This post is my first contribution to Over The Hedge. Today we look at Manhattan Resources Ltd, currently holding the dubious honor of Most Expensive Stock in Singapore by Trailing 12 month PE. The price is currently S$1.13, or S$571m mkt cap. Here is how it trades with all comparable Marine sub-industry companies on SGX: Yes, it has a price/book more than twice of any other comparable in its industry. We will dig deeper into the stock for its likely drivers. First, some qualitative red flags. Mission Creep Here is the official BBG DES of the company:

Manhattan Resources Limited provides marine services, land reclamation, charter of vessels, and dredging services. The Company also trades sea-sand, provides logistics, production, and other support services to the coal mining, oil, and gas industries.

In company Press Releases, this is what it says:

Manhattan Resources Limited, through its subsidiaries and joint ventures, provides logistics, production, ...

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