South East Asia Marine - Value Pick

The Company is engaged in the Business of operation of multi support for underwater/sub sea engineering services, deep sea diving, inspection of underwater structures, repairs and maintenance of offshore platforms fire fighting services and rescue operations.

SEAMEC has three of the five MSVs owned by Indian companies. The other two belong to ONGC. SEAMEC recently owned Oceanic Princess in June 2006.

Technip, a French company is the parent company of SEAMEC, holding 78% in it. Basically Technip belongs to CSO group, a global player in sub-sea engineering and has complete supremacy of construction services in deep-sea underwater pipeline business in the world for the leading oil and gas companies. This has given an edge to SEAMEC over other Indian peers.


Share holding Pattern

Promoters - 78.24%
Institutional Investor - 6.5 %
Other investor – 6.5%
Public – 10.3 %

Mutual fund Holdings this script

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A debt free company With EPS of 17 & Net profit of 59 crores on a small equity of 34 crores.

Stock is trading at just 6 x its estimated 07 Earnings. Stock is hugely underpriced and offers good scope for sharp appreciation. Comparing to its peer, Shivvani trades at 46 X , Alphageo at 18 X.
SEAMEC is worth much more than what its trading at(188). The fair price can be at least Rs.250/-

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Disclosure: I may have position in above said stocks for myself/ family members / friends.