Brief Updates for my Companies

Below are some updates on the companies I am holding, as well as a brief write-up on my thoughts and views.

1. Swiber Holdings Limited - They announced a new LOA after market close today, to perform installations for platforms and pipelines for an Indonesia customer. The LOA is valued at US$21.3 million and work is expected to be completed by Oct 31, 2007 for the pipelines, and Nov 30, 2007 for the platforms. This would indicate that essentially all the revenues from this project would be recognized in FY 2007. Applying a 30% NP margin gives a profit of about US$6.39 million, which would probably be recognized progressively in the coming months. I view this contract as positive as it builds upon Swiber's recent Brunei Shell deal. As I had written in a previous post, the Chairman is committed to building the company up and is under-taking measures to build the business and raising the company's profile.
2. Global Voice Group Limited - Also renamed "EUNetworks", they announced today that they have concluded an agreement with UNet. The details in the announcement are usually pretty technical but it's a good move forward as this means that GV has clinched 6 deals within 3 months. As a result, there has been heavy buying recently and the share price has rallied to a new all-time high of 23 cents. Assuming the compay can turn in a net profit in its upcoming 1H 2007 results (due August 2007), I would see further upside to the price. The main reason for the lagging price is because GV's operations are in Europe, which is not very visible to the average Singaporean. There has also been talk of listing GV on another bourse but this is all very preliminary.
3. Ezra Holdings Limited - The company performed their very first share-buyback today, buying back 3,000,000 shares at $5.60 each. This will reduce the issued share capital from 292 million shares to 289 million shares. From the way I see it, Management is taking the oppotunity to enhance shareholder value by buying back its own shares as its price dips to the $5.55-$5.65 level. Even though some may feel that Ezra is fully valued (and I do agree), there are other potential catalysts which may force a re-rating of this high growth company. I may be doing a separate posting on Ezra once they firm up more details of the company's strategy.

The corporate results announcements are coming in fast and furious ! I expect results releases soon for Boustead, Swiber and Pacific Andes. I will be posting reviews of any pertinent results releases as they are made available.