Penguin International
07-11-2019, 11:35 PM
(07-11-2019, 06:01 PM)mslee888 Wrote: Great set of 3rd qtr results. Penguin can fly afterall ???Having already booked in a net profit of $13.95m in the first 3 quarters, very likely Penguin will have a record profit in this FY19. Backed by a fast-growing Chartering division, it looks like FY20 will be another year of business and profit growth.
10-11-2019, 06:23 PM
I noted from the latest (as at 15Mar19) Statistics Of Substantial Shareholders (p113 of the FY18 AR) that Chairman Jeffrey Hing has a 19.68% interest in Penguin, and Keppel Corp (through subsidiary KS Investments P/L) has a 6.24%. So in effect, Penguin does not have a majority (i.e. 51% or higher) controlling shareholder, or even a major shareholder with a 30% interest.
Now that the business is doing much better and is poised to grow further, I wonder whether Penguin can become an easy acquisition target. I also noted that since 1Oct19, total volume transacted has amounted to over 26.6m shares, or over 12% of the total outstanding 220.17m issued shares. At the last done price of $0.70, Penguin's market cap now stands at $154.1m.
So now the company is trading at $0.73 ($160.7m Market Cap), where does that leave us on what to do next? Is the business still cheap?
Given the lumpy nature, it might be too aggressive to look at TTM results (4Q18 came in at +$7.259m which would give TTM earnings of $21.204). To take in a conservative estimate of $2m for 4Q19, results might come in at $15.945m. Where does that leave us with on the latest set of results at 10x PE? (versus the current 24.71x on Austal). (10 * $15.945m) + Net Cash ($53.175) = $212.625 which based on 220,169,774 shares gives circa $0.97 per share. I leave it to you to calculate if the company surprises to the upside, which frankly is up to individual opinions. The $2m was estimated off chartering earnings only. Please do your own due diligence. Any reliance on my posts is at your own risk.
17-11-2019, 09:26 PM
05-12-2019, 11:39 PM
Nigeria's Homeland IOS LTD Orders Upgraded Flex Multi-Role Vessels
21 Sept 2019 https://www.defenseworld.net/news/25517/...ekeyIMza1s Nigeria -based Homeland Integrated Offshore Services LTD (Homeland IOS LTD) has placed an order with the Singaporean Penguin Shipyard for several Flex Fighter security / crew boats for delivery in December 2019. Homeland IOS LTD provides engineering, procurement, construction and installation services to the country's offshore oil and gas sector.
Upgraded version of the 40-metre vessel has been ordered. It comes fitted with ballistic protection, machine gun mounts and gunner shields forward and aft. The boat can house twelve security personnel. I noted the above upcoming vessel delivery with interests - several boats in Dec 2019 for a single Nigeria customer. If 2 is a couple, 3 or 4 is a few, what would constitutes several? Looking forward to a great quarter. 
06-12-2019, 08:45 AM
(05-12-2019, 11:39 PM)Yoyo Wrote: Nigeria's Homeland IOS LTD Orders Upgraded Flex Multi-Role Vessels Inventories shot up a lot as at 30/9/2019 reporting....this include construction in progress vessels. We should expect another greater quarter and also a good full year result too. Cheers to those still riding with them. Vested.
06-12-2019, 09:09 AM
(05-12-2019, 11:39 PM)Yoyo Wrote: Nigeria's Homeland IOS LTD Orders Upgraded Flex Multi-Role Vessels Thanks for the info. Searched around and found another article relating to this. https://www.defenceweb.co.za/featured/ni...singapore/ Please do your own due diligence. Any reliance on my posts is at your own risk. 
07-12-2019, 06:44 PM
(05-12-2019, 11:39 PM)Yoyo Wrote: Nigeria's Homeland IOS LTD Orders Upgraded Flex Multi-Role Vessels Make sure you dun get bluff by the Nigerians Later order liao no money to pay hahaha
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com
08-12-2019, 08:54 AM
(07-12-2019, 06:44 PM)BlueKelah Wrote:(05-12-2019, 11:39 PM)Yoyo Wrote: Nigeria's Homeland IOS LTD Orders Upgraded Flex Multi-Role Vessels Damen certainly did receive their payments for the boats they delivered in July 2019. Or else we should have heard something by now? Hopefully all goes well and we should sit tight for a 4Q results announcement! Please do your own due diligence. Any reliance on my posts is at your own risk.
12-12-2019, 10:20 PM
So now that the security segment has been talked about much, we should probably look at whether there are any diversification beyond O&G chartering and security boats. That would bring us to the offshore wind support vessels that have been mentioned in the Annual Reports.
As we all know, Penguin has been partnering BMT in the design for their boats. Back in May 2019, BMT announced their tie up with Penguin in producing the SATV and CTV to service offshore wind farms. "In March this year the Specialised Ship Design division of BMT attended an official keel laying ceremony for their revolutionary, new 36m Service Accommodation Transfer Vessel (SATV). BMT has partnered with Penguin Shipyard International (PSI), an established builder of high-speed commercial vessels for the SATV and the new 26m Crew Transfer Vessel (CTV)." https://www.bmt.org/news/2019/bmt-introd...t-seawork/ What strikes me in the announcement is that the vessels are commissioned in a Joint Venture between PSA Marine and Ta Tong Marine. Our very own PSA! That does drive some confidence in the quality of the client. In Nov 2019, BMT announced the Ventus Beigang (峰达北港) on their twitter https://twitter.com/BMTVesselDesign/stat...2441760769 Apparently this vessel has been put to work at the Formosa 1 offshore wind farm. https://www.hellenicshippingnews.com/psa...in-taiwan/ This marks the delivery and start of service for the CTV. So what about the SATV? I am speculating that the delivery of that will take place in 1Q2020, will share when I have concrete evidence of that happening. Next will be addressing the need for more vessels in this area of servicing. This would bring us back to what the scale of the Taiwan offshore wind farms are. If you have gone to Taipei in the recent year, you would have notice those windmills while on the highways. According to this article, "Formosa is one of the three projects approved by Taiwan Ministry of Economic Affairs Bureau of Energy as part of its target to build 1,000 wind turbines by 2030 to support the Taiwanese Government’s plans to produce 4GW of electricity through offshore wind. It also announced 36 sectors for offshore windfarm development in 2015." https://www.power-technology.com/project...wind-farm/ So basically, there is a huge market to service potentially. The CTV and SATV being deployed are likely for servicing phase 1 and 2 of the Formosa 1, which are for 32 wind turbines in total. So there is the potential demand for these vessels. Formosa 1,2 and 3 are expected to generate 2GW in total energy. Formosa 2 is expected to start commercial operation in 2021 to generate 376MW (128MW for Formosa 1) https://asia.nikkei.com/Business/Energy/...power-game PSA has also partnered up with Njord Offshore in servicing the Europe side of the wind business. Currently the vessels are being manufactured by another shipyard. But what's to say these can't flow into Penguin's books? https://www.psamarine.com/businesses/offshore-wind/ So for 4Q 2019 what are we expecting in the results and the annual report? At least 1 CTV for the windfarm and several flex fighters with Homeland IOS Ltd. And that's the minimum at the moment. So are you looking forward to it? That's quite a long post for now. Still have some more to share, but that's for another time. Please do your own due diligence. Any reliance on my posts is at your own risk. |
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