No doubt it is very similar to his online piece earlier.
I personally think it is mad and he perhaps should have noticed that the financing agreement has been concluded and is pending signature, within a few weeks of which milestone one for £45 million, the same they had hoped to book if it had come in before the old year end or again before the end of the extended year end. Which leaves £15 million of other systems revenues during to next nine months to reach his 'not beyond the realms of possibility' £75 million for the year. And that for a company that has just signed a $218 million contract over two years starting end November? Is SRT going to make the Kuwaitis wait for six months?
As I have said before, once the Bakamla project starts, then we will have a new broker's forecast issued with forecasts much higher than what Thompson is suggesting. The market will have upgraded things long before Thompson puts pen to paper that morning. |
There is a write up of SRT in today's issue of Investor Chronicle. I thought it read quite well but I disagree with the 'Hold' recommendation. I think now is a good time to buy SRT to increase existing holdings or as a first time purchase. |
 It appears that Vietnam is proposing that its fishing fleet are fitted with tracking devices. I understand that they have been talking to SRT for a long time.
EU supports Vietnam in fight against IUU fishing: EU Ambassador
Tuesday 09/24/2024 - 16:39
The fight against illegal, unreported, and unregulated (IUU) fishing is extremely important, so the European Union (EU) is supporting Vietnam by their legislation in the field, said EU Ambassador to Vietnam Julien Guerrier in a recent interview granted to the Vietnam News Agency.
The fight against illegal, unreported, and unregulated (IUU) fishing is extremely important, so the European Union (EU) is supporting Vietnam by their legislation in the field, said EU Ambassador to Vietnam Julien Guerrier in a recent interview granted to the Vietnam News Agency.
“The fight against IUU fishing is extremely important because we see fish stocks manipulation around the world, and for the fishermen, we need to ensure that the stocks of fish are managed sustainably and that there is no IUU fishing,” he said.
He added that the issuance of the “yellow card” for Vietnam’s seafood industry in 2017 ensures that “we are encouraging Vietnam and working together with the country to put in place the right legislative framework. And I must commend Vietnam for having done it.”
“Actually, the legislative framework now is in place, equipping their vessels with tracking devices and ensuring that the new legislative framework is properly implemented and enforced, and that when fishermen are not respecting the rules, they are sanctioned. There are new decrees on administrative sanctions that have recently been established and implemented by Vietnam,” he added.
In the upcoming inspection in Vietnam, the ambassador said the EC is much looking forward on how effective is the country’s implementation and enforcement of its new legislative framework and new decrees on administrative sanctions against IUU fishing-related violations. |
bathbuoy
Well spotted. This is new news as is the same position for Kuwait on LinkedIn, an hour ago for both.
Edit: And I see from their website that they want a head project engineer to manage both of them. It sounds like they have heard the starting gun. |
Senior Project Engineer - Indonesia. Posted on the SRT web-site, or is this old news? |
LaV there are some folk cannier than me who have bought low, sold high and repurchased when the excitement faded. For my part, I have bought low, and also bought too high and only sold and repurchased to shift all my shares into an ISA.
The point was a general one albeit SRT may well have some holders with large CGT liability. You're right about indexation. "We wuz robbed" |
AE
Who has significant gains on SRT? HMRC are dammed lucky that they stopped doing index relief!
Edit: And then if you have gains which you cash in, one or more of the buses comes in and you can't buy back for 30 days or if you do you make a loss at the old CGT rate. |
It's clear from the sheer volume of discussion and press reports that the possible removal of IHT relief for some AIM stocks is deterring buyers and probably causing others to sell to realise CGT before the rate is increased.
In SRT's case you can add the perception outside of the better informed that SRT is a "Jam tomorrow stock". I would hope the signing of the UKEF loan agreement leading to the start of the Indonesia project would provide sufficient good news to warrant a reassessment of the label.
After the budget we should at least have a more fact based valuation. |
I suppose from a lumpiness point of view, they should be working on five different projects soon - two very large, two small and one very unknown in the Philippines (still assuming that hiring a new country manager in Manila is for something specific).
My best guess is that they are waiting for Bakamla before reinstating forecasts, calling the AGM and releasing the accounts whioh are bound to be awful. Having $390 million of work starting will grab a bit more attention than whatever historical loss they may post, particularly as most of it is due to the delays on Bakamla. |
Very low volume of trades so far today. Any one of 3 different buses may arrive soon! |
A firm hold at that.
What do unfortunates do who don't have any yet? |
yes C5 but someone here already posted that they read elsewhere he recommends "hold". Not expecting fireworks from that but at least it may advertise SRT to a few more "punters". |
I assume that Simon Thompson will update Investors' Chronicle readers tomorrow with the hard copy of the magazine, often read over weekend. |
King of Bahrain praises pioneering role of His Highness the Amir in developing Bahraini-Kuwaiti relations
Bahrain's King Hamad bin Isa Al Khalifa praised on Wednesday the pioneering role played by His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah in developing Bahraini-Kuwaiti relations and the honorable stances of the State of Kuwait towards its sister, the Kingdom of Bahrain, and its good efforts in supporting joint Gulf and Arab action. |
Meanwhile today in Bahrain a Kuwaiti visit to discuss ways to enhance joint security cooperation..
His Royal Highness
The Crown Prince and Prime Minister of the Kingdom of Bahrain receives His Excellency the First Deputy Prime Minister, Minister of Defense and Minister of Interior |
The Kuwait thing was basically the company booking revenue before receipt of cash , then impairing it some time later in its entirety-I think about 3 years later.Im sure they learned a salutary lesson after that.
If they can announce a signed contract, then off to the races-usual caveat about cup and lip |
If SRT was working through a subcontractor with anything substantial, I would sell all. Been there, done that, seen how “other” interests get in the way, even when you think the final customer loves the product and will put their foot down to make it happen as you expected. |
pidazzle
SRT did not have a direct contract with Kuwait but was a subcontractor. A second point to note was that the write-off included SRT's normally large profit margin at the start of a contract. Much the same happened with Qnective and Indonesia. SRT now only work directly. |
ST will answer if you email him... |
To begin with: For the avoidance of doubt I first invested in SRT in 2015, am positive about its future, have built up a sizeable holding, and have no intention of selling any time soon.
Not wishing to rain on anyone's parade, then - but I see just one tiny cloud on the horizon, no bigger than a man's hand, and I'd welcome some reassurance.
So far as I'm aware the customer country for the new $213m order has never been publicly named, but clearly it's widely assumed to be Kuwait. If memory serves, there was a (much smaller) order from Kuwait in 2017 which resulted in SRT having to write off £3.9m three years later - through a combination of bad debt and stock write-offs - after the customer saw fit, if it's fair to use the expression, to move the goalposts.
Obviously it would be a nightmare were history to repeat itself, particularly on the present much larger scale. Would those wiser than me (hello LaV, hello C5) feel able to offer any comfort on that score? |
Let’s hope so-I think the next news will be the 2024 accounts which won’t be pretty I guess. |
Also this tweet @Kompascom 8 hours ago
The British government through UKEF and Indonesia Eximbank has established strategic cooperation to help create new business potential for exporters. |
Sorry if this has been mentioned before but the UKEF site mentions
UK partnership with Indonesia Eximbank creates new business opportunities
UK Export Finance and Indonesia Eximbank sign Memorandum of Understanding in Jakarta.
Dated 4 Oct 24 |
When it goes right, it's worth the wait. I was in one such ride from 4p to £30 - many long termers dropped out along the way - 'it's never wrong to take a profit!' I remember a couple of fulfilled dreams - a chalet in the Alps, a property development business in Berlin - but in both cases it was still 10-15 bagger to go. And still British!
A rare beast though. Let's hope SRT becomes one :¬) And we all live to enjoy it :¬)) |
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