Penguin International

[touzi]

So Triyard and Nam Cheong are all heading for big trouble. What about the vessels they have? Will there be a fire sale? If there is, will that not be be bad news for Penguin?

[CY09]

Unlike triyards and nam Cheong, penguin remaining ppe and inventory are not significant to its NAV. And it's receivable are from reputable and strong customers such as mha.

[karlmarx]

I think touzi is suggesting that a fire sale may result in suppressed prices for the products that Penguin is selling. Why buy full price when you can get it heavily discounted, right? So while Penguin may not face an immediate threat of having to liquidate its assets -- as it is well-capitalised -- it may face poorer sales for an extended period of time.

[touzi]

Indeed that's what I meant. Thanks karlmarx.

[chialc88]

looking at the share price and interest in Penguin, I am thinking of buying some.

Penguin is definitely not flying but looks to be in good shape.

It's extremely conservative PPE and value to it's buyers is an eye opener and deserved special mentioned.

Just like the flood in Thailand that damaged so many manufacturing plant including Adampak.

The difference between Adampak and the *normal* company were:
1. Adampak actually brought insurance for flood damage.
2. After using the insurance $$$ to retrofit to original condition, Adampak close and move out of the flood zone.
    (while others just pray that flood is a black swan event.)

[dydx]

2Q result just out.....
http://infopub.sgx.com/FileOpen/Penguin_...eID=465804

Notwithstanding a small net loss of -$89k, after accounting for depreciation of $2247k, PPE written off of $13k, forex gain of $85k, and gain on disposal of PPE of $244k, Penguin managed to record another quarter of positive cash flow from operation of $1.8m. Penguin also managed to pare its inventory by $6.9m in 2Q, to $13.5m as at 30Jun17 (vs. $20.4m as at 31mar17), as well as vessels in its operating fleet held under PPE which brought in proceeds of $3.1m in 2Q. All these cash inflows have allowed Penguin to post a much higher net cash position of $34.4m as at 30Jun17 (vs. a net cash position of $25.3m as at 31Mar17). This is significant, as a high net cash position will put Penguin in a solid financial position to survive the current industry downturn, and also allow the company to take advantage of any good business or acquisition opportunities that may emerge.

[dydx]

Penguin's all-new Flex-42X crewboat.....
http://www.penguin.com.sg/vessel-specs/flex-42x/
This Flex-42X model is expected to become Penguin's mainstay crewboat product. More technical information.....
https://www.bmtng.com/media/6666245/Inno...0Boats.pdf

From the Facebook page of Penguin's strategic project partner PT Vista Maritim.....
https://www.facebook.com/PT-VISTA-MARITI...170132516/
Flex-42X appears to have gone on volume production recently.

[coolken163]

Penguin's all-new Flex-42X crewboat.....
http://www.penguin.com.sg/vessel-specs/flex-42x/
This Flex-42X model is expected to become Penguin's mainstay crewboat product. More technical information.....
https://www.bmtng.com/media/6666245/Inno...0Boats.pdf

From the Facebook page of Penguin's strategic project partner PT Vista Maritim.....
https://www.facebook.com/PT-VISTA-MARITI...170132516/
Flex-42X appears to have gone on volume production recently.

Will Penguin be in China's radar screen to serve her growing tourists in South China Sea from Hainan Island akin to Singapore to Batam and Bintang for Penguin's cost effective of production?

[luckystar]

Penguin's all-new Flex-42X crewboat.....
http://www.penguin.com.sg/vessel-specs/flex-42x/
This Flex-42X model is expected to become Penguin's mainstay crewboat product. More technical information.....
https://www.bmtng.com/media/6666245/Inno...0Boats.pdf

From the Facebook page of Penguin's strategic project partner PT Vista Maritim.....
https://www.facebook.com/PT-VISTA-MARITI...170132516/
Flex-42X appears to have gone on volume production recently.

Will Penguin be in China's radar screen to serve her growing tourists in South China Sea from Hainan Island akin to Singapore to Batam and Bintang for Penguin's cost effective of production?

Penguin on a fast boat to china? Looking forward to that.

[lonewolf]

PROPOSED INVESTMENT IN MARCO POLO MARINE LTD

the Company has agreed to subscribe for 357,142,857 Investment Shares for a total consideration of S$10 million payable in cash, of which S$8
million will be paid by the Company and S$2 million by Mr Jeffrey Hing Yih Peir, the Company’s Executive Chairman and controlling shareholder (with the Company holding71,428,571 Investment Shares as a nominee for Mr Jeffrey Hing Yih Peir). 

The S$10 million combined investment will represent an estimated 10% of the then enlarged share capital of MPM upon completion of the Debt Restructuring Exercise and Equity Fund Raising, but before adjustment for such number of Investment Shares to be set aside under MPM’s management award plan

Is this a good investment for Penguin? 10% entitles them to a non-executive nonindependent seat on the Board of MPM but is otherwise not significant enough to make any meaningful corporate decision in Macro Polo Marine. 
So I wonder if this is a pure investment decision or whether Penguin is hoping for some synergetic spillovers for their core business.