【Vard Holdings MS7 交流专区】VARD HOLDINGS LIMITED

芝士泡菜面

他们在莱佛士坊售卖STX OSV的IPO，$0.79 per offering share。
大家听过这韩国公司吗？这股可以投资的吗？

ginaseetu

可以做参考。。。

http://www.remisiers.org/cms_ima ... stxosv110810_PS.pdf

普罗旺斯

除了股的素質，建議去看看近期的IPO都熱嗎？

lsyiat

下跌几天，终于看到回弹的时候。

lsyiat

这只股好像很烂，分利息还大跌。可以留吗？

lsyiat

岸外石油开采活动蓬勃 STX OSV控股乘势而上
文： 钟旭光 （译：杨佳文） 2011年05月20日 企业摘要
最近，石油价格逐渐回跌至每桶100美元的重要心理水平。尽管美国的失业率居高不下，欧元区一些国家面对的债务危机也有扩散之虞，但专家预测油价下跌的幅度有限，石油在长期内将保持在80美元的价位之上。

在《世界能源展望2010》报告中，国际能源署(IEA)表示“低油价时代”已告终，而油价在未来十年很有可能保持在高位，以促使业者作出足够的投资。IEA也指出，目前全球对石油的需求高于2008年金融危机发生前的最高水平，原因是非OECD(经济合作与发展组织)国家的经济强劲增长，抵消了OECD国家的经济放缓有余。

大量的需求推动石油开采业者前往更深的水域进行石油勘探和开采活动，这连带惠及了岸外与海事企业，如STX OSV控股(STX OSV Holdings，以下简称STX)。

1Q11的EBITDA率提高
在截至2011年3月31日的第一季度中，STX的收入年比从26亿挪威克朗(NOK)增加29.5%至32亿NOK，盈利则从2亿4,200万NOK提高28.1%至3亿1,000万NOK。其盈利超越了市场预期，因息前税前折旧与摊销前盈利率(EBITDA margin)从10.8%上升至13.8%。EBITDA率提高是因为公司的项目执行能力良好、罗马尼亚船坞实行改善成本效益措施以及公司改进罗马尼亚-挪威价值链的运作。公司在首季内交付了6艘船，所取得的新订单总额为12亿NOK，这使公司的总订单额达到150亿NOK(一共为46艘船)。

除了取得亮丽的首季业绩之外，STX也为其位于巴西Pernambuco的第二座船厂取得了环境许可证。这座新船厂将使公司在巴西的产能从目前的2-3艘船增加至7-9艘，进而使其全球总产能提高25%。取得环境许可证不仅能让STX巩固其在巴西的市场领先地位，还能令其在较早前取得的一份合约生效。在2010年7月，STX与巴西石油运输公司(Transpetro)签署了一份总值30亿NOK的合约，将负责建造8艘液化石油气运输船，而前提是STX必须取得环境许可批准以及巴西海事发展基金(FMM)的拨款。如今，公司只需等待FMM的审批，结果估计将会在2011年5月底或6月初出炉。

配股计划带来悬念
最近有消息指STX的母公司STX欧洲可能会配售其股票，这显然令投资者感到不悦。有传闻指STX欧洲计划在STX上市6个月后(公司于2010年11月12日上市)，便将其所持股份从69%减少至51%。当然，此举在短期内很可能会影响公司的股价，但股票流通量增加在中期而言将会带来好处。

联昌国际(CIMB)和瑞士信贷(Credit Suisse)都对公司维持“表现优于大市”的评级，它们设定的目标价分别为1.70元和1.80元。此外，CIMB认为STX是一只“可与钻油台建造商如吉宝企业(Keppel Corp)及胜科海事(Sembcorp Marine)相比的股票”，并将之列为“中小型工业股中的首选”

icy97

STX OSV获3亿元合同
http://www.zaobao.com/cs/cs120615_004.shtml

（2012-06-15）
STX OSV控股获得挪威深水海事公司Ocean Installer以及船运公司Solstad Offshore价值14亿挪威克朗（约3亿新元）的合同，负责设计和建造岸外潜海建造船只。

这艘岸外潜海建造船可作为海底、管缆、立管和流送管线（SURF）用途，它达156米长、27米宽，料可在2014年第二季交货。

STX OSV为一客户 建造一艘平台供应船
http://www.zaobao.com/cs/cs120616_012.shtml

（2012-06-16）
STX OSV控股已同Troms Offshore Supply公司签署意向书，负责设计和建造一艘平台供应船。

有关工程预计将从本月底开始，明年第四季将交付使用。

icy97

STX OSV获 造船合同
http://www.zaobao.com/cs/cs120620_009.shtml

（2012-06-20）
STX OSV控股获得国际海事支援船供应商Farstad Shipping价值7亿挪威克朗（约1亿5000万新元）的合同，负责设计与制造两艘平台支援船。

这两艘平台支援船属于STX OSV控股自家的“PSV 07”型号，全长94.5公尺，梁长21公尺，载重量达5600吨。

两艘船将在2014年第二季与第三季交货，分别从挪威和越南船厂出货。

bchian

The indicated yields as supplied by Bloomberg annualise the most recently announced dividend amount, based on the dividend payment frequency.  To produce a yield this dividend amount is divided by the last price. In this case the last price represents the close on Friday 6 July. Of the 75 stocks that are dividend bearing, 23 stocks have a dividend yield above 5.0%. Of the 80 stocks that make up the STI and Mid Cap Index, the top 10 stocks by dividend yield currently all reside within the Mid Cap Index.

Top 10 Dividend Bearing Stocks within the STI & Mid Cap index:
STX OSV Holdings (MS7)… 9.65%
Sakari Resources (AJ1)… 8.23%
Mapletree Industrial Trust (ME8U)… 7.37%
Suntec REIT (T82U)… 7.11%
Ascott Residence Trust (A68U)… 7.07%
Ascendas Real Estate Investment Trust (A17U)… 6.93%
Venture Corp (V03)… 6.92%
Pacific Andes Resources Development Ltd (P11)… 6.84%
Lippo Malls Indonesia Retail Trust (D5IU)… 6.81%
Mapletree Logistics Trust (M44U)… 6.70%

竟然是STXOSV，有点吃惊下

icy97

STX OSV控股建造的船只获奖
http://www.sharesinv.com/zh/articles/33956/

06/09/12
STX OSV控股(STX OSV Holdings)宣布，其平台供应船(PSV)Far Solitaire获评选为“2012年度船只”。“年度船只”奖项是由挪威航运杂志《Skipsrevyen》设立，目的在于评选出由挪威船厂建造的优良船只。Far Solitaire是符合IBC Code 2(国际散化规则)规定的化学品供应船，而这也是它获选为年度船只的主因。用来建造这艘船的先进技术是由Farstad Shipping和劳斯莱斯海事(Rolls-Royce Marine)合作开发，而它也是以此技术建造的第一艘PSV。

启示：这是由公司建造的船只第七次获得“年度船只”奖项(自2000年以来)，证明了公司一直致力于为客户提供以先进技术建造的船只。

icy97

STX OSV order win diversifies order intake: DMG
http://www.theedgesingapore.com/the-daily-edge/business/40316-stx-osv-order-win-diversifies-order-intake-dmg.html

Wed, 3 Oct 16:58  
STX OSV’s new NOK450 million ($96.7 million) contract for a cable-laying vessel diversifies the company’s order intake, DMG & Partners says. “We expect this order to generate higher margin than
the orders for PSV or AHTS.”

It notes the win boosted year-to-date orders to around NOK8.3 billion. “3Q12 order flow was disappointing with only one newbuild contract from Troms Offshore but we expect order flow to come in stronger in 4Q12 as the underlying demand for deepwater vessels remains robust.”

Och-Ziff lowering its STX OSV stake to 13.96% from 18.99% is negative for sentiment, but may be just profit-taking, it says, estimating the company’s entry price around $1.05. It notes a Korean press report indicated Fincantieri SpA completed due diligence and is expected to buy a controlling STX OSV stake for KRW900 billion ($995 million), or about $1.66/share. The stock is up 0.6% at $1.6.

icy97

STX OSV wins 2 more shipbuilding contracts from Siem Offshore
http://www.theedgesingapore.com/component/content/article/40487-stx-osv-wins-2-more-shipbuilding-contracts-from-siem-offshore.html

Wed, 10 Oct 21:18
STX OSV Holdings, the designer and shipbuilder of offshore and specialised vessels, said Siem Offshore has exercised its option with the company to design and build of two additional Offshore Subsea Construction Vessels (OSCV).

The vessels will be equipped with a 250t AHC crane and with Launch and Recovery Systems (LARS) for Remotely Operated Underwater Vehicles (ROV). Deliveries are scheduled from STX OSV Brattvaag in Norway in 2Q 2014. The hulls of the vessels will be delivered from STX OSV Tulcea in Romania.

STX OSV already has two OSCVs under construction for the same customer in Norway, and two Platform Supply Vessels (PSV) in Brazil.

Siem Offshore Inc. is an owner and operator of modern support vessels for the global oil and gas service industry. Siem Offshore Inc. currently has a fleet of 37 vessels in operation and 8 vessels under construction. The fleet includes large AHTS vessels, OSCVs, PSVs, and other support vessels. Siem Offshore is listed on the Oslo Stock Exchange.

icy97

STX OSV contract win likely at $279m: DMG
http://www.theedgesingapore.com/the-daily-edge/business/40505-stx-osv-contract-win-likely-at-279m-dmg.html

Thu, 11 Oct 14:34
DMG & Partners estimates the value of the two OSCV orders STX OSV received from Siem Offshore at NOK1.3 billion, or about $279 million.

It estimates the orders boosted year-to-date order wins to NOK9.6 billion, or 80% of the house’s full-year forecast of NOK12 billion and the unbilled orderbook to NOK20.5 billion.

It notes OSCV demand is strong, with Siem Offshore a repeat customer; in addition to the new orders, STX OSV is building two OSCVs in Norway and two PSVs in Brazil for Siem Offshore, it says.

“We like STX OSV for its strong execution, growing order book visibility and positive order outlook.” It keeps a Buy call with $2.02 target. Separately, OCBC also estimates the contract value at NOK1.3 billion; it expects NOK12 billion-NOK14 billion in new orders over the next 12 months and keeps its forecasts unchanged; it rates the stock at Buy with $2.00 fair value. The stock is up 1.0% at S$1.585 in strong volume.

icy97

DBS raises target on STX OSV to $2.10
http://www.theedgesingapore.com/the-daily-edge/business/40619-dbs-raises-target-on-stx-osv-to-210-.html

Wed, 17 Oct 12:11
DBS Vickers increased its target on offshore vessel builder STX OSV Holdings to $2.10 from $2.00 and maintained its ‘buy’ rating, after raising its 2012 fiscal year order win forecast by 10% to 11 billion Norwegian krones ($2.3 billion).

STX OSV shares were up 0.6% at $1.595 on Wednesday. The stock has increased 37.5% so far this year versus the 29% gain in the FT ST Midcap Index.

“We like STX OSV for its undemanding valuation, its market leading position as a builder/designer of large complex and highly customised OSVs (offshore support vessels), and its strong execution track record,” DBS said.

STX OSV is well positioned to capitalise on the tight capacity in Brazil, supporting growth in its order intake for 2013 and 2014 fiscal years, DBS said, adding that it believes the downside is limited on the possible stake sale by STX OSV’s parent company.

South Korea’s STX Corp chose Italian ship builder Fincantieri SpA as the preferred bidder for its controlling stake in STX OSV, a spokesman for STX said in August.

icy97

Citi lowers STX OSV target price
http://www.theedgesingapore.com/the-daily-edge/business/41297-citi-lowers-stx-osv-target-price-.html

Fri, 23 Nov 13:31  
Citigroup cut its target price on STX OSV Holdings to $1.70 from $1.95 and kept its ’buy’ rating, citing lower margin and muted growth expectations over the next two years.

By 12:12 p.m., STX OSV shares were down 1.1% at $1.36, and have gained 17% since the start of the year, compared with the FTSE ST Oil & Gas Index’s 18% rise.

Concerns over the pace of STX OSV’s order wins and margin pressure are likely to weigh on its shares in the near term, Citi said.

However, the brokerage sees an attractive opportunity to buy STX OSV shares due to the recent fall in share price after its third-quarter earnings.

“We believe investors may have taken an overly bearish view and that risks have most likely been mispriced,” said Citi, adding that the decline in third-quarter sales was due mainly to lumpy revenue recognition.

海洋Rachel

Italy's Fincantieri to buy STX OSV stake for $600 mln

http://sg.finance.yahoo.com/news ... -osv-003143428.html

..
SINGAPORE, Dec 21 (Reuters) - Italian government-owned shipbuilder Fincantieri SpA has agreed to buy 50.75 percent of Singapore-listed STX OSV Holdings Ltd from STX Europe for about S$730 million ($600 million).

Fincantieri will buy STX OSV shares at S$1.22 each, representing a discount of 12.9 percent to its closing price on Dec 20, the Italian company said in a statement.

The acquisition will be completed before the end of April 2013, after which Fincantieri will launch a mandatory cash offer for the remaining shares of STX OSV.

The total value of the transaction, including the acquisition of the 50.75 percent stake and the cash offer, will amount to about S$1.45 billion, and will be financed from internal resources and a syndicate loan provided by several banks including BNP Paribas and Unicredit, Fincantieri said. ($1 = 1.2189 Singapore dollars) (Reporting by Charmian Kok; Editing by Ed Davies)

..

icy97

Fincantieri to buy STX OSV to add oil-rig support vessels
http://www.theedgesingapore.com/the-daily-edge/business/42103-fincantieri-to-buy-stx-osv-to-add-oil-rig-support-vessels.html

Fri, 21 Dec 11:32   
Fincantieri SpA agreed to buy a controlling stake in STX OSV Holdings, the world’s biggest maker of oil-rig support vessels, for 455 million euros ($733 million) as rising energy demand stokes offshore drilling.

The Italian state-controlled shipbuilder will pay $1.22 a share in cash for STX Group’s 51% holding, according to a statement today. It offered to buy out minority shareholders at the same price. OSV tumbled as much as 7.5% to $1.295 in Singapore trading, as the offer is at a discount to yesterday’s close.

Fincantieri, the world’s biggest builder of cruise ships, will get yards for making offshore vessels in Europe, Asia and Brazil as energy companies increase drilling in deeper waters to replenish reserves. The deal also boosts STX Chairman Kang Duk Soo’s efforts to raise 2.5 trillion won in asset sales as his South Korean group seeks funds to repay debt.

“This means cash, which STX desperately needs to survive,” said Richard Park, an analyst at Korea Investment & Securities Co. in Seoul. “Still, the sale price is disappointing as the market was expecting something close to the trading price.”

The deal should help improve STX’s finances, the group said in a separate e-mailed statement. STX Corp., its holding company, rose 2.5% to 8,570 won at 11:49 a.m. in Seoul trading. Affiliate STX Offshore & Shipbuilding Co. climbed as much as 5%.

COSTA CONCORDIA
Fincantieri, which built the stricken Costa Concordia liner, offered to buy out minority investors in OSV because of Singapore takeover rules. Acquiring all of the Alesund, Norway- based company would cost about 900 million euros, according to the statement. The general offer will probably be largely rejected because of the discount, said Jason Saw, an analyst at OSK Research in Singapore.

“We view the offer as unattractive to minority holders,” he said in a note today. Och-Ziff Capital Management Group owns 12% of OSV, according to data compiled by Bloomberg.

Fincantieri, based in Trieste, will pay for the purchase using internal resources and a syndicated loan provided by lenders including Banca IMI SpA, BNP Paribas SA, Banca Carige SpA, Unicredit SpA and Cassa Depositi e Prestiti.

The acquisition is expected to be completed within the first four months of 2013, according to the statement. Credit Suisse AG and Nomura Holdings Inc. are advising on the deal.

STX DEBTS
Kang, who founded STX in 2001, is also seeking to sell stakes in a shipping unit and a Chinese shipyard to ease a cash crunch. His three main companies -- STX Pan Ocean Co., STX Corp. and STX Offshore -- have US$1.4 billion ($1.7 billion) of bond and loan due next year, according to data compiled by Bloomberg.

The group is struggling for funds after opening the Chinese shipyard in 2008, just before a collapse in demand for new vessels caused by a shipping glut and slower growth in China. Ship orders at the nation’s yards tumbled 47% from a year earlier in the January-November period to the least since 2003, according to shipbroker Clarkson Plc.

Fincantieri won 1.86 billion euro of orders last year, 2.6% less than in 2010, according to its annual report. Its backlog stood at 5.37 billion euros at the end of December. It had net income of 10 million euros in 2011, compared with a loss of 124 million euros a year earlier.

OSV BACKLOG
OSV won 8.23 billion kroner ($1.8 billion) of new contracts in the first nine months, 62% more than a year earlier. Its order book stood at 16.4 billion kroner at the end of September, with deliveries stretching into 2016, an increase from 13.6 billion kroner a year ago. Third-quarter net income fell 19% to 228 million kroner because of delays in projects at its shipyard in Brazil.

The company is building a second facility in the South American nation as Petroleo Brasileiro SA drills new wells off the country’s coastline. Globally, deep-water explorers will spend a record $232 billion on new equipment over five years, according to Canterbury, U.K.-based researcher Douglas-Westwood.

STX bought OSV through the 1.4 trillion won acquisition of Aker Yards ASA, which was completed in February 2009. The group sold a 32% stake in the unit, renamed STX OSV, in a S$257.3 million Singapore initial public offering in 2010. STX retains cruise-ship building yards acquired in the Aker deal.

Fincantieri makes low-ball bid for STX OSV: CIMB
http://www.theedgesingapore.com/the-daily-edge/business/42102-fincantieri-makes-low-ball-bid-for-stx-osv-cimb.html

Fri, 21 Dec 13:13  
Fincantieri’s $1.22/share price for a 50.75% STX OSV (MS7.SG) stake is a low-ball offer, says CIMB.

“We were surprised at the low sale price, which values STX OSV at 6.5x 2013 P/E and 2.2x 2012 P/BV. Though we understand Korean parent company STX Corp.’s urgency to restructure its balance sheet, the sale price undervalues STX OSV.”

While Fincantieri doesn’t intend to maintain STX OSV’s listing status, CIMB expects the stock to remain listed, given the low price; it notes Och-Ziff’s average cost for its 12% stake was around $1.33/share.

“Though STX OSV could succumb to some near-term selling pressure, we believe its fundamentals could eventually provide support at $1.30-$1.40.”

It keeps a Neutral call with $1.47 target, implying 7.8x 2013 P/E and 2.7x 2013 P/BV. The stock is down 6.4% at $1.31.

STX OSV stake sale removes overhang: OSK-DMG
http://www.theedgesingapore.com/the-daily-edge/business/42101-stx-osv-stake-sale-removes-overhang-osk-dmg.html

Fri, 21 Dec 11:49
Fincantieri’s price for a 50.75% stake of STX OSV (MS7.SG) is “somewhat low” considering the Singapore-listed company’s relatively strong balance sheet, valuing the stock at 7X FY13 P/E, OSK-DMG says.

“This depressed sale price could be primarily driven by the desperation of the STX Group to sell its assets to pare down debts.”

While Fincantieri has lined up finances to acquire the rest of STX OSV, OSK-DMG doesn’t expect the general offer to succeed, noting the $1.22/share price is below the current share price, with the offer likely merely aimed at satisfying Singapore takeover rules; “we view the offer as unattractive to minority holders.”

It adds, Fincantieri might not get the 90% acceptance level needed to take the company private, noting Och-Ziff holds 12%. But it adds, “the change in major shareholder could remove the overhang on the stock and lead to rerating.”

It keeps a Buy call with $2.05 target. It notes STX Group is also looking to sell its STX Pan Ocean (GZ9.SG) holding. The stock is down 6.1% at $1.315. STX Pan Ocean is down 6.2% at $4.37.

海洋Rachel

http://info.sgx.com/webcorannc.n ... 1642EA?opendocument

今天一早的消息：停止交易

希望是正面的消息吧。。。

天然夜行者

从用NOK的挪威公司变成用欧元的意大利公司？
欧元+意大利=不妙阿...

icy97

意大利Fincantieri无条件现金献购STX OSV控股
http://www.sharesinv.com/zh/articles/36995/

2013年01月24日
全球最大的造船集团之一Fincantieri通过全资子公司Fincantieri Oil & Gas S.p.A.完成以约4亿5,500万欧元(约7亿3,000万元)(每股1.22元)收购STX OSV控股(STX OSV Hldgs)的50.8%股权。按新加坡的并购条例，Fincantieri Oil & Gas S.p.A.已宣布将以每股1.22元提出强制性无条件现金收购STX OSV的余下股权。若能得以强制性收购余下股权，加上已成功购入的50.8%股权，交易总值便约为9亿欧元(15亿元)。

启示：倘若Fincantieri能取得STX OSV的超过90%股权，它无意让公司保持在新交所的上市身份。然而，侨丰证券研究(OSK Research)认为，Fincantieri的全面收购献议不大可能会成功。值得留意的是，公司的第二大股东Och-Ziff持有公司的12%股权。