Penguin International

[BlueKelah]

Maybe they are taking the chance to acquire quality engineers at a much lower cost.

Also this could mean that the aluminium boat market is easy to break into if any of the ship related players wanted to.

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[GPD]

MTP effects kicking in for this one.

[CY09]

http://infopub.sgx.com/FileOpen/Penguin_...eID=403748

Congrats to the lucky winner. As expected, Penguin has spilt red ink. The beauty is how inventory did not fall at all. It is one key aspect we will have to monitor as the cash conversion cycle of its inventories is worrying. The other worry is how the PPE value is decreasing with impairments; while conservative, it shows how the pelican fleet's ships are losing value. Hopefully, this Q1 results is the last crewboat added to Pelican fleet as promised.

<vested>

[brattzz]

Worsening sentiments in the marine and offshore industry, marked by falling vessel utilisation and charter
hire rates, have dampened demand for the Group's crewboats and Fast Supply Intervention Vessels.
Anticipating the industry slowdown, the Group had earlier reduced the number of Flex crewboats built for
sale and charter, while moderating its pace of production and reducing overall costs.
The decrease in trade receivables and other receivable was due mainly to timing of collections during the
period.
The decrease in trade payables and other payables and accruals was due mainly to timing of payment made
during the period.
Mindful of the challenging market conditions, the Group will keep a tight rein on expenditures and
investments, while continuing its ongoing programme of developing niche high-speed vessel designs
targeted at profitable market segments in addition to crewboats. This includes passenger ferries and patrol vessel.

[BlueKelah]

looks like the blood bath in Singapore for OnG and shipping has commenced nice and proper now after a lag of almost a year.

all to do now is wait a few more quarters for Penguin to sink below 10cents, it will be nice and fat to be shot with elephant gun
BUT only if the dividend yield makes sense...

[Ben]

I think don't have to wait for a few quarters for it to go below 10cents. Result is really bad and I guess it is unlikely to improve anytime soon. I just wonder why Penguin didn't issue a profit guidance, knowing that it will report a loss from a profit in previous year.

[BlueKelah]

I think don't have to wait for a few quarters for it to go below 10cents. Result is really bad and I guess it is unlikely to improve anytime soon. I just wonder why Penguin didn't issue a profit guidance, knowing that it will report a loss from a profit in previous year.

If not mistaken, have already mention before that Penguin management is not so OPMI friendly, so no need to wonder about the profit guidance not issued.

[BlueKelah]

3:1 consolidation today. 

Good move by management to do a funny 3:1 consolidation. 

Share price now around 30 cents with no volume. Looks like all the punters are out or have taken too much losses to sell and no more interest in this stock, even no VBs seem to be covering the consolidation.

it will likely go back to obscurity again..

On the bright side, might be some value in it if it goes back to GFC prices.

[ksir]

3:1 consolidation today. 

Good move by management to do a funny 3:1 consolidation. 

Share price now around 30 cents with no volume. Looks like all the punters are out or have taken too much losses to sell and no more interest in this stock, even no VBs seem to be covering the consolidation.

it will likely go back to obscurity again..

On the bright side, might be some value in it if it goes back to GFC prices.

So if below MTP (25cent?) then reconsolidate again? Really Funny yeah!?

[BlueKelah]

3:1 consolidation today. 

Good move by management to do a funny 3:1 consolidation. 

Share price now around 30 cents with no volume. Looks like all the punters are out or have taken too much losses to sell and no more interest in this stock, even no VBs seem to be covering the consolidation.

it will likely go back to obscurity again..

On the bright side, might be some value in it if it goes back to GFC prices.

So if below MTP (25cent?) then reconsolidate again? Really Funny yeah!?

@ksir Minimum trading price is 20c.

Yeah they would have to reconsolidate again if prices drop below 20c. During GFC lows it hit all the way to 15c (adjusted for 3:1) , back then price of WTI went below $50 just like the price of oil is now, so sub 20c again it's a possibility.