Tuesday, July 30, 2013

Maybulk hits 18-m high after report on POSH Semco listing

Stock Focus Maybulk hits 18-m high after report on POSH Semco listing
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com    
Tuesday, 30 July 2013 12:32

KUALA LUMPUR (July 30): Shares of MALAYSIAN BULK CARRIERS BHD [] (MBC) rose to 18-month high after Reuters reported that its 21%-owned associate, PACC Offshore Services Holdings (POSH), will list its unit POSH Semco in Singapore.

According to Reuters, The initial public offer (IPO) is expected to be launched in September or October.

At 12 noon, Maybulk rose 4 sen or 2% to RM1.91 per share on trades of 1.67 million shares. The last time it was at this level was early 2012.


Quah He Wei, an analyst with HwangDBS Vickers Research, sees the listing of POSH Semco to be the immediate catalyst for MBC.

“We reiterate our BUY rating with RM2.10 target price  for MBC, which is pegged to 1.2x P/BV multiple,” he said in a note this morning.

MBC’s stake in POSH Semco is worth US$191 million (about RM611 million, 30% of MBC market capitalisation), he added.

Quah noted POSH Semco is an industry leader in offshore marine towage market.

“We understand that POSH Semco has more than 100 vessels under its fleet, which makes it the largest earnings contributor to the POSH group.

“Our back-of-envelope calculation shows the POSH group could be worth US$1.3 billion based on 12x PE multiple and 30% earnings growth in FY13.

On the assumption that POSH Semco makes up 70% of the POSH group earnings, Quah said MBC’s stake in POSH Semco could be worth US$191 million.

Maybulk’s results in recent quarters have been hit by weak shipping market.

In its first quarter to end-March 2013, its net profit fell sharply to RM9.0 million from RM30.9 million posted in the first quarter of 2012.

As a result, it suffered a “sell” call from TA Securities, with TP of RM1.26 in May 2013.

Its net asset per share was RM1.75, as of March 2013.


Source/Extract/Excerpts/来源/转贴/摘录: http://www.theedgemalaysia.com/
Publish date: 30/07/13

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock