Brokers Hargreave Hale gave the following Valuation for HMY

VALUATION
The nearest comparisons to this Group are Sondex, trading on a current year multiple of 14 and Weir Group which typically trades on multiples of 12 plus. We would argue that Hamworthys prospects are brighter than both these companies in view of the strong order book and the global positioning. Fully taxed earnings of 13p this year and 16.5 p for the 2005/6 end March, suggests a current year PE of 9.9x and a prospective PE of 7.8x. There is a prospective yield in excess of 4%. If trading on a similar PER to Sondex the shares would be valued at in excess of 180p. We would argue that a premium to Sondex is justifiable, in particular because of the potential ramp up to sales as a result of the new product pipeline now gaining client acceptance in what is in any event one of the fastest growing markets in the world.

"Shares" Article relating to Hamworthy (HMY) posted below for info.

With a following wind these shares should double over the next year or so.

Some catty folk in the City say the flotation last month by Collins Stewart
could have been handled better, i.e. at a higher price. It was certainly over
subscribed but the rating is half that of similar oil sector service companies
including Sondex.

Rising nicely.

cheers GF.

close 0.5% down, abit of profit taking maybe ???

Not profit taking - just the MMs changing their spreads. Can't understand why. Looking at the day's transactions the buys outnumber the sells again. Offer is down - not the bid, therefore price appeares to have dropped. Could be that the MMs have a large seller to clear.
Good time to top up. I'll see how these start the day tomorrow and perhaps add to my collection.

Short of stock I here on other boards.

cheers GF.

This looks interesting, I wonder what movement we will get after this ???

Hamworthy plc
09 November 2004

Press Release 9 November 2004


Hamworthy plc

('Hamworthy' or 'the Company')


Interim Results - Monday 22 November 2004


Hamworthy plc, a world leader in the design and manufacture of innovative marine
and offshore fluid handling systems focused on gas handling, pumping and
wastewater management, advises that it will be announcing its maiden Interim
Results for the six month period ended 30 September 2004 on Monday 22 November
2004.

An analyst briefing given by Gordon Page (Non-Executive Chairman), Kelvyn
Derrick (Chief Executive) and Paul Crompton (Finance Director), will be held at
10.00 am on Monday, 22 November 2004 at Abchurch Communications Ltd, 5th Floor,
100 Cannon Street, London, EC4N 6EU.


- Ends -

For further information:
Hamworthy plc
Kelvyn Derrick, Chief Executive Tel: +44 (0) 1202 662 600
Paul Crompton, Finance Director Tel: +44 (0) 1202 662 600

www.hamworthy.com

Yup and up again.

cheers GF.

Strange pattern developing, goes up in the morning then falls back in the afternoon.

cheers GF. Should do well up to the results.

Very low volumes yesterday with bid and offer price constant. Interesting to see what figures are reported on the 22nd.

A bit of a shake before the 22nd?

MS

Can you please explain why they would do that?

Got to be MMs marking this down prior to interims due 22nd.
Found this on other site:-

So strong order book going forward of 98M and expanding. Expecting to pay a divi next year so confident on growth. Excellent market share and positioning in LNG market which should grow as demand for gas importing continues - Centrica importing gas and others will follow. Current market cap of 68M so fair value is another 50% or so on top of current share price giving 2.60. DYOR.

MS

November 8, 2004

LNG Producers Seek Economies Of Scale In New Super Tankers

By Martin Clark
______________________________________________________________


The growth of the LNG industry in recent years shows no signs of letting up with demand projected to reach around 7-8 per cent a year over the next decade. In fact, natural gas in all its forms will meet 25 per cent of the worlds total energy needs by 2020. Numerous gas liquefaction plants are now under construction and more are on the way. As well as established suppliers such as Malaysia, Algeria and Brunei major players now include Oman, Trinidad & Tobago, and, from December this year, Egypt.

The growth of the sector has underpinned the demand for liquid gas transportation services, an area that is becoming increasingly of interest to international oil companies, notably BP, seeking control of the entire LNG chain. Global carrying capacity is set to double in the next few years as more LNG takes to the seas with new liquefaction plants and re-gasification terminals being built both in the Atlantic Basin market - which basically groups the European and US east coast markets - and in the Far East; long-term LNG consumers include Japan and South Korea.

The current world LNG fleet consists of around 166 vessels with a total carrying capacity of some 19.5 million cubic metres. These will be joined by a further 105 vessels now under order with a capacity of 15.5 million cubic metres. But it is the rate of growth that is most noticeable. A staggering 64 new LNG vessel orders have been placed during 2004 alone as newcomers and established shippers gear up for a market with high-growth potential. If natural gas is cooled to -260 degrees Fahrenheit it turns into a liquid and shrinks to one six-hundredth of its volume allowing it to be shipped more easily.

Another major factor influencing demand is the gradual opening of the US market. Although there is still resistance to imported LNG, largely on environmental grounds, dwindling domestic reserves mean that American energy companies are finally waking up to the need for foreign gas supplies. Countless re-gasification projects have been proposed - including the worlds first offshore re-gas terminals - but red tape and fierce grass roots opposition continue to halt many initiatives in their tracks.

The dynamic Atlantic Basin market is currently served by African and Latin American suppliers but is slowly opening up to Gulf producers, like Qatar and Oman. The equally robust Far Eastern market is served by Asian producers like Malaysia, Indonesia and Brunei, and increasingly Australias North West Shelf project. These, plus others like Russias Sakhalin LNG project, are competing strongly for business in the emerging US west coast market.

With demand rising sharply - China too is set to become a major importer by 2006 - LNG supply is also set to expand. As well as a spate of export projects in relatively new hydrocarbons territories, such as Equatorial Guinea and Angola, the worlds major gas provinces such as Russia and Iran are also set to enter the fray. Qatar - which sits on the some of the worlds largest gas reserves with its North Field - is ramping up production at both the RasGas and QatarGas terminals. These multi billion dollar upgrades will make the Gulf state the largest LNG supplier in the world. The QatarGas II expansion - a joint venture between ExxonMobil and Qatar Petroleum - will also mark the development of a new era of super size carriers, in order to capitalise on economies of scale. The new fleet of vessels - that will take gas from Qatar to a new receiving terminal to be built in the UK - are likely to be the largest ever seen, with a carrying capacity of around 200,000 million cubic metres.

The largest LNG ships on the seas at the moment have a capacity of around 165,000 million cubic metres. This is likely to be the first step however in the move to vessels with a capacity of 250,000 million cubic metres, which will make the transportation of gas from the Gulf to the US more viable in the coming years. Many of the import projects proposed in the US - assuming they get the green light - will be constructed to accommodate this new generation of super tankers.

Oil companies have moved swiftly to take a position along the LNG value chain, with a stake in the upstream reserves, the liquefaction plant and re-gasification process. American firms such as ChevronTexaco and Marathon Oil are developing their west African export projects in conjunction with new import capacity in the US. New LNG export facilities in places like Angola, Equatorial Guinea and Nigeria are largely dependent on the successful opening of the US market.

Among the current leaders is BG Group, currently the major supplier of LNG to the US market, with a stake in both the export and import side of the business. It is also eyeing a larger share in the transportation market ordering a fleet of new vessels earlier in the year to service its growing global LNG business. More recently, BP - another leading player in the LNG chain - placed an order for a further four, and possibly eight, LNG vessels to add to its existing fleet. The company is using the vessels to capitalise on short term trading opportunities in the evolving LNG market. In the past, ships were employed to serve on one project, between liquefaction plant and receiving terminal, a kind of bus route.

At the same time, there is increasing competition among the worlds ship builders in the LNG shipping market. Typically, this has been dominated by the big Korean yards, Daewoo, Samsung and Hyundai, as well as Japan, but new entrants are starting to pick up some business. China is well positioned to provide a cost competitive ship building service - its Hudong yard has already taken its first LNG orders. The countrys first LNG plant - a joint venture between BP and the China National Offshore Oil Company - is due to open in Guangdong province in 2006. Three other receiving terminals have been given the go ahead by the authorities. With Beijing looking to control as much of the LNG supply chain as possible into the country China is likely to become a major provider of vessels in the next decade. Other countries, including Iran and Poland, are also looking for a slice of the LNG shipping construction business.

cheers GF.

Are the MMs 'taking the Mick' ?. Disgusted.

cheers GF.

GF

Agreed.

MS

Mickey, must be a long tree shake.

Cheers GF. NB, wouldnt sell no matter what. This ones for my pension, many years away but will provide for me.

Like you GF I'm keeping the faith with this one.

MS

Hamworthy plc
22 November 2004


Press Release 22 November 2004


Hamworthy plc

('Hamworthy' or 'the Group')

Interim results for the six months ended 30 September 2004


Hamworthy plc, a world leader in the design and manufacture of innovative marine
and offshore fluid handling systems, announces its maiden set of interim results
for the six months ended 30 September 2004.

Financial highlights

Turnover up to 55.9m (H1 2003: 46.0m)
Operating profit up to 3.6m (H1 2003: 2.1m)
Pre-tax profits higher at 3.4m (H1 2003: 1.9m)
Pro forma basic earnings per share up to 7.7p (H1 2003: 2.9p) (the
statutory basic earnings per share is 12.1p, H1 2003: 11.4p)
2.8m of cash generated
High increase in profitability in first half partly due to abnormal
phasing of profitability in the prior year


Commenting on the results, Gordon Page CBE, Chairman of Hamworthy plc, said:

'These results demonstrate further profitable growth. Given the strength of our
81 million order book as at 30 September 2004, and with ship deliveries
expected to rise at least until 2007, the board looks forward with confidence.'


For further information:

Hamworthy plc
Kelvyn Derrick, Chief Executive Tel: +44 (0) 1202 662600

kderrick@hamworthy.com

www.hamworthy.com

It looks good! A long term hold for me.

Very good results accompanied by the normal market fall as seems the case is these days.

cheers GF.

Why does this happen?