Peter Kennan of Black Crane Capital presented his in-depth investment thesis on MMA Offshore (ASX: MRM) at Asian Investing Summit 2018.

Thesis summary:

MMA Offshore is a leading operator of offshore supply vessels. The company is headquartered in Perth, Australia, with key operations in Australia, Southeast Asia, and the Middle East.

The company has recently been recapitalized and has a strong balance sheet to wait out the industry downturn. Peter’s firm, Black Crane, played a key role in the recapitalization process, including assisting in defending the company from an opportunistic attack by another major shareholder. The fleet has been reduced in scale following a successful non-core vessel disposal program and now comprises 30 niche, specialized vessels.

Net tangible asset value is A$0.36 per share based on recent market values of vessels. The upside is north of A$0.60 per share as the sector rebounds. MMA shares recently traded at A$0.23 per share.

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About the instructor:

Peter Kennan is Managing Partner and CIO of Black Crane Capital. He has 15 years of corporate finance experience across a diverse range of sectors and transactions with UBS Asia and Australia. With UBS, Peter was formerly the Head of Asian Industrials Group for UBS Asia, a corporate finance sector team covering energy, infrastructure, resources, consumer/retail and general industrial companies. He achieved number 1 team rating in Asia. Peter was also the Head of Telecoms and Media sector team for UBS Australia specializing in M&A, advising on many large, complex transactions. Prior to UBS, Peter spent 7 years with BP in a variety of engineering and commercial roles.