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In a short span of 1 year, Nam Cheong share price has cratered from 32 cents to 9.7 cents. The decline has been dramatic.

WIth its recent FY results, showing only a 0.4 cents EPS and a rather lackluster cash flow generations and ballooning inventories, I wonder will an impairment soon be made in the low oil price environment.
I remember there was a lot of analyst hoohah for this stock, especially on next insight.

But no surprise, most of oil gas related stocks have lost half their value. Next will likely be property related stocks where the bubble hasn't deflated significantly yet..

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In the first of my investing journey, I have seen such a high negative revenue in a FS, which is concided by a positive cost of sales which is higher than the revenue! It is telling me Nam Cheong have been building ships at a loss, and its reversal of revenue recognition is good news??

It also shows the extent of order cancellations happening in the o&g.
This is probably going to question how much inventories will nam cheong have, what are its value and how aggressive has Nam Cheng been recognizing revenue.

Interestingly OCBC has started the "first round" on Nam Cheong. Perhaps the support offshore downturn has claimed another casualty
Seems like it will only be a matter of time before Nam Cheong winds up. This is a very clear indication that it has no ability to pay creditors as banks would have given several warning/notices before serving the writ of summon. There is still a market for its shares, so shareholders can still recoup some of its money. Unless they are counting on some white knight, which I think is unlikely.
If there is a white knight, most probably the knight will only be incentivised to "save" the company, at the expense of minorities.

Recent First Ship lease Trust's white knight Navios, is an example.
I recall that a few years back, all the analysts were bullish on this company, citing its "build first sell later" strategy as its competitive advantage in securing orders. That only worked when demand kept increasing.

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While the word "default" doesn't come up, it sounds like one or one would still prefer to use the word "restructure" (euphemism for default)

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