Highlights
KLSE: HANDAL (7253)       HANDAL RESOURCES BHD MAIN : Energy
Last Price Today's Change   Day's Range   Trading Volume
0.38   +0.01 (2.70%)  0.37 - 0.38  65,000
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Financials


Market Cap: 67 Million

Market Cap 67 Million
NOSH 176 Million

Latest Audited Result:  31-Dec-2017

Latest Audited Result: 31-Dec-2017
Announcement Date 25-Apr-2018
Next Audited Result: 31-Dec-2018
Est. Ann. Date: 25-Apr-2019
Est. Ann. Due Date: 29-Jun-2019

Latest Quarter:  31-Dec-2018 [#0]

Latest Quarter: 31-Dec-2018 [#0]
Announcement Date 20-Feb-2019
Next Quarter: 31-Mar-2019
Est. Ann. Date: 16-May-2019
Est. Ann. Due Date: 30-May-2019
QoQ | YoY   57.31%  |    -11,887.50%

Annual (Unaudited) ( EPS: -1.35, P/E: -28.25 )

Revenue | NP to SH 63,644  |  -2,367
RPS | P/RPS 36.17 Cent  |  1.05
EPS | P/E | EY -1.35 Cent  |  -28.25  |  -3.54%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 0.54  |  0.70
YoY   82.50%
NP Margin | ROE -3.72%  |  -2.47%
F.Y. | Ann. Date 31-Dec-2017  |  28-Feb-2018

T4Q Result ( EPS: -4.69, P/E: -8.11 )

Revenue | NP to SH 55,786  |  -8,247
RPS | P/RPS 31.70 Cent  |  1.20
EPS | P/E | EY -4.69 Cent  |  -8.11  |  -12.33%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 0.50  |  0.76
QoQ | YoY   -29.98%  |    -248.42%
NP Margin | ROE -16.49%  |  -9.39%
F.Y. | Ann. Date 31-Dec-2018  |  20-Feb-2019

Annualized Result ( EPS: -5.11, P/E: -7.43 )

Revenue | NP to SH 60,857  |  -8,996
RPS | P/RPS 34.58 Cent  |  1.10
EPS | P/E | EY -5.11 Cent  |  -7.43  |  -13.45%
DPS | DY | Payout % -
NAPS | P/NAPS -
QoQ | YoY   -6.08%  |    -280.09%
NP Margin | ROE -16.49%  |  -10.24%
F.Y. | Ann. Date 31-Dec-2018  |  20-Feb-2019



Business Performance

Business Performance (By Quarter)

Trailing 4 Quarters Trailing 8 Quarters
Available Quarters 4 Quarters 8 Quarters
Continuous Quarters Of Revenue Growth 1 / 4 25.00% 1 / 8 12.50%
Total Positive Profit Years 0 / 4 0.00% 2 / 8 25.00%
Continuous Quarters Of Positive Profit 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Profit Growth 1 / 4 25.00% 1 / 8 12.50%
Continuous Quarters Of Adjusted EPS Growth 1 / 4 25.00% 1 / 8 12.50%
Total Dividend Years 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Dividend 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Dividend Growth 0 / 4 0.00% 0 / 8 0.00%
Continuous Quarters Of Adjusted Dps Growth 0 / 4 0.00% 0 / 8 0.00%
Average ROE -2.28% -1.45%
Average Net Profit Margin -18.43% -11.72%

Business Performance (By Year)

Last 5 Financial Years Last 10 Financial Years
Available Years 5 Years 9 Years
Continuous Years Of Revenue Growth 0 / 5 0.00% 0 / 9 0.00%
Total Positive Profit Years 3 / 5 60.00% 7 / 9 77.78%
Continuous Years Of Positive Profit 0 / 5 0.00% 0 / 9 0.00%
Continuous Years Of Profit Growth 1 / 5 20.00% 1 / 9 11.11%
Continuous Years Of Adjusted EPS Growth 1 / 5 20.00% 1 / 9 11.11%
Total Dividend Years 0 / 5 0.00% 0 / 9 0.00%
Continuous Years Of Dividend 0 / 5 0.00% 0 / 9 0.00%
Continuous Years Of Dividend Growth 0 / 5 0.00% 0 / 9 0.00%
Continuous Years Of Adjusted Dps Growth 0 / 5 0.00% 0 / 9 0.00%
Average ROE -0.67% 4.74%
Average Net Profit Margin -1.65% 3.85%

Key Result

Key Result

T4Q Annualized Annual (Unaudited) Last 10 FY Average Last 5 FY Average
Revenue 55,786 60,857 63,644 90,422 97,191
NP to SH -8,247 -8,996 -2,367 3,288 -414
Dividend 0 - - - -
Adjusted EPS -4.69 -5.11 -1.35 2.06 -0.26
Adjusted DPS 0.00 0.00 0.00 - -

NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share

All figures in '000 unless specified.

EPS & DPS's figures in Cent.


Growth

Growth (By Quarter)

LQ QoQ LQ YoY CQ YoY LQ vs Average of T4Q LQ vs Average of T8Q
Revenue 32.00% -38.68% -12.35% 8.92% 1.75%
NP to Owner 57.31% -11,887.50% -248.42% 8.52% -42.15%
Dividend 0.00% 0.00% 0.00% 0.00% 0.00%
Adj. EPS 57.31% -11,887.50% -248.42% 8.52% -42.15%
Adj. DPS 0.00% 0.00% 0.00% 0.00% 0.00%

LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year

Growth (By Year)

T4Q vs LFY T4Q vs AL5FY T4Q vs AL10FY AQR vs LFY AQR vs AL5FY AQR vs AL10FY LFY YoY LFY vs AL5FY LFY vs AL10FY
Revenue -12.35% -42.60% -38.30% -4.38% -37.38% -32.70% -23.42% -34.52% -29.61%
NP to Owner -248.42% -1,889.15% -350.75% -280.09% -2,069.98% -373.55% 82.50% -470.91% -171.97%
Dividend 0.00% 0.00% 0.00% - % - % - % 0.00% 0.00% 0.00%
Adj. EPS -248.43% -1,889.21% -350.76% -280.09% -2,069.98% -373.55% 82.50% -470.91% -171.97%
Adj. DPS 0.00% 0.00% 0.00% - % - % - % 0.00% 0.00% 0.00%

T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year

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  3 people like this.
 
thesteward http://www.theedgemarkets.com/article/petronas-handal-subsea-tech-collaboration
11/07/2018 3:08 PM
thesteward Handal more to come !!!
11/07/2018 3:08 PM
eatsmall Dialog in the making..
11/07/2018 6:49 PM
thesteward Agree w you. Dialog 2.
More to come. Hope to see you at .60
15/07/2018 7:21 PM
thesteward DONT MISS
15/07/2018 10:24 PM
shukriechek This week Handal will definitely break 0.480 level. Big brother is collecting bit by bit everyday. Don't miss the boat.
16/07/2018 10:28 AM
shukriechek Tomorrow Handal will break 0.500
16/07/2018 4:55 PM
shukriechek Go go go. More job from. Petronas.
17/07/2018 10:16 AM
shukriechek Grab whatever price now. 0.550 should be a good price. This week this counter will fly.
18/07/2018 2:59 PM
shukriechek 0.500. Should grab at this price.
18/07/2018 3:01 PM
eatsmall 20yr punya makan..
18/07/2018 4:01 PM
shukriechek Next target 0.550
19/07/2018 9:49 AM
thesteward http://www.theedgemarkets.com/article/handal-sees-board-revamp-sunildeep-new-group-md-0
30/07/2018 8:03 PM
thesteward Cu .60
30/07/2018 8:03 PM
06/08/2018 12:37 PM
Jolin Lai Chi Pet uptrend until next year................ hold tight, Tp Rm1
06/08/2018 12:42 PM
toto123 hope so
06/08/2018 3:41 PM
toto123 keep dropping
06/08/2018 3:56 PM
toto123 no buying interest
06/08/2018 3:57 PM
Lim Tek Wai Keep it up !!!
13/08/2018 12:02 PM
deMusangking u must be Handal to win in bursa!
14/08/2018 3:35 PM
deMusangking haha!! i am really handal!
14/08/2018 4:15 PM
deMusangking Haha another free ahmoiing
16/08/2018 2:57 PM
deMusangking Tambah at 0.425 today
16/08/2018 7:52 PM
Jolin Lai Chi Pet buy on weakness................after QR release, will above 50 cents!!!!!!!!
20/08/2018 12:26 PM
davidlai871219 gg.com lor
20/08/2018 1:48 PM
Jolin Lai Chi Pet over sold...................... should rebound today, TP 45cents
06/09/2018 1:00 PM
Jordan Khoo Strong momentum time to invest now.
07/09/2018 11:43 AM
Hero Kuasa Tiga Betoiii ke?
07/09/2018 12:02 PM
Hero Kuasa Tiga Have good news tak??
11/09/2018 12:43 PM
Jolin Lai Chi Pet buy before good news out......................should limit up anytime
12/09/2018 12:26 PM
Hero Kuasa Tiga Jolin handal akan rebound tak?
13/09/2018 11:47 AM
Jolin Lai Chi Pet guarantee rebound!!!!!!!!!!!!
14/09/2018 12:15 PM
Hero Kuasa Tiga Tq for info bos
14/09/2018 12:24 PM
Hero Kuasa Tiga Kenapa counter handal senyap?
18/09/2018 2:08 PM
Jordan Khoo Yahoooo ! Good profit tho, can spend more already kikiki
18/09/2018 3:22 PM
Jolin Lai Chi Pet rebound!!!!!!!!!!!!!!!!so happy today
19/09/2018 1:00 PM
musangfoxking no transactions for more than 30 mins!!!!
05/10/2018 3:33 PM
Hero Kuasa Tiga Hari ni kenapa handal senyap??
16/10/2018 3:16 PM
yiniugongxiong HANDAL 7253 QUARTERLY REPORT 30 SEPT 2018
http://yiniugongxiong.blogspot.com/2018/11/handal-7253-quarterly-report-30-sept.html
28/11/2018 7:21 PM
yiniugongxiong HANDAL 7253 QUARTERLY REPORT 31 DEC 2018
https://yiniugongxiong.blogspot.com/2019/02/handal-7253-quarterly-report-31-dec-2018.html
20/02/2019 7:24 PM
gadgetng nobody here?
14/03/2019 2:42 PM
kingsleytiu https://www.facebook.com/gsdavechong/posts/308506236513707
14/03/2019 8:25 PM
CK CHAN https://www.thesundaily.my/business/handal-resources-to-raise-up-to-rm5-04m-via-private-placement-XE655572
16/03/2019 10:25 PM
CK CHAN https://www.theborneopost.com/2018/11/20/handal-resources-to-expand-to-east-malaysia/
16/03/2019 10:29 PM
CK CHAN https://www.msn.com/en-my/money/topstories/handal-resources-eyes-sea-market/ar-BBPTB0K
16/03/2019 10:35 PM
commonsense This company has been in the red for the past 3 financial years. The reasons most investors are suddenly turning positive on Handal are mainly on the general turnaround of the O&G industry and also the emergence of a new controlling shareholder Mr Sunildeep Singh Dhaliwal who has since July 18 replace Mallek Rizal as Handal new Managing director. However, all of this is still speculative in nature.

The recent quarterly result, still shows the company recording a core net loss of RM2mil. Even Mr Sunildeep himself mentioned that he will need 2 years to turnaround the company’s financials which means any positive result can only be seen in FY20 the earliest. Investors need to be prepared for the company to still post losses in the rest of FY19.

But worst is actually the cash balance. If you look at the most recent quarter you will see that the total cash reserve is RM16.4mil. However, RM13.3mil are cash pledge to banks which means the cash that the company can used is only RM3.2mil. Given that the company has a total current debt of RM25mil, they will need to raised cash soon in order to be able to repay some of the obligation (they are planning to do this via a RM5mil private placement soon).

If you are looking to hedge your portfolio outside of Handal Resources (due to its weak earnings outlook and liquidity issues), 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 6.7x PE based on FY18 profit of RM166mil. PB is low at only 0.7x BV.

FY19 should deliver another profit growth year to the company. Profit growth will again be driven by the performance of Perodua (via MBMR 22.6% holdings in Perodua) from the still strong sales of new Myvi, sales of SUV Aruz and the introduction of the newly revamp Alza sometime in the 2H19. Aruz which commands a higher margin compared to other models, will help improve the total profit margin of Perodua (which will flow to MBMR’s bottom line as well).

MBMR is expected to achieve a profit of RM200mil in 2019. At the current share price, the company is being valued at only 5.5x which is a lot lower than the industry average of 15x PE. As an example, UMW (another company with exposure to Perodua) is currently trading at a PE multiple of almost 20x.

Good luck.
18/03/2019 12:25 PM
AiOne Corner owh.. Commonsense.. Stop it .. plzz...
11/04/2019 12:38 PM
sayalabur Hi.
Highlighting a small-cap O&G co. . Handal Resources, known mostly for the cranes: manufacturing, repair & maintenance. Favelle Favco would come into mind when one thinks about crane. Peers they are, indeed.

Who/ what is Handal?
• Listed on the Bursa in 2009 with over 20 years of experience in the O&G industry. Operates in 3 countries: Malaysia, Thailand and Indonesia.
• Handal has 3 key divisions. It is principally:
(i) an integrated crane services provider (overhaul, maintenance, inspection of cranes, supply of manpower and parts/ components),
(ii) sales and manufacturer of offshore cranes and
(iii) a provider of workover projects lifting solutions (offshore crane rental, provision of manpower) & others
• These 3 segments account for 66%/ 20%/ 14% of its 12M18 revenue.
• Order backlog now stood at MYR82m. The order split by the 3 categories is as follows: 78: 19: 3.
• This is an 18M FYE; for it recently changed its FYE from Dec to Jun.
• Handal has been in a loss-making position since 2016. Its net debt/ gearing level stood at MYR8.4m/ 9.5% respectively as at end-Dec 18.

What piqued the interest?
The material development over the last 12 months was the changes to: (i) key management & major shareholders and (ii) company’s direction.

Prior to 2018, Handal was driven by Mallek Rizal (Group MD& CEO) and Joel Emanuel Heaney (Deputy MD). Dato Mohsin was the Executive chairman. They collectively owned 26.8% of Handal then.

Borneo Sea Offshore (BSO) emerged as the largest shareholder at Handal in 2018 following the acquisition of Zahari Hamzah’s entire stake (9.6%) and subsequent purchases from the open market. Zahari was the COO and ED of Handal then.

Following the entrance of BSO, there was a change in management set-up. Sunildeep Singh Dhaliwal; co-founder and director of BSO was appointed as Handal’s Group MD, replacing Mallek Rizal.

Who’s the one behind Handal?
Sunil comes across as an interesting character … refreshing, ambitious, built his contacts in East Malaysia (he turnaround Sabah Air), connected among the MY royalties circle well, just to name a few.

The Positives
Sunil has a perspective in mind on how to develop Handal. His target is primarily on the growth of the cranes business. He sees much potential/ values at its existing crane business.
• Expand Handal’s brand name to East Malaysia (old management’s ops focus was in Peninsular Malaysia then),
• Grow it regionally (Mynamar, Vietnam, Brunei, Indonesia),
• Improve cost and process management,
• Enhance capital base, with a new private placement exercise in mind (current net gearing level; 0.1x)
• Potential new asset(s) injection.
• Currently trading below its BV of MYR0.55 (at a 35% discount).
• Targets net profit of MYR30m by 2022 (3-year plan). Loss-making now.

The less Positives

• The emergence of Chan Cheu Leong (MD and CEO of Wah Seong) as a substantial shareholder raises much conjecture in the market.
16/04/2019 10:16 PM
sayalabur Hi.
Highlighting a small-cap O&G co. . Handal Resources, known mostly for the cranes: manufacturing, repair & maintenance. Favelle Favco would come into mind when one thinks about crane. Peers they are, indeed.

Who/ what is Handal?
• Listed on the Bursa in 2009 with over 20 years of experience in the O&G industry. Operates in 3 countries: Malaysia, Thailand and Indonesia.
• Handal has 3 key divisions. It is principally:
(i) an integrated crane services provider (overhaul, maintenance, inspection of cranes, supply of manpower and parts/ components),
(ii) sales and manufacturer of offshore cranes and
(iii) a provider of workover projects lifting solutions (offshore crane rental, provision of manpower) & others
• These 3 segments account for 66%/ 20%/ 14% of its 12M18 revenue.
• Order backlog now stood at MYR82m. The order split by the 3 categories is as follows: 78: 19: 3.
• This is an 18M FYE; for it recently changed its FYE from Dec to Jun.
• Handal has been in a loss-making position since 2016. Its net debt/ gearing level stood at MYR8.4m/ 9.5% respectively as at end-Dec 18.

What piqued the interest?
The material development over the last 12 months was the changes to: (i) key management & major shareholders and (ii) company’s direction.

Prior to 2018, Handal was driven by Mallek Rizal (Group MD& CEO) and Joel Emanuel Heaney (Deputy MD). Dato Mohsin was the Executive chairman. They collectively owned 26.8% of Handal then.

Borneo Sea Offshore (BSO) emerged as the largest shareholder at Handal in 2018 following the acquisition of Zahari Hamzah’s entire stake (9.6%) and subsequent purchases from the open market. Zahari was the COO and ED of Handal then.

Following the entrance of BSO, there was a change in management set-up. Sunildeep Singh Dhaliwal; co-founder and director of BSO was appointed as Handal’s Group MD, replacing Mallek Rizal.

Who’s the one behind Handal?
Sunil comes across as an interesting character … refreshing, ambitious, built his contacts in East Malaysia (he turnaround Sabah Air), connected among the MY royalties circle well, just to name a few.

The Positives
Sunil has a perspective in mind on how to develop Handal. His target is primarily on the growth of the cranes business. He sees much potential/ values at its existing crane business.
• Expand Handal’s brand name to East Malaysia (old management’s ops focus was in Peninsular Malaysia then),
• Grow it regionally (Mynamar, Vietnam, Brunei, Indonesia),
• Improve cost and process management,
• Enhance capital base, with a new private placement exercise in mind (current net gearing level; 0.1x)
• Potential new asset(s) injection.
• Currently trading below its BV of MYR0.55 (at a 35% discount).
• Targets net profit of MYR30m by 2022 (3-year plan). Loss-making now.

The less Positives

• The emergence of Chan Cheu Leong (MD and CEO of Wah Seong) as a substantial shareholder raises much conjecture in the market.
16/04/2019 10:17 PM