ASL Marine: FY2011 Rev falls to $363.2m -22.5% yoy and net profit at $33.2m was -15.4% . 4Q rev at $92.6m was -11.9% yoy +7.7% qoq and net profit at $6.3m was down 21.9% yoy -25.1% qoq. Fall in revenue came from all 3 segments and mgmt guided for conditions to remain challenging amidst oversupply in industry.
Shipbuilding orderbook is approx $310m of which $180m is expected to be recognized in FY12 and charter order book grew 80% qoq to $45m from $25m from bareboat charters.
A final div of 1.5c has been declared.
CIMB upgrades from Neutral to Trading Buy with TP$0.70 due to current valuations of 0.6x below book and believes mkt to have priced in potential negatives. Our in-house also maintains Buy with TP $0.69
No comments:
Post a Comment