Jason Marine Group

[dydx]

I am pleasantly surprised that Jason Marine as a small company/business has been selected to receive the Singapore Prestige Brand Award (SPBA) 2010.....
http://info.sgx.com/webcoranncatth.nsf/V...3000C8B37/$file/JMG-Singapore_Prestige_Brand_Award_22Nov2010.pdf?openelement

The award is meant to recognise Jason Marine's excellent and consistent service quality over its 34-year history. I suppose this also suggests that Jason Marine is quite a fine company.

Jason Marine's H1(ended 30Sep10)-FY11 results announcement (first released on 10Nov10) also makes interesting reading.....
http://info.sgx.com/webcoranncatth.nsf/V...7002A8281/$file/Jason_Marine-Announcement_Unaudited_Half_Yearly_Financial_Results_Ended_30Sept2010.pdf?openelement

Both business volume and profits have suffered in H1, mainly because lesser projects were undertaken and delivered during the period, as the demand for new vessels softened following the global economic downturn in 2008/2009. Management has also given a guidance that H2 will be somewhat similar to H1.

I thought the following para extracted from the outlook statement in the H1 results announcement should be important and relevant to note -

"There are signs of a recovery in the marine and offshore sectors but this is expected to have a lagged impact on the Group because of the nature of our business. Normally, there is a time lag from contract to project execution because the equipment and services we supply are normally fitted to the vessel at the final stage of a new-built project."

My own interpretation of the above para: Jason Marine has secured project orders and expects to secure more project orders, as the marine and offshore sectors recover further. When more new vessels reach the final stage of their construction, Jason Marine's project business of delivering communication, navigation and automation products and related services, will kick in.

More info on Jason Marine.....
http://www.jason.com.sg/
and Jason Marine's wide and comprehensive range of communication, navigation and automation products.....
http://www.jason.com.sg/products_communication.html

[dydx]

Today (3Jan11), the company released a very well crafted announcement on the re-deployment of a key manager - Mr Ooi Chee Kong - from Group Chief Human Resource Officer, to the newly created key position of Manager, Business Excellence and Information Technology.....
http://info.sgx.com/webcoranncatth.nsf/V...D0007A508/$file/JasonMarine-Announcement_Re-designation_of_Chief_HR_Officer-03012011.pdf?openelement

Quite clearly, Jason's senior management and BOD are implementing ideas to upgrade/improve the internal processes to support further business expansion.

Based on the many industry exhibitions Jason Marine had participated in 2009 and 2010, it is quite clear that the management team has been working hard to grow the customer base and the business.....
http://www.jason.com.sg/events.html

[freedom]

the gross profit margin are 20 - 25%, which is okay, imo. but declining revenue makes it vulnerable. easy to swing to loss due to administrive expense.


any industry insider can provide more information?

[dydx]

Today's (11Jan11) announcement says Jason Marine and Baze Technology AS (of Norway) have established a new 51/49 local j-v company - Baze Marine & Offshore P/L - to distribute the “Bazeport” brand infotainment system and software products to the offshore and maritime markets in Asia.....
http://info.sgx.com/webcoranncatth.nsf/V...5002B460A/$file/JMG-EstablishmentofJVCBaze.pdf?openelement

More info on the “Bazeport” brand infotainment system and software products.....
http://www.jason.com.sg/misc/Baze/BazePo...i-2009.pdf
Basically, Bazeport can provide convenient, controlled and secure in-cabin access to a host of operational information, communications (internet, e-mail, and phone) and entertainment, in the offshore and maritime environment. It appears to be a product that is already quite well accepted and capable of achieving high-volume sales, as suggested by a 2010 contract to install 450 Bazeport units in a single accommodation jack-up rig.....
http://maritimeandenergy.com/sider/tekst.asp?side=5712

More info on Baze Technology AS.....
http://www.bazetechnology.com/

[dydx]

Jason Marine announced today (24Jan11) having subscribed/bought a 9% interest in Rockson
Automation GmbH (“Rockson”), a Germany-based maritime automation
systems specialist, for a small sum of EUR100k.....
http://info.sgx.com/webcoranncatth.nsf/V...F00236E62/$file/JasonMarine_AcquisitionOfShare_Rockson.pdf?openelement [24Jan11 announcement]

More info on Rockson Automation.....
http://www.rockson.de/index.html [Rockson's company website]

[dydx]

Jason Marine is participating in the important Asia Pacific Maritime 2012 expo, 14 - 16 Mar, Sands Expo & Convention Centre, Marina Bay Sands.....
http://www.apmaritime.com/en/Home/
Jason Marine's booth is located at Basement 2, Booth No: J02.

Based on Jason Marine's improved 1H (ended 30Sep11)-FY12 result.....
http://info.sgx.com/webcoranncatth.nsf/V...3002FF41B/$file/JasonMarine_FinancialResult_HY2012.pdf?openelement
both business volume and profit seem to be on a path of steady recovery.

Apart from its well-established local operation and market coverage, I suppose another area Jason Marine has built up good business value is the company's long list of renowned suppliers/partners of communication, navigation and automation equipment and systems for the marine and offshore oil & gas industries.....
http://www.jason.com.sg/partners_major.html

[ngcheeki]

FY 2012 result is out this evening, dividend increase 100% but only 0.2 cents compared to last year. The company net cash increase to 11 cents compare to 9.5 cents. Why does the company hold so much cash?

The net current asset per share is $0.2058 and the last traded share price of 14 cents. The following is a short summary of the result.

Net Earning('000):$1,389.00 (Note: if not for Allowance for inventory obsolescence(389) + higher Amortisation of intangible asset(183) + Impairment loss on available-for-sale financial asset(128), the earning should be higher)
EPS:$0.0131
NAV: $0.2327
NTA: $0.2300
Net Cash: $0.1122
Price to NTA: 0.61 (Based on last closing price of 14 cents)

Prospect 2012:
As disclosed in our previous result announcement for the half-year ended 30 September 2011, the overall operating conditions remain difficult against a backdrop of weak demand, intense price competition and rising costs, especially that of labour.
With the shipping industry still in the doldrums, the outlook for the Group’s marine segment remains lacklustre. However, prospects for the offshore sector are brighter and this is where we plan to focus our sales and marketing efforts in the medium term
The Group remains positive over the long term prospects of its business and continues to strengthen its presence in its key markets.

http://info.sgx.com/webcoranncatth.nsf/V...70044C87A/$file/JasonMarine_FullYrResults_31Mar2012.pdf?openelement

[dydx]

If Jason's business can deliver more and normal profits - and it will when the marine industry has its next upswing - rationally speaking Mr Market should be quite willing to attach a share price at a decent premium over its corresponding NAV/share (31Mar12: $0.2327). Based on Jason's large net cash reserve - 31Mar12: $11.9m, or $0.112/share - and continued positive cash generation from its business activities, it is reasonable to expect that the company will likely continue to pay out at least a yearly dividend which could be raised over time.

[Musicwhiz]

Profit Warning due to tough operating conditions.

Link: http://info.sgx.com/webcoranncatth.nsf/V...B0025AD13/$file/JMG_Profit_Warning_HY2013.pdf?openelement

[dydx]

FY13 (ended 31Mar13) full-year results just out.....
http://info.sgx.com/webcoranncatth.nsf/V...2008205CC/$file/JMG_Full_Year_Results_31Mar2013.pdf?openelement [result announcement]
http://info.sgx.com/webcoranncatth.nsf/V...2008205CC/$file/JMG_Media_Release_FY2013.pdf?openelement [press release]

Based on the much higher Revenue and NP recorded in 2H (Oct12 till Mar13), we now have a first sign of a business turnaround based on increased orders from the marine/offshore new-builds sectors, leading to a profit turnaround in Jason supported by cost-containment measures implemented in the last 2 FYs. This is very encouraging, as Jason as a well-established business should be well-placed to seize any business opportunities that will come its way in an industry upturn that seems to be gaining strength.

An unchanged Final dividend of $0.002/share declared.