Can someone share the agm update.

How was the agm

9.6m excluding impairment. More big projects coming

Bumi Armada - CIMB
BAB makes progress with OSV disposals
■ 9M20 core net profit was in line at 75% of our/consensus full-year estimates.
■ Maintain Add but cut DCF-based TP to 43 sen (Ke: 14.5%) despite rolling
forward to end-CY21F, as BAB’s cash collections are slower than expected.
■ BAB is undervalued, in our view, but lacks immediate catalysts. The key
potential rerating catalyst is if it succeeds in its 2021 debt renegotiations.

Anyone receive inari virtual agm link?

Just picking up in q3. RF high margin. Q4 will be higher

70m

Maintain BUY, raising TP to MYR3.40
Inari is our preferred pick to benefit from the mass deployment of 5G
networks and increasing sales of premium 5G smartphones. Our earnings
forecasts are unchanged at this juncture, but we raised our TP to
MYR3.40 (+95sen), based on a target 36x CY21E PER (at +2SD) to reflect
the strong near-term earnings growth prospects and our expectation of a
sector re-rating. We rolled forward valuation from 28x FY21E PER (at
+1SD). Medium to long-term growth is supported by on-boarding of new
products/customers and M&As. Inari is our Top Pick for the hardware
technology sector.
Capacity expansion denotes strong demand
We have a strong earnings growth outlook for Inari due to its RF (radio
frequency) division. Inari has 22 SiP (system in package) assembly lines,
after adding six new lines in 1QFY21 and eight in 4QFY20. This denotes a
favourable, sizeable demand outlook from its key RF customer
(Broadcom) and expectation of the end-customer’s strong sales of their
new 5G smartphones. We believe there are also possibilities for
additional capacity to be installed in the near future in the P34 plant.
Notably, Inari’s current RF utilisation rate is about 90-95%.
Earnings forecasts unchanged
Our FY21-23E earnings are unchanged at this juncture. Earnings growths
(5-80% YoY) should be mainly driven by the RF division which is projected
to contribute 51-53% of the Group’s FY21-23E revenue. Elsewhere, Inari
has a healthy FY20 net cash of 17sen/share and FCF of 7.9sen/share
which support future dividends and potential M&A activities.
Risks if 5G deployment is slower than expected
Slower-than-expected deployment of 5G networks globally and lower 5G
smartphone sales of leading brands could represent earnings downside
for Inari, as it would lead to lower demand for Inari’s RF filters. There
are also potential earnings risks at its optoelectronics division,
particularly if there’s a prolonged slowdown of the automotive industry.

Notably, Inari’s current RF utilisation rate is about 90-95%. From mib

MIB TP for Inari RM3.4

Forward EPS 60C

Min 4.7 by MIB

Malay Mail

AmInvestment Bank: FSPO seen as bright spot in O&G industry
Friday, 13 Nov 2020 03:19 PM MYT

KUALA LUMPUR, Nov 13 — AmInvestment Bank Bhd said the development in floating production, storage and offloading (FPSO) activities has reaffirmed its view that the sector is one of the brighter spots in the oil and gas (O&G) industry.

It said the O&G industry is still struggling with the Covid-19 pandemic that has derailed oil demand, while multiple FPSO projects are currently being evaluated in South America and West Africa.

“Brazil’s Petrobras is currently looking at up to 14 FPSO projects, while there are five in the North Sea, four in Australia, three in Guyana and three in West Africa.

“Given that the previous oil collapse and current pandemic have culled the number of global operators with adequate operational and financial capability, the remaining players are currently in a sweet spot,” said AmInvestment Bank in a research note today.

It said that there are fresh FPSO prospects in Malaysia with the rebidding exercise for the Limbayong FPSO charter to be deployed off Sabah.

Petronas is looking to charter the Limbayong FPSO for a firm 12 years, with options for 3 + 3 + 2 years.

“At least four leading international contractors or consortia have shown interest in the deepwater-capable FPSO, which could cost up to US$700 million (US$1=RM4.13). This includes domestic players such as MISC, Yinson, Sabah International Petroleum and Bumi Armada.

“However, Bumi Armada may be partnering with India’s Shapoorji Pallonji Oil & Gas, similar to its three projects in India and one in Indonesia due to the group’s financial constraints,” said the investment bank.

Meanwhile, Upstream reported that US-independent ConocoPhillips may be opening a bid for an FPSO vessel charter for its Patawali oil project on Block WL4-00 off Sarawak, following a feasibility study, despite market uncertainty in the wake of the Covid-19 pandemic.

AmInvestment Bank added that four local FPSO players, namely Bumi Armada, MISC, Yinson and MTC were said to be interested in the FPSO project, while Aker Solutions and TechnipFMC could be bidding for the engineering contract. — Bernama

What's your prediction for SOP's Q3 earnings

Hit rm4

2.74

2.71 historical high

Trump wins

glove spend for capex...benefit their supply chain...but gdp + tax meanwhile, to stay competitive in global market

Zero export tax likely to extend

Inari capacity utilization rate improved to 70% plus in july expects further increase to 85%. June only 60%. Good to note thay For july onwards the production line more than double. Utilization up production line up...so? Top line up? Margin expansion?

Why all other tech stocks pricey than inari...

Can some one compile gs comments and post here from there we can see the clear pic whether inari share price is movement is per what gs said.

yes. margin expansion not only due to high CPO price but moving towards quality of palm oil products and high margin products as Management emphasized during last corporate presentation organized by RHB.

Each of investor has to make their own decision. Don have to take thing personally. Here is to give input on how one view on the biz and stocks

Iphone 12 sales mainly from china and in euro n us. Iphone 12 is small ticket.

SOP has better margin going forward. watch out. management has said b4. their ultimate goal is to drive the margin expansion tru quality palm oil product. no longer focus much on volume although they output is still on uptrend and rank no 6 in malaysia

Apple announces Oct. 13 event where it’s expected to reveal the new iPhone

more fspo to be awarded in 2021. hopefully BAB able to grab some

more projects in the pipeline

BAB value will emerge when debt continue reducing trend

5G RF filter test. Iphone 12 in Oct. TMSC ald started to produce chip for iphone 12
best proxy of 5G in malaysia.

but SOP valuation much more cheaper than sarawak plantation

30c

This 10 yrs contract under extension la bro. The previous one expired in april 2020. Delayed due to lock down

2 contracts.

mr robert...its about potential extension of 2 years of fspo contract to 2026

https://www.google.com/amp/s/www.oedigital.com/amp/news/481610-vietnam-approves-pharos-energy-s-offshore-oil-project

Velesto n sapura nature of biz different

Sorry quality palm oilnproduct*

Q3 Q4 easily 70 to 80m ... sop producing quality project to fetch high asp no more vol base.

Dividend on half yearly basic...the next one will be in dec or jan

From kenanag research...obviously q2 is above expectation...

Expect a solid 2QFY20. We expect its 2QFY20 PATAMI, which is due to be released by end-Aug, to be higher QoQ and YoY in tandem with solid sector growth due to higher volume and ASP, new capacity expansion from Plant 19 and better margins due to higher operating efficiencies from new plants. For illustration purposes, based on our net margin forecast of 20%, volume sales of 5b to 6b pieces and ASP of USD23/1000/pieces (USDMYR4.20); 2QFY20 PATAMI could come in at between RM96m and RM116m (+49% to +84% QoQ; +73% to +113% YoY) bringing 1HFY20 to between RM161m (+41%) and RM181m (+58%), at 24%/31% our/consensus full-year forecasts. However, due to the runaway ASP, we raise our FY20E/FY21E net profit by 33%/23% taking into account higher EBITDA margin, which we raised from 23%/25% to 28%/28%.

5.6

Due to us stimulus deal

Previous TP was based on CPO of 2300
Now 2500...new TP?

BIBM:-
Sector Update
Plantation: MPOB Monthly Statistics July 2020

Neutral ◄►

Inventory eased further to 1.70m tonnes in July

CPO production contracted to 1.81m tonnes vs. 1.89m tonnes in June

Palm oil exports surged 4.2% mom to 1.78m tonnes.

We revised our average CPO price forecast for 2020 to RM2,500/MT from RM2,300/MT previous estimate. Neutral call on the sector retained.

Petronas hit by oil price n sales vol...armada on charter relationship biz model...enquest still doing good and their looking for next acquisition...

CPO might trigger MIB analysts to raise TP to 5.6...

...brent likely will hit 50 this week