Nam Cheong

[greengiraffe]

Another piece of junk... that's why i say... junk bond crisis will also hit Sing Inc with high net worth individuals being hit badly eventually.

GG

The debt increased further for the company. Base on FY2013, net gearing was more than 50%...

IIRC, the only debt-free O&M player in SGX, is Penguin Int.

(not vested, but vested in Penguin)

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Nam Cheong Limited (the “Issuer”) wishes to announce the appointment of CIMB Bank Berhad,
DBS Bank Ltd. and DMG & Partners Securities Pte Ltd as the joint lead managers and
bookrunners in connection with the issue of S$200,000,000 5.05% fixed rate notes due 2019 (the
"Series 3 Notes") under its S$600,000,000 Multicurrency Medium Term Note Programme (the
"Programme").
http://infopub.sgx.com/FileOpen/NCL-MTN_...eID=310720

[CityFarmer]

Nam Cheong business model getting more complex...

(not vested)

Nam Cheong to invest up to US$30.7 million in Marco Polo’s Indonesian OSV builder

Marco Polo Marine says OSV builder Nam Cheong has agreed to invest up to US$30.7 million ($39.1 million) for a 30% stake in Marco Polo’s indirect Indonesian subsidiary PT Pelayaran Nasional Bina Buana Raya Tbk (BBR).

Marco Polo says it will place out 1.6 billion new shares in BBR priced at IDR230 (2.4 cents) each to Nam Cheong for the investment. Upon completion of the rights issue, Marco Polo Marine will continue to be the single largest shareholder of BBR with an 34.8% stake.

BBR currently has an issued and paid-up capital of US$41.4 million comprising 3.767 billion shares and Marco Polo holds a deemed interest 49.6%.

The net proceeds of the investment will be used by BBR to partially fund the purchase of five offshore supply vessels (OSVs) from Nam Cheong for a total of US$85 million and three vessels from MPM for a total of US$85 million. This is to meet rising demand in the offshore exploration and production sector in Indonesia which specifically requires Indonesian-flagged vessels to comply with cabotage requirements.

Marco Polo Marine last closed 2.9% higher at 35 cents.
http://www.theedgesingapore.com/the-dail...ilder.html

[greengiraffe]

http://www.businesstimes.com.sg/premium/...r-20140930

PUBLISHED SEPTEMBER 30, 2014
Nam Cheong to take 30% stake in BBR
It is its second move in a year to entrench itself in the Indon oil-and-gas market
BYMALMINDERJIT SINGH
msingh@sph.com.sg @MalminderjitBT

Sounding an upbeat note: Chief executive officer Leong Seng Keat believes that the Indonesian market, driven by an upsurge in E&P activities, holds exciting prospects for marine player Nam Cheong
SGX mainboard-listed offshore marine player Nam Cheong has taken a decisive step in growing its presence in the lucrative Indonesian vessel-chartering market through a strategic investment.
Malaysia's largest offshore support vessel (OSV) builder on Monday announced that it has agreed to invest approximately US$30.7 million for a 30-per-cent stake in the enlarged share capital of PT Pelayaran Nasional Bina Buana Raya Tbk (BBR), an indirect subsidiary of SGX mainboard-listed marine logistics company, Marco Polo Marine (Marco Polo).
Marco Polo holds a 49.6 per cent stake in BBR, which is an Indonesian Stock Exchange-listed company engaged in the business of ship owning and chartering through two divisions, one for tugs and barges and the other, for offshore marine.
Under the binding Heads Of Agreement that the two parties entered into, Nam Cheong has agreed to subscribe up to 1.6 billion new shares in BBR's rights issue, at an issue price of 230 rupiah per share, which was determined on a "willing-buyer, willing-seller basis". Nam Cheong confirmed that the investment will be funded through its internal resources.

[greengiraffe]

http://www.businesstimes.com.sg/companie...in-2014-15

Nam Cheong sees record OSV deliveries in 2014-159 Oct5:50 AM
Singapore

NAM Cheong Ltd, Malaysia's biggest builder of offshore support vessels (OSVs), expects record deliveries this year and next as the company's focus on shallow-water oil search products helps it withstand a drop in crude-oil prices.

Nam Cheong expects to hand over 30

[Jacmar]

The debt increased further for the company. Base on FY2013, net gearing was more than 50%...

IIRC, the only debt-free O&M player in SGX, is Penguin Int.

There is choffshore.

[Drizzt]

The debt increased further for the company. Base on FY2013, net gearing was more than 50%...

IIRC, the only debt-free O&M player in SGX, is Penguin Int.

There is choffshore.

with possibly some bounty cash coming as well!

[CityFarmer]

It seems the shallow water OSV business still remain strong...

The newly launched NCA80E vessels info is here
http://infopub.sgx.com/FileOpen/NCL-NR-V...eID=318612

(not vested)

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NAM CHEONG SECURED LETTERS OF INTENT WITH A MIX OF SALE AND ALSO
CHARTER OF 12 NEWLY LAUNCHED ANCHOR HANDLING TUG SUPPLY VESSELS
WORTH APPROXIMATELY US$186 MILLION

The Board of Directors of Nam Cheong Limited (the “Group” or “Nam Cheong”) is pleased to
announce that it has secured Letters of Intent (“LOI”) from five customers worth
approximately US$186 million, with a mix of sale and charter of 12 newly launched NCA80E,
64.8m diesel electric powered Anchor Handling Tug Supply Vessels (“AHTS”) with 80 tonnes
bollard pull. The Group has also secured options for the sale of eight additional NCA80E
vessels.
The five customers are Bumi Armada Berhad, Geooffshore Pte Ltd, Opstad Group, Sofield
Marine & Offshore Sdn Bhd as well as Vega Offshore Group.
The potential sale of the 20 vessels through the LOIs and options represent a 100% take-up
rate of the 20 vessels planned for delivery.
The NCA80E vessels are of American Bureau of Shipping (ABS) class and are being
constructed as part of Nam Cheong’s built-to-stock series in the Group’s Miri shipyard in
Sarawak, East Malaysia as well as the Group’s subcontracted yards in China.
The sale of the NCA80E vessels (upon the execution of the contracts) is expected to
contribute positively to the earnings of the Group for the financial years ending 2014 to 2016
http://infopub.sgx.com/FileOpen/NCL-Lett...eID=318611

[greengiraffe]

http://www.businesstimes.com.sg/companie...o-rm12629m

Nam Cheong's Q3 profit doubles to RM126.29m
By
Nisha Ramchandaninishar@sph.com.sg@Nisha_BT
12 Nov5:50 AM
Singapore

OFFSHORE marine group Nam Cheong's net profit more than doubled to RM126.29 million (S$48.68 million), up from RM58.69 million previously, for the third quarter ended Sept 30, on the back of higher revenue.

Revenue surged 81 per cent to RM618.62 million as both its

[CityFarmer]

The point to watch is the fate of its BTS strategy...

(not vested)

Nam Cheong downgraded to "hold", target cut to 38 cents by OCBC

SINGAPORE (Dec 9): OCBC Investment Research has downgraded Nam Cheong ( Financial Dashboard) to "hold" from "buy" and reduced its price target to 38 cents after lowering its valuation multiple to seven times projected FY2015 earnings from 9.5 times.

The changes reflect a de-rating in the oil and gas sector amid falling oil prices.

"Though Nam Cheong has enjoyed a more diversified customer profile over the years such that Malaysian customers accounted for only about 20%-30% of year-to-date vessel sales, the fall in oil price is a global event and should impact all of Nam Cheong’s customers," OCBC analyst Low Pei Han said in a note today.

"Should an industry downturn be worse than expected, the group would face higher risks on margins and even the possibility of unsold vessels," she said.

The shipbuilder has sold 27 of the 30 vessels scheduled for delivery this year, and is looking to deliver 35 vessels in 2015.

For now, the risk of Nam Cheong facing order cancellations is low as its vessels operate in shallow waters, where oil companies have not cut production, according to Low.

Nam Cheong shares were flat at 34 cents at 9:04am (0104 GMT).
http://www.theedgemarkets.com/sg/article...nts-ocbc-0

[greentea]

http://businesstimes.com.sg/companies-ma...orth-us45m

Nam Cheong secures deals for two vessels worth US$45m
By Angela Tan angelat@sph.com.sg
29 Dec 8:13 AM
NAM Cheong Limited said on Monday that it has secured sale contracts for two vessels worth about US$45 million...