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 - 0.07  130,000
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Overview

Market Cap: 51 Million
NOSH: 724 Million
Avg Volume (4 weeks):120,145
4 Weeks Range:0.065 - 0.085
4 Weeks Price Volatility (%):
25.00%
52 Weeks Range:0.055 - 0.11
52 Weeks Price Volatility (%):
27.27%
Average Price Target: 0.58
Price Target Upside/Downside: +0.51

Financial Highlight

Latest Quarter | Ann. Date 31-Jul-2019 [#1]  |  20-Sep-2019
Next QR | Est. Ann. Date: 31-Oct-2019  |  20-Dec-2019
T4Q P/E | EY: -1.21  |  -82.71%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 0.1145  |  0.61
T4Q NP Margin | ROE: -36.24%  |  -50.57%

Headlines

Date Subject
03-Oct-2019 Mplus Market Pulse - 3 Oct 2019
17-Sep-2019 PublicInvest Research Headlines - 17 Sept 2019
17-Sep-2019 Mplus Market Pulse - 17 Sept 2019
25-Jun-2019 Mplus Market Pulse - 25 Jun 2019

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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  10 people like this.
 
NoPainNoGain Oil price now reach $70 again but this still no response.move 1 2 steps then drop again.aiyo.
15/01/2018 1:56 PM
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 4:10 PM
quassar collection phase... slow n steady
23/01/2018 12:15 PM
NoPainNoGain Collect less 10 lot daily? @_@.then 10 years later also cannot pass 20 cents.haha
23/01/2018 9:39 PM
is861001 when this company want to bankrupt?
28/02/2018 5:43 PM
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 AM
SatoshiChiam What happened to this stok.
Why so low... Is it going PN17..
09/03/2018 1:41 PM
is861001 good for PN17. if not they dont realize it.
13/03/2018 12:04 AM
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 8:37 AM
quassar from low 13sen to 16.5sen now.... slowly but surely?
15/03/2018 9:21 AM
quassar wow.... 18.5 now! superb recovery
15/03/2018 10:19 AM
maelxpdc start suda..gogogogo
22/03/2018 11:38 AM
SatoshiChiam buy more keep..
23/04/2018 8:44 AM
SatoshiChiam wait cheap cheap
23/04/2018 8:45 AM
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 PM
nmaa3003 waiting at 5.5sen
26/04/2018 3:20 PM
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 8:02 AM
Albukhary Today target price - RM0.19
Tan Sri Muhyiddin's Son
Coming coming
15/05/2018 8:37 AM
Albukhary Good good...
15/05/2018 9:17 AM
ali Bila lagi mahu gerak ini
18/05/2018 10:42 AM
ivyong1966 Look like dropping more ... :(
24/05/2018 5:35 PM
mawiLegend Too slow this company..lots intraday que.saham x leh maju la malaysian invwstor trade mcm forex..aduii
05/06/2018 12:23 AM
ali Go go go
07/06/2018 6:41 PM
ivyong1966 don't looking like it's gg anywhere yet ...
18/06/2018 1:50 PM
scodrash Does anyone know what is happening to this counter? Any update or hint would be helpful :)
22/06/2018 10:13 AM
ivyong1966 Yeah, looks like too quite for any comfort .. :(
25/06/2018 10:02 AM
scodrash Drop again :(
26/06/2018 9:42 AM
Oliveoil 25% tomorrow
25/07/2018 8:23 PM
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 1:19 AM
Eric6790 hope it can fly someday
26/07/2018 11:41 PM
Jasper Coo beli dan untung kuat kuat
27/07/2018 11:08 AM
Eric6790 gone case, even had projects but unlucky still can't up
31/07/2018 9:42 AM
ivyong1966 This is the worst counter I ever bought in, when everything was gg up this one goes down!!
02/08/2018 1:19 PM
TKP9966 Marine
12/08/2018 10:15 PM
Sam1026 May i know this company really got issue dividend?klscrenner show dy128.43 % is it true?
16/08/2018 1:31 AM
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 10:03 PM
Albukhary Q to Q improve 40%, seem like O&G on on recovering path.
23/08/2018 7:04 PM
Eric6790 important is share price must bulk up
23/08/2018 9:26 PM
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 12:55 AM
smetrader Time to buy
22/01/2019 10:12 PM
Nadayu 1st target 0.10
27/01/2019 4:37 PM
Nadayu strong buy
30/01/2019 9:44 AM
maelxpdc stanby semua..bakal mengoreng balik
07/03/2019 7:16 PM
ali Go go go
18/03/2019 10:27 AM
Eric6790 finish report so bad
28/05/2019 4:29 PM
gforce2 http://www.bursamalaysia.com/market/listed-companies/company-announcements/6200025

https://www.theedgemarkets.com/article/marine-general-unit-get-three-contracts-petronas-worth-rm209m

KUALA LUMPUR (June 24): Marine & General Bhd’s subsidiary Jasa Merin (Malaysia) Sdn Bhd has bagged three work awards from Petronas Carigali Sdn Bhd worth a total of RM20.9 million, for the provision of anchor handling tug & supply vessel.

In a Bursa Malaysia filing today, the group said the contracts, worth approximately RM6.98 million each, will last for six months with an option to extend by another six months.

It said the contracts are expected to contribute positively to the earnings of the group for the financial period ending April 30, 2020 (FY20).

===

1. This should add RM10.47m revenue per quarter.
2. Fleet utilisation has generally been on an upward trend based on Q results ... upstream 55%, 60%, 73.4%, 65% (latest quarter was lower due to repair/maintenance and monsoon season); average of 63%. 3 AHTS vessels will boost utilisation up to ~79%, assuming all other contracts still on.
3. Will we see a Q profit soon? Possibly in the last quarter 2019, assuming their new chemical tanker comes online.
24/06/2019 9:15 PM
gforce2 https://www.theedgemarkets.com/article/uem-sunrise-ni-hsin-masteel-marine-general-petchem-and-taliworks

Offshore support services provider Marine & General Bhd's unit has bagged a contract from Hess Exploration and Production Malaysia B.V. worth approximately RM12.9 million with an additional RM6.5 million for an optional extended term.

Marine & General said its subsidiary Jasa Merin (Malaysia) Sdn Bhd has been awarded the contract by Hess for the provision of one 120MT anchor handling tug supply vessel to support Hess' Malaysian drilling operations on July 11, 2019.

Marine & General said the contract, which commenced on July 11, is for a primary duration of 12 months, with an option for Hess to extend for an additional six months.
14/09/2019 8:14 PM
Albukhary Not bad result... Seem like the company is on the right track d.
20/09/2019 8:38 PM
Eric6790 hope as u said,
20/09/2019 9:02 PM
gforce2 https://www.theedgemarkets.com/article/marine-general-gets-vessel-supply-contract-petronas

KUALA LUMPUR (Oct 2): Marine & General Bhd (M&G) has bagged a contract by Petronas Carigali Sdn Bhd for the provision of a unit of anchor handling tug and supply vessel for the petroleum arrangement contractors (PACs) production operations.

M&G said the contract, received by Jasa Merin (Malaysia) Sdn Bhd, commenced on Sept 16 and has a duration of 709 days, with an option to extend the contract for a one-plus-one-year term.

“The contract and option, estimated to have a value of approximately RM17 million for the primary term, is expected to contribute positively to the earnings of M&G for the financial period ending April 30, 2020 and beyond,” it said in a filing with Bursa Malaysia.

===

1. That's another RM8.5m/yr in revenue (~ RM2.1m for the next quarter).
2. This should boost Upstream fleet utilization above 80%, assuming no other expiring contracts.
3. However, Upstream is still loss-making for M&G.
02/10/2019 8:23 PM


 

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