5 thoughts on “Baker Technology Limited – Better Tomorrow”
Thanks for the heads up. I knew they had to do something with their cash soon. Hopefully its a good venture out. Waiting and waiting….
With the experience and focus of this company in Rigs, I am sure the venture will be a real good one. Quite sure your wait will be fruitful.
Rolf, I like their bal sht and Cashflow management but if you read their AR there is major single customer concentration – >50% for 1 single in 2013 and I recall 70% for top 2 custs. Any insights? Seems ULTRA risky.
Hi Elizabeth, Thanks for commenting. You are spot on. The concentration of client and geographical business in China is risky. I think the management realise this also. That is why they started two more division Baker Engineering going into Liftboat business and BT Invest focusing on investment of O&M assets this year. Please refer to my recent blog http://rolfsuey.blogspot.sg/2014/08/baker-tech-near-term-challenges-but.html . I am not vested in the company, because I think the near term prospect from core business is not looking bright resulting from margin thinning from the increase competition in China. Nevertheless if the two new divisions do well, Baker business may pick up yet again, but probably in 2016 onwards.
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