ASL MARINE- SLOWLY CREEKING UP

ASL Marine will be releasing its half year results on 10 Feb. I believe it is being sold down in anticipation of lower profits from the year before since for 1Q10, net profit was down 50.5% year on year. Of course, for 1Q09, there was an additional $8.5m of extraordinary gain compared to 1Q10. Lets wait for 1H results to see.

This week market will be volatile. Both Dow Jones and Nasdaq had not confirm their bottom yet. Suggust to stay out of market till wednesday for better market outlook. If you can wait, buy a few days before CNY for some CNY market rally overall and after that to take some profit for your CNY.

GOOD SUGGESTION BEWARE AWARE BESCARE SCARE :ohmy: BECARE CARE BEFEAR FEAR :woohoo:

Haha... You must be joking. Marco Polo Marine is a mickey mouse yard compared to ASL Marine or Otto Marine. They are not strong in shipbuilding nor shiprepairs. They can only build the small boats. Look at their profits. Most of the profit is financial-engineering. Achieved via sales and lease back of their own vessels. In 2010, you will see the operating expenses will balloon by 50-100%. If you strip out the sales and leaseback profit in 2009, their profit is so small. Good luck to your Marco Polo Marine investments. Hahahaha

ASL Marine stuck at 90 c so far this morning with little market interest. OCBC Inv Research not too hot on it either, according to my reading of the report today, as follows: ..... announced that its subsidiary has secured a new shipbuilding contract worth about S$38.5m from an overseas customer. The contract involves the construction of a diving support vessel with fire fighting standby and rescue capabilities and is expected to be completed in 4Q11. This is welcome news to the industry after a dearth of shipbuilding orders, and is encouraging to see enquiries finally translate to actual orders. This contract provides support to the group\'s shipbuilding order book (S$457m as at end 1Q09), but as it is not expected to have a material financial impact on the earnings of the group for FY10, and as ASL Marine is announcing its 2Q10 results on Wednesday, we hold off adjusting our estimates till then. Maintain BUY with S$1.19 fair value estimate. (Low Pei Han)