SSH Corp

臥龍先生

SSH Corp –

The oilfield equipment supplier expects to clinch more contracts this year from new petrochemical and bio-diesel plants being built here, says chairman and CEO Kris Wiluan. He said the company is in talks with oil firms such as Shell and ExxonMobil, and other investors “coming to set up plants in the growing oil and gas hub in Singapore”.

For the half year ended Dec 31, 2007, SSH reported a 51% rise in net profit to $12.5m on a 48% increase in revenue to $114.7m. It is paying an interim dividend of 0.7 cent per share, up from 0.55 cent previously. This follows strong demand for its products, and contributions from an $80m deal bagged by SSH and joint venture French partner Phoceenne to supply pipes, fittings and flanges to Shell's new US$3bn petrochemical complex currently under construction. But increased activity has resulted in higher expenses, including a bigger headcount and wages bill. Higher inventory, trade debtors and other working capital needs, meanwhile, resulted in an increase in bank borrowings to $57.5m.

大师

很好的表现，希望下半年更好。

臥龍先生

原帖由 大师 于 15-2-2008 02:21 PM 发表
很好的表现，希望下半年更好。

你有再買進嗎 ?  

最近掉了不少, 蠻便宜了..

臥龍先生

SSH reports S$2.1 million Third Quarter Profit
- Performance affected by declining steel prices and softer demand.
- Revenue declined by 14% to S$53.5 million
- Net profit after tax declined by 70% to S$2.1 million
- Cash and cash equivalents improved to S$4.7 million
- The Group has adequate credit facilities to support its ongoing business

SINGAPORE, 13th May 2009 – Main board listed SSH Corporation Ltd (“SSH” or the “Group”) today announced revenue of S$53.5 million and net profit after tax attributable to shareholders of S$2.1 million for the third quarter ended 31 March 2009 (Q3 FY09).

The Group’s revenue for third quarter FY2009 (Q3 FY09) decreased by 14% from S$62.3 million in third quarter FY2008 (Q3 FY08) to S$53.5 million, due mainly to softening of steel prices and lower demand.
The Group’s gross profit decreased by 27%, from S$16.1 million to S$11.7 million. Gross profit margin for Q3 FY09 was 22%, lower as compared to 26% in Q3 FY08, due mainly to provision for inventories write-down of S$2.7 million in Q3 FY09.

Other income increased from S$0.4 million to S$0.8 million. The increase was due mainly to an increase in rental income. Distribution costs increased by 9%, from S$3.4 million to S$3.7 million, due mainly to higher selling expenses. Administrative expenses increased by 14%, from S$3.6 million to S$4.1 million. This was due mainly to an increase in property tax, depreciation charge, warehousing costs and utilities expenses.
Other operating expenses increased from S$0.2 million to S$1.3 million due mainly to provision for impairment loss on leasehold property of S$0.6 million and exchange loss of S$0.4 million. Finance cost declined by 49%, from S$0.8 million to S$0.4 million, due to lower interest rates.

Profit after tax attributable to shareholders, decreased by 69% from S$6.8 million (Q3 FY08) to S$2.1 million (Q3 FY09).

Trade receivables declined by 22% from S$56.8 million (30 Jun 2008) to S$44.4 million (31 Mar 2009) due mainly to reduction in revenue and the timing of payment received from customers. The trade receivables turnover increased from 70 days to 80 days.

The Group’s inventory increased by 10% from S$100.5 million to S$110.3 million. Inventory turnover for Q3 FY09 was 7.8 months. The increase was due to committed purchases from suppliers made in the previous quarter and delivered in Q3 FY09.

Leasehold property decreased by 12% due mainly to impairment loss of S$1.3 million, recognized for the nine months to 31 Mar 2009.

Current liabilities declined by 44% from S$75.3 million to S$41.8 million due mainly to decreases in short-term bank borrowings, trade and other payables. Non-current liabilities increased by 132%, from S$13.5 million to S$31.4 million due mainly to the increase in long term bank borrowings from S$11.2 million to S$29.2 million.

The Group has S$33.0 million unsecured long term loans, payable within period of 3 to 5 years from January 2009 to March 2013. The gearing for the Group as at 31 Mar 2009 was 0.41 times, slightly lower as compared to 30 Jun 2008 of 0.48 times.

Shareholders’ fund increased by 12% from S$104.9 million to S$117.1 million.

The cash generated from operations was S$7.3 million in Q3 FY09, as compared to S$5.7 million in Q3 FY08. Cash outflow from financing activities of S$5.3 million in Q3 FY09, was due mainly to the repayment of bank loans. In Q3 FY08, there was a net cash outflow of S$0.2 million, due mainly to additional bank loans of S$4.3 million, interest paid of S$0.8 million and dividend payment of S$3.8 million. Cash and Bank balances increased by S$1.3 million, from S$3.4 million (30 Jun 2008) to S$4.7 million (31 Mar 2009).The Group has
adequate credit facilities for the ongoing business.

Commenting on the Group’s performance, Mr Kris Wiluan, Chairman and CEO of the Group said: “The global economic and financial crisis has affected the demand for, and the prices of steel. Excluding the provision for inventory write-down and impairment for leasehold property, the Group has performed relatively well. With the current lower demand, we expect business to be challenging. Nonetheless, the Group will increase its efforts to look for new markets and new opportunities.”

On the prospects of the Group, the Directors expect that the operating conditions for the rest of FY09 will be challenging. The Directors will continue to take the necessary measures to minimize the impact of the slowdown in economy.

黑色幽默

卧龙兄对oil & gas hardware也有兴趣
不过据我所知
今年生意量大跌
很多都是靠去年的接下来的project生存
有兴趣的话
相关的几间同行可以相做比较
hupsteel, cosmosteel等都算是不错的底价股

臥龍先生

原帖由 黑色幽默 于 25-6-2009 09:09 AM 发表
卧龙兄对oil & gas hardware也有兴趣
不过据我所知
今年生意量大跌
很多都是靠去年的接下来的project生存
有兴趣的话
相关的几间同行可以相做比较
hupsteel, cosmosteel等都算是不错的底价股

老實說我對 oil & gas hardware 這方面沒研究.  我多是看公司的 fundamental 投資的.  對於 industry 方面的考量還是其次.

Hupsteel 和 Cosomosteel ? 請問您有沒有研究它們 ? 不妨把您的研究結果跟大家分享一下 ? 謝謝哦

黑色幽默

本身其实是从事相关行业
股票方面我完全是新手
还需要卧龙兄多多指教
如果卧龙兄对SSH有兴趣
我个人认为其他几间其实也不错
像HUPSTEEL, COSMOSTEEL, SINGHEEHUAT,ANNAIK

以个人的工作经验
他们购买的时候铁价处于高峰期
遇上了经济风暴钢铁/白钢的价钱一直下滑
这些OIL & GAS HARDWARE STOCKIST过去一年都贵买贱卖
卧龙兄有兴趣的话可以参考参考
不过个人认为COSMOSTEEL潜力最大

臥龍先生

原帖由 黑色幽默 于 25-6-2009 11:25 AM 发表
本身其实是从事相关行业
股票方面我完全是新手
还需要卧龙兄多多指教
如果卧龙兄对SSH有兴趣
我个人认为其他几间其实也不错
像HUPSTEEL, COSMOSTEEL, SINGHEEHUAT,ANNAIK

以个人的工作经验
他们购买的时候铁 ...

謝謝您提供的宝貴資料,  我會留意 cosmosteel. 剛剛看了看它的半年業績報告,  大家都在亏大錢的時候, 它的業績竟然可以有 100% 的漲幅 !! 好强.. 哈哈.... 要留意了

黑色幽默

原帖由 臥龍先生 于 25-6-2009 12:21 PM 发表


謝謝您提供的宝貴資料,  我會留意 cosmosteel. 剛剛看了看它的半年業績報告,  大家都在亏大錢的時候, 它的業績竟然可以有 100% 的漲幅 !! 好强.. 哈哈.... 要留意了

我自己也在留意
不过觉得现在价格太高
相比较其他规模更大的同行价格都维持在0.20左右
如果9月价格下跌就可以进票
相信加以时日油价飙升的时候
相信可以到0.50左右
有什么进一步消息大家再交流交流

臥龍先生

原帖由 黑色幽默 于 25-6-2009 05:29 PM 发表

我自己也在留意
不过觉得现在价格太高
相比较其他规模更大的同行价格都维持在0.20左右
如果9月价格下跌就可以进票
相信加以时日油价飙升的时候
相信可以到0.50左右
有什么进一步消息大家再交流交流

股票價格高低不能單看現價哦,  也不能直接和其他同行的股價比較.  必須要看公司的業績的. 因為每間公司的營運方法不一樣,  負債也不一樣,  所以不能直接比較股價.

大概看了一下兩間公司的業績,  我覺得 SSH 比 COSMOSTEEL 貴多了

黑色幽默

原帖由 臥龍先生 于 25-6-2009 09:53 PM 发表


股票價格高低不能單看現價哦,  也不能直接和其他同行的股價比較.  必須要看公司的業績的. 因為每間公司的營運方法不一樣,  負債也不一樣,  所以不能直接比較股價.

大概看了一下兩間公司的業績,  我覺得 SSH 比 ...

多谢卧龙兄的指点
不过你说SSH比COSMOSTEEL贵多了的意思是什么

臥龍先生

原帖由 黑色幽默 于 26-6-2009 05:15 PM 发表


多谢卧龙兄的指点
不过你说SSH比COSMOSTEEL贵多了的意思是什么

這裡我是指股票的價值,  而不是股票的價格. 很多時候股票的價格並沒有很好的反應出一支股票真正的價值.  一支股票價格是 SGD 1, 但是公司的狀況和業績可能不值 SGD 1,  可能更多. 有些股票只有 SGD 0.10 但是當把公司的狀況考慮進去時,  所以可能 SGD 0.10 是很貴的; 相反的,  有些公司可能股價是 SGD 3.00,  但是公司運作得很好,  很有潛力發展,  所以 SGD3.00 可能算是很便宜的.

SSH 的股價是 SGD0.18. COSMOSTEEL 的股價是 SGD0.31. 但是以最新的業績來看,  Cosmosteel 運作方面似乎比 SSH 出色多了,  所以比較起來,  Cosmosteel  的股票也許更值錢. 不過我還沒真正的去分析啦,  只是大概看一看罷了.

黑色幽默

[quote]原帖由 臥龍先生 于 27-6-2009 03:09 PM 发表


這裡我是指股票的價值,  而不是股票的價格. 很多時候股票的價格並沒有很好的反應出一支股票真正的價值.  一支股票價格是 SGD 1, 但是公司的狀況和業績可能不值 SGD 1,  可能更多. 有些股票只有 SGD 0.10 但是當把 ... [/quote
卧龙兄
小弟受教了
希望卧龙兄研究了cosmosteel之后能够分享您的高见

臥龍先生

SSH Corporation Ltd: Affected by further inventory provisions and low
demand
Impacted by low demand, steel prices and provisions. SSH Corporation (SSH) reported a 13% YoY fall in FY09 revenue to S$217.6m and a 44% drop in net profit to S$15.5m as the group felt the impact of softer steel prices, lower demand and provision of inventories write down. Results were below expectations due to the inventory provision as well as lower revenue in the last quarter which made up 20% of our full year estimate. Excluding the write down of S$9.7m, gross profit margin would be about 26%, similar to that of FY08's. Although other income rose 98% YoY to S$6.4m due to increase in rental income, other operating expenses increased by 225% to S$3.9m due to an exchange loss of S$1.2m in FY09. We also note that
gross gearing decreased from 0.48x as at 30 Jun 08 to 0.29x as at 30 Jun 09 as bank borrowings fell with lower working capital requirements.


Steel prices have likely bottomed out. As steel prices bottomed out in May this year and have recovered since (Exhibit 1), it is less likely that the group should require further provision for inventory write downs. Assuming adequate provision and if steel prices continue to recover, the group may book revaluation gains, but this will not be reflected in the income statement but rather in the revaluation reserve. Steel prices have trended upwards, supported by strong demand from certain countries such as China which have taken advantage of low prices to stock up on inventories. From Exhibit 2, we see that China started experiencing a recovery in iron and carbon steel products imports from February this year, near the trough of the global
composite steel price index (Exhibit 1). Although SSH mainly caters to customers in Singapore, Indonesia and nearby countries, there is the possibility that the group may expand its reach in the Chinese market
since it can leverage on the network of KS Energy and Aqua-Terra Supply.


Maintain HOLD. Management expects that FY10 will remain "challenging and competitive" but pointed out that if the rise in oil prices is sustained, it may induce more oil exploration which increases the demand for SSH's products and services. We maintain our fair value estimate of S$0.16 as outlook remains murky with relatively low earnings visibility. As such, our HOLD rating remains.(Low Pei Han)

黑色幽默

卧龙兄，
cosmosteel昨日闭市前猛涨0.055
不知道你是否有注意
今日开始也起了0.02

臥龍先生

SSH Corporation
Positive breakout suggests more upside to come Key resistance overcame. SSH Corporation is likely to see further upside potential after breaking and closing above both its $0.225 key support-turned-resistance and the 50-day moving average on heavy volume yesterday.

Indicators have turned bullish.
With the RSI rising strongly above the 50% mark and the MACD indicator having initiated a strong bullish crossover yesterday, these suggest that the bullish momentum is building up significantly.

Initial resistance at $0.255.
On the upside, we peg the initial resistance at $0.255 (support-turned-resistance), breaking which, we see the next resistance at $0.285 (minor peaks in Mar, Apr and Jun ‘08). Immediate support at $0.225. Meanwhile, the key $0.225 becomes the immediate support, ahead of $0.200 (minor troughs in Oct and Nov ‘09) and $0.170 (resistance-turned-support).

臥龍先生

OIL and gas services provider KS Energy Services (KS Energy) is consolidating its distribution businesses into one new $320 million entity called KS Distribution. It will do this by taking private its subsidiary, Aqua-Terra Supply Co (ATS), and its associated company, SSH Corporation (SSH) with the aid of Actis, a private equity investor firm.

Yesterday, KS Energy announced its plan to acquire all the two companies' shares in separate schemes through a combination of cash and new KS Energy shares. For every ATS share, an ATS shareholder will stand to receive a combination of $0.23 in cash and 0.125 KS Energy shares, a 28.9 per cent premium over ATS's closing price of $0.29 on Monday. SSH shareholders will stand to receive $0.16 in cash and 0.1 KS Energy shares.