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.

LNG Newbuilds corner unprecedented 90% of shipbuilding capacity

Lloyds List - Monday October 24 2005


THE LNG carrier newbuilding orderbook now represents about 90% of existing capacity, according to SSY, a leading London shipbroking group, writes Tony Gray.

The brokers consultancy and research unit points out that this is a far higher proportion than for any other major vessel type.

In the second volume of its 2005 world tanker trends, SSY says that by the end of August the LNG carrier fleet had risen to 184 vessels of 21.8m cu m, with eight newbuildings having been delivered since the end of last year and an absence of scrapping.

Furthermore, concerted interest in newbuilding contracting in the first eight months of this year boosted the orderbook to 126 ships of 19.6m cu m.

This ongoing expansion of the orderbook, SSY continues, was despite the lengthening lead times between contract placement and ship delivery, plus the ongoing escalation of newbuilding prices.

Excelent piece of news that.

cheers GF.

Quite a few buys going on here. Wonder if its been tipped?.

cheers Gf.

Motoring up through the gears now on very modest volume Bid/Ask 318p-322p - looks very much like mm's are walking this one back up to previous highs.

Good stuff.

cheers GF.

An LNG special report in Lloyd's List dated 24 October 2005 stated that 20 LNG ships in the 209,000 cu m to 216,000 cu m capacity currently under construction in South Korean yards feature Man B&W conventional slow speed diesel engines operating in conjunction with on board re-liquefaction plants. It went on to say that in every case the reliquefaction part of the package had been snapped up by Hamworthy.

To date Hamworthy has announced 15 such orders for LNG carriers. If correct this would suggest a further order announcement is not too far away.

why is Hamworthy winning all the orders for reliquefaction equipment? Is there no competition, are they cheaper, is their kit better than anyone elses? How long can this dominance last? Hopefully a long time, but does anyone know who else is in the same market and why they are not getting these contracts?

Alter ego

Their LNG-RS orders are linked to the development of the Qatar LNG Industry, which is being developed in conjunction with oil major ExxonMobil, who recently approved a 7.5Billion Usdollar investment programme, the biggest in its corporate history, for the next stage of developements connected to this project.

Knowing that they would need very large new generation vessels to make this business commercially viable ExxonMobil and the South Korean shipyards who are to build the vessels have been working with Hamworthy over a number of years in the developement of its LNG-RS for their proposed vessels.

As regards competitors, Cryostar and Tractebel are developeing competing products but have someway to go to catch up with Hamworthy, who has secured 100% of the world market to date. As always DYOR.

I think I should add some more on that excelent news.

cheers GF.

Moving ahead nicely.

cheers GF.

REG-Hamworthy plc Notice of Results


Released: 01/11/2005

RNS Number:4107T
Hamworthy plc
01 November 2005




Press Release 1 November 2005



Hamworthy plc

("Hamworthy" or "the Company")


Interim Results - Tuesday 22 November 2005



Hamworthy plc (AIM:HMY), 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
Interim Results for the six months ended 30 September 2005 on Tuesday 22
November 2005.


An analyst briefing given by Gordon Page (Non-Executive Chairman), Kelvyn
Derrick (Chief Executive) and Paul Crompton (Finance Director), will be held at
10.30 am on Tuesday, 22 November 2005 at Abchurch Communications Ltd, 5th Floor,
100 Cannon Street, London, EC4N 6EU.




- Ends -

Wow - what happened to HMY - up niceley one minute - then down 13!!!

.......and another order

"Hamworthy plc
14 November 2005


Press release 14 November 2005


Hamworthy plc

Hamworthy receives a further order from Hyundai Heavy Industries

for a LPG reliquefaction package



Hamworthy plc (HMY.L), a world leader in the design and manufacture of
innovative marine and offshore fluid handling systems, has won a further order
at Hyundai Heavy Industries (HHI) to supply a liquefied petroleum gas (LPG)
reliquefaction package to three very large gas carriers (VLGC). The contract
has a value in excess of 12 million and includes all cargo related engineering
and equipment.



The ships will be constructed at HHI in Ulsan, Korea for delivery to Greek based
Consolidated Marine Management Inc (CMM). The Hamworthy LPG plants are expected
to be delivered to HHI during 2007 and 2008.



Kelvyn Derrick, Chief Executive of Hamworthy plc, said: 'Having won our first
LPG cargo handling package at HHI only two months ago, we are delighted to have
a further order for three shipsets bringing the total to five. As mentioned in
our announcement of 28 September 2005, HHI is the largest ship builder worldwide
and is also the largest builder of LPG ships. We are very pleased to be working
with HHI on projects for two different ship owners and look forward to
strengthening the relationship.'

Baza

Tremendous news! Thanks Baza.

Cheers, Madison

Blimey where are they going to store all this dosh from contract wins. It just goes on and on.

cheers GF.

Nice little snipit in the Times - under "Smaller Stock to Watch" -

"Hamworthy the marine engineering specialist that joined the AIM last year at 109p added 4.5p at 314.5 on a 12m order from Hyundi Heavy Industries of South Korea, to supply LPG reliquefication plants to 3 of its ships. It is the 3rd contract that the company has secured in 2 months from HHI, the world largest builder of LPG vessels. Altium securities left its profit forecasts unchanged but repeated its "add" recommendation and 340p target before HMY's first half figures on November 22"

bhunt1910, I know the broker set a price target of 340p but you didn't have to add 10p to the price quoted by the Times (it was really 314.5p) ;-)

Oops - finger trouble - now corrected - still good news

Baza

Yes, each contract announced is good news and nice to see attention being drawn in a daily newspaper. Unless I misread the situation totally, there just has to be a revision to brokers estimates following the interims. The current ones are not factoring in a series of orders of this scale IMO. Those who currently think HMY are expensive are valuing on a historic basis and need to imagine what winning a string of multi million contracts will do for future earnings. DYOR of course, what do I know?

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