Tuesday, August 13, 2013
Nam Cheong
Nam Cheong: Released a robust set of results which was largely in-line with bullish estimates, as net profit came in at RM40.7m (+81% y/y, +14% q/q), in tandem with a strong revenue at RM275.3m (+84% y/y, +17% q/q).
During the qtr, a significant portion of the increase in shipbuilding revenue came mainly from the progressive recognition of revenue derived from 7 PSVs sold, which has so far seen 12 PSVs delivered for 2013 vs only 2 PSVs in 2012, a clear indication that the grp has accurately forecasted an increase in demand for PSVs.
The grp’s vessel chartering segment saw a 45% climb to RM16.1m, in line with a higher utilization of the Group’s charter fleet of 14 vessels. Revenue from its vessel chartering segment comprised 6% of overall topline contribution.
Going forward, the grp has an orderbook of RM1.4b which stretches earnings visibility for the next 2-3 years, and continues to see a clear rising trend especially for AHTS and PSVs given the replacement cycle for small size AHTS; and opportunities in deeper water developments where PSVs are concerned.
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