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[公司专区] 5142 WASEONG 華商控股

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发表于 2011-7-4 21:23 | 显示全部楼层
Wah Seong rises on Aussie job      
  
KUALA LUMPUR: Wah Seong Corp Bhd shares rose in early trade on Monday, July 4 after it secured a US$45 million (RM136.78 million) contract from Australia Pacific LNG Pty Limited to provide pipeline coatings for the Australia Pacific LNG project in Australia.

At 9.05am, Wah Seong added three sen to RM2.42 with 5,000 shares done.

The contract secured by its pipe coating business unit on June 29 involved coating of over 700 km of pipes.

Maybank IB Research maintained its Buy rating on Wah Seong and said it was positive on the company’s clinching of the AP LNG pipe-coating project and that it anticipate more of these to follow over the next few months.

“We are maintaining our forecasts. Wah Seong remains a Buy with a RM3.10 target price (14x 2012 EPS), which provides a 30% upside.

“Wah Seong is a proxy play to PETRONAS' domestic development programmes and worldwide gas, leveraging on Australia’s multiple LNG project sanctions,” it said in a note July 4.

http://www.theedgemalaysia.com/b ... -on-aussie-job.html

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发表于 2011-7-4 21:24 | 显示全部楼层
CIMB Research maintains Wah Seong target price at RM2.70   
  
KUALA LUMPUR: CIMB Equities Research is maintaining a Buy on Wah Seong Corp and its target price remains at RM2.70.

It said on Monday, July 4 that Wah Seong’s dry spell lasting almost two years has come to an end with the finalisation of a US$45 million (RM137 million) pipe coating contract for the Australia Pacific LNG project.

CIMB Research said this contract raises Wah Seong’s order book by 11% to RM1.34 billion, which could hit RM2 billion if the company wins the pipe coating portions of the Kebabangan and Wheatstone LNG projects.

“As our forecasts already factor in the Australia Pacific LNG contract, we maintain our forecasts. Our target price remains at RM2.70 as we continue to value the stock at our target market P/E of 14.5 times.

“Wah Seong remains a BUY as it may be catalysed by new pipe coating contracts and geographical expansion,” it said.

http://www.theedgemalaysia.com/b ... price-to-rm270.html

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发表于 2011-7-4 21:38 | 显示全部楼层
华商控股 订单增至13.4亿
2011/07/04 6:06:46 PM
●联昌国际投资研究

超越大市

目标价:2.70令吉

最新进展


华商控股(WaSeong,5142,主板工业产品股)获澳洲太平洋液化天然气(Australia Pacific LNG)有限公司授权总值4500万美元(1亿3700万令吉)输送管涂层合约。

这工程包括700公里输送管涂层,预计今年第四季启动,明年完成。

盘点分析

这项消息并不令人意外,华商控股管理层之前已透露这工程。

新合约将公司订单提高11%至13亿4000万令吉,是自2009年9月之后首项澳洲工程。

该公司也放眼争取澳洲的Wheatstone液化天然气计划,亦在本地竞标价值8000万至1亿令吉的Kebabangan输送管涂层计划。

一旦取得这两项计划,订单将达20亿令吉,而这些计划料2012财年开始带来收入贡献。

由于已将华商控股新合约加入计算,我们保持预测不变。

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发表于 2011-7-4 21:45 | 显示全部楼层
獲1.35億合約‧前景看好
華商年杪料有大訂單

大馬財經 2011-07-04 18:11

(吉隆坡4日訊)華商機構(WASEONG,5142,主板工業產品組)宣佈獲得澳洲太平洋液化天然氣公司頒發一項總值4千500萬美元(約1億3千500萬令吉)的工程合約。

該公司指出,在上述合約下,為澳洲太平洋液化天然氣公司旗下的澳洲太平洋液化天然氣計劃,提供輸送管涂保護層的服務,涉及輸送管逾700公里,預料今年第四季動工,2012年竣工。

分析員認為,這是華商今年首項大計劃,更多大計劃將接踵而至,並預料今年第四季會獲頒另一項大型合約,前景受看好。

興業研究說,這是華商今年首項大訂單,激勵華商下半年獲更多訂單,這些訂單可能是Kebabangan和Wheatstone計劃;2012年將有更多合約到手。

“營運環境轉佳,塗層管合約賺益改善至30〜31%(前為27〜30%)。至於中國合約的稅前營運盈利改善至3%(前為1%)。”

興業調高2012與2013財政年淨利7.5%與5.3%,分別為1億4千720萬和1億5千820萬令吉。

聯昌研究說,這計劃使華商訂單增11%至13億4千萬令吉,若未來獲Kebabangan與Wheatstone計劃,可使總訂單增至20億令吉,超越2009年以來之業績。

益資利研究披露,更大的計劃包括澳洲Wheatstone液化天然氣計劃和Lchythys計劃,所獲訂單價值可能高達3億至5億令吉,而且油氣管塗層達900公里。
大馬研究說,今年迄今已獲4億3千萬令吉,全年可獲10億令吉新訂單。華商今年競標50億令吉計劃,國內海外各佔一半,預料第四季有新大型合約攫取公佈。

競標的新合約包括沙巴岸外的1億令吉Kebabangan計劃,6億令吉Wheatstone液化天然氣計劃和12億令吉Lchythys計劃,Chevron預期今年下半年對Wheatstone計劃作宣佈。

“獲頒此訂單不出奇,今年較早已指提到;此合約毛賺益達20%,相比澳洲戈根合約毛賺達25%。維持2011至2013年財測不變。”

肯納格研究說,這是去年戈根計劃後,今年首獲大計劃,但維持2011至2012財政年淨利預測不變。

預計從2012財政年起開始貢獻,2011財政年淨利預測增143%至1億2千600萬令吉,主要是從澳洲戈根計劃作貢獻。

馬銀行研究預測從2011至2013財政年,每年從油氣管塗層獲6億2千萬至6億6千萬令吉營業額,淨利預測不變;油氣組分拆照行,明年1月料上市。

(星洲日報/財經)

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发表于 2011-7-5 01:42 | 显示全部楼层
Aussie LNG mart boost for Wah Seong
Published: 2011/07/04

Wah Seong Corporation Bhd is set to benefit from Australia's current booming liquefied natural gas (LNG) market given its strong foothold in Asia-Pacific and excellent track record in pipe coating, says HwangDBS Vickers Research Sdn Bhd.

Wah Seong has been awarded a US$45 million (RM137 million) pipeline coating contract by Australia Pacific LNG Pty Ltd for the APLNG project in Australia.

HwangDBS said the contract win was a positive development as this underlines Wah Seong's competitiveness in the Australian pipeline coating market.

"This will be Wah Seong's second major LNG coating job in Australia after securing Gorgon LNG contract in November 2009," it said.

The contract is expected to commence in the fourth quarter of this year and be completed by 2012.

HwangDBS said Wah Seong's financial year 2011 earnings forecast increased by four per cent should the work recognition start by fourth quarter of this year.

Meanwhile, OSK Research Sdn Bhd has no change in its financial year 2011-2012 forecasts on Wah Seong because it has factored in some orderbook replenishment for its pipe coating division.

Wah Seong's orderbook should be closed to RM1.5 billion now.

Besides the Australia Pacific LNG project, other notable pipe coating projects include Gladstone LNG, Wheatstone LNG and Kebabangan.

OSK Research maintained a "buy" call on Wah Seong and continue to like the company for its market leadership position in the pipe coating and corrosion protection services in Asia.

Furthermore, with the joint venture formed with Insituform recently, OSK Research believed this would give an opportunity for Wah Seong to move outside Asia and penetrate into the United States, Brazil and Gulf of Mexico markets. -- Bernama

http://www.btimes.com.my/Current ... _html#ixzz1R9x32DOo

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发表于 2011-7-5 23:50 | 显示全部楼层
Wah Seong bags AP LNG’s pipe-coating project     
  
Wah Seong Corp
(July 4, RM2.38)
Maintain buy at RM2.39 with target price RM3.10: We are positive on WSC’s clinching of the Australia Pacific LNG Pty Ltd (AP LNG) pipe-coating project and anticipate more of these to follow over the next few months. We are maintaining our forecasts. WSC remains a “buy” with a RM3.10 target price (14 times 2012 earnings per share), which provides a 30% upside. WSC is a proxy play to Petroliam Nasional Bhd’s (Petronas) domestic development programmes and worldwide gas, leveraging on Australia’s multiple LNG project sanctions.

WSC has secured a contract from AP LNG to coat over 700km of pipes for the Asia Pacific LNG project in Australia. The pipe-coating project, valued at US$45 million (RM135 million), will commence by 4Q11 and take about 12 months to complete.

We are positive on this contract flow, in line with our expectations and reflective of the increasing order book visibility worldwide. While this project is dwarfed by the Gorgon project in value (US$163 million), we still expect the AP LNG project to contribute a decent RM27 million to RM33 million to WSC’s pre-tax profit for FY11/12, based on a 20% to 24% pretax margin assumption.

We rate WSC highly in clinching part or all of Chevron’s Wheatstone, Petronas’ Kebabangan and Santos-Petronas’ Gladstone pipe-coating projects totalling approximately US$350 million, results of which should be made known by end-2011 or early 2012.

We are keeping our forecasts unchanged, for we have incorporated the AP LNG pipe-coating project into our forecasts. We forecast WSC to consistently recognise RM620 million to RM660 million in revenue annually from pipe-coating jobs in 2011 to 2013. WSC’s proposal to split its oil and gas outfit (Wasco Energy) from the group remains a work-in-progress. Its plan to list Wasco by January 2012 remains on track. — Maybank IB Research, July 4

http://www.theedgemalaysia.com/i ... oating-project.html

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发表于 2011-7-6 16:14 | 显示全部楼层
Wasco涂料服务 成华商子公司
2011/07/06 10:11:47 AM
●南洋商报

(吉隆坡5日讯)华商控股(WaSeong,5142,主板工业产品股)间接独资子公司Wasco涂料有限公司、已完成收购Wasco涂料服务私人有限公司。

根据文告,Wasco涂料是以2令吉收购Wasco涂料服务,现在后者已成为华商控股的间接独资子公司。

目前,Wasco涂料服务的注册股本为10万令吉,包括10万股普通股,每股1令吉,其现有缴足股本只有2令吉。

Wasco涂料服务有意从事的商业活动是提供输送管涂层服务,以及与石油和天然气领域相关的业务,惟该公司成立至今还未开始营运。

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发表于 2011-7-30 14:19 | 显示全部楼层
总值6亿 全长800公里 传华商控股获油管合约
财经新闻 财经  2011-07-29 19:12




华商控股合约或涉及缅甸仰光与巴基斯坦的油管工程。

(吉隆坡29日讯)传华商控股(WaSeong,5142,主板工业产品股)将夺得总值2亿美元(5亿9140万令吉)、长达800公里的石油输送管涂层及供供应钢管合约。
消息人士告诉《南洋商报》,上述合约涉及缅甸仰光与巴基斯坦的油管工程,而华商控股独资子公司Wasco能源、将负责提供钢管和油管涂层服务。
国油重要角色
消息人士说:“总值2亿美元的工程,预计将在今年底或明年初动工。”
此外,他还指出,国家石油公司(Petronas)在上述工程扮演了重要的角,但他不愿具体说明,只说:“华商控股高层上周曾南下至吉隆坡,相信是与国油洽谈此油管工程的合作相关细节。”
华商控股集团总执行长基安卡罗曾在最近股东常年大会后记者会指出,有信心继续获得更多国油油气工程合约。
截稿前,记者无法联络上华商控股查询上述消息。
中国积极划铺设油管
据了解,上述油管工程,可能与中国近年来的积极规划铺设油管有关。
稍早前的国际媒体曾报导,受日本利诱,莫斯科的动向犹豫摇摆不定,中国能源机构曾提出三个解决方案:建立泰国南部沿海的“海陆联运陆桥”、建立“泛亚洲石油大陆桥”及开凿“克拉地峡运河”。
报导还说,中国积极规划铺设油管,包括巴基斯坦、孟加拉、缅甸、泰国等四国的石油输送管路线,以及可以避开马六甲海峡,藉由“泛亚铁路”西线从云南西线瑞丽出境,连接缅甸东北线交通枢纽,最后到达仰光,长度约1700公里,直接通往印度洋,为中国多提供一条能源后路。
分拆Wasco能源上市
早在今年5月,华商控股为了配合自2007年起计划的分拆上市活动,把子公司Wasco能源有限公司分拆成为独立公司。
华商控股曾表示,分拆决策也可把专营管道涂层、石油天然气输送管生产、工程等业务的Wasco能源不受集团限制,加速业务成长的速度。
就华商控股的分拆计划而言,集团目前正积极Wasco能源的上市筹备工作,预料今年9月将完成,并打算把Wasco能源于明年1月上市。
董事经理兼集团总执行长曾钊联曾在股东常年大会后记者会强调,公司目前将关注本地市场,计划把Wasco能源上市大马交易所,暂时未考虑在国外双边上市。
他说:“分拆油气业务后,我们深信华商控股将会蜕变成亚洲主要的工业支援服务集团。”
订单达12亿
华商控股目前订单总值达12亿令吉,且大部份订单与管线及工程业务有关,未来将朝深海相关及再生能源业发展。
旗下涂层部门 营收贡献约半
根据联昌国际投资研究分析员本月初的报告,华商控股旗下主要业务为石油与天然气以及工业服务,各占70%和30%的比例。
其中,石油与天然气业务里、管道涂层部门则约贡献50%的营收。
扩大海外业务
分析员也表示,华商控股近期在石油与天然气业务里的动作频频,除了在海外市场争取到更多的输送管涂层合约,也在英国和新加坡成立的联营公司,旨在扩大海外市场业务,此发展打破了该公司这一两年的沉静期。
基安卡罗稍早前曾表示,虽然公司业务主要集中在海外市场(介于80至90%),但展望将通过国油耗资600亿令吉、在柔佛东南部设立的新石油提炼与石油化工中心,攫取更多的工程合约。
此外,华商控股目前也在本地竞标价值8000万至1亿令吉的Kebabangan输送管涂层计划。

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发表于 2011-8-25 15:15 | 显示全部楼层
Currency
:
Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2011

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30/06/2011
30/06/2010
30/06/2011
30/06/2010
$$'000
$$'000
$$'000
$$'000
1Revenue
405,158
369,743
896,056
779,364
2Profit/(loss) before tax
34,409
-6,444
103,091
32,032
3Profit/(loss) for the period
29,392
-3,743
81,137
26,414
4Profit/(loss) attributable to ordinary equity holders of the parent
26,193
1,701
69,561
18,725
5Basic earnings/(loss) per share (Subunit)
3.38
0.22
9.01
2.44
6Proposed/Declared dividend per share (Subunit)
3.00
2.00
3.00
2.00








AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent ($$)
1.3300
1.2800

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发表于 2011-8-25 18:22 | 显示全部楼层
Strong performance from Wah Seong     

KUALA LUMPUR: WAH SEONG CORPORATION BHD [] posted net profit of RM16.19 million in the second quarter ended June 30, 2011, compared with RM1.70 million a year ago boosted by pipeline services, engineering divisions.

It said on Thursday, Aug 25 it revenue rose 9.5% to RM405.16 million from RM369.74 million. Earnings per share were 3.38 sen compared with 0.22 sen. It declared an interim dividend of 3.0 sen.

For the first half, net profit jumped 271% to RM69.56 million from RM18.72 million while revenue climbed 14.9% to RM896.05 million from RM779.36 million.

Wah Seong said profit before taxation for 2Q and 1H was RM34.4 million and RM103.1 million respectively as compared with a loss of RM6.4 million and a profit of RM32.0 million a year ago.

“The increase in profit before taxation is mainly due to a higher contribution from the pipeline services and engineering divisions,” it said.

When compared with the first quarter, the pre-tax profit decreased to RM34.4 million in 2Q from RM68.7 million in 1Q mainly due to the lower revenue generated by the pipeline services division in the current quarter.

http://www.theedgemalaysia.com/b ... from-wah-seong.html

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发表于 2011-8-25 18:22 | 显示全部楼层
Wah Seong shelves demerger plan      

KUALA LUMPUR: WAH SEONG CORPORATION BHD [] has shelved its proposed demerger of the oil and gas businesses held under Wasco Energy Ltd.

Wah Seong said on Thursday, Aug 25 the board “has today decided to put on hold the proposed Demerger until further notice in view of the uncertain global market conditions”.

It said the board would relook at the proposed demerger at a more opportune time for the listing of Wasco Energy and make the necessary announcement in due course.

http://www.theedgemalaysia.com/b ... -demerger-plan.html

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发表于 2011-8-25 21:23 | 显示全部楼层
Wah Seong puts demerger plan on hold

Wah Seong Corp decided to put a proposed demerger on hold due to “uncertain” global market conditions, the company said in a Kuala Lumpur exchange filing today. -- Bloomberg

Read more: Wah Seong puts demerger plan on hold http://www.btimes.com.my/Current_News/BTIMES/articles/20110825144633/Article/index_html#ixzz1W6dR9D6n

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发表于 2011-8-26 00:45 | 显示全部楼层
次季淨利飆漲14倍 華商機構派息3仙
財經25/08/2011 17:2

(吉隆坡25日訊)輸送管服務及工程業務報捷,帶動華商機構(WASEONG,5142 ,主要板工業)次季淨利飆漲14.4倍,報2619萬3000令吉,建議每股派息3仙。

 該公司今午向馬證交所報備,截至6月底次季,由于所有業務收入走高,營業額按年揚升9.6%到4億516萬令吉。

 該公司指出,每股盈利達3.38仙,優于去年同期的0.22仙,建議每股派息3仙,也高過去年同期的2仙。

 華商機構首半年營業額則成長15%,報8億9606萬令吉,淨利也激增2.7倍到6956萬1000令吉,累積每股盈利9.01仙,去年同期是2.44仙。

 “儘管美國和歐洲目前各被經濟和主權債務問題困擾,為全球市場營造不穩氛圍,但以現有的訂單來看,我們預計現財年可繼續錄得令人滿意的財報表現。”

 該公司另宣佈,基于全球市場局勢不明朗,董事局決定擱置先前宣佈的業務分折計劃。

 “董事局會在更適宜的時機,重新探討業務分拆計劃,和WASCO能源(WEL)上市的時間,必要時將另行報備。”

 華商機構5月11日透露,決定把由獨資子公司WASCO能源持有的石油與天然氣業務分拆,另外掛牌馬股主要板。

http://www.chinapress.com.my/node/245983

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发表于 2011-9-15 18:32 | 显示全部楼层
MIDF Research keeps Buy on Wah Seong Corp      

KUALA LUMPUR: MIDF Amanah Investment Bank Bhd research is keeping its BUY recommendation for Wah Seong Corporation with an unchanged Target Price of RM2.73.

It said on Thursday, Sept 15, this is based on unchanged 15.7 times price-to-earnings for FY11, which is within its three-year historical average of 12.9 times to 24.6 times.

“We like Wah Seong Corp  given its exposure to Australia LNG industry. On the local front, we expect recently announced gas project known as North Malay Basin, of which a new 200km pipeline to transport gas from the fields to Kerteh will be develop, to be the near-term catalyst to Wah Seong Corp,” it said.

http://www.theedgemalaysia.com/b ... wah-seong-corp.html

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发表于 2011-9-21 16:11 | 显示全部楼层
Wah Seong may benefit from North Malay Basin project      

KUALA LUMPUR: Shares of Wah Seong Corp Bhd advanced on Wednesday, Sept 21, in line with the broader market while sentiment was also underpinned by a positive outlook from analysts.

At 3.31pm, the pipe manufacturer and oil and gas player, saw its shares climb six sen to RM2.03. There were 53,200 shares transacted.

Hwang DBS Vickers Research (HDBSVR) said Wah Seong’s RM1.3 billion order book would drive the earnings.

“Wah Seong will continue with its strong earnings recovery in 2H11, after impressive 1H11 earnings (61% of our FY11 forecast) due to faster progress at Gorgon LNG project. It is 55% complete and scheduled to be completed by 1Q12.

“Order replenishment remains strong with RM1.3 billion outstanding order book as at June 2011. Its more notable recent major contract wins are the RM137 million APLNG contract (starts in 4Q11) and RM85m Kebabangan contract (starts in 3Q11), which will contribute positively in 2H11 and FY12,” it said.

HDBSVR also said it expected Wah Seong to be a prime beneficiary from the North Malay Basin project which Petronas and its production sharing contract partners will develop, including a new 200km pipeline to transport gas from the fields to Kerteh, Terengganu.

“The tight timeline - extracting first gas by 2013 - could see Wah Seong securing a major coating job as soon as 1H12. Petronas might call for bids as early as end-2011 to meet the tight timeline,” it said.

http://www.theedgemalaysia.com/b ... -basin-project.html

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发表于 2011-9-27 18:40 | 显示全部楼层
The Edge Billion Ringgit Club - Wah Seong Corp Bhd      
  
Founded in 1994, Wah Seong Corp Bhd is a diversified oil and gas (O&G) services provider with a footprint in 14 countries. The group is majority-owned by the family of Robert Tan, managing director and major shareholder of veteran property player IGB Corp Bhd. Wah Seong has six main business divisions under its wholly owned subsidiary, Wasco Energy Ltd, namely:

(1)    Pipe coating — pipe coating solutions for the oil, gas and water industries
(2)   Pipe manufacturing — manufacturing large diameter spiral pipe for API application, structure and water sectors.
(3)    Engineering — engineering design, procurement, fabrication, installation, commissioning, and operation and maintenance (O&M) services.
(4)    Renewable energy — manufactures specialised equipment and provides O&M services for biomass power plants; such as industrial fans, boilers and turbines that run primarily on biomass fuels.
(5)    Trading — trading and distribution of building materials for the construction industry
(6) E&P (exploration and production) services — supplying equipment and providing consultancy services to the exploration industry such as brine filtration, inspection services and drilling support services.

Chan Cheu Leong, Wah Seong’s managing director and CEO, shares with The Edge Financial Daily his strategies and dreams for the group.  

TEFD: What are the group’s competitive strengths and advantages?
Chan: The group has always believed strongly in its core values, which are guidelines to our business practices. Among them are holding ourselves and each other to the highest standards of professionalism, accountability, integrity and transparency.

We strongly subscribe to delivering our commitments to customers and our proactive market-orientated policies. It is through these values we uphold that leverages our opportunities and advantages in the market compared to our competitors.


Chan: The group has always believed in its core values.
We are mainly a services and solutions provider to the O&G industry. Our core business is pipe-coating and offering corrosion protection services under Wasco Coatings Malaysia. In the engineering division, we are in the business of gas compressor rentals, top side designs for FPSO (floating production, storage and offloading), and process engineering under Wasco Engineering Ltd. Some of the brand names that we distribute in the engineering division are Ariel, Altronic and Waukesha Dresser.

Last year, we launched a rebranding exercise and this year, we are seeing the O&G businesses moving towards the Wasco brand. Apart from these key divisions, we are also the pioneer in the manufacturing of spiral welded steel pipes for the O&G and construction industry in Malaysia.

Our renewable energy division offers solutions to the palm oil industry regionally which includes countries like Malaysia and Indonesia. Our trading arm is involved with the trading of building materials in the construction industry.

What have been the major achievements of the company in the past four years?
Our revenue has been increasing steadily and our group has grown rapidly over the years, especially after its listing on Bursa Malaysia in 2002. Admittedly, we had a challenging year in 2010. However, moving on, we feel it is time to take a bold leap and continue to develop ourselves at a greater scale on a global level in the energy industry. Hence, the recent announcement to demerge and list the O&G business in order for both entities to accelerate growth and focus on strengthening their positions in their own niche industries.

Financially, we have strengthened our balance sheet over the years and this is evident in our low net gearing ratio of 0.16 times as at March 31, 2011. This is due to rationalisation and consolidation of our M&As and prudent financial management over the last few years which are now bearing positive results.

What are the major challenges your company faced over the years and how did it overcome them? Is there anything you would have done differently?
We have since learnt how to compete in the international market with the best players. Therefore, there is the need to ensure our practices conform to international standards of excellence in order to compete effectively. We also targeted to achieve 25% compounded annual growth rate (CAGR) and a major part of it comes through external mergers and acquisitions (M&As). Hence, integration and consolidation to unify the culture becomes extremely important.

How is the company positioning itself within your industry? What are your strategies to grow or gain market share?
We are positioning ourselves to be a progressive solutions provider in the industry. In the pipe-coating division, our world-class pipe-coating facility in Kuantan is second to none. We have developed a cutting-edge technology where we are one of the two global companies that are able to provide deepwater coatings services.

In the engineering division, with the acquisition of Gas Services International (GSI), we are the leading player in the compression industry, alongside fabrication of topside modules for FPSOs in the Asian market.

On the domestic front, we are developing our renewable energy division to be one of the key players in the region for manufacturing boilers and steam turbines.

In the construction area, our trading division is one of the leading building materials distributors in Malaysia. Another division, pipe manufacturing, is the pioneer and market leader in spiral welded steel structural pipes within Malaysia. With these in hand, we are developing our business in order for us to compete globally and to increase our global competitiveness.

What are your company’s plans for the future, short-term and long-term? What are your plans to compete in the increasingly globalised environment?
We will continue to enhance our operational efficiencies, competencies and global competitiveness, as well as our human capital management. Our people will be our strongest assets. We will continue to promote talent development by developing specific management and leadership competencies across the organisation as part of our human capital management plan.

We are also looking to further strengthen our balance sheet and keep up the continuing favourable performance that will inevitably lead us to our vision of being a global player in the industry.

Recently, the group has announced its intentions to list its O&G businesses on Bursa Malaysia, so we can have more focus in both the O&G and the industrial services businesses. Through the listing, we’ll be able to further strengthen our financial resources so we can take the business to a higher scale.

What is your dream for your company? How would you like to see it in 10 years?
For the O&G business, my vision is for Wah Seong to be a globally integrated energy infrastructure group. As for the industrial services division, we are aiming to be a major player in the respective fields within the Asia-Pacific.

http://www.theedgemalaysia.com/i ... seong-corp-bhd.html

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发表于 2011-11-15 18:40 | 显示全部楼层
Financial Results
Reference No CC-111115-63488

Company Name
:
WAH SEONG CORPORATION BERHAD  
Stock Name
:
WASEONG  
Date Announced
:
15/11/2011
Financial Year End
:
31/12/2011
Quarter
:
3
Quarterly report for the financial period ended
:
30/09/2011
The figures
:
have not been audited

Converted attachment :



Please attach the full Quarterly Report here:
WSCB Q3'11 Quarterly Report.pdf


Remark:




  • [url=]DEFAULT CURRENCY[/url]
  • [url=]OTHER CURRENCY[/url]



Currency
:
Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2011

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30/09/2011
30/09/2010
30/09/2011
30/09/2010
$$'000
$$'000
$$'000
$$'000
1Revenue
478,843
346,764
1,374,899
1,126,128
2Profit/(loss) before tax
36,673
18,864
139,764
50,896
3Profit/(loss) for the period
29,540
10,816
110,677
37,230
4Profit/(loss) attributable to ordinary equity holders of the parent
21,293
12,488
90,854
31,213
5Basic earnings/(loss) per share (Subunit)
2.80
1.64
11.98
4.12
6Proposed/Declared dividend per share (Subunit)
0.00
0.00
3.00
2.00








AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent ($$)
1.3100
1.2800

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发表于 2011-11-16 18:56 | 显示全部楼层
Maybank IB Research maintains Buy on Wah Seong Corp with a RM3.10 TP      

KUALA LUMPUR (Nov 16): Maybank Investment Bank Research is maintaining its Buy call on Wah Seong Corp with a RM3.10 target price.

It said on Wednesday a weaker 3Q11 net profit (-19% QoQ) was due mainly to an RM11 million forex loss. This aside, 9M11 core net profit was within expectation (72% of our full-year forecasts).

“We maintain our forecasts. Overall, pipe-coating visibility remains strong. We see domestic projects dominating new orders over the next few quarters. WSC remains a Buy with a RM3.10 target price (14 times 2012 EPS),” it said.

It said the 3Q11 core net profit of RM32m (+17 % QoQ) took 9M11 core net profit to RM102 million (+230% YoY), in line with our forecasts. The underlying growth was driven by higher revenue (+18% QoQ) and an expanded EBIT margin (+0.7-ppt QoQ), driven primarily, we reckon, by its pipe-coating division (i.e. Gorgon and domestic jobs).

“We expect 2H performance to mirror 1H with the AP LNG (US$45 million) and Kebabangan (RM80 million to RM90 million) projects sustaining earnings visibility up to 2Q 2012.

Maybank IB Research said although WSC lost out on Wheatstone’s pipe-coating job, it expects domestic jobs (i.e. pipeline replacement & North Malay basin) and potentially Inpex’s Ichthys LNG project (measuring 885km of pipelines) to fill up capacity over the next few years.

“Our 2012-13 forecasts incorporate RM600 million p.a. of pipe-coating revenue, of which outstanding is about RM400 million, we estimate,” it said, adding that outstanding orderbook remains steady at RM1.2 billion as at September 2011.

“We see WSC as a proxy play to Petronas’ domestic development programmes, and worldwide gas, leveraging on Australia’s multiple LNG project sanctions.

“The stock now trades at sub-10 times one-year forward PER which is at one standard deviation below mean of 9.4 times, which we think, underscores its near-term job wins and earnings potential. On the corporate front, there is no new update on the proposed listing of Wasco, which has been deferred since August,” it said.

http://www.theedgemalaysia.com/b ... ith-a-rm310-tp.html

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发表于 2011-11-16 18:57 | 显示全部楼层
Wah Seong rises on strong 3Q earnings      

KUALA LUMPUR (Nov 16): WAH SEONG CORPORATION BHD [] shares advanced in early trade on Wednesday. Nov 16 after its  net profit for the third quarter ended Sept 30, 2011 surged to RM21.29 million from RM12.49 million a year earlier, due mainly to a higher contribution from the oil and gas division.

At 9.05am, Wah Seong gained four sen to RM2.09 with 2,000 shares traded.

Its revenue for the quarter rose to RM478.84 million from RM346.76 million in 2010. Earnings per share rose to 2.80 sen from 1.64 sen, while net assets per share was RM1.31.

For the nine months ended Sept 30, Wah Seong’s net profit jumped to RM90.85 million from RM31.21 million in 2010, on the back of revenue RM1.37 billion.

Maybank IB Research said Wah Seong’s weaker 3Q11 net profit (-19% q-o-q) was due mainly to an RM11 million forex loss.

This aside, the research house said the company’s 9M11 core net profit was within expectation (72% of full-year forecasts).

“We maintain our forecasts. Overall, pipe-coating visibility remains strong.

“We see domestic projects dominating new orders over the next few quarters. WSC remains a Buy with a RM3.10 target price (14x 2012 EPS),” it said in a note Nov 16.

http://www.theedgemalaysia.com/b ... g-3q-earnings-.html

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发表于 2011-11-24 18:40 | 显示全部楼层
RHB Research lowers Wah Seong to Underperform from Market Perform      

KUALA LUMPUR (Nov 24): RHB Research Institute has reduced its FY12-13 revenue estimates for Wah Seong Corp Bhd by -10.2% and -10.0% respectively as it factors in lower wins going forward.

“This results in our net earnings estimates falling by 17.1% and 16.7% respectively,” it said on Thursday.

RHB Research said its new fair value estimate is RM1.49 a share based on unchanged 11 times FY12 PER.

“We are cognisant of the potential volume of domestic contracts that will be rolled-out by Petronas within the next five years but the exact timeline and the quantum of these contracts are still uncertain. Downgrade to Underperform,” it said.

The research house said that Bredero-Shaw received a letter of intent from Mitsui & Co for the pipe-coating contract, estimated to be worth US$400 million (RM1.2 billion), on the Ichthys Gas Field Development project.

“We understand that the main reason Wah Seong lost out on this project was that its plant is currently too busy to facilitate the pipe-coating schedule that was required.

“Management is confident that it will still be able replenish its contracts from the domestic pipeline replacement projects ahead. There would likely be minimal competition from Bredero-Shaw which now has its hands full with the two large Australian contracts (Wheatstone and Ichthys) won recently,” it said.

http://www.theedgemalaysia.com/b ... market-perform.html

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