ASL Marine

ASL Marine: Announced good set of 4Q12 results which were above estimates. Profits rose 42.3% YOY to $8.29m. Turnover increased 26.3% in the qtr to $116.97m. Shipbuilding revenue declined marginally by 2.5% to $56.1m, while shiprepair and conversion revenue more than doubled to $38.5m due to the completion of a major ship conversion job undertaken for a FPSO in the qtr. The contract value of this conversion job was approximately $26m. Shipchartering rev improved by 26.8% to $22.4m in the qtr. Grp's overall vessel utilisation rate increased from 63% to 70% yoy. For the full year, the group made a profit of $32.33m, +1.3% yoy and a 7.7% increase in rev to $391.22m. CIMB expect earnings to grow by 17% for FY13. Shipbuilding estimates is secured by an $586m-order book. The fact that FY12 orders exceeded a booming FY07 is not lost on us. The feat is even more impressive considering the mixed Asia-Pacific market. CIMB maintains OutPerform with $0.78 TP.