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13-05-2015, 10:07 PM
If I didn't make a mistake,I think the increase in revenue of 1Q2015 as compared to 1Q2014 is due to the increase in the number of non oil & gas work boats delivery as well(i.e. the Flex Fighter from African customers),whereas the decrease in other operating income due to the lack of disposal of any crew boats is because the primarily composition of the offshore charters are for the oil & gas customers.
Throughout these few months bro Bluekelah has really hit the nail on the head when he forecasted that Penguin will be facing downwind and that EPS will vaporize hence it is not really prudent for us to use the low P/E ratio with respect to FY2014 EPS results to make a valuation of this little penguin.
On the other hand,the comments by bro dydx and Cityfarmer over the last few months really makes a lot of sense to me,in terms of the quality of Penguin's business and ignoring the FX loss(I believe the accounting treatment has been explained by Mr Ong Kian Ming) and its ability to generate decent revenue is commendable and shows something about the strength of the business.Sharing the same sentiments with CY09,I really hope the management can keep track of the cash level especially with a current high level of PPE compared to previous period.
I believe Mr James is not making any misleading statement because as of last November interview with The Marine Executive, Penguin did receive orders from companies set for delivery in FY2015(up till year end). The orders has been confirmed and hence on the company website we can see the announcements of more than 40 boats set for delivery in year 2015.The great disappointment that Mr Market feels is the lack of disposal of any boat in its charter,which I think is valid.
http://www.maritime-executive.com/featur...2014-11-22
“In Penguin’s case, we have yet to see a drop in crew boat demand as we are still taking orders right up to the end of 2015. But we are not immune to negative oil price sentiments."
Interestingly previously,we thought that the non oil and gas boats are something that is good to have but now it seems that this become essential for survival instead....
For now I will wait till the end of the year to see how the situation plays out,depending on the situation I may continue to add on this little penguin to my portfolio if I feel the high level of pessimism and low prices do not justify the true value of the penguin in the longer term.
(Vested,monitoring the situation and will consider adding more at latter part of this year)
Throughout these few months bro Bluekelah has really hit the nail on the head when he forecasted that Penguin will be facing downwind and that EPS will vaporize hence it is not really prudent for us to use the low P/E ratio with respect to FY2014 EPS results to make a valuation of this little penguin.
On the other hand,the comments by bro dydx and Cityfarmer over the last few months really makes a lot of sense to me,in terms of the quality of Penguin's business and ignoring the FX loss(I believe the accounting treatment has been explained by Mr Ong Kian Ming) and its ability to generate decent revenue is commendable and shows something about the strength of the business.Sharing the same sentiments with CY09,I really hope the management can keep track of the cash level especially with a current high level of PPE compared to previous period.
I believe Mr James is not making any misleading statement because as of last November interview with The Marine Executive, Penguin did receive orders from companies set for delivery in FY2015(up till year end). The orders has been confirmed and hence on the company website we can see the announcements of more than 40 boats set for delivery in year 2015.The great disappointment that Mr Market feels is the lack of disposal of any boat in its charter,which I think is valid.
http://www.maritime-executive.com/featur...2014-11-22
“In Penguin’s case, we have yet to see a drop in crew boat demand as we are still taking orders right up to the end of 2015. But we are not immune to negative oil price sentiments."
Interestingly previously,we thought that the non oil and gas boats are something that is good to have but now it seems that this become essential for survival instead....
For now I will wait till the end of the year to see how the situation plays out,depending on the situation I may continue to add on this little penguin to my portfolio if I feel the high level of pessimism and low prices do not justify the true value of the penguin in the longer term.
(Vested,monitoring the situation and will consider adding more at latter part of this year)