Highlights
KLSE: M&G (5078)       MARINE & GENERAL BHD MAIN : Transportation&Logistics
Last Price Today's Change   Day's Range   Trading Volume
0.07   -0.005 (6.67%)  0.07 - 0.075  405,000
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Overview

Market Cap: 51 Million
NOSH: 722 Million
Avg Volume (4 weeks):292,611
4 Weeks Range:0.065 - 0.09
4 Weeks Price Volatility (%):
20.00%
52 Weeks Range:0.055 - 0.195
52 Weeks Price Volatility (%):
10.71%
Average Price Target: 0.58
Price Target Upside/Downside: +0.51

Financial Highlight

Latest Quarter | Ann. Date 30-Sep-2018 [#3]  |  28-Nov-2018
Next QR | Est. Ann. Date: 31-Dec-2018  |  28-Feb-2019
T4Q P/E | EY: -0.26  |  -385.91%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 0.1772  |  0.40
T4Q NP Margin | ROE: -178.70%  |  -151.97%

Headlines

Date Subject
04-Sep-2018 Mplus Market Pulse - 4 Sept 2018
13-Aug-2018 Mplus Market Pulse - 13 Aug 2018
26-Jul-2018 PublicInvest Research Headlines - 26 Jul 2018
26-Jul-2018 Mplus Market Pulse - 26 Jul 2018

Business Background

Marine & General Bhd is a Malaysian based investment holding company, involved in the upstream and downstream marine logistics business. It is engaged in providing offshore marine support services to oil and gas companies and tolled highway concessionaire. The company operates in Marine Logistics – Upstream and Marine Logistics – Downstream segments. It also offers downstream marine logistics services tankers to oil and gas companies and trading houses in the South East Asian region.
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  9 people like this.
 
Albukhary Yup, continue to accumulate since RM0.18... Almost every bit I added up some stock.
If it continue up, I will continue to add.. all the way until it pass RM0.30.
08/01/2018 11:56
kyosan it will up loor...got 2 division now... upstream and downstream.... oil price sudden drop or up also will balance...
08/01/2018 12:42
Pilotsport Tomorrow rebound
11/01/2018 17:28
NoPainNoGain Hopefully..happy only for few days for this counter..very short lived one.
11/01/2018 20:36
quassar bottom fishing... slow n steady
12/01/2018 12:03
NoPainNoGain Oil price now reach $70 again but this still no response.move 1 2 steps then drop again.aiyo.
15/01/2018 13:56
NoPainNoGain I am amazing with this stock, when most (if not all) o&g related stock goes up and/or down crazily..this just sit tight not giving a sh!t.
16/01/2018 16:10
quassar collection phase... slow n steady
23/01/2018 12:15
NoPainNoGain Collect less 10 lot daily? @_@.then 10 years later also cannot pass 20 cents.haha
23/01/2018 21:39
is861001 when this company want to bankrupt?
28/02/2018 17:43
Albukhary Judge from its cash flow, it wont go bankrupt. It still have healthy cash flow, the big losses was due to the impairment losses on its vessel.
04/03/2018 11:57
SatoshiChiam What happened to this stok.
Why so low... Is it going PN17..
09/03/2018 13:41
is861001 good for PN17. if not they dont realize it.
13/03/2018 00:04
quassar MARINE & GENERAL Berhad (formerly known as SILK HOLDINGS Berhad) - Award of contracts for the provision of two (2) units of straight supply vessels with accommodation

Another catalyst for this wk... let see today!
13/03/2018 08:37
quassar from low 13sen to 16.5sen now.... slowly but surely?
15/03/2018 09:21
quassar wow.... 18.5 now! superb recovery
15/03/2018 10:19
maelxpdc start suda..gogogogo
22/03/2018 11:38
SatoshiChiam buy more keep..
23/04/2018 08:44
SatoshiChiam wait cheap cheap
23/04/2018 08:45
OMR@obm_4558 The Board of Directors (“Board”) of Marine & General Berhad (formerly known as SILK Holdings Berhad) (“M&G” or "the Company") wishes to announce that the Company, had on 29 March 2018, incorporated a wholly-owned subsidiary in Labuan namely, M&G Marine Logistics (L) Pte. Ltd ("MGML").

The Certificate of Incorporation for MGML was received on 29 March 2018. MGML has a share capital of One Hundred United States Dollars (USD 100.00). MGML will be utilized as a Ship-Owning Company ("SOC") to own future vessels as and when the Group expands its chemical tanker fleet.

The incorporation of MGML will not have any effect to the issued and paid-up capital of the Company as well as its substantial shareholders’ shareholdings and is not expected to have a material effect on the earning, net assets and gearing of the Company and the Group for the financial year ending 31 December 2018.

DIRECTORS' AND MAJOR SHAREHOLDERS INTERESTS

None of the directors or major shareholders or person connected with the directors or major shareholders has any interest, direct or indirect in the incorporation of MGML.

This announcement is dated 30 March 2018.
23/04/2018 12:36
nmaa3003 waiting at 5.5sen
26/04/2018 15:20
Albukhary Many investor overlooked this counter, Tan Sri Muhyiddin's Son, Datuk Fakhri Yassin is the Top 30 Shareholder in this company, M&G.

And don't forget, this is a cash rich Oil & Gas company, they have few hundred million cash in hand after dispose the SILK highway.
15/05/2018 08:02
Albukhary Today target price - RM0.19
Tan Sri Muhyiddin's Son
Coming coming
15/05/2018 08:37
Albukhary Good good...
15/05/2018 09:17
ali Bila lagi mahu gerak ini
18/05/2018 10:42
ivyong1966 Look like dropping more ... :(
24/05/2018 17:35
mawiLegend Too slow this company..lots intraday que.saham x leh maju la malaysian invwstor trade mcm forex..aduii
05/06/2018 00:23
ali Go go go
07/06/2018 18:41
ivyong1966 don't looking like it's gg anywhere yet ...
18/06/2018 13:50
scodrash Does anyone know what is happening to this counter? Any update or hint would be helpful :)
22/06/2018 10:13
ivyong1966 Yeah, looks like too quite for any comfort .. :(
25/06/2018 10:02
scodrash Drop again :(
26/06/2018 09:42
Oliveoil 25% tomorrow
25/07/2018 20:23
gforce2 http://www.theedgemarkets.com/article/marine-general-bags-rm17m-contract-supply-vessel

KUALA LUMPUR (July 25): Marine & General Bhd (M&G) said its unit has been awarded a contract worth RM17 million, to provide a straight supply vessel (SSV) in support of a client's operations.

In an exchange filing today, M&G said the contract, which was awarded by Hess Exploration and Production Malaysia B.V. to its unit Jasa Merin (Malaysia) Sdn Bhd (JMM), will commence on Aug 1.

The contract is for a primary duration of three years, with two annual extension options for Hess.

M&G said the primary term of the contract — valued at RM17 million — is expected to contribute positively to the group's earnings for the financial year ending Dec 31, 2018 (FY18).
26/07/2018 01:19
Eric6790 hope it can fly someday
26/07/2018 23:41
Jasper Coo beli dan untung kuat kuat
27/07/2018 11:08
Eric6790 gone case, even had projects but unlucky still can't up
31/07/2018 09:42
ivyong1966 This is the worst counter I ever bought in, when everything was gg up this one goes down!!
02/08/2018 13:19
TKP9966 Marine
12/08/2018 22:15
Sam1026 May i know this company really got issue dividend?klscrenner show dy128.43 % is it true?
16/08/2018 01:31
gforce2 Sam1026 > That was a special dividend in 2017, after selling Silk Highway to PNB. Unlikely to have any dividends soon, as its core oil & gas business is still bleeding money.

On the plus side, oil prices have trended upwards. It is starting to get some new contracts (3 yr, with option to extend): RM17m with Hess E&P, RM48m with Murphy Oil Sarawak.

If you take these two contracts and divide by 36 months, it works out to about RM1.8m/mth additional revenue, or RM5.4m/quarter. I'm not sure what their profit margins are on these contracts, but even if you factor in these 2 contracts at RM2m profit/quarter, they are still operating at a loss of about RM16.6m/quarter. (Coincidentally, they are spending about RM16.6m/quarter on interest repayments alone!)

As of 31-Mar-2018, M&G is sitting on about RM229m in cash/deposits/reserves/FDs. That might seem like a lot, but its total liabilities is almost RM1b! It's no wonder that they are currently working with CDRC/BNM to help restructure its debt load.

I can think of a few ideas how this could pan out:
1. Convert the debt into equity. Bring down the debt to about RM200-300m, if possible.
2. A rights issue or private placement to raise fresh capital, to pare down debt. Similar effect to the 1st option, but might not be viewed favorably by shareholders.
3. M&A to create synergies & shareholder value.
17/08/2018 22:03
Eric6790 so means this counter had problems?
20/08/2018 09:25
Albukhary Q to Q improve 40%, seem like O&G on on recovering path.
23/08/2018 19:04
Eric6790 important is share price must bulk up
23/08/2018 21:26
gforce2 It looks like the initial signs of recovery in the 2Q 2018 Financial Results. Some highlights:

1. Negotiated lower interest rates on their existing debts, thanks to CDRC. Recall 1Q2018, interest expenses were RM 16.6m, compared to RM 10.95m in 2Q2018! That's a 34% reduction in interest rates (effectively from ~6.7% to ~4.5% p.a. by my estimates). It also looks like they have started to pare down their debts, albeit slowly.

2. Downstream Division is finally turning a profit!

3. Upstream Division Fleet Utilization at 55%, not including the latest 2 contracts signed in July & August. Based on their 2017 Annual Report, they have 21 vessels under Upstream Division. 55% means that 11.55 vessels are being utilised. Add in the 2 contracts (2 AHTS vessels and 1 SSV pro-rata), 13.2 vessels... assuming only the new contracts added, next quarter's utilization should be about 63%, and increasing to 69% in 4Q. The new contracts will add about RM 3m revenue for 3Q, and RM 5.4m in 4Q onwards.

===
Analysis & Predictions:
Their downstream division has 1 more ship to be deployed, which should add another RM 1m - 1.5m to revenue in the 4Q. There is also 1 more ship being constructed, to be ready in 2019.

I expect the 3Q results to show a RM 9.5m - 10m loss, dropping to RM 7m loss in 4Q, assuming 69% utilization (Upstream). Daily Charter Rates (DCR) should improve, as oil prices are now hovering at USD70-75/barrel, compared to USD45-65/barrel in 2017.

I predict M&G will be able to get their Upstream Fleet Utilization to about 75 - 80% in 2019, which should bring their quarterly losses down to about RM 3.5m - 4m.

Downstream activities will help bring M&G back into profitability. I estimate M&G will need to expand to 8 - 9 tankers, before we start to see an overall net profit. Thankfully, they still have about RM 151m in FDs/money market, which should be enough to buy another 2 - 3 tankers.

I still feel that they need to bring their debt ratios down to below RM 500m. At the re-negotiated rates, they are still burning about RM 44m a year on interest alone. Bringing the debt level to below RM500m should save about RM 22m/year.
Unfortunately, there's no easy way to do this. Any debt-to-equity or rights issue at current prices will find it hard to raise RM 100m, let alone RM 500m.
25/08/2018 00:55
Eric6790 useless counter keep on drop only despite getting projects
07/09/2018 15:34
smetrader Time to buy
22/01/2019 22:12
Nadayu 1st target 0.10
27/01/2019 16:37
Eric6790 how to buy, I buy from 12 now just 7c, any gd news?
29/01/2019 16:27
Nadayu strong buy
30/01/2019 09:44


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