Courage Marine

Courage Marine: Could see some interests, after Co. annouced that it intends to seek a dual primary listing on the main board of the Stock Exchange of Hong Kong. No application has been made yet to the SEHK and whether or not an application will be made will depend, among other things, on 'the result of the work undertaken' and prevailing market conditions….

The company has also not given a tentative timetable for the dual listing, saying that such an endeavour requires 'fairly extensive work which involves an uncertain time frame.Grp emphasised that the listing would boost Co’s profile and facilitate business opportunities and customer relationships in Hong Kong and China, the latter being an increasingly significant market for the company…..

Courage Marine's latest 3Q results for the period ended Sept 3010, showed it climbing back into the black to US$812,000 from a US$1.38m lossYoY, posting a turnover of US$8.47m, up 54% from US$5.5m YoY….

We note that the industry simple average in HK trades at 36x trailing PE, while Courage Marine currently trades at 13.04x trailing PE. Another benifciary of the move could be SG listed Mercator lines, who similarly deals in dry bulk chatering, and currently trades at 5.9x PE.