See Hup Seng Limited (“See Hup Seng”) is a leading provider of corrosion prevention services to the marine, oil and gas, construction and infrastructure industries in Singapore. The Group also has a 51%-owned subsidiary, TAT Petroleum Pte Ltd (“TAT Petroleum”) which is a strategic value-added distributor that offers comprehensive supply chain management of refined petroleum products in Asia Pacific.
Since its establishment in 1971, See Hup Seng has been steadily expanding its service offerings with a focus to provide quality, efficient and comprehensive corrosion prevention solutions to its industrial customers. Today, the Group has successfully moved up the value chain to establish a strong niche in specialised tank coating services, and large-scale plant operations that are supported by two fully-equipped facilities in Singapore.
The Group’s proven capability in corrosion prevention services is underlined by its status as a resident contractor for premier shipyards in Singapore. See Hup Seng also designs, supplies and distributes corrosion prevention systems, machinery, equipment, materials and products.
As a strategic distributor of ExxonMobil in the Asia Pacific region, TAT Petroleum offers value-added solutions in supply chain management to its major supplier and customers. Its comprehensive services range from blending and packaging of refined petroleum products into pails, drums or intermediate bulk containers bearing the ExxonMobil brand, to storage and distribution of these products to designated locations. TAT Petroleum is also one of few distributors of ExxonMobil in the world that has an approved clean-room facility for packaging medicine white oil.
Headquartered in Singapore, TAT Petroleum also has offices in Hong Kong, China (Guangzhou), South Korea, Vietnam and Indonesia to serve its wide network of customers from diverse sectors such as vehicular, agriculture, coating, pharmaceutical, plastic and electronics industries.
See Hup Seng became a public corporation in November 1998. Its shares are listed on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST).
What is Corrosion Prevention?
Corrosion prevention lengthens the lifespan of metal structures. When exposed to the elements in the environment, metal structures will suffer deterioration in structural strength. Corrosion prevention typically begins with the blasting process, which cleans and eliminates contaminants on the surface of metal structures. This prepares it for coating and painting which will protect and prolong the life of these structures.
Complete Range of Services
At See Hup Seng, we provide comprehensive corrosion prevention services through a wide range of blasting and coating methods at our own plant as well as on-site at customers’ shipyards. To complement our core services and deliver a one-stop solution to customers, we are also engaged in the design and supply of blasting and painting systems.
Overview of our Key Divisions
1 |
Plant Operations |
Blasting and coating of raw materials that are supplied by customers, such as steel plates, steel structures (beams and pipes), and fabricated modules
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2 |
Tank Coating |
Highly specialised and controlled process of grit blasting and paint coating for internal surfaces of chemical tankers, FPSO (Floating, production, storage and offload) vessels, and barges. Tank coating is performed on-site.
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3 |
Grit Blasting - Site |
On-site blasting and coating of ship or tanker hulls, oil rig and FPSO modules, or structures that are too large to be brought to our plant.
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4 |
Trading |
Design, supply and distribution of corrosion prevention systems, machinery, equipment, materials and products. |
Trading
The Group’s Trading Division designs, supplies and distributes corrosion prevention systems, machinery, equipment, materials and products. We also provide customers with turnkey solutions which involve designing, planning and installation of corrosion prevention equipment according to their requirements.
The Group’s trading business is managed by our subsidiary Lesoon Group. Lesoon Group holds the distributorship rights for many reputable brands of corrosion prevention and measuring instrument equipment including Titan / Speeflo, GRACO from the USA, and Defelsko from the USA. We also have the capability to design and fabricate pressure blast machines, after-coolers, dehumidifiers, auto blast and spray paint machines. These products are marketed under our proprietary brand SPEEDLOCK.
Our trading business complements the Group’s corrosion prevention services as we are able to function as a one-stop service centre and offer more cost-effective solutions to our customers.
(Sources from See Hup Seng website)
SELL OR HOLD ?
During March 2009, stock price for SeeHS is at the low price of $0.14 and has gone for to $0.485 in August 2009. But the stock rally has pulled back since August 2009, Since August 2009, stock has been in downtrend and reach the lowest point during November 2009 at $0.245 and reach this low point again during August 2010.
From the chart, you may notice from November 2009 to August 2010, the stock has been trading in between $0.24 to $0.35, it has not move more than this price range. Which means it has not gone up to the previous high during August 2009 at $0.485. Now (August 2010), the stock price is below 61.8% retracement level $0.28 and above the 78.6% retracement level at $0.22.
Most probably, the stock price will be heading downward to 78.6% retracement level as the outlook for coming quarters economy is uncertain and the chart show no sign of changing trend. Besides, the recent high is much lower than the previous high, and the trend for chart is in downtrend. Current trading price is at a very strong support line which is about $0.24, this support line was the support line for twice before this. So, if the stock price break this line, it will be more confirm the stockwill be heading downward soon to 78.6% retracement level. Investors should sold off this stock much earlier before it has dropped to the current price.
Financial Highlights (Extracted from Annual Report 2009)
PERCENTAGE OF SHAREHOLDING IN PUBLIC HANDS
82.85% of the Company's shares (excluding Treasury Shares) are held in the hands of the public. Accordingly, the Company has complied with Rule 723 of the Listing Manual of the SGX-ST.
(Sources from See Hup Seng website)
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