Atlantic Navigation Holdings

11 Jan 2014 22:18 #18615 by ngcheeki
Atlantic Navigation Holding. A relatively good catalyst company with good PE < 10X, low gearing of 18% as well as reasonable price to book of 0.983X. This company went through a RTO (Reverse TakeOver) of a steel company called “FastTube Limited” in July 2012. The company is in the same sector as Jaya Holding of chartering out vessels AHT and AHTS but with a lower PE (à growth stock). In 9MFY2013 the company has a PE of only close to 7X. Unlike Jaya, the operating region is around UAE region. The free float for this company is around 20% mainly because the major share holder Wong Siew Cheong own 66% of the group. The customers of the company are all oil majors in UAE region namely Abu Dhabi Marine Operating Company (ADMA-OPCO), BGP Arabia Co. Ltd, Bunduq Oil Company, Fugro, Global Industries Offshore LLC., J Ray McDermott M.E Inc., Larsen & Toubro Limited, Maersk Oil, MUSC FZE, UTEC Survey, Zakum Development Company(ZADCO), and Wintershall. The following is a short summary on the financial information:

Mkt Price $0.320
NAV (US$) $0.260
NAV (S$) $0.326
Price/BV 0.983

Net Cash ($12,783.00)
Net Debt per share (USD$) ($0.05)
Net Debt per Share (S$) ($0.06)
Net Gearing -18.83%

9MFY2013 (USD)
Revenue $34,820.00
Profit $9,622.00
Net Margin 27.63%
EPS (USD) $0.037
PE 6.933

If we extrapolate the full year performance of FY2013, the full year result should be around 5 US cents and if we use the standard market dividend payout ratio of 30%, this company should award shareholder with around 1.5 US cents or around 1.9 cents. Based on last transacted price of 32 cents this work out to be around 6% yield which is not too bad.

Kelvin Scully of NRA has a good coverage on this company and the following are the link for your references.

Vessel acquisitions:

3QFY2013 result announcement:

2QFY2013 result announcement


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