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Will Vallianz(545.SI) be the next Swiber? A primer before its upcoming AGM on 7th July

Will Vallianz(545.SI) be the next Swiber? A primer before its upcoming AGM on 7th July

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This column is written by @j_chou. 

Jay has an interest in global macro trends, financial markets and equity research and enjoys applying a combination of the three in his investments. His eventual investing goal is to manage a risk parity portfolio and achieve true financial freedom.

Vallianz Holdings Limited is an established provider of offshore support vessels (“OSVs“) and integrated offshore marine solutions to the oil and gas industry. Headquartered in Singapore, Vallianz serves oil majors and national oil companies worldwide, and focuses on supporting customers’ offshore oil and gas exploration and production operations. Today, the Group owns and operates a young fleet of 55 OSVs while its associate owns and operates another 20 OSVs. Vallianz covers markets in the Middle East, Central Asia and Southeast Asia.

Investment Thesis

Vallianz was not spared from the downturn in the oil and gas industry as it struggles to keep its finances under control in order to stay afloat. Despite positive news in the form of numerous contracts from the Middle East revenue has been decreasing year on year from FY15 as the company continues to weather the brunt of the negative impact from decreased capital expenditures and offshore drillings from the international and national oil companies.
Management has been active in restructuring the company’s finances to ensure short-term liquidity but it is at best a temporary measure; in the current climate of low oil prices Vallianz is not in control of its own destiny. Given a rising interest rate environment if the situation persists there is a higher probability of the company defaulting then to expect a reversal of fortunes. …

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Upcoming SATS AGM: 21 July. Know more about SATS(S58.SI)’s business before the AGM!

Upcoming SATS AGM: 21 July. Know more about SATS(S58.SI)’s business before the AGM!

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This column is written by @fayewang
-Faye is both a fundamental analyst and economist by nature. She is a global thinker who’s open-minded and enjoys learning from the market.

Brief Background 
SATS Ltd. is an investment holding company, which is engaged in providing food solutions and gateway services. The company’s other activities include rental of premises and provision of management services to related companies. The Company’s operating segments include:
1) Food Solutions
2) Gateway Services
3) Others. …

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Quick Screening Series: SIA Engineering(S59.SI)

Quick Screening Series: SIA Engineering(S59.SI)

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This column is written by @calvinwee
-Calvin is a fundamental analyst at heart and an ardent disciple of value investing. He relishes the process of searching for undervalued stocks and enjoys collecting dividends from his stocks.
Company overview:
SIA Engineering Company Ltd (SIAE) specialises in providing aircraft maintenance, repair, and overhaul (MRO) services. SIAE is a subsidiary of Singapore Airlines Ltd (SGX: C6L), counts over 80 international airlines as its customers.SIAE is split into the following 2 segments:

 

1. Repair & Overhaul
SIAE offers a one-stop service for virtually all types of airplane issues, ranging from airframe maintenance to component overhaul. SIAE’s primary edge lies in its Joint Ventures and its strategic partnership with Pratt and Whitney and Rolls-Royce and most recently in June, GE Aviation, the top aircraft engine manufacturers in the world. This bestow it with the capabilities to repair major aircraft engines.

 

2. Line Maintenance
Apart from its operations of checking each plane before the flight in Changi Airport, SIAE have business interests in Hong Kong, Indonesia, Philippines, Australia, USA and Vietnam through its JVs. …

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Longer Screening Series: Silverlake Axis(5CP.SI)

Longer Screening Series: Silverlake Axis(5CP.SI)

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This column written by @J_Chou
-Jay has an interest in global macro trends, financial markets and equity research and enjoys applying a combination of the three in his investments. His eventual investing goal is to manage a risk parity portfolio and achieve true financial freedom.

Disclaimer: I am vested in this stock.

Introduction
Silverlake is Asia’s leading software services and solutions provider. The company provides digital economy solutions and services to the banking, insurance, payment, retail, and logistics industries. The company also offers software project implementation services to deliver end-to-end banking, payment, and retail solutions; maintenance and enhancement services; outsourcing services for the processing of credit and debit cards, and other credit products; and cloud computing Software as a Service platform for policy origination and claim processing for the insurance industry, as well as sells software and hardware products. It operates in South East Asia, North East Asia, South Asia, the Middle East, North America, Africa and Europe. Its major customers include 40% of the largest banks in South East Asia such as OCBC, UOB, Maybank, CIMB Group. …

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Upcoming SingMedical EGM: 5 July.  Know more about SingMedical(5OT.SI)’s acquisition of Cancer Centre Pte Ltd before the EGM!

Upcoming SingMedical EGM: 5 July.  Know more about SingMedical(5OT.SI)’s acquisition of Cancer Centre Pte Ltd before the EGM!

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-Gordon has a demonstrable interest in equity investments, financial markets, and negotiating deals. As @NTUInvestmentClub president, he has an understanding of what factors drive an organisation’s success.

About Singapore Medical Group Ltd (SMG)
Singapore Medical Group Ltd (SMG) operates medical clinics and provides medical services. The group operates through 3 segments: health, aesthetics and diagnostics.

About Cancer Centre Pte Ltd
Cancer Centre is a company incorporated in Singapore on 26 December 2007 with its principal activity being the provision of screening and treatment of general cancer services. They operate at Paragon and Mouth Elizabeth Novena. SMG is already an 80% stakeholder of Cancer Centre, with Dr Wong Seng Weng (founder and director of Cancer Centre) holding the other 20%. …

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Upcoming Tianjin ZX USD(T14.SI) EGM: 30 June. Know More About Tianjin ZX’s business before the EGM!

Upcoming Tianjin ZX USD(T14.SI) EGM: 30 June. Know More About Tianjin ZX’s business before the EGM!

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This column is written by @fayewang
-Faye is both a fundamental analyst and economist by nature. She is a global thinker who’s open-minded and enjoys learning from the market.

Upcoming Event:
28 June, 2017 EX-dividend date
30 June, 2017 Extraordinary general meeting at 1:30 pm, Pinnacle Suite, Wangz Business Centre, 7 Temasek Blvd, #44-01, The Penthouse Suntec Tower 1, Singapore 038987

Brief Background:
Tianjin Zhongxin Pharmaceutical Group Corporation Limited (天津中新药业) is a China-based company mainly engaged in the development, manufacture and distribution of pharmaceutical products. The company’s main products include Chinese patent medicines, western medicines, Chinese medicinal materials, pharmaceutical raw materials and preparations, biological medicines, dietary supplements and other products. Tianjin Zhongxin is a core business part of Tianjin Pharmaceutical Group Corporation Limited (天津医药集团) as the company contributed 53% of the group revenue.
The company operates in three segments:
1)Chinese Medicine
2)Western Medicine
3)Others …

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Quick Screening Series – ISOTeam(5WF.SI)

Quick Screening Series – ISOTeam(5WF.SI)

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This column is written by @gordon_ong.
-Gordon has a demonstrable interest in equity investments, financial markets, and negotiating deals. As @NTUInvestmentClub president, he has an understanding of what factors drive an organisation’s success.

ISOTeam conducts building maintenance and estate upgrading. It has 4 segments: Repairs and Redecoration (R&R), Addition and Alteration (A&A), Coating and Painting (C&P), and Others such as interior designing, home retrofitting, renewables etc. …

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A Quick Screen: Ley Choon(Q0X.SI)

A Quick Screen: Ley Choon(Q0X.SI)

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This column is written by @calvinwee
-Calvin is a fundamental analyst at heart and an ardent disciple of value investing. He relishes the process of searching for undervalued stocks and enjoys collecting dividends from his stocks.

Brief Background
Ley Choon Group Holdings Limited (Ley Choon) is an established one-stop underground utilities infrastructure construction and road works service provider. It business segments includes
1) Underground utilities infrastructure construction and maintenance services,
2) Road and airfield pavement construction and maintenance services,
3) Construction materials supply services

Performance Summary
FY16 was a challenging year for Ley Choon as it reported a gross loss of $22.4 million due to provision for liquidated damages and foreseeable losses for additional work to be performed for certain ongoing projects.In the absence of the above factors, the Group would have reported a revenue and gross profit of approximately S$151 million and S$22 million respectively, and a corresponding gross profit margin of 14.6%.
In view of its financial difficulties, Ley Choon have engaged Professional Advisors to restructure its debe obligations and divest its non-core assets to reduce borrowings and strengthen the balance sheet The divestment of non-core assets and businesses is envisaged to reduce overall borrowings by approximately S$30 million. In addition, the Group has also embarked on an optimization program for its operational asset base, where under-utilized assets are identified and disposed to recycle capital.

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Quick Screening – UOL(U14.SI)

Quick Screening – UOL(U14.SI)

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This column is written by @fayewang
-Faye is both a fundamental analyst and economist by nature. She is a global thinker who’s open-minded and enjoys learning from the market.

Recent News and Events:
UOL group, together with United Industrial Corporation (UIC) and Haw Par Corporation, requested for trading halt on 21 June. ‘All three companies are come under the United Overseas business owned by the Wee family, led by patriarch Wee Cho Yaw.’ The reason of the halt was a share swap deal signed by UOL with Haw Par for acquiring additional shares of UIC. The deal enabled UOL to raise their stake holdings of UIC from 44.7% to 48.9%, therefore may provided the company chance of statutory control over UIC.

Brief Background:

Data source: UOL annual report 2016 …

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