For DBS analyst Ho Pei Hwa, the transactions have catalysed an increase in target price to $1.90 from the previous $1.60. In her April 22 report, she states that Nam Cheong has made another “breakthrough” with sale of the newbuild Geotech offshore support vessel (OSV).
Days after announcing that it has pared debt, Mainboard-listed Nam Cheong has followed that with another piece of news which investors will presumably find favourable. On April 21, the Sarawakian-based shipyard announced that it is selling its first newbuild vessel in over a decade as well as an older 16-year-old vessel for a combined US$36.7 ($46.7) million.
According to Nam Cheong’s bourse filing, both vessels were delivered in the second quarter of 2026. Net proceeds will be mainly used to support shipbuilding activities, either for external sales or fleet expansion to grow the recurring income base.
