Perdana Petroleum Bhd has been on a great run, up 123.5% in the past year to close at 38 sen on May 20.
At 38 sen, the counter has now reached its 52-week high versus a low of 15 sen.
Perdana managed to breach its market structure to move to a new high and trading above its uptrend line.
The immediate resistance level is 39.5 sen followed by 45.5 sen.
Moving forward, the stock is expected to continue its uptrend trend with support pegged at 31.5 sen.
In March, Perdana announced that its wholly-owned subsidiary Perdana Nautika Sdn Bhd has accepted letters of award from Dayang Enterprise Sdn Bhd to charter one unit of anchor handling tug and supply (AHTS) vessel and one unit of accommodation work barge (AWB) worth RM13.4 million.
The estimated value of these charters is RM4 million for the AHTS vessel and RM9.4 million for the AWB unit.
It said the vessel's charter is part of a strategic alliance with Dayang Group, aiming to maximise vessel utilisation and qualify for more offshore maintenance works.
Perdana Petroleum said the contract is expected to contribute positively to the earnings and net assets of the group for the financial year ending Dec 31, 2024.
But Dayang is a major shareholder in Perdana Nautika, with a 64% stake, which makes it a related party transaction, something investors would take note of.
However, RHB Research is positive of Dayang’s 64%-owned Perdana Petroleum Bhd’s contract wins.
It believes Perdana Petroleum marine segment is likely to deliver stable earnings growth, backed by better utilisation and higher daily vessel charter rates.
The research house continues to favour Dayang, which is a key beneficiary of an increase in upstream maintenance activities and robust offshore service vessel demand, while it remains relevant in the new contract life cycle.
RHB was positive on Perdana’s contract awards as they ensure earnings visibility for the coming quarters.
It was guided that the implied daily charter rates of RM33,000 to RM72,000 point to a mild improvement from that of previous contracts due to tight vessel supply.
Perdana’s net profit jumped nearly four-fold to RM44.42 million from RM11.39 million a year earlier on improved charter and flat utilisation rates.
These factors also boosted the offshore support vessel (OSV) operator’s revenue by 59.65% to RM313.91 million versus RM196.63 million previously.
Investors will not go wrong banking on Perdana on the back of heightened oil & gas activities and its undemanding valuations could serve as a magnet for potential new shareholders.
Created by zaclim | Aug 22, 2024
AEON Co. (M) Bhd is experiencing significant growth, with its stock hitting a 52-week high of RM1.54 on August 21, a 30% surge year-to-date. Can it continue to draw investors’ interest?
Created by zaclim | Aug 21, 2024
Capital A Bhd may be racing against time to get itself out of the PN17 status but its share price has been moving upwards. Can it maintain its positive run?
Created by zaclim | Aug 20, 2024
PBA has been making a big splash following the revisions on water tariff. This goes to enhance it bottomline and provide a catalyst for investors looking for exposure in this segment.
Created by zaclim | Aug 19, 2024
Vestland Bhd has been building a strong momentum after it dipped to its low of 30 sen in January. Can it continue to make a good run?
Created by zaclim | Aug 16, 2024
Investors should be happy that pole maker Mestron Holdings Bhds seeing a strong rise in its share price in the past 5 days, igniting hopes of sustained upward momentum
Created by zaclim | Aug 15, 2024
AMMB Holdings Bhd has seen its share price tumbled sharply to RM4.22 after hitting a high of RM4.58 in August 1. Signs indicate more upside ahead.
Created by zaclim | Aug 14, 2024
Mikro MSC is adding another company in its portfolio and this would provide a much needed boost to its financials. The counter is already on upward momentum and signals are clear for further upside
Created by zaclim | Aug 13, 2024
After some disappointing share price performance in the past year, Catcha Digital Bhd is playing catch up, crossing the 41 sen resistance mark. Signs are that there is more upside.
Created by zaclim | Aug 12, 2024
RCE Capital Bhd has been increasing to close at RM3.20 on Aug 9. It rose to a high of RM3.40 in January from a low of RM2.21. The counter could move upwards following a consolidation phase.
Created by zaclim | Aug 12, 2024
Shin Yang Group Bhd has been treading at its year high of 98 sen recently and signs indicate it could cross the RM1 hurdle. With business diversification, the upside looks good