offshore operator in West Africa.

Any other intelligent guesses?

(vested)

Based on your guess, the fall in price may not be due to oil, but probably due to Petronas?

(18-03-2015, 09:43 AM)NTL Wrote:

(18-03-2015, 09:35 AM)CityFarmer Wrote:

(18-03-2015, 12:13 AM)Yoyo Wrote: Hi valuebuddies

Some of your queries are answered in AR 2013 Note to Accounts 37c Foreign Currency Risk (page 104). The foreign currency risk is primarily managed by natural hedges of matching assets and liabilities denominated in foreign currencies. In addition, management use forward currency contract to reduce currency exposure on material transactions.

Major Customers

I read with interest on Note to Account 37a Credit Risk, which provided some Trade Debtor information on Major Customer (Page 102 bottom). Noted that 53% of Group Trade Debtors are owed by 3 major customers who are multi-industry conglomerates located in various countries. Any VB able to advise who are these 3 customers. Thanks in advance.

(vested)

Thank for the post to clarify. AR able to give the answers to most investors queries.

I don't know the answer for the top 3 customers. I reckon the management might not disclose it due to competition.

My best guess, base on the geographic sales, and shareholders list.

- Keppel O&M in Singapore
- Petronas in M'sia
- Unknown offshore operator in West Africa.

Any other intelligent guesses?

(vested)

Based on your guess, the fall in price may not be due to oil, but probably due to Petronas?

Well, I reckon it is still due to oil price, but indirectly, right?

I like this business because ROE's sitting around 20% for the last two years, and it has no debt (can't go bankrupt). Sure, O&G's down, but this is not its sole dependency. Market's now very pessimistic, much like for Valuetronics when it was going on fire sale at 30 cents - I picked up some more at that price. Added on some more at $0.197 today; makes my day because its high MOS. Happy investing!

(18-03-2015, 09:54 AM)CityFarmer Wrote:

(18-03-2015, 09:43 AM)NTL Wrote:

(18-03-2015, 09:35 AM)CityFarmer Wrote:

(18-03-2015, 12:13 AM)Yoyo Wrote: Hi valuebuddies

Some of your queries are answered in AR 2013 Note to Accounts 37c Foreign Currency Risk (page 104). The foreign currency risk is primarily managed by natural hedges of matching assets and liabilities denominated in foreign currencies. In addition, management use forward currency contract to reduce currency exposure on material transactions.

Major Customers

I read with interest on Note to Account 37a Credit Risk, which provided some Trade Debtor information on Major Customer (Page 102 bottom). Noted that 53% of Group Trade Debtors are owed by 3 major customers who are multi-industry conglomerates located in various countries. Any VB able to advise who are these 3 customers. Thanks in advance.

(vested)

Thank for the post to clarify. AR able to give the answers to most investors queries.

I don't know the answer for the top 3 customers. I reckon the management might not disclose it due to competition.

My best guess, base on the geographic sales, and shareholders list.

- Keppel O&M in Singapore
- Petronas in M'sia
- Unknown offshore operator in West Africa.

Any other intelligent guesses?

(vested)

Based on your guess, the fall in price may not be due to oil, but probably due to Petronas?

Well, I reckon it is still due to oil price, but indirectly, right?

Petronas problem is not just oil. There still the 1MDB to consider. Just my guessing too.

http://www.oil-price.net/en/articles/wil...-crash.php

Jus an interesting article I came across when I tried to check up the impact of falling oil prices on Penguin.

Seems like we should be looking out for oil prices actively during this period [/align]

(18-03-2015, 10:21 AM)NTL Wrote: Petronas problem is not just oil. There still the 1MDB to consider. Just my guessing too.

I will say, the M'sia government "problems" are lower oil price with lower Petronas dividend, and the IMDB debt, amid other major issues.

Petronas "problem" is only the lower oil price, I assume.

(18-03-2015, 10:27 AM)Machinegunpreacher Wrote: http://www.oil-price.net/en/articles/wil...-crash.php

Jus an interesting article I came across when I tried to check up the impact of falling oil prices on Penguin.

Seems like we should be looking out for oil prices actively during this period [/align]

Price-takers at the mercy of price-makers.

As of what I know, the boat orders are still at healthy condition, no cancellations and penguin will proceeding with the contracts clinched. IMO the market probably is wary of the uncertain economical environment, if there exist a MOS to the investors at this level, it will be a great time to jump in to collect the coming dividend and await the 1Q and 2Q results to show that penguins are indeed resilient.

_Vested_