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Jaya Holdings
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TOPIC: Jaya Holdings
Re:Jaya Holdings 9 Years, 9 Months ago Karma: 0
From DBSV, but the analyst forgot to update Jaya's book value.

Based on 1X P/BV, target price should be 72.5c.

Jaya Holdings: HOLD S$0.56; Bloomberg: JAYS SP
Good results, but strategy still unclear;
Price Target : S$ 0.66
By: Jeremy THIA +65 6398 7974

At a Glance
· 3Q11 above on good margins from vessel disposals; chartering business
remains weak.

· Net gearing improves to a healthy 0.13x.

· Maintain HOLD on uncertainty; S$0.66 TP.

Comment on Results
3Q11 above. Jaya reported 3Q11 headline net profit of S$43.6m (3Q10: S
$4.6m). Excluding one-off gains from sale of fixed assets from its Nantong
yard, core PATMI of S$26.1m (3Q10: net loss of S$2.0m) was ahead of our
expectations. The improved overall performance was due to the disposal of 2
vessels (vs. 3Q10: 1 vessel) generating disposal gains of S$31.6m (3Q10: S
$0.8m). We estimate net margins of at least 38% on the disposal as Jaya
continues to unlock value in its assets. Revenue was up 77% y-o-y to S
$17.7m from higher 3Q11 fleet utilisation rate of 59% (3Q10: 54%; 2Q11:
55%) and higher average day rates (not disclosed; 3Q10: S$10,563); no
shipbuilding sales was recorded in 3Q11. Net gearing improved further to
0.13x as of end March 2011 vs. 0.26x as of end Dec 2010.

Raise FY11F by 18% on strong 3Q. On the back of a strong 3Q11, we raise
FY11F by 18%; no change to FY12F. Notwithstanding the current oversupply
situation in the AHTS market, Jaya has managed to sell/dispose 7 vessels in
FY11 YTD, vs. our full year assumption of 8. As more financing becomes
available, we believe vessel owners may look to buy newer vessels to
modernize their fleet. We do not expect any meaningful uptick in
utilisation rates till 2012; expect subdued day rates and spot charters to
dominate in the near term.

Maintain HOLD on uncertainty. While we believe there is inherent value in
Jaya, its strategy remains uncertain, with a sustained lack of clarity on
how and whether the key management team, instrumental in the running of the
business in our view, would be restructured following the change of
shareholders. Maintain HOLD, TP of S$0.66 pegged to 1x P/BV.
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Re:Jaya Holdings 9 Years, 2 Months ago Karma: 0
IHC Merwede eyes Asian targets

Dutch shipbuilder IHC Merwede has identified two yards in Indonesia as among its potential acquisition targets in South-east Asia.

Tan Hwee Hwee 23 December 2011 03:12 GMT

IHC Merwede expects to conclude talks with at least one yard in South-east Asia within the first half of 2012 as the Dutch yard operator sets out to take advantage of the lower cost base in the region, the company's president Govert Hamers was quoted as saying in an earlier press report.

He did not identify the yards under consideration, but Upstream understands the Dutch player has held discussions with two yard operators in Batam, Indonesia .

Sources said Dubai Drydocks World had been looking at letting go of its three yards in Batam currently parked under the care of its South-east Asian subsidiary in Singapore.

Drydocks acquired the three yards together with a fourth in Singapore at a reported $2.2 billion from Singapore-listed Labroy Marine and Pan United in 2007.

IHC Merwede may find the high price hard to swallow, one source said, prompting speculation that the Dutch outfit may ultimately pick up another option it is rumoured to be exploring with Singapore-based vessel and yard operator, Jaya Holdings.

At 181,000 square kilometres or 18.1 hectares, Jaya Holdings’ Batam yard is a fraction of the combined 134 hectares of land occupied by Drydocks S E Asia’s Graha, Pertama and Nanindah yards.

IHC Merwede has set up its regional headquarters for its shipbuilding operators in Singapore. The company has lined up bank financing for its planned yard acquisition, Hamers said in the press interview.

Published: 23 December 2011 03:12 GMT | Last updated: 23 December 2011 03:13 GMT

Source: www.upstreamonline.com/hardcopy/article295430.ece
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Re:Jaya Holdings 9 Years, 1 Month ago Karma: 0
Singapore Hot Stocks-Jaya jumps as CIMB cites M&A talk

SINGAPORE | Wed Jan 25, 2012 4:44am GMT

Jan 25 (Reuters) - Shares of Jaya Holdings Ltd jumped as much as 12 percent to a five-month high after brokerage CIMB highlighted the Singapore shipbuilder as an attractive acquisition target.

By 0436 GMT on Wednesday, Jaya's shares were up 11.3 percent at S$0.54 with more than 1.5 million shares traded, 4.6 times the average daily volume traded over the last five sessions.

"Our channel checks suggest that corporation actions could be on the cards, potentially reversing Jaya's fortunes," CIMB said in a report. "Dutch shipbuilder IHC Merwede has identified Jaya as a possible acquisition target. Even if there are no M&As, the stock offers an attractive risk-reward balance," the report said.

Jaya officials were not immediately available for comment to Reuters.

The chief executive of IHC Merwede's Southeast Asia operations told Reuters last month that the company hopes to announce the acquisition of a few Asian shipyards next quarter as it sticks to an aggressive plan to expand internationally and grow by 50 percent in five years.

Jaya is majority-owned by a consortium led by Deutsche Bank , which bought the stake from Affinity Equity Partners in February for S$202.6 million ($158 million).

"There is a high likelihood that IHC could acquire Jaya. We think that IHC could offer up to S$0.65/share for Jaya (its net assets excluding debt obligations), translating into 34 percent upside for Jaya's share price," CIMB said.

Jaya's shares have risen about 16 percent since the start of the year. (Reporting by Charmian Kok; Editing by Anshuman Daga)

Source: uk.reuters.com/article/2012/01/25/singap...dUKL4E8CP2UG20120125
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