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.

jimwren

a comparison between STAR and HMY...........interesting

Well that just goes to show that Star is way underbought and that Hamworthy is still derd cheap. I can see HMY at twice its value come early 2006.

Cheers GF.

BUY Hamworthy as you can see above, its way too cheap.

cheers GF

accord

thanks for the pretty picture , but i don't see your point. I am still in HMY, have been for some months and have topped up twice. I still think there is plenty to go as HMY comes out with news of new wins. As for STAR I can only say again that as a new quoted company I am sure that a lot of people haven't made the link between them and LNG imports. When they do I think we'll see some action. In the meantime I am in at a low price and will wait. STAR's prelims are in mid April (19th ?).

jimwren

It was to show a comparison between the two companies. Over the 12 months HMY have outperformed STAR. I invested in HMY for its huge potential and to get more than 5% gross interest than the banks offer. So far I am 37% up since when i bought. I couldnt say that if i invested in STAR.

However, I do agree with you that STAR also has huge potential and that not a lot of people know about it, yet, and, as you so rightly say, maybe due to it being classed as an oil stock.

Im sure that when news flow increases in STAR then this will ramp up like HMY has over the past 6 weeks or so.

accord

as i said i have no problem with HMY and have made some good gains, i am also holding them at least for 2005 or until the LNG newsflow becomes old hat. I will be waiting with interest for the interims from STAR.

Moneytoday reports that South Korea's three leading shipyards have won orders for 44 LNG carriers worth more than $10bn from Qatar...
This would be nice for HMY!!

Things are looking mighty interesting. Supridsed more people havent caught onto the LNG growth story yet.

cheers GF.

And if HMY win the orders for the gas reliquification systems for these tankers then the shares will take off again.
Star sounds interesting though - let's keep it in sight as it could be an important part of the total story.

Pondy

Pona Life

Yes I agree, Star is definitely part of the total story. One to keep on the radar screen along with HMY which I think is going to be worth alot more money in 12/18 months time. Double at least.

LOL

MS

Looking forward to another good week with HMY Mickey.

cheers GF.

From Tradewinds on friday "Options for two monster 210,000cbm LNG carriers at Daewoo appear to have been firmed up. Qatar's LNG producers are understood to have confirmed their first two options on Large LNG carrier newbuidings...The vessels are said to be due for delivery in 2008. They are said to be sisterships to the four $218.75m ships that the yard is building for Pronav ship managment under their lnon-term time-charters with Qatar"

If i am not mistaken the pronav ships use HMY reliquefaction pumps...so there could be good news on the way. When HMY won the first 8 orders, they did also win options for 12 more...this could be the start of them?!?! Lets hope the company makes an announcement soomtime soon.

i meant long-term time-charters

Buyers coming in , just ticked up.

cheers GF.

Late buyers coming into the market.

cheers GF.

GF

Any predictions for this one say 6/12 months.

MS

I have a target of 3.

Ill go along with Pond life, it all depends on how the markets go for the rest of the year.

cheers GF.

Come on boys only 28% this year is ok,
but the normal bullish talk we're used to.
Say 50% - 3.50 for starters
lets hope so anyway
all the best

HUSTLER

Ill go with that aswell Hustler.

cheers GF.