JES Int’l: clinches new orders to construct total of 8 bulk carriers (BC) to be delivered over 2011-12, breakdown as follows, i) 1x 95k dwt BC for Pitiousa Shipping SA, ii) 2x 82k dwt BC for Sammok Shipping in S Korea, iii) 5x 47.5k dwt BC for several PRC companies. Contract values not disclosed...
Order-flow momentum has been strong with JES unveiling slew of contracts over past months, affirming mgt’s guidance in August for stronger 2H10 performance vs 1H10 and improved FY10 results. Prior to the new orders, JES’ order book backlog stood at ~US$800m vs FY09 revenue of ~US$220m. ~50% of order book is derived from Europe, while major customers which include PT Pertamina, Shinhan Capital, Baosteel contribute ~40% of orderbook…
Order wins come on the back of a recent glowing initiation by DBS, which rates stock as Buy with $0.46 target, valuing JES at 1.5x PB, 17x FY11E PE. Immediate resistance at 52-week high of S$0.38.
No comments:
Post a Comment