PACC Offshore Services Holdings Ltd

[OngHuatHuat]

Care to share your view on this IPO?



PE ratio of 16-17.6X

 

[Wood4]

Buy or bye ?
Must buy ?

 

[Sinkie]

252.02m offer shares @ S$1.15
40m available to public

Indicative timetable
17 Apr, 5pm Public offer opens
23 Apr, 12pm Public offer closes
25 Apr, 9am Commence trading

PACC Offshore: On a post-IPO basis,
FY13 EPS = US 4.03¢ ;
NAV = $0.81

Peer comps: P/E (x) P/B (x)
PACC Offshore 22.5 1.4
Pacific Radiance 8.5 1.6
Marco Polo 5.1 0.8
Swiber 5.1 0.65
Ezra 19.6 0.85
Ezion 12.6 3.2

 

[koxinga]

Got prospectus? Can't find on MAS or SGX earlier.

Is your NAV in SGD or USD? On the basis of the peer comparison, seems on the high end, but fleet size quite big. With the Robert Kuok link and the lack of substantial IPO in the recent months, might be worth a punt. Stag?

 

[macmania]

Got prospectus? Can't find on MAS or SGX earlier.

Is your NAV in SGD or USD? On the basis of the peer comparison, seems on the high end, but fleet size quite big. With the Robert Kuok link and the lack of substantial IPO in the recent months, might be worth a punt. Stag?

https://sites.google.com/site/researchreporta2/POSH_PreliminaryProspectus08042014.pdf

 

[Garlic & Butter]

Preliminary prospectus is here
https://opera.mas.gov.sg/ExtPortal/...c.aspx?shrID=3c377bed7eec477f868bcfa578c9ec2a


Indicative base deal size of up to 337,625,000 shares of which:
· Placement – Up to 196,820,000 shares
· Cornerstones – Up to 85,605,000 shares
· Reserve - Up to 25,200,000 shares
· Greenshoe: Up to 46,125,000 shares
Indicative price range: S$1.13 - S$1.24 per share


Final price: $1.15
· Singapore Public Offer - Up to 30,000,000 shares

Indicative Timetable
· Roadshow/Bookbuilding: 08-16 April
· MAS registration / Allocation : 17 April

· Singapore Public Offer: 17 - 23 April
· Expected listing: 25 April, Friday

 

[koxinga]

Spoke to someone just now and person with knowledge in this sector says POSH is big boy in the sector.

edit:
big boy but PE so high. they not good at earning money despite of size ah?

 

[tt32003]

Think will just try my luck lah.
Anyway most IPO past few years all never get one

 

[wahkao3]

IPO good meh?
why u all so hard up over IPO

 

[Keverus]

IPO good meh?
why u all so hard up over IPO

no la, no good.

still wiating for u to tell us what to buy

 

[wahkao3]

no la, no good.

still wiating for u to tell us what to buy

this one dont buy
PE fail already

 

[supertanweekiat]

Not sure also...but some of my malaysian friends tell me jin power. POSH malaysian stock comes another name, and they have been rallying for quite some time!

 

[iloverainydays]

Spoke to someone just now and person with knowledge in this sector says POSH is big boy in the sector.

edit:
big boy but PE so high. they not good at earning money despite of size ah?

Posh is similar to ezra before ezra decided to concentrate on her offshore construction business ,aka after her acquisition of AMC.

Thus posh is in the osv chartering business. Mainly. I would say its a safe and low risk business as long as the capex for offshore exploration and production continues to grow. But number of osvs are increasing.. Theres so many osv owners nowdays though(meo,bourbon,solstad to name a few), dont know when it will be come saturated.
P/E really expensive, dont understand whats the drivers though. The vessels they have nothing special as well..

Anyway just my 2 cts.

 

[Wood4]

Spoke to someone just now and person with knowledge in this sector says POSH is big boy in the sector.

edit:
big boy but PE so high. they not good at earning money despite of size ah?

Read on Zaobao that PE will drop to 8.4 in 2015.
It is 5th largest offshore servicing in the world.

 

[TheHeist]

Read on Zaobao that PE will drop to 8.4 in 2015.
It is 5th largest offshore servicing in the world.

Because anticipate price drop or earnings increase?

 

[Aneosx]

this one dont buy
PE fail already

The FATA Master has spoken, u mortals better listen to the master's golden advice.

 

[RubiksCuber]

this one dont buy
PE fail already

Thanks. What about TA?

 

[zawoo86]

Thanks. What about TA?

IPO lei. There's no trend or past data to do TA.

 

[RubiksCuber]

IPO lei. There's no trend or past data to do TA.

Yeah, but wahkao3's pretty good with these sort of things.

 

[Wood4]

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