Malaysia’s BHIC Still a Buy on Hopes of Shipbuilding Orders

Tuesday, November 13, 2007
ECM Libra Avenue Investment Bank said it is keeping its 'buy' call on Boustead Heavy Industries Corp Bhd (BHIC) because it expects the Malaysian shipbuilder to get more contracts, especially for naval vessels. Boustead Holdings Bhd owns 65 percent of BHIC and the Malaysian armed forces pension fund, Lembaga Tabung Angkatan Tentera, is the major shareholder in Boustead Holdings. BHIC will deliver its third patrol vessel to the Royal Malaysian Navy, a fourth is scheduled for delivery early in December and two more will be delivered by 2009, ECM said in a note. The company will be busy for the next 10 years, reportedly with another 21 patrol vessels in the pipeline. BHIC's management has indicated that the value of its order book will reach $298.5m by 2008, which means more contracts are likely be secured in the near future. The brokerage forecasts that BHIC will make net profit of $39.7m in 2008 and $53.1m in 2009. ECM is keeping its target price of $2.69 per share for BHIC stock to reflect the company's strong third-quarter results and promising outlook. Last month, the company said it swung to profit in the third quarter on an exceptional gain of $117.3m. It booked net profit of $130.1m, against a loss of $14.3m a year earlier. [Source: Thomson Financial]
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Hyde Guardian BWTS for Edison Chouest Fleet

Hyde Marine, Inc., a wholly owned subsidiary of Calgon Carbon Corporation, has been selected as a strategic supply partner for ballast water treatment (BWT) systems

Rosneft, ExxonMobil Continue Drilling for Now

Russia's Rosneft and U.S. ExxonMobil are continuing to drill in the Kara Sea and plan to stop work by Oct. 10, Russian Deputy Energy Minister Kirill Molodtsov said on Tuesday.

Aberdeen Harbour Installs Siklu Security Network

Aberdeen Harbour has extended its security solutions coverage using high-capacity backhaul from Siklu, the market leader in millimeter wave backhaul informs the Israel-based tech firm.

Finance

Barge Operator Fined for Releasing Dangerous Gas

The operator of a Portsmouth-based barge has today been made to pay almost £111,000 in fines and costs after pleading guilty to a breach of maritime legislation.

Charterers Remain Optimistic Despite Small Downturn

Overall confidence levels in the shipping industry fell slightly during the three months to August 2014, according to the latest Shipping Confidence Survey from

Insights: New York Canal Director Brian Stratton

Brian U. Stratton was appointed Director of the New York State Canal Corporation in April 2011, to oversee the operation and development of New York’s 524-mile Canal System,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2240 sec (4 req/sec)