Penguin International

[NTL]

all this talk of security boat is great and non-offshore related.

But what are the current companies providing such ships? Are they built by military defense firms? Surely it will get some licensing and defense contracts to get into the security boat manufacture scene? Will Penguin be able to break into this sector?

And just like SG property companies that have peaked with all the recent TOPs which is lagging what is happening in the sector, Penguin's order book could have peaked too and in a few years time the new factory may have overcapacity.

Just some risk to consider given that for NAV there is no MOS.
Div yield wise also no MOS.

Business wise O&G definitely down for this year at least. P/E may be looking good for now and next payout may get special dividend, but share price has also not been this high for a while. Was a couple years back below 10cents.

In case of extended stock market downturn or crash, would one be confident to hold and add to a position if penguin traded again at 10cents, especially given that dividend yield has been pretty low all along?

I doubt Penguin will be building patrol boats outright. More like they are building boats that can be retrofitted for petrolling purpose. Maybe selling raw hull to ST, and ST fit the boat with all kind of military equipment and sell off to the users.

Something which I asked before, but didn't get an answer. Is aluminium hull good for fire fight? Imagine an aluminum boat comes contact with a steel boat, both showering one another with bullets. Who will be the likely winner?

While they argue that that they are unable to disclose the order book due to competition reason, I see many others doing it. So, what is so different with Penguin? Their business "cannot-see-light" (见不得光)? What I see is showing the order book is giving the minority shareholders the confidence in the company. Without showing, it only give the majority (or insiders) the advantage to know if things are going good or bad for the company.

Order book probably mainly building and replenishing for their own fleet pelican offshore. Which if shown may indicate growth is largely from internal orders and not external.

Other possibility could be some indonesian clients which are shady, maybe even linked to pirate groups? Pirates do need fast boats for their work, wouldnt they be considering flex boats?

But pure speculation on above, facts wise other than earnings and potential growth and debt free, there is not really any other MOS to fall back on. This is after all a very small cap company with a rather opmi unfriendly management so far.





via Galaxy Tab S with Tapatalk

Looking at ASL's latest statement, the posted "As at 31 December 2014, the Group had an outstanding shipbuilding order book from external customers of approximately $270 million for 21 vessels with progressive deliveries up to second quarter of FY2017."

Can't Penguin has a similar statement just for external customers? Does all these other boat builders losing their competitiveness by announcing such order book? Good or bad, everyone can see.

As a Singaporean, I certanly hope not to see a Singapore company producing boats for pirates. Let's hope this will not be true.