(The) Boring Investor

6.16, my colleague laughed that I experienced sold prematurily .. 138M for 4Q2016 after asset impairment. I had been worried that Keppel O&M would continue to record deficits from that true point onwards. Nowadays, after i consider selling or buying Oil & Gas (O&G) stocks, I look at 2 key information. The foremost is where is the company positioned along the industry value string (see My Upstream Oil & Gas Rescue Operations and My Downstream Oil & Gas Recovery Operations for more information). The other metric that I take a look at is orders-to-revenue percentage. This is similar to the book-to-bill percentage for the semiconductor industry. If the book-to-bill proportion is higher than 1, this means that the industry is growing.

Conversely, if the book-to-bill proportion is lower than 1, it means that the industry is contracting. Likewise, the orders-to-revenue percentage is able to show whether the companies are receiving enough orders to sustain the business through the long and severe O&G winter. The other way of looking at this metric is that orders shall eventually translate to revenue down the road. 2, but the maths dictate that total revenue cannot exceed total orders as time passes). Thus, the orders-to-revenue ratio is an useful metric in analysing O&G companies. 1,000M if you combine 2 years’ worth of work into 12 months)? It was thought by me was improbable. Nevertheless, I have to admit that Keppel O&M has continued to surprise me.

1M when I was anticipating it to record a loss. And my evaluation of Keppel Corp’s capability to navigate the tough waters remains unchanged (see Keppel Corp – A Good Captain Sailing Through Rough Waters). This year, I have considered buying/ bought 3 O&G stocks and shares. In all 3 instances, orders-to-revenue played an integral role.

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The first was Dyna-Mac. Compared to the other O&G shares, its level of money is low and for that reason has an increased potential for making it through the O&G winter. 204.0M). Quite simply, it only experienced enough work for four weeks and would be idling for 11 a few months if new purchases could not be found quickly. I quit the idea of buying it. The second was Triyards.

324.9M, translating to an orders-to-revenue proportion of 0.84. In comparison to Keppel O&M’s ratio of 0.18, this is known as very good. The other reason I purchased Triyards though it is in the shipbuilding sector is basically because it is a distressed asset play. It really is 60.9% owned by Ezra, which proceeded to go into Chapter 11 bankruptcy protection in Mar. The shares have been pledged to the banks as collaterals for a secured loan. If the banks were to market the shares, it would trigger an over-all offer for the rest of the shares. The third stock was Rotary. 0.62 and I needed to average down for a long period.

0.29, but I decided to give it a move. Again, for the reason that of orders-to-revenue proportion. 0.37 this 12 months because of the increase in orders. As things out turned, I sold Keppel Corp and it went higher. I bought Triyards and it went lower. Nevertheless, the orders-to-revenue metric is sound and I will continue to utilize it to guide my investments in O&G stocks.

But it was much worse than that – the website was far-from-optimized for use on a mobile phone (running on an iPhone it produced two error codes in demonstration that your iPhone asked easily wanted to ignore). That is serious for a travel website which people want to refer to on the highway often. It is doubly serious for a travel website in China because in China more than most places people interact with the internet through their phone. Well I thought that maybe their website was dysfunctional – but at least I might be able to book on the phone.