Nam Cheong – Crystal ball shining brightly

Nam Cheong Strikes again.

DBS Report 25 Mar 2014

Price current S$0.355 (2 Apr 2014).
Target Price S$0.460.

Nam Cheong secures sale contracts for 2
vessels worth S$54.4m (31 Mar 2014)

Contracts involve an AHTS and PSV. 

Nam Cheong, has secured sale contracts with a
total value worth US$43.1 million for one unit of Anchor Handling Towing Supply
Vessel (AHTS) and one unit of Platform Supply Vessel (PSV).

The AHTS was sold to an emerging player
in the oil and gas sector, a subsidiary of a new customer, Kayfour Development
Corporation Sdn Bhd, which will be operating the vessel via its subsidiary,
Multi Marine Venture Sdn Bhd. Sale of the PSV was made to a repeat customer in
West Africa, E.A. Temile and Sons Development Company of Nigeria Limited, an
established engineering and construction company.
Revenue from the contracts will be
recognised over the relevant contractual period in accordance with the Group’s
revenue recognition policy. The contracts are expected to contribute positively
to the earnings of the Group for the financial year ending 31 December 2014.

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