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  perangbrown O&G rally continues, Sapura Energy and Wah Seong leading the pack today 08/11/2019 5:03 PM Monte Not really ba,d given the huge investment expenditure from cash flow activities which will bring in better future gains. Good investment and you can see the huge support around RM 1.18 despite the perceived "bad" quarter. 24/11/2019 9:20 PM Penarak The Movers from 0.60 to 1.30 appear to have gone off for a well deserved vacation . 29/11/2019 2:17 PM PresidentRotiCanai Wah Seong Corp Bhd (Nov 22, RM1.26) Maintain buy with an unchanged target price (TP) of RM1.50: The third quarter of financial year 2019 (3QFY19) results were ahead of our expectation due to stronger-than-expected associate earnings and lower taxes but in line with consensus. We raise financial year 2019 estimated (FY19E) earnings by 19% and remain positive on Wah Seong Corp Bhd’s prospects. Order book visibility is rising and Wah Seong is a key beneficiary of higher: i) engineering and fabrication; and ii) pipe-coating works. The former will lead growth in FY20 while the latter will feature prominently from FY21. Our TP is unchanged, pegged at 10.9 times FY21 price-to-earnings (P/E), its three-year mean to factor a pickup in industry order book visibility. Wah Seong’s core net profit of RM17 million ( 31% quarter-on-quarter [q-o-q]; -44% year-on-year [y-o-y]) took cumulative nine-month period of financial year 2019 (9MFY19) core earnings to RM49 million ( 36% y-o-y), 94% of our initial FY estimate of RM52 million. Contrary to our initial expectations of a flat sequential performance, the q-o-q strength in 3QFY19 was driven largely by higher associate profit ( 73% to RM6 million due to higher contribution from its 26.9%-owned Petra Energy Bhd) and lower taxes (-69% to -RM3 million). We raised FY19E earnings by 19% to RM62 million post 3QFY19, taking into account mainly the higher associate profit ( 150%). We expect a weaker 4QFY19 (-24% q-o-q), due to seasonal softness with its Nordstream 2 operations ending in January 2020. Our FY20-21 estimates are unchanged. We see Wah Seong capitalising on the resurgence in offshore engineering and fabrication orders, particularly for process equipment modules as it rides on the strong floating production, storage and offloading (FPSO) order pipeline in 2020. That segment could add about US$300 million to US$450 million (RM1.25 billion to RM1.88 billion) to its order book. Its pipe-coating prospects will feature prominently in 2021, with its 60:40 Qatar operations (US$300 million) alone contributing from FY21-23E. — Maybank IB Research, Nov 22 02/12/2019 11:48 PM Penarak https://oilprice.com/Energy/Natural-Gas/Americas-Last-Ditch-Effort-To-Stop-The-Nord-Stream-2-Pipeline.html 13/12/2019 2:05 PM sell david81 operator? david81 Future is bright, so it may not be that bad tomorrow 18/02/2020 10:11 PM 20/02/2020 5:08 PM  |
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