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trending downwards, consistent with O&G's woes... believe it will stay low for a while... good for accumulation I guess? 
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR!
4) In BULL, SELL-SELL-SELL!
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17-08-2016, 10:10 AM
(This post was last modified: 17-08-2016, 10:12 AM by Behappyalways.)
Why buy? The only reason I can see in buying this counter is its discount to NTA. But the NTA most probably would continue to fall in the next few quarters. By then the discount to NTA might not look as interesting as now. Most probably in the next few quarters the company might need to build up on debts too
As for the management it looks quite mediocre. The oil and gas downturn has been more than a year and only now they decide not to build in advance. Not alert/sensitive enough. They are also not managing their operating cashflow well enough
(17-08-2016, 09:48 AM)brattzz Wrote: trending downwards, consistent with O&G's woes... believe it will stay low for a while... good for accumulation I guess?
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(17-08-2016, 10:10 AM)Behappyalways Wrote: Why buy? The only reason I can see in buying this counter is its discount to NTA. But the NTA most probably would continue to fall in the next few quarters. By then the discount to NTA might not look as interesting as now. Most probably in the next few quarters the company might need to build up on debts too
As for the management it looks quite mediocre. The oil and gas downturn has been more than a year and only now they decide not to build in advance. Not alert/sensitive enough. They are also not managing their operating cashflow well enough
(17-08-2016, 09:48 AM)brattzz Wrote: trending downwards, consistent with O&G's woes... believe it will stay low for a while... good for accumulation I guess?
i guess managment looks smart when oil prices are high, then people start flocking into the forum to sing about the smart praises of management. I am very glad that i did not initiate a position throughout the ups and downs of this company , especially when it looks so convincing when buddies with many many stars were singing the praises of this company and its management, it crewboats, its chartering business, its yard expansion etc.
At the end of it, i feel that i am more suited to companies with average and consistent returns than blindly following the crowd. Of course, there will be times when the crowd is right. But i am an average worker with average salary, why bother speculating with money i need so desperately. There are obviously millionaires in this forum who can take the loss but i am just not one of them 
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Agree with money. Penguin biz is erratic and definitely cannot be relied upon as contributor to cash flow in ones portfolio via dividends. Personally I would rather have more certainty.
As said before by other experienced formers, to win, one need not select the winners but just avoid the losers enough already
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(17-08-2016, 10:10 AM)Behappyalways Wrote: As for the management it looks quite mediocre. The oil and gas downturn has been more than a year and only now they decide not to build in advance. Not alert/sensitive enough. They are also not managing their operating cashflow well enough
I am guessing that you are referring to the Q2 result announcement to come to the above conclusion. In the announcement, they said that they have halted its build-for-stock programme and switch to build-to-order strategy. They didn't say that they just halted the programme now. In fact, during the last AGM in May, they have already said that the build-to-order programme has stopped, probably quite sometimes ago.
We shouldn't be all praise to the management when results are good, likewise, I don't think we should just condemn them when results are poor. I guess they are working hard to navigate out of this storm. Lets wait and see.
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I was a bit late in analysing the 2Q results, but I just noticed that in 2Q16 alone, they burned through almost half of their available cash; if they continue to burn at the same rate, they will be left with nearly zero cash by end of 3Q. Seems pretty risky thing to do; am I missing something?
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(01-09-2016, 08:44 PM)sykn Wrote: I was a bit late in analysing the 2Q results, but I just noticed that in 2Q16 alone, they burned through almost half of their available cash; if they continue to burn at the same rate, they will be left with nearly zero cash by end of 3Q. Seems pretty risky thing to do; am I missing something?
They "spent" quite a fair bit in AR 2015 emphasizing their strong balance sheet.
Is it only me who can't see or imagine the strength?
I doubt they have the buffer to take advantage of the babies thrown out by the situation.
At most they will survive and doing as well when the tide rises all boats.
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
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(01-09-2016, 09:23 PM)ksir Wrote: (01-09-2016, 08:44 PM)sykn Wrote: I was a bit late in analysing the 2Q results, but I just noticed that in 2Q16 alone, they burned through almost half of their available cash; if they continue to burn at the same rate, they will be left with nearly zero cash by end of 3Q. Seems pretty risky thing to do; am I missing something?
They "spent" quite a fair bit in AR 2015 emphasizing their strong balance sheet.
Is it only me who can't see or imagine the strength?
I doubt they have the buffer to take advantage of the babies thrown out by the situation.
At most they will survive and doing as well when the tide rises all boats. I'm not writing to condemn them, but as a rather concerned shareholder, not owning so much as to commit harakiri but enough to feel the pain if they go bust. I also own a little bit of MTQ, but in their case, I could see strong efforts to conserve cash - they made a loss in 1Q17 but has positive FCF of some $5M. But Penguin seems oblivious of the financial tsunami coming, that's what worries me. Maybe another forummer can see something positive about their situation that I don't seem to be able to. Please share, thanks.
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Even though the O&G sector remains very tough going, Penguin is still hiring.....
http://www.penguin.com.sg/about-us/careers/
http://sg.jobsdb.com/SG/en/Search/FindJo...JSSRC=JDFT
It is to be noted that the 4 job openings listed in Penguin's website and jobsDB.com all concern some "Special Projects". It will be interesting to find out what are these projects.
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(07-10-2016, 11:04 PM)dydx Wrote: Even though the O&G sector remains very tough going, Penguin is still hiring.....
http://www.penguin.com.sg/about-us/careers/
http://sg.jobsdb.com/SG/en/Search/FindJo...JSSRC=JDFT
It is to be noted that the 4 job openings listed in Penguin's website and jobsDB.com all concern some "Special Projects". It will be interesting to find out what are these projects. Lol all diploma holder level jobs. Could just as easily say they had many good people quit and gone off so staffing is getting to be a problem. And dun forget , these are job ADs, any boring ole project can be advertised as special project.
So long the coMpany still delaying their new engine orders, one can conclude business is still in the doldrums..
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