Penguin International

Thread Rating:
  • 1 Vote(s) - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5
(29-07-2020, 02:12 PM)weijian Wrote:
(29-07-2020, 11:02 AM)Squirrel Wrote: Its that time of the season again. Personally, its an interesting exercise to hazard a guess on what the company's result would be like. Just sharing here what my thought process is like.

For the coming 1H 2020 results am guessing the following results.

Revenue $59.2m
Net Income +$3.5m

The above is pretty much assuming a slowdown in shipbuilding, and a dampening in chartering rate as per reflected in the AGM Q&A. This is still being buffered up with pre Covid 19 orders including the SATV that was delivered in 1H2020.

Right or wrong, am expecting a further slowdown in 2H2020. I have reduced holdings on this company to rotate to perceived higher growth counters. It's all opportunity cost right? With this crisis, it is less likely for the company to distribute a significant portion of its cash pile, and what that would only mean is that dividend returns on the security is being diluted by cash hanging on its balance sheet. There is indeed a lot of cash, but just unlikely to unlock in the near future. Just thought that I should share with people what I am doing with the shares.

hi Squirrel, I presume you are not looking for some social proof, or is it? Smile

Hi Weijian

What does social proof mean? Sorry not familiar with the term.

My reasoning is simple. I kinda started reviving the thread on this company a while back and bought into it. Along the way, people might have read what I have written and might or might not have factor them into their investment decision. I feel that I should at least let people know that I have exited a substantial portion of my holdings. I understand that forummers here don’t just buy or sell based on posts but I just feel that’s what I should do rather than just go quiet on it.

I did the same with Best World when I sold it.

Would there be issues with forum rules on this approach?

Please do your own due diligence. Any reliance on my posts is at your own risk.
Reply
@Squirrel, looking for social proof simply means looking for someone to confirm your action/thought, that is about it. It is done by publicly displaying your thought/action and then looking for people to agree with you or disagree (and ironically, your own views get strengthened by disagreeing views as well).

There is also no issue with your approach and it is a good thing actually. But you probably guessed and said it for yourself that it doesn't really matter on VB.com. Smile
Reply
(29-07-2020, 05:56 PM)weijian Wrote: @Squirrel, looking for social proof simply means looking for someone to confirm your action/thought, that is about it. It is done by publicly displaying your thought/action and then looking for people to agree with you or disagree (and ironically, your own views get strengthened by disagreeing views as well).

There is also no issue with your approach and it is a good thing actually. But you probably guessed and said it for yourself that it doesn't really matter on VB.com. Smile

Just in case. You never know when someone might get infatuated with my stock picks. Big Grin

Please do your own due diligence. Any reliance on my posts is at your own risk.
Reply
Rainbow 
Thanks Bro.
Your sharing of Bestworld since 2017 and Penguin since 2018 is definitely well appreciated.

Congratulations on these excellent picks and wish that you're able to uncover more gems in this strange market too.

Like you, I had sold Bestworld and Penguin too.

Enjoy:


Wear your mask and keep your social distance, please.
Heart
Reply
Penguin posts 53.2% drop in H1 earnings amid Covid-19, weak oil prices

https://www.businesstimes.com.sg/compani...oil-prices

THE net profit of Penguin International, which builds high-speed aluminium craft, plunged 53.2 per cent to S$3.9 million for the six months ended June, hit by the double whammy of the Covid-19 pandemic and weak oil prices.

The mainboard-listed company’s H1 revenue fell 26.1 per cent to S$50.1 million. Revenue from shipbuilding, ship repair and maintenance was down 28.8 per cent to S$39.2 million, due mainly to fewer stock vessels sold. Income from the chartering segment fell 15 per cent to S$10.9 million, given a decrease in chartering activities. Gross profit correspondingly fell 32.9 per cent to S$12.6 million.

The topline shrinkage was softened by a 61.8 per cent rise in other operating income to S$5.8 million, arising from the sale of more vessels from the Penguin’s operating fleet, as well as S$1.7 million in Covid-19 business-support schemes from the Singapore government.

Net operating cash outflows for H1 stood at S$9.4 million, used mainly for shipbuilding. The company had generated net operating cash inflows of S$12.5 million in the same period last year.

In H1, Penguin built six new vessels, of which three were for stock and chartering, and the remainder, built to order.

But operating conditions remain tough. Penguin noted that demand for new vessels in H1 had weakened, while crewboat charter rates and utilisation rates fell. While none of its clients have terminated any shipbuilding contract, some vessel deliveries have been delayed by mutual agreement.

The lockdown of foreign workers’ dormitories in Singapore also affected in-house and subcontracted labour, delaying internal newbuilding projects for its chartering fleet. As at Thursday, all of Penguin’s in-house foreign workers were back to work, but most of its subcontracted foreign workers were still under lockdown.

To conserve cash, Penguin has now halted or slowed down some of its uncommitted build-for-stock vessels. All committed build-for-stock and build-to-order vessels are still being completed as scheduled.

Penguin has also obtained and drawn down on a S$5 million unsecured term loan under Enterprise Singapore's Temporary Bridging Loan Programme.

The company said: “Notwithstanding the challenges, the group is still working hard to secure new build-to-order projects across various market segments, as it expands its geographical reach. The Batam shipyard is currently building various types of vessels for ship owners from South-east Asia, Australia, North Asia, Africa and Europe.”

Shares of Penguin closed flat at S$0.44 on Thursday.
Reply
Wow, worse than expected. Hopefully they can get past this. Its noted that they are putting more into inventory and thus drawing down on cash. If this is over, they are well positioned to take up more market share with ready stock.

Please do your own due diligence. Any reliance on my posts is at your own risk.
Reply
Rainbow 
Completion of acquisition of Swissco on 7th Sep 2020

The Board of Directors (the “Board” or the “Directors”) of Penguin International Limited (the “Company”, and together with its subsidiaries, the “Group”) wishes to announce that the Company has on 9 April 2020 entered into a Sale and Purchase Agreement (the “SPA”) with Allianz Middle East Inc. (the “Vendor”) to acquire 20,000,000 ordinary shares (“Sale Shares”) owned by the Vendor, representing 100% of the issued share capital of Swissco Offshore (Pte.) Ltd. (“SOPL”) for a total consideration of US$1,400,000 (the “Consideration”), subject to the fulfilment of specified terms and conditions set forth in the SPA (the “Proposed Acquisition”). 
Upon completion of the Proposed Acquisition, SOPL will become a direct wholly owned subsidiary of the Company.

SOPL is a private limited company incorporated in Singapore. As at the date of this announcement, SOPL owns the leasehold granted by JTC Corporation over the following properties: 
(i) 58 Penjuru Lane, Singapore 609207 and 60 Penjuru Lane, Singapore 609214 (the “Penjuru Properties”); and 
(ii) 21 Tuas Road, Singapore 638489 (the “Tuas Property”).

Rationale for and benefits of the Proposed Acquisition 
The Company is purchasing the Sale Shares with the understanding that as at the date of completion of the Proposed Acquisition, SOPL will be the lessee of the Tuas Property only and will no longer be the lessee of the Penjuru Properties. In connection with the Proposed Acquisition, JTC Corporation has agreed to grant a 20- year lease renewal for the Tuas Property conditional, among other things, on the completion of the Proposed Acquisition.
https://links.sgx.com/FileOpen/PIL-SOPL_...eID=605986

Stay home and stay safe, everyone.
Heart
Reply
Singapore: a new hub for hybrid-electric propulsion

A consortium of Singapore-based companies is developing a hybrid-electric fast launch project with an eye for expanding into new markets

https://www.rivieramm.com/news-content-h...sion-60715

Singapore is taking a lead in developing hybrid-electric propulsion technology for offshore support and harbour vessels, in a bid to reduce emissions and lower operating costs.

Local companies are designing and building the world’s first plug-in fast launch project, with Penguin International partnering with BOS Offshore & Marine (BOS), a 90%-owned subsidiary of BH Global Corp. Other partners in this ground-breaking project include Danfoss, Durapower Technology and Bureau Veritas Marine (BV).

As BOS electrification manager Ma Shiao explained during a Riviera Maritime Media webinar in July, the scope of this co-operation will include integrating hybrid-electric solutions, testing and certification.

During the How can Asia advance adoption of hybrid, electric and fuel-cell technology? Webinar, he explained that knowledge gained from this project would support Singapore’s ambition to adopt hybrid-electric propulsion systems for its maritime and offshore industry.

Under a memorandum of understanding (MoU), BOS will provide technical and commercial expertise in the development of commercially viable hybrid-electric propulsion and plug-in power systems for small- to medium-sized vessels operating in and around Singapore.

Penguin International will design, construct and commission a newbuild hybrid launch vessel with the BOS electric propulsion (EP system) installed and will operate this vessel on commercial routes.

Danfoss and Durapower will support the testing and integration of their power drivetrains and energy storage systems respectively with the BOS EP system.

Within the MoU, BV will review test facilities and procedures necessary for the certification of the BOS EP system and class the resulting launch as a hybrid vessel.
BOS will also develop the Marine Electric Integration Centre to forward initiatives towards the digitalisation of vessel operations, with data analytics capabilities and smart connectivity features.

Mr Shiao said BOS had designed a series of mathematical models to answer the following questions: How do you know one ship is ‘greener’ than another? Is the hybrid electric design optimised in terms of equipment siting and control? What will be the vessel’s performance after the design limitation?

The model considers various operational factors such as slow-speed operations, long loiter time, high torque at low speeds and near-shore operations.

“Shaft torque and speed are the most important parameters when designing an electric and hybrid system,” said Mr Shiao. For OSVs with dynamic positioning (DP) it would also be important to have a back-up source of power.


“Oceangoing vessels with DP should have redundant generators, so reliable batteries would be required,” he said. Batteries could be used with the generator off, or could supplement power. “They improve DP performance with better energy flow and higher efficiency,” said Mr Shiao.

He expects BOS will help in the development of a complete electrification ecosystem in Singapore. He noted BOS was willing to share this experience and was available to work with partners in the design and construction of electric and hybrid vessels.

Singapore Maritime Institute executive director Sanjay Kuttan said Singapore was becoming a leader in the development of hybrid-electric vessels as part of its drive to decarbonise harbour operations.

“We are building a market here,” said Dr Kuttan. “We are looking at the demand side and supporting the local market with a good supply chain that feeds into manufacturing.”

These experiences, coupled with the supply chain, would help provide hybrid-electric vessels for different markets, such as ports and offshore in other Asian nations, he said.

“China, Vietnam and Thailand are big enough markets,” Dr Kuttan said, noting that companies need to identify the early adopters or first movers for hybrid-electric propulsion. “Performance envelopes are important for the particular use case,” he said.


There also needs to be input from authorities to drive the development of technology and its adoption. “We need policymakers to use sandboxes to test and understand the new technology and then develop new policies from that point,” said Dr Kuttan.

DNV GL – Maritime Advisory principal consultant and head of research and development Imran Ibrahim said Asia was lagging behind in the adoption of electric and hybrid propulsion. He said: “Battery take-up in the maritime space is still quite low. When it comes to where batteries are utilised, Asia is still lagging behind compared to other geographies.” He said of the total number of global vessels with batteries, only 2.2% operate in Asia. This translated into 10 vessels, compared with 179 in Norway, 96 elsewhere in Europe and 29 in America.

Further development of battery technology would enable more vessels to be built with hybrid-electric propulsion for different performance envelopes in offshore.

Spear Power Systems commercial director Jon Diller said the time is right to adopt hybrid and electric propulsion, as early adopters would be well positioned to benefit from a predicted leap in battery technology in the next 10 years. “Expect around a 30% improvement in energy density to be introduced in the next two to three years,” he said.

He also expects protected anode batteries could be introduced in 2025‐2027, followed by solid-state batteries in 2028-2030.

“People need to purchase lithium-ion batteries now and learn how to use them,” he said. “Most importantly, they need to know how to integrate an ecosystem of suppliers.”


Hybrid-electric propulsion – OSV examples

ABS senior principal engineer Lui Chih Wei said during Riviera’s Business Case for Hybrid and Electric Technology in Asia webinar, on 29 July, that power sources in a hybrid-electric system could include shaft generators, fuel cells, fly-wheels or super-capacitors.

Hybrid-electrical power plants can be alternating current (AC), direct current (DC), or a mix of both. “Multiple sources of power can be combined on a common DC bus to form a DC grid which supplies a variable frequency AC motor via a motor drive (or inverter),” said Mr Lui.

He illustrated the solutions available with two ABS-classed OSV case studies: Seacor Maya and Harvey Energy. Seacor Marine upgraded the platform supply vessel Seacor Maya with lithium-ion batteries in May 2018, in co-operation with Kongsberg Maritime and Corvus. Together they developed a plan to integrate the battery system with the ship’s control and power management. Mr Lui said this conversion had “potential to reduce fuel consumption by as much as 20%.”

Harvey Gulf retrofitted Harvey Energy with batteries and a converter system. This was the first ABS-classed dual-fuel and battery vessel and the first US-flagged OSV equipped with a battery/converter system, said Mr Lui. He said ABS provided the ESS-LiBattery notation for both vessels.

“These projects enhanced efficiency and environmental performance, reducing exhaust emissions, fuel consumption and noise levels,” he said. These are among the benefits that early adopters can secure as hybrid propulsion technology matures and is further adopted.
Reply
Crew boat builder electrifies its portfolio

https://www.rivieramm.com/news-content-h...olio-61170

One of the world’s most prolific builders of mid-sized crew boats and security boats, Singapore’s Penguin International Ltd has diversified its product range over the last two years, expanding into firefighting boats, patrol boats, ferries and windfarm vessels

It is also electrifying its vessels, meeting owner demands and advancing Singapore’s sustainability goals.

“Penguin is constantly exploring new designs, new markets and new applications,” said Penguin International managing director James Tham. He cited the shipyard’s collaboration on the design of Ventus Formosa, calling it “the world’s first aluminium accommodation and crew change boat for the offshore wind industry.”

Designed by UK-based BMT, the 35-m service accommodation and transfer vessel (SATV) is currently deployed in Taiwan by its owner Ventus Marine, a joint venture between PSA Marine and Taiwanese partner Ta Tong Marine Group.

Unlike crew transfer vessels that serve as ‘point-to-point’ shuttles, 35-m Ventus Formosa is a purpose-built, live-aboard SATV that can accommodate 12 windfarm technicians for a week.

Other innovations from Penguin include the construction of Singapore’s first hybrid-electric pilot boat, due to be launched this month, and the delivery of the first civilian autonomous pilot boat in Q4 2020. For the hybrid pilot boat, Penguin partnered with fellow Singaporean company BOS Offshore & Marine (BOS), a 90%-owned subsidiary of BH Global Corp. Others involved in the consortium are Danfoss, Durapower Technology and Bureau Veritas (BV).

BOS is providing technical and commercial expertise in the development of commercially viable plug-in parallel hybrid-electric propulsion systems (BOS EP System) for small-to-medium sized vessels for operation in and around Singapore.

Penguin is installing the BOS EP System in its hybrid-electric boat and will operate the vessel on commercial routes.

Danfoss and Durapower are supporting the testing and integration of their power drive trains and energy storage systems with the BOS EP System.

BV will review and endorse test facilities and procedures necessary towards certification of the BOS EP System and will class the hybrid-electric boat as a hybrid vessel with the ’ZE’ (zero emission) notation – a first in Singapore.

The effort by the consortium advances Singapore’s ambition of electrifying harbour craft, with the Maritime and Port Authority of Singapore and Singapore Maritime Institute making a request for proposals on 23 September. A total of S$9M (US$6.6M) from the Maritime Green Future Fund is being set aside to co-fund such projects.

In contrast, Penguin’s R&D projects to date are all self-funded.

A natural next step for Penguin is leveraging the technology in the passenger vessel sector, where it is “developing all-electric ferries with a local client, another first in Singapore,” added Mr Tham.

While Covid-19 has roiled supply chains across the globe, Penguin’s Indonesian shipyard at Batam remains open and operational, and at the Tuas yard in Singapore, Penguin has been designated as an ‘Essential Services Company’, remaining operational throughout the pandemic, said Mr Tham.
Reply
Something is brewing. Could a privatisation offer be incoming?

Quote:The board of directors of Penguin International Limited (the “Company”) wishes to inform shareholders of the Company that it has been notified by Jeffrey Hing Yih Peir (Executive Chairman) and James Tham Tuck Choong (Managing Director) that they are in non-binding discussions with a potential investor in relation to a possible transaction involving the shares in the Company. There is no certainty that any specific or definitive agreement will be entered into or that any transaction will materialise from the on-going discussions.

SOURCE: HOLDING ANNOUNCEMENT
Reply


Forum Jump:


Users browsing this thread: 5 Guest(s)