Posted by ronaldotheGOAT > 2 weeks ago | Report Abuse

40sen coming for velesto

Posted by Gentingbig > 2 weeks ago | Report Abuse

really or not as i already collected 900000 lots and feeling jittery now. though of cutting loss half of it

Posted by Ninja _07 > 1 week ago | Report Abuse

Wow... @Gentingbig .. looks like you're a majority shareholder. That's 90,000,000 units of shares you're holding!

Posted by Macgyver111 > 1 week ago | Report Abuse

Ya I'm thinking the same. 1 lot 100 if 900,000 lots = 90,000,000 mil shares. Wow! Kaya lor.

Posted by Macgyver111 > 1 week ago | Report Abuse

What in annual report guys. Pls share ?

Posted by Macgyver111 > 1 week ago | Report Abuse

Ok. Annual report as usual, nothing extraordinary. Only thing I noticed DCR improving from usd77 to usd 94/day (still lower compared with other southeast Asia). They achieved rigs utilization 83% far better than previous year. Order book stood at 1.7 bil.

Posted by Macgyver111 > 1 week ago | Report Abuse

This is something to consider
They issued ESOS on 1 nov 2019, exercise price 0.33 (tranche 1) and 6 Nov 2023, exercise price 0.23 (tranche 2).

Posted by Gentingbig > 1 week ago | Report Abuse

i want to cut loss as i need fund to buy sign. i miss this opportunity 2 weeks ago when a friend a fund manager told me to enter at 0.955. yesterday again he say collect at 1.30 as TP now 2.00. what do you all think of SIGN

Posted by Gentingbig > 1 week ago | Report Abuse

I got fed up of velesto as foreign fund brought a lot a lot so i jump in the wagon but already 2 weeks and no action at all. to stay or to get out i am thanking since yesterday.
indeed its foreign fund collection
1:46:51 0.275 500,000
11:46:51 0.275 500,000
11:46:48 0.275 3,364,200
11:46:39 0.275 500,000
11:46:38 0.275 356,500
11:46:38 0.275 500,000
11:46:37 0.275 500,000
11:46:37 0.275 500,000
11:46:37 0.275 500,000
11:46:36 0.275 500,000
11:46:34 0.275 50,000
11:46:34 0.275 30,000
11:46:34 0.275 550,000
11:46:33 0.275 27,200
11:46:33 0.275 500,000
11:46:33 0.275 500,000
11:46:33 0.275 500,000
11:46:33 0.275 500,000
11:46:33 0.275 500,000
11:46:32 0.275 500,000
11:46:28 0.275 500,000
11:46:28 0.275 500,000
11:46:13 0.275 +0.005 500,000

Posted by jenabchen123 > 1 week ago | Report Abuse

Good price to continue kutip

Posted by TurkeyFig > 1 week ago | Report Abuse

When can 30sen?

Posted by jacintateh > 1 week ago | Report Abuse

slow but stable stock. wait for dividend on 24/5/24

Posted by RJ87 > 1 week ago | Report Abuse

U guys better go Genting.

Posted by RJ87 > 1 week ago | Report Abuse

buy today expect up tomorrow. Better go genting. No need wait a day. 30seconds will know if u make 100% or lose 100%

Posted by Gentingbig > 1 week ago | Report Abuse

RJ you are right lah the thumb of rule when playing shares...make sure the fund are spare money which one can afford to just park it there for 1 or 2 years if come the worst. but then the profit gain mustt be more than bank FD

Posted by Macgyver111 > 1 week ago | Report Abuse

In velesto you no need to wait for 2/3 year. Explosion around corner (after dividend). As long higher crude oil price, we're pretty much safer here. All you need is patience.

Posted by Gentingbig > 1 week ago | Report Abuse

THANKS thanks i sold a lot of epicon yesterday so got fund to load more velesto. i am confident now as i just read kenanga analysis report on this counter beside reading all contributors posting on this forum

Posted by Gentingbig > 1 week ago | Report Abuse

just read Publicinvest
Velesto Energy: Gets contract extension for three jack up drilling rigs to Petronas Carigali. Velesto Energy’s subsidiary Velesto Drilling SB has received a two-year contract extension for use three of its jack up drilling rigs Naga 2, Naga 4, and Naga 6 from Petronas Carigali SB. The company said inclusive of its current drilling campaign assigned between 2023 and 2024, the jobs are worth a collective RM1.25bn (USD265m). The contract extension starts on 7 Feb, 2024, and runs until 6 Feb, 2026, Velesto said in a filing to Bursa Malaysia. Velesto said the contract's extension highlights strong utilisation of Velesto's rigs for 2024.

Posted by jenabchen123 > 1 week ago | Report Abuse

Next week kasi kutip lagi. No brainer if not continue kutip

Posted by Macgyver111 > 6 days ago | Report Abuse

https://paultan.org/2024/05/06/shell-said-to-be-in-talks-to-sell-its-entire-malaysian-petrol-station-network-to-saudi-aramco-report/

Wonder why not Petronas take over this offer..😆😄 Velesto mesti pecut punya.

Posted by Gentingbig > 6 days ago | Report Abuse

make no sense got volume but price stuck at .27 cents for so blady long time. am losing my patience but then cannot bear to cut my losses

Posted by hzboi > 5 days ago | Report Abuse

Oil price go down, Velesto price go up. This stock makes no sense.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 4 days ago | Report Abuse

Daily charter rate near all time high.
High deployment of almost all their jack-up rigs.
Reported big free cash flow in latest results.
Distributed a dividend after many years of zero dividends.
Turnaround. Price has risen 100% from its lowest.

Cyclical business directly related to oil price.
Oil price is projected to be high for the near term.
Sustainability? Stability? Dependent on Petronas for contracts.
Focus on long term contracts. Revenues and profits visible for the next 2 years (2024 and 2025) for now.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 4 days ago | Report Abuse

How to improve return to shareholders?
Utilisation rate is now 85%, where is the growth?
M&A? Rigs are very expensive. Not looking to increasing the number of rigs.

Can EBIT margin of 4th qtr of last year be maintained?

Short charter rate versus long term charter rate are different.

Presently, the situation is everyone wants rigs!

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 4 days ago | Report Abuse

Is Velesto price fully valued?
It is more expensive than other comparables.
Sustainable returns to shareholders? Little growth going forward.

How to bring value to shareholders? No plan for inorganic growth.

O&G is cyclical. Stay in upstream. Looking into production space. Operating expenditures only, not heavy capex needed. More sustainable. Must be asset light (based on recent past experience, victim of recent downturn in O&G).

Future: Focus on Asset light and Production.


Jaguh kampong! Dependent on Petronas (eg Sapura Kencana, others)
All 6 rigs operating in Malaysia. Is it able to compete internationally?

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 4 days ago | Report Abuse

Today, Velesto is performing. Challenge - how to get to net carbon zero? How to invest into renewables? No plan for now.

Posted by Gentingbig > 4 days ago | Report Abuse

so now what is your summary...to load or to unload?

Posted by Gentingbig > 4 days ago | Report Abuse

1st first comment positive but your 2&3 comment contradict your 1st so conclusion need to hold long term as of now this stock performance dont look good. is confusing lah

Posted by Macgyver111 > 4 days ago | Report Abuse

https://www.businesstoday.com.my/2024/05/08/velesto-drilling-down-to-a-better-quarter/

Posted by SinGor > 4 days ago | Report Abuse

https://oilprice.com/Energy/Energy-General/Deepwater-Exploration-Is-Booming-Again.html
___________________________

Saudi cancelled Jack-Up Rig Contracts but the Whole Industry wants Jack-Up Rigs

Posted by Lewis Lee > 4 days ago | Report Abuse

TP = 40ct soon !!

Posted by Lewis Lee > 4 days ago | Report Abuse

KUALA LUMPUR (May 8): Offshore drilling firm Velesto Energy Bhd (KL:VELESTO) is expected to report that its net profit may more than tripled in the first quarter (1Q) from a year earlier with all of its rigs utilised, Maybank Investment Bank said.

Net profit will likely come in at RM45 million-RM50 million for the three months ended March 31 when the company announces its results on May 23, Maybank IB said in an earnings preview note. That compares to RM14.22 million in 1QFY2023 and RM66.7 million in 4QFY2023.

A drilling job with a daily charter rate of about US$165,000 (RM781,536) won by another company indicates that the market is still currently “very tight” and rates are still rising, Maybank IB said. “Local drilling outlook is still robust, in our view.”

Shares of Velesto have climbed nearly 20% so far this year amid optimism that elevated oil prices will further boost demand for its services, and analysts broadly think there is more upside to the company valued at over RM2.2 billion on Bursa Malaysia.

A majority of seven out of eight analysts covering Velesto have "buy" calls on the stock and only one "hold" rating. The consensus 12-month target price is 33 sen, suggesting a further 18% gain from current prices.

Still, the stock has been under pressure since April amid concerns that Saudi Aramco's broader suspension of jack-up rigs may prompt owners to send their idling assets elsewhere and pressure charter rates.

Velesto announced in March 2024 that it has secured contract extensions for Naga 2, Naga 4 and Naga 6 for the next two years while its Naga 8 is contracted till October 2025. That leaves only Naga 3 and Naga 5, which according to Velesto, are in bids and negotiations for contracts till end-2025, Maybank IB noted.

“With that, we conclude that Velesto is pretty much shielded until then, as all of its rigs will be fully utilised for the next 18 months,” Maybank IB noted. Utilisation rate will likely come in at 94% with an average blended daily charter rates of US$98,000, according to Maybank’s forecast.

Maybank IB added that it is confident that Velesto will continue to show earnings growth over the next two years.
Source: TheEdge - 9 May 2024

Posted by jenabchen123 > 3 days ago | Report Abuse

Tutup mata kasi angkat saja. Dont let institutional only making money, we retail can join this wild party too. From losing money to now making huge money. No brainer if not joining.

Posted by ronaldotheGOAT > 3 days ago | Report Abuse

buy velesto below 0.30

Posted by azfar8 > 5 hours ago | Report Abuse

Ok, I buy now.