Grand Banks Yachts

[greengiraffe]

PUBLISHED APRIL 22, 2014

Grand Banks makes sale of luxury yacht

Buyer is David Loh, owner of local logistics company KME Transport
BYMALMINDERJIT SINGH
msingh@sph.com.sg @MalminderjitBT
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BT 20140422 MSYACHT22
Going to sea: A 54-foot Heritage yacht.The boat ordered by Mr Loh will be constructed at Grand Banks' factory in Johor and is expected to be delivered later this year.
GRAND Banks Yacht confirmed yesterday that it has sold a luxury yacht to David Loh, owner of local logistics company KME Transport and a resident of Sentosa Cove.
The 54-foot Heritage yacht was sold on April 10, the first day of the recent four-day Singapore Yacht Show. Grand Banks would not disclose the price Mr Loh paid but a similar yacht on display at the show had a price tag of US$1.73 million.
In the last two months, Grand Banks has signed deals with customers from Japan and Singapore and the company may yet confirm more purchases from the "shows of interest" it received at the yacht show, indicating perhaps better times for the luxury yacht maker.
The Singapore Exchange-listed company is charting its way out of some choppy waters after it was placed on the SGX watchlist in December 2011 following a series of losses.
It just acquired an Australian yacht maker, months after it announced its first quarterly profit since 2009.
Grand Banks' yachts typically range from 43 to 76 feet and are priced between US$800,000 and US$4.5 million, depending on the configuration and destination of the vessel.
The yacht ordered by Mr Loh will be constructed at Grand Banks' factory in Johor, and is expected to be delivered later this year.

[dydx]

Circular for the acquisition of Palm Beach Motor Yacht Co Pty Ltd in Australia…..
http://infopub.sgx.com/FileOpen/GB_Circu...leID=21680

More info on Palm Beach Motor Yacht Co Pty Ltd and its founder/owner Mark Richards…..
http://www.pbmotoryachts.com/profile.html

and the recently revamped Grand Banks website…..
http://www.grandbanks.com/index.cfm

[BlueKelah]

hi dydx,

was looking through the G list of companies today and right now just finished looking through the financials of this company.

Looks like the balance sheet is pretty good. from my rudimentary calculation, 50%+ net cash after factoring in the rights issue, possible turnaround with recent buy in from bigshot Lim KT as well.

Unfortunately not for me as dividend history is poor. not a fan of shipbuilders anyways

[dydx]

SGX will remove Grand Banks Yachts from the Watch-list with effect from 9Oct14…..
http://infopub.sgx.com/FileOpen/SGX_Watc...eID=317362

[greengiraffe]

Rich men's toy story...

http://infopub.sgx.com/FileOpen/ProfitGu...eID=321560

[ngcheeki]

SINGAPORE (Dec 11): Genting Hong Kong ( Financial Dashboard), a cruise-line operator, will pay US$37.9 million ($49.3 million) for various assets owned by its major shareholder to expand its product offering.

The assets comprise a 50% stake in Wider SRL, a company in Italy that designs, manufactures and sells super yachts and power boats; a 24.9% stake in Singapore-listed Grand Banks Yachts ( Financial Dashboard), which makes luxury motor yachts; a 15% stake in U-Boat Worx, a company in the Netherlands that manufactures submersibles; and a 100% stake in Wider Yacht Asia and Wider Yacht China, which distribute yachts and power boats.

The assets are currently held by Golden Hope, which owns 49.8% of Genting Hong Kong.

"The company is constantly exploring new ways of delivering a leisure product that exceeds the expectations of its clients. The acquisition is an investment of the company in select strategic assets with growth potential in Asia and is complementary to its cruise, leisure and entertainment business," Genting Hong Kong said in a regulatory filing.

Genting Hong Kong's earnings swelled to US$216.9 million for the six months to June 30 from US$23.4 million a year earlier, boosted by gains from the reduction of its stake in Norwegian Cruise Line Holdings, which listed in the US last year.

Genting Hong Kong shares rose 1.4% to 36 US cents yesterday.

http://www.theedgemarkets.com/sg/article...t-business

[dydx]

So Grand Banks is not just one of Tan Sri K.T. Lim's private businesses; it now belongs to part of Genting Group's strategy for the leisure industry sector.

[brattzz]

Luxury lifestyle sector, will hit jackpot when upturn comes!
might take a while though!

[greengiraffe]

Ray White says luxury yachts back in vogue for jetsetters
THE AUSTRALIAN JULY 30, 2015 12:00AM

Samantha Hutchinson

Property Writer
Ray White Marine Shoot
Ray White chairman Brian White and marine business head Rick Rodwell on a luxury cruiser in Sydney yesterday. Picture: Britta Campion Source: News Corp Australia

A surge in interest for the country’s most expensive property has buoyed real estate agency Ray White to enter another, equally plush, asset class: luxury yachts.

In a deal signed yesterday, the century-old real estate agency will parlay its experience marketing luxury property into selling luxury motor boats, with exclusive distribution rights for classic Italian motor yacht builder Ferretti Group.

The tender of choice for the likes of Sophia Loren, Brigitte Bardot and Richard Burton, it is the first time the Italian motor yachts have been available for purchase in Australia.

According to the group, the same wave that has lifted property prices and turnover activity is filtering into other luxury asset classes, with big-ticket purchases including fast cars and luxury boats back in vogue.

“We’re seeing the best market conditions we’ve seen since 2005 and 2006,” Ray White chairman Brian White said. “Obviously there’s been a huge recovery in property, but it’s (at) that point where people are thinking about their next investment.”

It is a turning point for the group’s marine business, which began in the wake of the global ­financial crisis when a swag of Gold Coast waterfront owners started asking Ray White real estate agents to sell their boats when they sold their homes.

Under the new agreement, the group will add the line of made-to-order yachts to sell alongside its established brokerage of second-hand and distressed assets.

The market is at a point where seafarers are willing to buy new boats rather than second-hand ones, according to Ray White Marine head Rick Rodwell.

“When we first started out, we were selling boats that people wanted to divest,” he said. “But now there’s certainly more positivity within the marine industry, and even though we’ve got modest forecasts for the next year or two, we believe it will get back where it used to be.”

He has reason to be confident.

Despite economic headwinds and European instability, there is growing evidence that Australian luxury consumers are still spending up big.

Luxury vehicle sales hit record highs last month, according to CommSec, with marques including BMW, Mercedes-Benz and Audi breaking Australian sales records alongside the likes of Maserati and Porsche, at a time when anecdotal evidence also has pointed to a lift in luxury watch sales throughout Australia.

“Higher home prices are boosting wealth levels and consumer spending,” CommSec chief economist Craig James said. “Aussie consumers are keeping it quiet, but they are buying luxury cars in record numbers (with) high-end luxury cars now representing almost 10 per cent of passenger car and SUV sales.”

Buyers who had moved into new homes in the past 18 months were now pondering their next property investment and considering options for weekenders and holiday homes, boosting inquiry and turnover rates in the likes of NSW’s southern highlands and Palm Beach, Noosa, and Victoria’s Mornington Peninsula.

Owners who bought homes on the water were also considering buying a boat, Mr White said.

“When the market is good, the market’s good, and when it’s not, you bunker down … but at the moment you’ve got that confidence and capacity.”

[CityFarmer]

Grand Banks Yachts sinks into the red in 4Q

SINGAPORE (Aug 31): Grand Banks Yachts ( Financial Dashboard) posted a $2.44 million net loss for 4Q ended June 30, compared with $801,000 in earnings a year earlier.

Revenue increased 3.5 per cent to $13.68 million.

For the full year, the group posted a $4.80 million net loss, against a net profit of $1.03 million in the previous year. Revenue fell 2.9 per cent to $39.19 million.
...
http://www.theedgemarkets.com/sg/article...nks-red-4q