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Overview
Financial Highlight
HeadlinesBusiness Background Bumi Armada Bhd is a Malaysia-based international provider of offshore energy facilities and services. The company’s revenue is derived from business segments including floating production, storage, and offloading, or FPSO, operations; floating gas solutions; and offshore marine services. Under the FPSO unit, vessels are designed to meet the requirements of a customer’s reservoir and operational environment. Alongside this unit, the company engages in the production and imports segments of the liquefied natural gas value chain through its floating gas solutions segment. Furthermore, support and construction vessels are offered to a range of international customers under the offshore marine services segment. The company also provides a slew of support services to customers.
  Selina Tam RHB Sell call for Armada, you can check the research report on my FB, https://m.facebook.com/story.php?story_fbid=154544988714277&id=100024763302939 18/04/2018 13:46 Sharewitch Read closely, damage is 30 million. Net off your average 100++million profit is quite a sum,not going to have good profits Q1 and Q2 18/04/2018 13:49 Selina Tam Also posted Bloomberg terminal technical chart of Armada on my FB. To see the complete chart, you need to click my fb link and it will bring you to stockbit, then you click on the image and you can see full chart, if you unable to click the images you might need to login stockbit and try again. https://facebook.com/story.php?story_fbid=154554295380013&id=100024763302939 18/04/2018 14:18 JN88 One year record all profit better than Sap le. Slow and steady buy and keep in fridge 18/04/2018 14:54 itch Amet2017, betul la apa i cakap. Oil naik, lebih banyak oil related punya activity. Opportunity for Armada pun lebih banyak dan cerah. The current selldown is overdone. Time to buy more! 18/04/2018 15:21 canjunming https://eresearchsystem.bursamalaysia.com/eResearch/webdownload.pub?id=20716 18/04/2018 17:04 Cikam Nigeria is only small development..Angola, Norway, China have been very busy....go Armada 19/04/2018 00:58 itch Bumi Armada down on Nigeria woes Most analysts maintain ‘buy’ call StarBiz PETALING JAYA: The share price of Bumi Armada Bhd slid 4.5 sen to close at 86 sen with 24.66 million shares changing hands after announcing that the offshore energy facilities and service provider will incur RM30mil loss from the credit risk recovery related to the suspension of the bare-boat charter and operations and maintenance contracts to Erin Petroleum Nigeria Ltd (EPNL), a subsidiary of Erin Energy Corp. The contracts were associated with the floating production, storage and offloading (FPSO) vessel Armada Perdana, and the suspension was first announced last June after delays to the bare-boat charter payments as well as irregular payments on the operations and maintenance contract. A majority of the analysts covering Bumi Armada maintained a “buy” call on the stock, with a share price upside when the other FPSOs in its fleet get contracts. UOB KayHian Research, which has removed the FPSO from the share price assumption ever since the company halted the bare-boat revenue recognition in the first quarter ended March 31, 2016, has a sum-ofparts target price of RM1.06 per share. It noted that Erin remains committed to rejuvenating crude oil production in the Oyo offshore Nigerian field but that the company continues to have funding problems that has hampered the development of the offshore field. “While there is no more outstanding loan on the FPSO, a total shutdown of the FPSO will still incur a very minimal operating expenditure if the operations and maintenance services are not covered by the client. “Overall, we view that the financial impact could still see a uptick on additional cost, but this is very minor to warrant a forecast adjustment,” it said, adding that the RM30mil estimated credit cost recovery relates to demobilisation costs, should the need arise. “Even though FPSO Perdana already had impairments (part of a RM434mil incurred in 2016), there may still be an impairment risk on the residual value and receivables in our view given this recent event. The net book value of Perdana is not guided, we estimate it to be RM200mil to RM300mil,” UOB KayHian Research said. Meanwhile Maybank Investment Bank Research, which has removed the net present value (or the difference between the present value of cash inflows and the present value of cash outflows over a period of time) of Perdana from the sum-of-parts target price, said the most recent development would have an adverse impact to sentiment but the research house’s “buy” call on the stock was premised on the earnings/ cashflow recoveries from the financial year ending Dec 31, 2018. “Securing final acceptances for its FPSO Kraken and Olombendo by the first half 2018 are potential catalysts,” it said. Maybank Investment Bank Research has maintained the target price at RM1.02 per share. 19/04/2018 10:41 AscendCapital Posted a Commodities outlook from Citi Research on my FB, those who holding commodities counter should have a look at it. Click the image to see full diagram, if you unable to click, login and retry, either way, will work. https://m.facebook.com/story.php?story_fbid=155094045326038&id=100024763302939 19/04/2018 10:50 AscendCapital RHB continue sell call Aramada, report posted on FB. https://facebook.com/story.php?story_fbid=155169041985205&id=100024763302939 19/04/2018 13:21 AscendCapital Posted Crude oil technical chart from Bloomberg technical on FB, good reference for those who holding O&G counter. Click the image to view full chart, if you unable to click it, login Stockbit and retry, it will work. https://facebook.com/story.php?story_fbid=155203618648414&id=100024763302939 19/04/2018 14:59 itch Yes, this coming quarter's result should be more positive than last. With Olom impending final acceptance, this financial year sure huat! Nigeria woes create opportunities to accumulate cheap! 19/04/2018 15:54 mikekim just need to wait for the final acceptance announcements which is expected to be very soon. thankful for the Erin bad news that lowered the price right before Olombendo and Kraken's expected announcements. 19/04/2018 17:30 Cikam Now all the investors focusing on Sapura and hibiscus..they sure will come here after exausted 19/04/2018 20:24  gongxifacai the only good news is EPF is keep buying the share. Hopefully tomorrow go back up to 0.900 above 20/04/2018 00:20 mikekim only 7 more working days till the end of April for Olombendo full accceptance announcement, coming very soon = 1 Rocket GE14 (if the incumbent wins) = 1 Rocket Kraken full acceptance = 1 Rocket Quarterly report (end may) = 1 Rocket If all 4 come together, TP = RM1.2 20/04/2018 09:48 mikekim EPF is rebalancing their portfolio from Sapura to Armada. While Sapura has good prospects, it is loss making, hence EPF's fund managers have no choice but to follow SOP to reduce their portfolio exposure. Armada on the other hand, has turned around with strong net profits. Net profit is expected to grow strongly in the next 4 quarters with FPSO full acceptances. This is the reason why the price shot up to 0.95 when the market was expecting it. Erin's news, however, trashed the share price back down to 0.85 despite it being a well-known issue and with little impact to cashflow (only RM30m). That's RM600m of market cap evaporation, which the market priced it at 20x price to losses. Looks like oversold to me. Last chance to buy before the next rally when the announcements come. 20/04/2018 11:14 mikekim Commendable performance today, with 74% buy rate so far. volume breakout upon olombendo announcement will push it back to 0.90. 20/04/2018 15:28 mikekim Armada's management really should buck up in getting the final acceptances. It's dragged on so long in delivering returns to shareholders. Asking for shareholders approval for incentive shares again. I'm so going to vote NO if they drag on this again. 20/04/2018 15:50 Er Xian must make sure epf still buying after 17th because the news came out that day 21/04/2018 22:24 mylinuxbsd Must cut loss, going Holland already. The impact might be bigger than anticipated 23/04/2018 09:22 mikekim keep accumulating it. Olombendo full acceptance very soon: Olombendo Targeting Acceptance by April FPSO Olombendo’s final acceptance encountered a slight delay due to extended paperwork process in sourcing some equipment. Nevertheless, things are in place now with final acceptance confidently achievable before end April 18 (from the initial March timeline). 23/04/2018 09:58 itch JF Apex Securities report dated 18/4/18 - Buy call TP rm1.05 Public Invest Research report dated 23/4/18 - Buy call TP rm0.90 23/04/2018 10:16 canjunming http://www.bursamalaysia.com/market/listed-companies/company-announcements/5767193 23/04/2018 17:20 SinKaLanTrader Posted RHB WTI daily outlook on FB, people who holding O&G company should read this. https://m.facebook.com/story.php?story_fbid=100257304174082&id=100025694370309 23/04/2018 18:36  |
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