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Rotary EngineeringÐîÊÆ´ú·¢
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Rotary ¿ªÊ¼ÐµÄ...תһ¶Î´ÓcanslimÉÏÃæ¿´µ½µÄ£º£¨posted on Fri, 01-Dec-2006)
Summary: We brought institutional investors along for a site visit to Rotary's S$535m Universal Terminal project on Jurong Island yesterday. Investors' feedback is generally positive, especially on the demonstration of Rotary's capability to handle its first mega-sized engineering, procurement and construction (EPC) project. This project is well on track for completion by end 2007. Going forward, Rotary's geographical focus for EPC projects is in Singapore, Middle East, and Thailand. Rotary's two new joint ventures in Saudi Arabia have already begun to bid for contracts, and will be supported by the expected commissioning of its fabrication facility in the Kingdom in 2007. Rotary is also poised to benefit from the rush of investment activities on Jurong Island in year-to-date 2006, which includes the US$3b Bukom Shell Houdini project. Our fair value estimate of S$0.88 uses a similar 2.2x FY07 P/B ratio, with 25% capital gain potential. A future re-rating of Rotary is possible, if it can up the ante by securing combined bread-and-butter EPC deals worth >S$300m per annum. Maintain BUY.
[¿Þ°É¿Þ°É (12-4 17:25, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]23Â¥

(ÒýÓà halley:ÎÒ½ñÌì0¡£705½ø³¡£¬ÎÒ¾õµÃ0¡£7ÊǸö¿²£¬¶¥¹ýÈ¥ÁË£¬ÏÂÒ»²½¾ÍÊÇ0¡£8)¶¥Ò»Ï£¬0¡£8À²£¬ÀúÊ·×î¸ß0¡£78£¬Èç¹ûÕâ¸öиßÄÜÕ¾ÎÈ£¬»¹ÓÐÒ»¶¨µÄÉý·ù[halley (12-5 9:39, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]24Â¥

(ÒýÓà xiaohu:belief is the power. now 0.715, up 20+%!)½ñÌìÊDz»ÊÇÓÖÓÐʲôÀûºÃµÄÏûÏ¢³öÀ´£¿[À¶ÂìÒÏ (12-5 9:43, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]25Â¥

(ÒýÓà halley:¶¥Ò»Ï£¬0¡£8À²£¬ÀúÊ·×î¸ß0¡£78£¬Èç¹ûÕâ¸öиßÄÜÕ¾ÎÈ£¬»¹ÓÐÒ»¶¨µÄÉý·ù)rotory·¢ì®ÁË£¬³å´ÌÀ­[halley (12-6 16:44, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]26Â¥

½ñÌìÕâ¸ö¹ÉƱºóÃæÓиöCA£¬Çë½Ì¾ßÌåÊÇʲôÒâ˼£¿[À¶ÂìÒÏ (12-7 9:52, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]27Â¥

(ÒýÓà À¶ÂìÒÏ:½ñÌìÕâ¸ö¹ÉƱºóÃæÓиöCA£¬Çë½Ì¾ßÌåÊÇʲôÒâ˼£¿)Äã¿ÉÒԲ鿴SGXÀ﹫˾·¢²¼µÄannouncement[forumstart (12-7 10:50, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]28Â¥

for this one, actually i didn't expect it comes so fast. =_=[xiaohu (12-11 4:09, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]29Â¥

(ÒýÓà xiaohu:for this one, actually i didn't expect it comes so fast. =_=)congrats first![Ò»³¾²»È¾ (12-12 13:18, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]30Â¥

Çë½Ì¸÷룬rotaryµÄoffer 2 of 5 @ 0.2, Ôõô¸öoffer·¨°¡£¿±È·½Ëµ£¬ÎÒÏÖÔÚÓÐ5000¹É£¬¾ÍÓ¦¸Ã¿ÉÒÔÒÔ0¡£2ÂòÁíÍâ2000¹É¶ÔÂð£¿Õâ2000¹ÉÐèÒªÎÒÈ¥ÂòÂ𣿻¹ÊÇ»á×Ô¶¯µ½ÎҵĻ§Í·£¿Ç®Ôõô¸¶°¡£¿Ð»Ð»ÁË£º£©[·ãÒ¶ÓêÒ¶ (12-17 17:55, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]31Â¥

(ÒýÓà ·ãÒ¶ÓêÒ¶:Çë½Ì¸÷룬rotaryµÄoffer 2 of 5 @ 0.2, Ôõô¸öoffer·¨°¡£¿±È·½Ëµ£¬ÎÒÏÖÔÚÓÐ5000¹É£¬¾ÍÓ¦¸Ã¿ÉÒÔÒÔ0¡£2ÂòÁíÍâ2000¹É¶ÔÂð£¿Õâ2000¹ÉÐèÒªÎÒÈ...)Õâ¸öÎÊÌâ´òµç»°ÎÊÄãµÄ¹ÉƱ¾­¼Ã±È½Ï׼ȷ¡£[ÏãÁê¾ÓÊ¿ (12-18 21:43, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]32Â¥

½ñÌì·¢ÏÖÕâÖ§¹ÉƱĿǰ²Å£°£®£¸£²£µ¾¹È»·¢£°£®£±µÄ¹ÉÏ¢Èç¹ûËãÉÏ£°£®£²µÄÈϹºÈ¨µÄ»°¹É¼Û²Å£°£®£¶£´£µ¶àÒ»µãµã°¡¡£
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[ÏãÁê¾ÓÊ¿ (12-19 0:47, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]33Â¥

Çë½Ì¸÷λǰ±²£¬ÄÜÏêϸ½âÊÍһϽñÌì¹É¼ÛµôÕâô¶àµÄÔ­Òò¸úOFFER RIGHTÂ𣿸м¤²»¾¡¡£¡£¡£¡£¡£¡£[À¶ÂìÒÏ (12-19 9:09, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]34Â¥

(ÒýÓà À¶ÂìÒÏ:Çë½Ì¸÷λǰ±²£¬ÄÜÏêϸ½âÊÍһϽñÌì¹É¼ÛµôÕâô¶àµÄÔ­Òò¸úOFFER RIGHTÂ𣿸м¤²»¾¡¡£¡£¡£¡£¡£¡£)It can be deducted by simple reasoningPrice before rights: 0.825
Rights 2 for 5 @ 0.2

Assume all shareholders will claim the rights. (Nobody irrationally wait for price to drop without gaining anything.)

Totall value = 0.825 * 5 + 0.2 * 2 = 4.525
New price per share = 4.525 / (5 + 2) = 0.646 per share
[ÏãÁê¾ÓÊ¿ (12-19 10:01, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]35Â¥

(ÒýÓà À¶ÂìÒÏ:Çë½Ì¸÷λǰ±²£¬ÄÜÏêϸ½âÊÍһϽñÌì¹É¼ÛµôÕâô¶àµÄÔ­Òò¸úOFFER RIGHTÂ𣿸м¤²»¾¡¡£¡£¡£¡£¡£¡£)ÇëÎÊÈçºÎ²ÅÄÜÄõ½RIGHTS£¿ÐèÒªÉêÇëÂð£¿[À¶ÂìÒÏ (12-19 10:39, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]36Â¥

3¸öÔÂÒ»¸ö¸úÍ·0.87*1.4=1.21[xiaohu (1-28 20:33, Long long ago)] [ ´«Í³°æ | sForum ][µÇ¼ºó»Ø¸´]37Â¥


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