Triyards Holdings

[GPD]

Thank YY. Definitely an area to dig further.

[GPD]

This company seems attractive on valuation. Based on latest Q2 results:

PE = 5
PB = 1
GPM = 18%
OPM = 14%
NPM = 10%
Net Gearing = 61%
ROE = 19%
ROA = 8%

EPS for last six quarters were pretty steady at about 12cts [correction: is 3.3cts on average per quarter] on average but price has dropped from $0.76 to $ 0.64. They declared their maiden 2cts dividend for FY13 (its Fin Year end is 31 Aug 2013).

Seems to be lagging behind peers quite a lot.

Any buddies here has any thoughts to share on this company?

(not vested .....yet)

FCF negative in the last 5 years except 2010. Record profit in 2012 but still generate negative OCF?
[Image: Des0rEK.png]

Short-term loan has increased quite alot. Seems like they are not getting paid enough or quick enough or maybe they work on lumpsum payment.

Anyway, it occurred strange to me that in the AR2013, the (previous) CEO is positioned at the end of the group. Very unusual and makes me wonder who is it that is really running the show in Triyards.

(not vested)

[newborn1000]

http://infopub.sgx.com/FileOpen/TRIYARDS...eID=314868

New order for another boat.....

[greengiraffe]

http://www.businesstimes.com.sg/premium/...m-20140918

PUBLISHED SEPTEMBER 18, 2014
Triyards in placement to raise S$19.96m
BYMALMINDERJIT SINGH
msingh@sph.com.sg @MalminderjitBT

Poised for growth: Triyards intends to use up to 90 per cent of the net proceeds to fund its business expansion. - FILE PHOTO
TRIYARDS Holdings will be placing up to 29.5 million new shares at 70 Singapore cents each to raise net proceeds of S$19.96 million to support future growth and to augment its working capital.
The engineering and fa-brication solutions provider, whose focus is on the offshore oil and gas industry, has appointed UOB Kay Hian as the placement agent.
The issue price is a discount of about 8.33 per cent to the volume weighted average price of 76.36 Singapore cents per share for trades done on Monday - the day before the trading halt of the shares.
The company said that it intends to use up to 90 per cent of the net proceeds to fund its business expansion, including but not limited to capital expenditure, expansion of markets in relation to the group's existing business, its product range and acquisitions.

[greengiraffe]

http://www.businesstimes.com.sg/companie...gic-marine

Triyards Holdings acquires Strategic Marine
By
Malminderjit Singhmsingh@sph.com.sg@MalminderjitBT
16 Oct5:50 AM
Singapore

SINGAPORE-listed Triyards Holdings has acquired Strategic Marine's facilities in Singapore and Vietnam for A$23.3 million.

This follows the group's announcement on Tuesday that it had entered into an agreement with Henderson Marine Base to buy its entire issued share

[greengiraffe]

http://www.businesstimes.com.sg/companie...venue-fall

Triyards' Q4 earnings hit by revenue fall
By
Kelly Taykellytay@sph.com.sg@KellyTayBT
BT_20141022_KTTRIYARDS22_1331288.jpg WHAT'S AHEAD: Earnings boost seen coming from aluminium shipbuilding and fabrication capabilities and the rising momentum of liftboat contract wins. FILE PHOTO
22 Oct5:50 AM
Singapore

TRIYARDS Holdings registered a 49 per cent drop in net profit to US$5.3 million for the fiscal fourth quarter ended Aug 31 as revenue fell 36 per cent to US$48.8 million.

The year-on-year fall in earnings for the offshore engineering group would have been higher if not

[newborn1000]

Triyards to issue 29.5m non-listed warrants to Ezion Holdings

For a consideration of $1.

Triyards had previously built liftboats for Ezion and it is hence not surprising to see this latest development.
Ezion Holdings announced last night that it has entered into a subscription agreement in which Triyards Holdings will issue 29.5m non-listed warrants to Ezion for a consideration of S$1.

According to a report by OCBC, each warrant shall carry the right to subscribe for one share of Triyards at an exercise price of US$0.563/share. Assuming the warrants are fully exercised, the shares will represent ~9.09% of the existing share capital of Triyards. An exercise condition, however, is that Triyards must have entered into shipbuilding contracts of at least US$150m, as well as engineering services work within 120 days from 10 Nov 2014 with either Ezion or customers referred by Ezion.

- See more at: http://sbr.com.sg/shipping-marine/more-n...8BNyl.dpuf


Wow........the warrants better be worth the deal they are referring

[greengiraffe]

Paper shuffling... frankly all under 1 roof - Triyards is a spinoff from Ezra and all these companies are linked to Tan Kim Seng at some point in time.

Don't be surprised that Swissco could be referred by Ezion to Triyards for the projects.

Plenty of accounting profits that are not supported by operational cashflow.

Vested
Odd Lots
Ezra & Triyards

Triyards to issue 29.5m non-listed warrants to Ezion Holdings

For a consideration of $1.

Triyards had previously built liftboats for Ezion and it is hence not surprising to see this latest development.
Ezion Holdings announced last night that it has entered into a subscription agreement in which Triyards Holdings will issue 29.5m non-listed warrants to Ezion for a consideration of S$1.

According to a report by OCBC, each warrant shall carry the right to subscribe for one share of Triyards at an exercise price of US$0.563/share. Assuming the warrants are fully exercised, the shares will represent ~9.09% of the existing share capital of Triyards. An exercise condition, however, is that Triyards must have entered into shipbuilding contracts of at least US$150m, as well as engineering services work within 120 days from 10 Nov 2014 with either Ezion or customers referred by Ezion.

- See more at: http://sbr.com.sg/shipping-marine/more-n...8BNyl.dpuf


Wow........the warrants better be worth the deal they are referring

[Harvest Time]

In due time, it will translate more deals. So far quite a few corporate events.

[Harvest Time]

1) 10 Jul 2014 win US$112m contract (2 liftboats)
2) 15 Sep 2014 win US$50.5m contract (1 lift boat)
http://infopub.sgx.com/FileOpen/TRIYARDS...eID=314868
3) Acquire Strategic Marine partly fund by issue 29.5m shares at 70 cents
http://infopub.sgx.com/FileOpen/TRIYARDS...eID=318977
4) Issue of 29.5m warrants to Ezion
a) Ezion (and subsidiaries) or a party introduced by Ezion will have US150m ship building contracts with Triyards
b) Ezion (and subsidiaries) or party introduced by Ezion companies will engage engineering services with Triyards

http://infopub.sgx.com/FileOpen/Proposed...eID=323772