Singapore based Miclyn Express Offshore (MIO) provides service vessels to the offshore oil and gas industry operating in Australia, South-East Asia and the Middle East. The company is relatively new to the ASX, with trading commencing in March 2010. Miclyn also works with offshore infrastructure developers and goes beyond simply providing ships. Management support to tailor shipping to unique customer requirements is a major part of what they do. The share price is up about 20% this year. Here is the chart:
The company’s Full Year earnings report showed some impressive results, including a 61% increase in revenue; a 20% increase in Net Profit after Tax; and a 19% increase in Earnings per Share. With a forward P/E of 7.52 and a dividend yield of 2.8%, this stock deserves some consideration.
MIO Price at posting:
$2.25 Sentiment: Buy Disclosure: Not Held
