(29-04-2015, 01:09 PM)valuebuddies Wrote: [ -> ] (29-04-2015, 11:42 AM)mslee888 Wrote: [ -> ]Just to add on or reinforce below points from AGM.
1. James has emphasized this a few times..Penguin is facing headwinds, so investors expectations must be tempered. I think we will see a weaker Q1 or Q2 results.
2. As to why James did not increase his holding...someone asked him during the site visit...he diplomatically answered he wanted to but his wife wanted to buy other companies shares...ha
Overall, Penguin shareholders are really serious investors. They asked some tough questions...management really spent quite a bit of time patiently answering qtns.
I can see the link between point 1 and point 2 
Astute mgt team will help in tough times but certainly will not advert tough times. bear in mind that O&G is a cyclical industry and hence never under-estimate the peaks and troughs...
Odd Lots Vested
(29-04-2015, 11:42 AM)mslee888 Wrote: [ -> ]Just to add on or reinforce below points from AGM.
1. James has emphasized this a few times..Penguin is facing headwinds, so investors expectations must be tempered. I think we will see a weaker Q1 or Q2 results.
2. As to why James did not increase his holding...someone asked him during the site visit...he diplomatically answered he wanted to but his wife wanted to buy other companies shares...ha
Overall, Penguin shareholders are really serious investors. They asked some tough questions...management really spent quite a bit of time patiently answering qtns.
Hi mslee888
I did not attend the site visit. Thanks for sharing insight on James not increasing shareholding.
(29-04-2015, 11:42 AM)mslee888 Wrote: [ -> ]Just to add on or reinforce below points from AGM.
1. James has emphasized this a few times..Penguin is facing headwinds, so investors expectations must be tempered. I think we will see a weaker Q1 or Q2 results.
2. As to why James did not increase his holding...someone asked him during the site visit...he diplomatically answered he wanted to but his wife wanted to buy other companies shares...ha
Overall, Penguin shareholders are really serious investors. They asked some tough questions...management really spent quite a bit of time patiently answering qtns.
What head wind? See extract from Penguin official website below: Just in Jan they mentioned that demand for crewboats remains steady against a backdrop of cheaper oil. After all, crewboats are a basic necessity in the offshore industry. And the Flex is the logical choice of enlightened crewboat owners.
[i][b]On 15 January, Penguin Shipyard International delivered its first crewboat in 2015 to a Malaysian owner, EA Technique. Named "Nautica Tg Puteri XXX", the Flex-40SL is Penguin’s 83rd Flex. For now, global
demand for crewboats remains steady against a backdrop of cheaper oil. After all, crewboats are a basic necessity in the offshore industry. And the Flex is the logical choice of enlightened crewboat owners.[/b][/i]
How come they change their tune so fast??? I am really disappointed with the management .... Can I still take their words seriously???
(29-04-2015, 09:10 PM)xlandjy Wrote: [ -> ] (29-04-2015, 11:42 AM)mslee888 Wrote: [ -> ]Just to add on or reinforce below points from AGM.
1. James has emphasized this a few times..Penguin is facing headwinds, so investors expectations must be tempered. I think we will see a weaker Q1 or Q2 results.
2. As to why James did not increase his holding...someone asked him during the site visit...he diplomatically answered he wanted to but his wife wanted to buy other companies shares...ha
Overall, Penguin shareholders are really serious investors. They asked some tough questions...management really spent quite a bit of time patiently answering qtns.
What head wind? See extract from Penguin official website below: Just in Jan they mentioned that demand for crewboats remains steady against a backdrop of cheaper oil. After all, crewboats are a basic necessity in the offshore industry. And the Flex is the logical choice of enlightened crewboat owners.
[i][b]On 15 January, Penguin Shipyard International delivered its first crewboat in 2015 to a Malaysian owner, EA Technique. Named "Nautica Tg Puteri XXX", the Flex-40SL is Penguin’s 83rd Flex. For now, global
demand for crewboats remains steady against a backdrop of cheaper oil. After all, crewboats are a basic necessity in the offshore industry. And the Flex is the logical choice of enlightened crewboat owners.[/b][/i]
How come they change their tune so fast??? I am really disappointed with the management .... Can I still take their words seriously???
Hi Xlandjy ,
I think there is a differences in the point of headwinds and the statement made at their official website, in terms of their interpretation. Simply , the management is acknowledging that the environment in the coming year will be much challenging compared to last year and this is undeniable that other companies in this industry are doing so as well. "Demand for crew boats remain steady..." doesn't imply that there won't be challenges ahead, neither do headwinds implies that demand of crew boats will necessarily drop.
To quote from the FY results: " Sobering sentiments in the offshore oil and gas industry are expected to temper demand for the Group's crewboats and Fast Supply Intervention Vessels in sales and charters. However, demand for security vessels (Flex Fighter) and passenger ferries (Flex Ferry), as well as ship repair services, is expected to be less affected"
Drastic change in tone? I beg to differ.
Does penguins only build boats for offshore companies? Do penguins build boats that functions only for o&G customers? You can go through their AR to find the answers.
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(29-04-2015, 10:09 PM)Stephentoh Wrote: [ -> ] (29-04-2015, 09:10 PM)xlandjy Wrote: [ -> ] (29-04-2015, 11:42 AM)mslee888 Wrote: [ -> ]Just to add on or reinforce below points from AGM.
1. James has emphasized this a few times..Penguin is facing headwinds, so investors expectations must be tempered. I think we will see a weaker Q1 or Q2 results.
2. As to why James did not increase his holding...someone asked him during the site visit...he diplomatically answered he wanted to but his wife wanted to buy other companies shares...ha
Overall, Penguin shareholders are really serious investors. They asked some tough questions...management really spent quite a bit of time patiently answering qtns.
What head wind? See extract from Penguin official website below: Just in Jan they mentioned that demand for crewboats remains steady against a backdrop of cheaper oil. After all, crewboats are a basic necessity in the offshore industry. And the Flex is the logical choice of enlightened crewboat owners.
[i][b]On 15 January, Penguin Shipyard International delivered its first crewboat in 2015 to a Malaysian owner, EA Technique. Named "Nautica Tg Puteri XXX", the Flex-40SL is Penguin’s 83rd Flex. For now, global
demand for crewboats remains steady against a backdrop of cheaper oil. After all, crewboats are a basic necessity in the offshore industry. And the Flex is the logical choice of enlightened crewboat owners.[/b][/i]
How come they change their tune so fast??? I am really disappointed with the management .... Can I still take their words seriously???
Hi Xlandjy ,
I think there is a differences in the point of headwinds and the statement made at their official website, in terms of their interpretation. Simply , the management is acknowledging that the environment in the coming year will be much challenging compared to last year and this is undeniable that other companies in this industry are doing so as well. "Demand for crew boats remain steady..." doesn't imply that there won't be challenges ahead, neither do headwinds implies that demand of crew boats will necessarily drop.
To quote from the FY results: " Sobering sentiments in the offshore oil and gas industry are expected to temper demand for the Group's crewboats and Fast Supply Intervention Vessels in sales and charters. However, demand for security vessels (Flex Fighter) and passenger ferries (Flex Ferry), as well as ship repair services, is expected to be less affected"
Drastic change in tone? I beg to differ.
Does penguins only build boats for offshore companies? Do penguins build boats that functions only for o&G customers? You can go through their AR to find the answers.
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Thank you for your comments. But, do not ask me to go through their AR, which hardly provide much significant information. It is because quite a number of forummer support the SILENCE IS GOLDEN attitude of the management. I am still vested and my concern now is the price of the share will drop below 20 cents after X dividend.
I was shock when the CEO commented that the Chairman advised him to focus on his work and not on the share price... I am not trying to tell the CEO to watch the changes of share price on a daily basis. But, a sound and healthy company will be reflected in its share price. I am not complaining about the short term fluctuation of the share price of Penguin... But, the price of the share has remained in the doldrums for months since the announcement of its financial report.
One further issue of concern is the efficiency of the management .... multi billion dollar company e.g. Keppel and Banks had announced their quarterly report .... but Penguin ... such a small company has not given an indication when it is going to report its quarterly report.
I am waiting to let go my holdings ....
I would just like to say, different people have different level of comfort zones and holding power . The "stagnant" share price may not be well reflective of its performance but if you have taken interest in the coy since the sub 7-17cents it might be a different story. We are never able to forecast the share prices 3 months , 9 months , 3 years or even more. As you mentioned in ur last sentence , waiting to let go, it might be a good idea to offload if the share price bother you much that it affects you. Nothing is still better than a happy going life with lesser a burden/ concern to worry , my friend. There are plenty of other opportunities out there too, just do what is best of your interest.
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(29-04-2015, 10:30 PM)xlandjy Wrote: [ -> ]I was shock when the CEO commented that the Chairman advised him to focus on his work and not on the share price... I am not trying to tell the CEO to watch the changes of share price on a daily basis. But, a sound and healthy company will be reflected in its share price. I am not complaining about the short term fluctuation of the share price of Penguin... But, the price of the share has remained in the doldrums for months since the announcement of its financial report.
Fundamentals lead share prices in the longer run. Share price does nothing to the fundamentals unless equity raising. You have to know which is the horse which is the cart
If GG is right that the management is astute but industry factor is now dominant, then this is an alpha stock. VBs should know what that means for asset allocation.
I agree management should not even focus on the share price but just on the business. I'm more concerned with mgt that knows where their share price is trading today. If anything just get a PR firm to do the marketing or exposure, so more interest can be generated
Your TOTAL return over the period of your choice will determine whether you stay or fold. The company doesn't stay or fold based on this premise. That said, VBs will still need to analyse the structure of any company to conclude whether worth the while for OPMI.
(29-04-2015, 10:30 PM)xlandjy Wrote: [ -> ]Thank you for your comments. But, do not ask me to go through their AR, which hardly provide much significant information. It is because quite a number of forummer support the SILENCE IS GOLDEN attitude of the management. I am still vested and my concern now is the price of the share will drop below 20 cents after X dividend.
AR is one of the reliable source for info, and you have ignored it. I wonder where do you get info for analysis? Base on one attendance on AGM, or any other sources?
(29-04-2015, 10:30 PM)xlandjy Wrote: [ -> ]One further issue of concern is the efficiency of the management .... multi billion dollar company e.g. Keppel and Banks had announced their quarterly report .... but Penguin ... such a small company has not given an indication when it is going to report its quarterly report.
I am waiting to let go my holdings ....
In fact, it is a right thing to divest for you. No matter the end result, you will be benefited.
Being operating in a cyclical business where we are facing risk of possible downturn due to oil crisis, a simple information like order book value is indeed crucial for investment analysis in my opinion. Many buddies has weighted the company based on the positive impression of the Js more than the figures, which I somehow disagree especially for a company engaged with risky production policy. Can you project the revenue and the profitability of the company based on its factory capacity utilisation, popularity of its Flexs, the 100th Flexs that sets to deliver in the next 2 months? I can't.
Just to add on, If interested in the guesstimate number of boat sales, you can get a rough idea by looking under the amount hedge as this is representative of how much profit margin is "clocked" when the contracts are sealed. Most companies have such practice to make sure they secure the profit margin by hedging (ie, you lose now if usd appreciate but you gain back when the payment is made). If no boat sales I reckon no hedging. However what's the GP for every sale we don't know but this way is still a decent guide whether penguin do produce sales and profits.
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