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Denison Yacht Sales opens new office in Florida

Posted on May 11th, 2015


Denison Yacht Sales opened an office at The Harborage Yacht Club and Marina in Stuart, Fla.

The location will feature new-boat brands that include Beneteau Swift Trawlers, Beneteau GTs, Monte Carlo Yachts and Fountaine Pajot Power Catamarans.

Formerly the office of Island Trader Yacht Sales, Denison’s new office is led by a team of four licensed and bonded yacht brokers: Garret Almeida, Mickey Belden, Bruce Edwards and Jorge Saavedra.

The company said it opened the office because Stuart is one of Florida’s fastest-growing marine communities and has experienced many marine manufacturers, retailers and service contractors expanding there in recent years.

“The surrounding waterways offer tremendous boating opportunities, such as big-game sportfishing, waterfront dining, multiple anchorages and sand bars, as well as being the gateway to the cross-state Okeechobee Waterway,” yacht broker Garret Almeida said in a statement. “Denison’s office is located right in the middle of this great 300-slip marina. It’s less than 10 years old and can comfortably accommodate large and small vessels.”

The company has five offices in Florida, three in California, and one apiece in Michigan, Washington state, South Carolina, Puerto Rico, the U.S. Virgin Islands and Hong Kong.


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Geely April Sales: Missing Out On The SUV Boat

Geely (OTCPK:GELYY) (OTCPK:GELYF) surprised the market with April shipments increasing 13% y/y to 40.1k. Exports remain the drag with an 84% decline to 1.47k but domestic sales jumped 45% to 38.6k. Although Geely appears to be on target to reach its full-year sale estimate, I would highlight that the export market remains challenged for the time being and that total sales continue to decline on Y/Y basis when looking at the January-April shipment of 181k, vs. 204k from the same period last year.

However, I would note that Xindihao model shipments remain robust and that the first sale of the GC9 sedan is starting to show positive demand. I remain bullish on Geely on valuation. The stock trades at 12x FY16E earnings, which compares favorably to its peer range between 11-14x.

Xindihao and EC7 the bright spots; SUVs remain challenged

Consolidated Xindihao and EC7 sales increased 14% to 14.5k units. While I acknowledge that this is a slight deceleration from the prior months, demand should pick up in the coming months on the back of a new model launch, which I believe could lift Geely’s brand image and value proposition. New Vision models also saw solid sales with unit shipments hitting 8.3k.

While sedan sales remain resilient, SUV sales remain challenged with consolidated GX7 and GX9 sales down 21% y/y to 5.6k. This is a stark contrast to the results we saw from Great Wall Motors (OTCPK:OTCPK:GWLLY, OTCPK:OTCPK:GWLLF) which has been benefiting from the SUV demand. With 2.9k units sold since the launch 8 months ago, Geely’s SUV product clearly lags that of GWM in both value and price, and this underscores my bullish view on GWM. Geely expects to launch two more SUV models to capture the trend but I would not be so optimistic given the initial weakness in the GX model lineup.

Finally, the GC9 full size sedan is starting to see initial demand with 840 units. Although not stellar, management thinks that the shipments are meeting expectation, which looks to be 10k for this year.

Conclusion

Consensus is looking for new models to drive the shipments in the next several months and it is important for Geely to execute. At 12x forward earnings, the shares not are particularly expensive but could see multiple contractions should new model demand miss estimates. However, I continue to like the name on valuation and future leverage of its Volvo assets.

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Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More…)


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