beige94@thequalityguy if no private placement then that's just means scomi will soon declare bankruptcy because thats the only way out of this is to get fresh funds externally
23/11/2018 11:39 PM
thequalityguyLooks like private placement will go through. But not sure on the completion date.
28/11/2018 10:38 PM
thequalityguyHopefully can get some of the funds owed to them, instead of them always being demanded to pay by creditors. Prasarana also needs to pay them their owed sum. But most importantly, they need to get some new business. If not no more incoming funds lor...
28/11/2018 10:40 PM
limen12well, we all can wait and see. Hopefully when new investor comes in the share price will rebound to the buy in price of the new investor
30/11/2018 1:42 AM
beige94dont think so quick. Scomi will ensure deal done before PN17. PN17 is only if private investor pulls out.
limen12any updates on the private placement? anyone knows around when the deal will be done?
04/12/2018 11:24 PM
limen12CEO was very confident during EGM that private placement negotiation was ongoing. Because they need to avoid PN17, they need cash soon. They have intellectual property for their transport quite valuable, one of the few companies in the world with one.
05/12/2018 3:22 PM
nippy65Strong Elegance S/B, which Scomi has a 30% stake has signed a power purchase agreement with TNB to undertake and develop a 30MW solar PV plant in Sg Pertani to commence commercial operation on 31st December 2019. Anyone any idea if this is materialising ?
12/12/2018 4:19 PM
nippy65Error. Should be " ..... commercial operation on 31st December 2018. " So, some source of revenue coming ?
13/12/2018 1:45 PM
nippy65jackma, in the company webpage , no mention that the PV plant was signed on memorandom basis. Is the cancellation publised ? On the other hand, should the PV plant be up and running as said, they would proudly rush to announce it or its progress. Very very bleak.
persieDEFAULT IN PAYMENT TO AXIS BANK LIMITED amount RM36mil. On the other hand, Scomi owed Scomies totalled RM47mil. Surely rubbish company. Better run away.
18/01/2019 6:28 PM
CT888Scomi engrg is bankrupt but not Scomi, as the Scomi eng loan is not guaranteed by Scomi.
Scomi got value as long as Scomies got value !!
18/01/2019 8:13 PM
geraldt9Parasite co...dependent on ARMNO to survive.
limitlesssno la...scomi wont PN17...so big company...will up soon to 0.070 by end of feb
12/02/2019 11:23 AM
InfiltraderScomi Group Bhd and one of its subsidiary have collectively defaulted in RM315.86 million bank facilities due to Malayan Banking Bhd (Maybank).
In a filing with Bursa Malaysia today, Scomi Group said its wholly-owned subsidiary Scomi Rail Bhd received a notice of demand from Maybank for a sum of RM201.91 million, as the latter had failed to repay the bank facilities.
commonsenseThis is a potential PN17 company in the making. It is just a matter of time before they will be put under the PN17 status given the company’s continuous losses recorded since FY17. 2Q19 marks the 10 consecutive losses to the group. Investors need to expect further losses in the near and mid-term.
The recent news on Scomi Rail (wholly own subsidiary) defaulting on their RM202mil loan to Maybank will just accelerate further Scomi’s imminent fall into the PN17 status. Investors need to take note that defaulting on a loan is one of the events that forces listed companies to be put under PN17.
What is worst is that one of the collaterals being given for the loan is a 206 mil shares of Scomi Energy (Scomies) representing 8.8% interest in Scomies. If the ownership of the 8.8% interest is transferred to Maybank, this would mean that Scomi exposure in the company would fall from 65.6% to only 56.8%. Scomi would still be able to consolidate the balance sheet of Scomies but the equity value would fall.
As of Sept 18, Scomies has an equity of RM 533mil of which 65.6% is owned by Scomi. This amounts to an equity of around RM350mil to Scomi’s balance sheet (given that Scomi equity to shareholders is only RM316mil, it would mean that the company other businesses besides Scomies actually carries a negative equity value in Scomi’s balance sheet). A reduction of 8.8% interest in Scomies would see Scomi total equity to shareholder drop by RM47mil to only RM269mil which represent only 40% of total shareholder capital. A fall below 25% would automatically put the company under PN17 status.
Please take note that the balance sheet of Scomi Group itself can already be consider as overvalue. As an example, the total market cap of Scomies is only RM 130mil which means Scomi 65.6% in Scomies is only worth RM85mil in the open market. There is a high potential for the group to be force to impair/ writedown some of their assets which would mean lower “equity to shareholders” which itself would bring the company closer to the 25% shareholder capital limit.
The biggest risk of investing in a PN17 company is the delisting of the company from Bursa. Perisai Petroleum is the most recent example of this.
If you are looking to diversify your portfolio outside of Scomi (due to the risk of falling into PN17 status) I would recommend you to look at MBMR. (https://klse.i3investor.com/servlets/stk/pt/5983.jsp)
MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 6.9x PE (based on target FY18 profit of RM145mil. 9m profit is already RM106mil). PB is low at only 0.7x BV. 4Q18 results is expected to be higher than 3Q18 and last year's 4Q17.
FY19 growth will be driven by the still high demand of the new Myvi and the newly launched SUV Aruz and also the newly revamp Alza in 2H19. The recent announcement of closure and potential disposal of the loss-making alloy wheel manufacturing business alone is expected to boost the company’s profit by an additional RM20mil. I am projecting a profit to shareholder of RM170 mil for FY19 which at the current price values MBMR at only 5.9x PE.
Please go through the analyst reports and do your own analysis before making any decisions. There are 8 analysts in total covering the stock with most of them having a TP of above RM3 (all have a buy rating). The average TP for the 8 analysts is around RM3.50.
DickyyouPak Lah where are you? You not sad to see Scomi 4 sen under Tun M?
23/02/2019 12:54 PM
Hidup_Pak_LahTun M no 2/3 majority win in GE14 why no need to resign?
23/02/2019 12:58 PM
chinamanWe missed sleepy Pak Lah a lot. Although he always sleeping at job, but the damage to the nation is not worse as much done by Najis and Pakatun within short period of time. wakaka
23/02/2019 1:19 PM
ran777rptWow, scomi group is making back, any news?
