Penguin International

[dydx]

Penguin has up-dated its web pages under the headings "Penguin Shipyard International" (PSI) and "PT Kim Seah Shipyard Indonesia" (PTKS)…..
http://www.penguin.com.sg/our-subsidiari...rnational/ [PSI]
http://www.penguin.com.sg/our-subsidiari...indonesia/ [PTKS]
and has revealed that "In 2014, we will commission our third covered workshop with additional facilities upgrades in Batam." This means that there should be a further increase in Penguin's overall production capacity and throughput for its increasingly popular "Flex" crewboats from this 2014 onwards, to well over 20 boats a year!

Penguin's Batam shipyard is owned and operated by its wholly-owned Indonesian subsidiary PTKS. Penguin has emphasised in PTKS' web page that "PTKS is equally well-managed and well-equipped as PSI".

[mslee888]

FY results shd be out this coming week. Hope they can reward us with a dividend finally and post record results at the same time. This will help to boost the share price.

Vested

[ValueBeliever]

Will it return to normal trading band 16 - 18 range or will it exceed the band as after GFC the business model has been tweaked to growing and selling FSV.

Things change but share price always stay the same? Trade near NTA and earnings should reflect PE. Only Mr Market will accord the right price long term.

Non of the stock (not even Keppel' Marine division) had designed any vessel that is truly worthy of recognition in the OSV space.

Recently read even the Ford F150 is going for Aluminium, this just goes to show Penguin hit the right idea to move from aluminium ferry to aluminium crew boat for offshore industry.

A remarkable Co. that had the vision to execute what it belief and make it big!

[Ben]

Yes! Have been anticipating that the company will expand its capacity given its current build rate, and here it comes. Instead of buying a new yard, which will involves huge capital investment, the move to upgrade existing capacity with additional facilities means:

1. The current facilities still have room for upgrade and expansion
2. Lesser capital investment
3. Quicker turnaround

This move further confirmed that the industry is booming and more importantly the demand for its aluminium crew boats is growing at a sustainable pace.

[ValueBeliever]

Keppel might as well acquire Penguin before Jeffrey sell it to some other unknown partners. What does Jeffrey want to own - OEL or penguin?

[mslee888]

closed day high 16ct today with 15,905lots...nice volume too.

Cheers!

[dydx]

closed day high 16ct today with 15,905lots...nice volume too.

Cheers!

Yesterday Mr Market put in another over $2.5m into Penguin. Some institutional funds have taken noticed of this small gem-grade company?

[Trader88]

Wow! Finally paying dividend of 0.5c

[Ben]

Just a quick glance at the results, solid like a rock, better then my expectation And yes, the 0.5c makes it even sweeter

[dydx]

I think the FY13 (ended 31Dec13) full-year results announcement just released this morning is certainly worth looking into…..
http://infopub.sgx.com/FileOpen/Penguin_...eID=275530

Without any doubt, the P&L and B/S numbers are solid in all key aspects - good revenue growth even after taking out the marginal bunkering business (which ceased operation in 4Q), a very good GP Margin of 35.1% (which increased to an even more solid 43.1% in 4Q!), a solid PBT Margin of 17.0% and NP Margin of 14.9%, a highly respectable ROE of 17.4% p.a. of the underlying business (which would be even higher at the 25.0% p.a. level if we factor out the excess capital capital/cash estimated at $30.0m), and a rock-solid and debt-free B/S.

A quick comparison with the also just released Otto Marine's FY13 full-year numbers…..
http://infopub.sgx.com/FileOpen/Otto_Mar...eID=275526
based on the above key financial measurements will show and confirm Penguin's high-quality aspects.

Should Mr Market be quite willing to price the Penguin share above its latest (as at 31Dec13) NAV/share of $0.168? Given enough time, I don't see why not.