Thursday, February 7, 2013

ASL Marine

ASL Marine: Strong set of 2Q13 results which was at the high end of estimates. Rev at $83.0m, +7.3% yoy and -6.7% qoq, while net profit at $10.6m, +39.8% yoy and +8.2% qoq. Gross margins improved to 23.4% vs 17.3% yoy. Result brings 1H13 rev to $172.0m, +7.2% yoy and net profit to $20.4m, +27.1% yoy. All 3 divisions in grp’s business segments registered increase in rev. Rev from the shipbuilding, +3.4% yoy to $49.9m due to higher rev recognition from the construction of more vessels. ( 23 vessels vs 17 vessels yoy), with more focus on OSV. Rev from the shiprepair and conversion segment increased 17.3% yoy to $10.7m due to an increase in larger docking repairs jobs, while shipchartering rev, +12.1% yoy at $22.3m, due to higher utilisation rate from charter of tugs, and charter income received new vessesl acquired after 2QF12. Going forward, grp note that O&G activities in the region have sustained at a healthy level & grp have seen strong orders for rigs over the past yr, and anticipate this demand to flow down the supply chain, supporting the outlook for OSVs over the medium term. With a healthy order book and high yard utilization, grp will channel focus into margin optimizing measures such as product mix, project selection and project mgt to maximize shareholders’ value. Ratings as follow: CIMB maintains O/p with $0.86 TP OCBC maintains Buy with $0.86 TP

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