Marco Polo Marine Ltd

http://infopub.sgx.com/FileOpen/MPM_Issu...eID=260233

Quote:

ISSUE OF S$50,000,000 FIXED RATE NOTES DUE 2016 UNDER THE S$300,000,000 MULTICURRENCY MEDIUM TERM NOTE PROGRAMME OF MARCO POLO MARINE LTD.

Marco Polo Marine Ltd. (the “Issuer”) is pleased to announce that it has today issued S$50,000,000 fixed rate notes due 2016 (the “Series 1 Notes”) under its S$300,000,000 multicurrency medium term note programme (the “Programme”).

DBS Bank Ltd. and United Overseas Bank Limited acted as the joint lead managers and bookrunners in connection with the issue of the Series 1 Notes.

The Series 1 Notes will bear interest at the fixed rate of 5.75 per cent. per annum and will mature on 18 October 2016.

The net proceeds from the issue of the Series 1 Notes under the Programme (after deducting issue expenses) will be used for general corporate purposes, including the refinancing of borrowings, and financing investments and general working capital of the Issuer and its subsidiaries.

(not vested)

Sunday, Nov 03, 2013


Taiwanese actress Vivian Hsu, 38, has announced that she will soon be marrying her boyfriend of 7 months.

Hsu's confirmation came after she was seen holding hands with 36-year-old Sean Lee in Taiwan's Xinyi district on Saturday. The pair was seen entering a Vera Wang bridal boutique.

She later confirmed though her manager that she is indeed getting married, and added that she was very happy.

Sean Lee, 36, is the CEO of Marco Polo Marine in Singapore.

According to Taiwan's Apple Daily, Lee was born in Indonesia but came to Singapore to study from the age of 8.

He is said to have completed university studies in Australia before returning to take over his family business as chief executive in 2003. The company has an estimated worth of over $23 million.

The news agency reported that Lee has 2 daughters from a previous marriage.

Vivan Hsu had admitted to being in a relationship just last month. She had met Lee after he invested in a new film that she will be starring in.

Apple Daily said Hsu has said that she liked Lee for his sense of responsibility, filial piety and love for his family.

When asked about when she was getting married, Hsu said that it would be soon.

The actress was previously rumoured to have dated various celebrities including Stephen Fung, Japanese guitarist Sugizo, and Van Ness Wu, who is newly married to Singaporean Arissa Cheo.

ljessica@sph.com.sg

Anyone vested?


Sent from my iPhone using Tapatalk

not vested but i just saw that Marco Polo has a market cap of S$135m and it is now buying a jackup rig slated for delivery in 4Q2015 at US$214.3m, approximately S$271m, 2X its current equity!

They will have to borrow more money to finance this jackup rig, finance cost will rise. As of 31 Dec 2013, their gearing ratio was already at 96%. The business has not been generating FCF for the past few years.

(28-02-2014, 04:26 AM)yawnyawn Wrote: not vested but i just saw that Marco Polo has a market cap of S$135m and it is now buying a jackup rig slated for delivery in 4Q2015 at US$214.3m, approximately S$271m, 2X its current equity!

They will have to borrow more money to finance this jackup rig, finance cost will rise. As of 31 Dec 2013, their gearing ratio was already at 96%. The business has not been generating FCF for the past few years.

Just borrow lor. Already stated that it will not issue right. 300mil Mtn is enough to play around.

Eps will go from 0.045 to maybe 0.15. Now based on their chartering business PE is already very high. In future 2016 if eps go to 0.15, where u think the share price go?. Company want to expand so negative fcf is ok. See how optimistic you are.

Anyway my calculaton of eps are only rough estimate.

The boss owe more than half the business, he will not want to ruin his own busoness without doing his math.

(28-02-2014, 07:35 AM)Ken123456 Wrote:

(28-02-2014, 04:26 AM)yawnyawn Wrote: not vested but i just saw that Marco Polo has a market cap of S$135m and it is now buying a jackup rig slated for delivery in 4Q2015 at US$214.3m, approximately S$271m, 2X its current equity!

They will have to borrow more money to finance this jackup rig, finance cost will rise. As of 31 Dec 2013, their gearing ratio was already at 96%. The business has not been generating FCF for the past few years.

Just borrow lor. Already stated that it will not issue right. 300mil Mtn is enough to play around.

Eps will go from 0.045 to maybe 0.15. Now based on their chartering business PE is already very high. In future 2016 if eps go to 0.15, where u think the share price go?. Company want to expand so negative fcf is ok. See how optimistic you are.

Anyway my calculaton of eps are only rough estimate.

The boss owe more than half the business, he will not want to ruin his own busoness without doing his math.

Good morning. May I know how did you arrive at the rough estimate of 0.15? And correct me if I'm wrong, eps for fy2013 should be 0.066, not 0.045.

Nobody will want to ruin his own business for sure, but we do see many failed businesses around. Leverage is a dangerous tool if used wrongly, vice versa.

(28-02-2014, 08:27 AM)yawnyawn Wrote:

(28-02-2014, 07:35 AM)Ken123456 Wrote:

(28-02-2014, 04:26 AM)yawnyawn Wrote: not vested but i just saw that Marco Polo has a market cap of S$135m and it is now buying a jackup rig slated for delivery in 4Q2015 at US$214.3m, approximately S$271m, 2X its current equity!

They will have to borrow more money to finance this jackup rig, finance cost will rise. As of 31 Dec 2013, their gearing ratio was already at 96%. The business has not been generating FCF for the past few years.

Just borrow lor. Already stated that it will not issue right. 300mil Mtn is enough to play around.

Eps will go from 0.045 to maybe 0.15. Now based on their chartering business PE is already very high. In future 2016 if eps go to 0.15, where u think the share price go?. Company want to expand so negative fcf is ok. See how optimistic you are.

Anyway my calculaton of eps are only rough estimate.

The boss owe more than half the business, he will not want to ruin his own busoness without doing his math.

Good morning. May I know how did you arrive at the rough estimate of 0.15? And correct me if I'm wrong, eps for fy2013 should be 0.066, not 0.045.

Nobody will want to ruin his own business for sure, but we do see many failed businesses around. Leverage is a dangerous tool if used wrongly, vice versa.

Morning Yawn,

I use the lastest Qtr result instead of Full year where 1Q EPS is 0.09. Im a bit conservative. The MTN has result in lower profit going forward. I remember the full year result there is a one time gain for disposal.

Sorry I make a mistake. Should be 0.11

For 0.11 you just take the daily rate [(US165k-US55k) x 365days - interest rate USD200 x 5% ] - depn USD8M x TAX 0.8 x 1.25 SGD/USD / 340 shs = 0.06 + Charter business 0.05(future earning at EPS 0.05) = 0.11.

You can see that I did not do a very exact calculation as no matter how well you did, in the end it will just be an estimation. moreover it 2016. Who can predict? haha

(28-02-2014, 09:05 AM)Ken123456 Wrote:

(28-02-2014, 08:27 AM)yawnyawn Wrote:

(28-02-2014, 07:35 AM)Ken123456 Wrote:

(28-02-2014, 04:26 AM)yawnyawn Wrote: not vested but i just saw that Marco Polo has a market cap of S$135m and it is now buying a jackup rig slated for delivery in 4Q2015 at US$214.3m, approximately S$271m, 2X its current equity!

They will have to borrow more money to finance this jackup rig, finance cost will rise. As of 31 Dec 2013, their gearing ratio was already at 96%. The business has not been generating FCF for the past few years.

Just borrow lor. Already stated that it will not issue right. 300mil Mtn is enough to play around.

Eps will go from 0.045 to maybe 0.15. Now based on their chartering business PE is already very high. In future 2016 if eps go to 0.15, where u think the share price go?. Company want to expand so negative fcf is ok. See how optimistic you are.

Anyway my calculaton of eps are only rough estimate.

The boss owe more than half the business, he will not want to ruin his own busoness without doing his math.

Good morning. May I know how did you arrive at the rough estimate of 0.15? And correct me if I'm wrong, eps for fy2013 should be 0.066, not 0.045.

Nobody will want to ruin his own business for sure, but we do see many failed businesses around. Leverage is a dangerous tool if used wrongly, vice versa.

Morning Yawn,

I use the lastest Qtr result instead of Full year where 1Q EPS is 0.09. Im a bit conservative. The MTN has result in lower profit going forward. I remember the full year result there is a one time gain for disposal.

Sorry I make a mistake. Should be 0.11

For 0.11 you just take the daily rate [(US165k-US55k) x 365days - interest rate USD200 x 5% ] - depn USD8M x TAX 0.8 x 1.25 SGD/USD / 340 shs = 0.06 + Charter business 0.05(future earning at EPS 0.05) = 0.11.

You can see that I did not do a very exact calculation as no matter how well you did, in the end it will just be an estimation. moreover it 2016. Who can predict? haha

Thanks for the working, Ken. This is a screenshot of a report from AmFraser on Marco Polo that i just read this afternoon. They did a estimate on the return of the jackup rig and also listed the Indonesian's cabotage compliance schedule.

Based on PBT of US$18.4m for the jackup rig, I think we can see MPM's EPS to double within 3 years.

[Image: vaY5TSD.png]

Hi Yawnyanwn


Thanks for your sharing with me.

If they do a placement, it dilutes their EPS. If take loan incur interest expenses. So how they decide which one to go for?