DNEX hold 30% stake in Ping Petroleum which is in 50:50 JV with Hibiscus Petroleum for Anasuria Cluster. Currently, Anasuria Cluster is the only cash generating assets for Ping Petroleum. DNEX has another associate, Global eCommerce Limited but is currently dormant. So, it is safe to assume all share of result of associate is from Ping Petroleum.
From the table above, we can fairly assume Hibiscus’s Anasuria PAT at RM 15m+/-5.0%
Meanwhile, Hibiscus has 2 operating segments aside from Anasuria:-
i) Investment holding and group activities and
ii) 3D Oil, VIC/L31 & VIC/P57.
Investment holding segment generated around RM1m revenue and posted reducing losses (before one-off items) of RM5.5m & RM2.2m respectively in last 2 quarters. 3D Oil, VIC/L31 & VIC/P57 generated zero revenue and posted losses of ~RM2m per quarter in last 2 quarters.
Assuming similar level of losses for the other 2 operating segments in 1Q2018
PAT = RM15m – RM2.2m – RM2m = RM10.8m
Compare that with the previous estimate of RM11.4m.
A sharing of personal investment idea and thought and is not a recommendation to buy or sell.
Created by Lau333 | May 16, 2018
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Created by Lau333 | Sep 14, 2017
Either 10.8 or 11.4, Lau's estimated that QoQ is declining. Let's hope he can realise his mistakes and not post such articles again. This kid has not realised how his analysis is a laughing stock.