Highlights
KLSE: ARMADA (5210)       BUMI ARMADA BHD MAIN : Energy
Last Price Today's Change   Day's Range   Trading Volume
0.23   -0.015 (6.12%)  0.23 - 0.245  92,409,500
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Overview

Market Cap: 1,351 Million
NOSH: 5,874 Million
Avg Volume (4 weeks):124,316,220
4 Weeks Range:0.185 - 0.285
4 Weeks Price Volatility (%):
45.00%
52 Weeks Range:0.145 - 0.90
52 Weeks Price Volatility (%):
11.26%
Average Price Target: 0.36
Price Target Upside/Downside: +0.13

Financial Highlight

Latest Quarter | Ann. Date 31-Dec-2018 [#4]  |  28-Feb-2019
Next QR | Est. Ann. Date: 31-Mar-2019  |  31-May-2019
T4Q P/E | EY: -0.59  |  -170.46%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 0.5697  |  0.40
T4Q NP Margin | ROE: -95.88%  |  -68.81%

Headlines

Date Subject
26-Apr-2019 布米阿马达 债务重组展望正面
25-Apr-2019 Evening Market Summary - 25 Apr 2019
25-Apr-2019 阿玛达获27亿再融资
25-Apr-2019 PublicInvest Research Headlines - 25 Apr 2019
25-Apr-2019 Bumi Armada - Near Term Road Block Cleared
25-Apr-2019 Bumi Armada Bhd - Refinancing of Corporate Debt
24-Apr-2019 Bumi Armada - Successfully refinanced short-term debt
22-Apr-2019 Evening Market Summary - 22 Apr 2019
12-Apr-2019 Evening Market Summary - 12 Apr 2019
12-Apr-2019 Bumi Armada - Likely securing KG-DWN 98/2 FPSO charter soon
09-Apr-2019 Evening Market Summary - 9 Apr 2019
03-Apr-2019 投资石油天然气公司要小心 : ARMADA, PERDANA , SAPNRG , THHEAVY , VELESTO
27-Mar-2019 Evening Market Summary - 27 Mar 2019
27-Mar-2019 传阿玛达敲定20亿贷款·再融资债券 重组更宽裕
27-Mar-2019 Technical View - Bumi Armada Bhd (5210)
26-Mar-2019 Evening Market Summary - 26 Mar 2019
26-Mar-2019 Armada - can punt? investible ?
25-Mar-2019 Evening Market Summary - 25 Mar 2019
19-Mar-2019 Evening Market Summary - 19 Mar 2019
15-Mar-2019 Evening Market Summary - 15 Mar 2019

Business Background

Bumi Armada Bhd is a Malaysia-based international provider of offshore energy facilities and services. The company’s revenue is derived from business segments including floating production, storage, and offloading, or FPSO, operations; floating gas solutions; and offshore marine services. Under the FPSO unit, vessels are designed to meet the requirements of a customer’s reservoir and operational environment. Alongside this unit, the company engages in the production and imports segments of the liquefied natural gas value chain through its floating gas solutions segment. Furthermore, support and construction vessels are offered to a range of international customers under the offshore marine services segment. The company also provides a slew of support services to customers.
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  22 people like this.
 
SuperPanda in 2018 many people shout buy buy buy... now go to holland already, even very good company drop like hell

in 2019 most counter already discount >50%, no need to shout, just buy and wait, sure earn
26/04/2019 2:59 PM
pepsicola1012 @superpanda , mind to share some of the cheap counters that you think has the potential ?
26/04/2019 3:02 PM
shiaosiong Today baru 70M volume...
26/04/2019 3:07 PM
SuperPanda those invest late at const and tech prior to GE14, loss until underwear gone

you can buy anyone of them now, keep it, easily make money....

but the problem is... many cannot buy bcoz they were the victims of the selldown... the contra player die few times and the one left behind is those use cash and have strong capital support but still in loss

its normal for people to shout when they predict it right but shy away when they were wrong and loss big money.. of course i can be one of them too : )
26/04/2019 3:11 PM
pepsicola1012 everyone here just getting info from everyone and do their research back . whats on ur hand right now ? i got mostly OnG , i rmb there was one counter SONA , i wonder if you heard it ?
26/04/2019 3:19 PM
InvestorKING Knm already up to 0.21, Armada still sleeping, really really speechless, fed up with armada
26/04/2019 3:30 PM
SuperPanda when share is cheap, can have few reasons.. operational loss, high debt, bearish sector, political related or internal prob...

can also be cheap bcoz have billions of shares with low eps but business still doing well..

for me anything around or below 50c is cheap and if it can give >20% capital return in 6-12 mth it has potential and o&g are my 1st choice

i did read o&g stock list vs its debt posted by calvintaneng in i3 before, i will try to find it again and post it here for you to refer
_____________________
pepsicola1012 @superpanda , mind to share some of the cheap counters that you think has the potential ?
26/04/2019 3:02 PM
26/04/2019 3:34 PM
astalavista When the indian ONGC contract will be revealed
26/04/2019 3:38 PM
micsoh That why in this world if you are a poor man, u will always being play by these rich man.
26/04/2019 3:40 PM
InvestorKING Big shark (AK + EPF) operator said: we don't let the price shoot up above 0.30 first and we still delay announcing another few more good news, as we still want to collect much more cheaper shares from stupid shorties, hope shorties can short harder and harder, we want to dry u up.
26/04/2019 3:57 PM
Mabel @ InvestorKING The more people lodge a complaint, the more effective would be the results, it's good for all of us as shareholder of bumi

Kindly lodge a report to SC ..

Just received feedback from Bursa from the email I sent last night...


Aduan Bursa
14:59 (1 hour ago)
to me

Dear Sir/Madam,



Reference is made to your complaint on the above matter.



We have escalated the complaint to our line department concerned for their further action and we will revert to you with the findings upon receipt of the same from the division.



In the meantime, should you have any queries, please do not hesitate to contact us at +603-2732 0067.



Thank you.





Bursa 2U

Bursa Malaysia Berhad

Our Ref: CC/82/19
26/04/2019 4:02 PM
Frankie123 Better offload abit now monday is t+3 more to come
26/04/2019 4:03 PM
3iii All these ratios are RED FLAGS.



Armada

ACCOUNTING RATIOS

CURRENT RATIO 0.51
CREDIT DAYS OUTSTANDING 231.62

ACID TEST RATIO 0.51
DEBT EQUITY RATIO 2.42

DIVIDEND TIMES COVER 0.00
INTEREST TIMES COVER 0.82






Why its share price is down?

1. Bankers were not keen to refinance the debts.

2. Bumi Armada (significant shareholders) not willing to raise capital through rights issue.

3. Creditor bankers faced losses if debts not refinanced and restructured.

4. Faced with this Hobson's choice, debt was restructured and refinanced by the lenders.




The debt restructuring has allowed this company to go on for another 2 or 5 years. Meantime, it has a lot to do to get out of a very big hole indeed.

The major shareholders are smarter. They refuse to inject more money into this company, forcing the lenders to continue carrying the risks.
26/04/2019 4:09 PM
Leempeh InvestorKing. I’m also speechless why the IDSS fellas so lembek, boh lat leh? They tan boh chiak, gua also tan boh chiak, mah? I’ve been waiting all day for the price to come to me to huuut ah, but these buggers so lembek one? In truth, the shorties really worth their weight in salt would be targeting counters like Dayang where they can short it down by 60-70 cents a day, not BA where they can only break even or make half a cent a day after aiming tons of contra shorting money at it? No meh? Poor use of resources, leh!
26/04/2019 4:12 PM
SuperPanda when the price was down to 0.145, people said will be PN17, debt default and bankrupt, people like pearlwhite and superbull

now debt get refinance and price >0.2 another people come out with accounting ratios and red flag notice

if i follow pearlwhite and superbull cut loss below 20c, i will not be able to recover my loss here
26/04/2019 4:22 PM
pepsicola1012 if this counter has lots of potential in it , bull or not bull , IDSS or whtever S , the day will come , patient is virtue .
26/04/2019 4:25 PM
k3nthiew Just got this from BA annual audited account:

FINANCIAL AND CAPITAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

Liquidity risk

As at 31 December 2018, the Group’s current liabilities exceeded its current assets by RM6,092.7million due to the following:

(i) Non-current borrowings for AKPL of RM1,782.9 million remains classified in current liabilities due to existing non-compliances by AKPL under this loan, in particular the Armada Kraken FPSO project not achieving final acceptance by the scheduled date, where project lenders currently have the right to issue, but have-to-date not issued, a notice for full prepayment of the loan. Thus, AKPL did not have an unconditional right to defer payment of the non-current
borrowings for at least 12 months after the balance sheet date.

In view that the Armada Kraken FPSO has achieved final acceptance in September 2018, the Group is currently in discussion with project lenders to remove the risk of having to prepay the loan as a result of existing non-compliances by AKPL. The Group expects to alleviate such risk in 2019.

(ii) Reclassification of Sukuk Murabahah of RM1,499.4 million from non-current liabilities to current liabilities, as the Group has not met the financial covenant of net debt over earnings
before interest, taxation, depreciation and amortisation (“EBITDA”) for the financial year ended 31 December 2018. This is mainly because the computation includes non-cash impairment expenses recognised during the year.

In April 2019, the Group received a waiver on the covenant breach from the Sukuk holders. Accordingly, the current liabilities will be reclassified to non-current liabilities in 2019.

(iii) Current secured term loan of AFGSML bridge loan amounting to RM186.5 million (USD45.0 million) is classified as current liabilities, which is intended to be refinanced via long term
financing. The lender had previously reserved the right to issue a cancellation notice for full repayment of the loan, and extended the repayment date from 28 February 2019 to 12 April 2019.

In April 2019, the lender waived its right to issue a cancellation notice for full repayment of the loan and also further extended the repayment date of the loan from 12 April 2019 to 11 October 2019.
The Group has identified alternatives to refinance the secured bridge loan via long term financing. As the asset involved is in a long term secured charter with strong operational performance, the Directors believe that there is a high likelihood of securing alternative
financing.

(iv) The unsecured term loans with a carrying amount of RM1,578.0 million due within 12 months from the balance sheet date are classified as current liabilities. The Group has not met the
financial covenant of net debt over EBITDA for the financial year ended 31 December 2018.

(v) The revolving credit facilities of RM1,246.9 million are due within 12 months from the balance sheet date and are classified as current liabilities.

In April 2019, the Group signed a facility agreement to refinance the unsecured term loans and revolving credit facilities referred to in (iv) and (v) above (the “Facility Agreement”). The salient terms
of the new unsecured term loans (the “Loans”) are as follows:
(i) The Loans comprise a Tranche 1 facility of USD260.0 million and a Tranche 2 facility of USD400.0 million repayable over 24 months and 60 months respectively, from the closing date of the Facility Agreement;

(ii) The OMS business together with certain FPO vessels which are idle will be disposed of assuming commercially acceptable sale terms can be obtained;

(iii) Surplus funds from operations and part of the proceeds, from certain strategic initiatives including monetisation of assets and new project financing will be used to repay the Loans;
and

(iv) Closing date of the Facility Agreement is subject to the satisfaction of certain conditions precedent which are procedural in nature and include approval from the central bank, the
execution of certain documents, certificates, resolutions, and legal opinions.

Based on the cash flow forecast for the next 12 months from the date of approval of the financial
statements, the Group’s obligations are expected to be funded by available cash balances and cash
flows from the Group’s existing vessel charter contracts and proceeds from asset monetisation of
non-core assets which is expected to generate positive cash flows. The Group also expects
distribution from joint ventures.
26/04/2019 4:28 PM
k3nthiew It looks almost all the current liabilities will be reclassified to non-current liabilities on coming quarters
26/04/2019 4:30 PM
3iii The debt restructuring has allowed this company to go on for another 2 or 5 years. Meantime, it has a lot to do to get out of a very big hole indeed.

The major shareholders are smarter. They refuse to inject more money into this company, forcing the lenders to continue carrying the risks.
26/04/2019 4:30 PM
miker Hutang tetap hutang, lu pusing maciam mana pun...just buying time...
26/04/2019 4:32 PM
SuperPanda buying high risk stock can be high reward or high loss, just place your bet, bursa is a kinda gambling table anyway

sell when make money and cut loss when reach your limit

if you want to follow ratio to buy o&g, i can say almost 90% of them is not fit to buy
26/04/2019 4:36 PM
shpg22 Debt restructuring its like taking higher dosage of drug. It relief u, but not heal u. Eventually u ll die.
26/04/2019 4:37 PM
qqq3 me? I think bankers will not approve the refinancing unless they think this company still got hope. If no hope, from bankers perspective, it is better to kill it earlier than later. At the moment NTA still high enough .
26/04/2019 4:38 PM
miker Moral of the story, in the next 2,3,4, 5 years....meniaga ada atau bule untung ka?.....kalu talak bule untung...maciam mana mau bayar utang....????
26/04/2019 4:42 PM
micsoh Now good news out, several good news on the way, these sohai also follow people sell, don't know how they think?
26/04/2019 4:54 PM
Maxireturn They bought back 80k
26/04/2019 4:55 PM
Maxireturn As mentioned buy or sell all taken into total vol..
26/04/2019 4:57 PM
Investsucess monday buy back at 0.215,
26/04/2019 4:58 PM
Leempeh He he he, come to me baby, come to me. Impressive how obedient you can be but is that all you can do? Now be a good sport. Leempeh’s waiting patiently....
26/04/2019 5:00 PM
InvestorKING Speechless, last minute manipulated and made it dropped to 0.23
26/04/2019 5:00 PM
InvestorKING This Armada operator really super cunning, wtf
26/04/2019 5:03 PM
ahfad told to sell but dont listen. as I said buy back later. see money take money. dont be greedy. if got luck can reenter at 0.20 @ even lower.
26/04/2019 5:04 PM
micsoh Ready not worth for waiting, people don't need to wait also can buy at this price, shit.
26/04/2019 5:11 PM
Leempeh These boh geh (toothless) shorties are but a bunch of amateurs! Can’t do better than 1.5 cents a day, after throwing millions at shorting BA, LoL! What poor allocation of resources, mah? Moh Lan Yoong, (no c.ck use) leh. .
26/04/2019 5:17 PM
Leempeh Now fetch doggie fetch. Bring those prices to Leempeh, leh.
26/04/2019 5:22 PM
paktua73 paktua love play here..
now even lost 0.005 but
never bother ciz will hold long here

tut tut
but..
still have back up plan one
hehehe
26/04/2019 5:28 PM
paktua73 ops loses 0.01

tut tut
nyanyuk one always wrong
26/04/2019 5:29 PM
SuperPanda thats the main problem with bursa, its not weird why we are the worst performance bursa in 2019 across the globe

its all about manipulating rather than investing

the market is control by punters
26/04/2019 5:37 PM
SuperPanda the only hope for o&g counter to survive, is the recovery of oil price.. hope it’ll stay good till the rest of the year
26/04/2019 5:40 PM
3iii Buy on rumours, sell on news.
26/04/2019 5:41 PM
Frankie123 What the heck with u guys ppl selling not neccesaary is idss alone... Price had gone up so much and profit taking taken place. Moreover Monday is t+3. Just relax if armada fundamentally strong definitely it will rebound. The hype is only loan approval
26/04/2019 5:43 PM
rr88 Its over folks! 2 days ago chart breakout. Today chart breakdown. It will go back to square one at 0.19. Still not too late to dump.
26/04/2019 5:44 PM
Iamyou Good example of pump
26/04/2019 5:56 PM
Mabel It's only 0.015 drop in the ocean..

Be patience..we expected this to happen ...

In the long run, it will climb back..
26/04/2019 5:58 PM
Ron90 I have followed the movement of some good counters...after good qr or news, the price wont move for the nx few days, that would create confusion among retail investors. but when everybody selling and gone... price gradually up.
26/04/2019 6:16 PM
Shawn Ng It would climb to 0.3 this few month time
26/04/2019 6:40 PM
SuperPanda market will not always drop, next week it will find its way back, otherwise how punters make money
26/04/2019 6:44 PM
SuperPanda its normal for a chart to move up and down and up and down again.. but long term should be incremental..

if this round can stay above 22 after months below 20 its good, but if go below 20... then you should know what to do
26/04/2019 6:48 PM
HuatlaiOnglai Overall increase in oil price will provide support to the overall ONG industry, but that doest translate directly to the performance of each company. To have a good performance, it has to constantly delivery good top and bottom line with strong cash management. That will surely boost the share price. My 2 cent. Take your read on Armada.
26/04/2019 7:28 PM
ProRoy All oil counter heading down cause oil going down badly. Now usd72 brent. World oil too excess. Reliable news say going back to usd55.
26/04/2019 7:29 PM


 

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