Syndicate nearly done here. Stock accumulated. Price walked up. Time to distribute more shares to the retail public now. And then comes the RUG PULL. Retailers finds out all of the sudden that they are alone buying from other minority shareholders while Big Boys left without a trace. 198 mln buy will be all gone too.

I share your frustration. We are excited about the price moves up and down, like today, but there is no project to discuss. And there has not been any for 8 years.
Even if they get one by some miracle, there will be 8 year gap in earnings growth in the future, so I see a lot of sense in your decision.

Maybe they will go green by mothballing carbon producing assets to achieve carbon zero certification ?

I am back to have another look at it after one year. Maybe this time. We will get to know each other.
So far looks promising compared to PN17 counters in Oil and Gas. But this skyhigh P/E ratio ...

Yes, they did it early in June and the resolution to re-appoint them was cancelled. Normally, this would be a troubled development if we saw other signs as well. One should never react to a single symptom. Find the pattern. Get the reason from the clues. But no other clues.

No rush. Look at the amount of buys. 380 orders. To put password to cancel orders 380 times alone would take an hour or so. We can take it easy. I give it maybe a week. Maybe less. I see that the amount of red color is small.
180 mln of buys. Who wants that much ?
Must be a real estate developer with extra cash (I checked shareholder listings).

The shark comes to eat small fish. The stock price returns faster than you could imagine to the level before the gossip and accummulation started. And then rug pull happens, when iquidity suddenly disappears.

Looks like syndicate will finish the job on this counter soon. Big fish are still around here, but not biting any more. Gossip that alam selling ships – what else is new? Deleum, Icon and Sapura Energy down. Only small fish still trying this one a bit. But you can see the shark circling for more fish to come before feeding. Once big fish runs away shark will come in for big feeding.

Looks like syndicate will finish the job on this counter soon. Big fish are still around here, but not biting any more. White Elephant Barge NOT sold. Deleum, Icon and Sapura Energy down. Only small fish still trying this one a bit. But you can see the shark circling for more fish to come before feeding. Once big fish runs away shark will come in for big feeding.

Last week action was weak indicating syndicate collecting for news release (?) and I anticipate a spurt. Also average chart signal crossess which are very bullish.
In any case, price target is RM 0.84 based on the latest crude oil futures.

15 million buy orders at 0.40 by 53 people, means the average order is 300k. But the day volume is only 100k shares. So, not even one buyer of 53 who want barakah executed his bid. Obviously it is all FAKE buyers that do not want the shares. One strong hand supports the price and blocks others from transacting. I think dumping will occur in the near future when demand established and retailers join in the line up. Brace yourself when orders from retail come in => they will be getting the BIG DUMP.

There is no buying by investors, only a proprietary trader bid blocking. Look at 165 mln buys by means of 338 orders here. It is all 500k buy orders (165 mln / 338 buys) that the trader entered by means of a margin account. Margin account does not charge interest until transaction, so not even a ringitt spent to create illusion of buy demand.

There is no court case, only arbitration. And once this fails to reach an agreement, Enquest can drag it through the courts for years. Barakah will be long wound up by creditors before trial or appeal is set. Company may not survive for long enough to benefit from it.

Based on Bumi Armada lack of ability to execute, they should be taken over by Yinson. I remember when Yinson was a bus company in Johor (Logistics) and they bought one asset. At that time Armada was a big player. Now Armada has zero projects and Yinson is the star of the industry. Yinson could get a sukuk to take over Armada and shareholders would be better off.

I still stand by my opinion of last week here.
-----------------------------------------------
Robert Waters
Take it from a guy who spent 3 years in Kazakhstan, both offshore and onshore. All the projects I saw were failing as the locals were simply too corrupt even for Italians to handle them. And it takes a lot to outdo Italians in corruption.
They had good coffee though, I admit.

1 week ago

I want to say that as disappointed as I am with Bumi Armada, the management of R0ach Energy Berhad has the absolute world record in incompetence and mismanagement. Those guys are clowns of ignorance beyond belief. They have a company like hibiscus, but they crash it down to RM 0.03. In comparison, Greedy Gary is OK.

Come to think about it, R0ach may be a good investment. If someone wants to spend money with me, we can join other forum. Management has been changed recently. But Kazakhstan ...

This is a beautiful city. I stayed there for a few weeks. Hope that they prop Greedy Gary up before the meetings like they do for Biden before the debate. Those old 'fat cats' need a lot of maintenance, preferring to sleep on warm fireplace and eat ice cream. Greedy Gary is only 60++ years old, so maybe less senile and more vivacious than Biden.

Bumi Armada could NOT get a new contract even if a client slapped them across the face with it. That is what happened a year ago when Total asked them to develop Cameia, but Greedy Gary refused in order to pursue climate change and zero carbon initiatives by means of international conferences and luxury hotel junkets. So far he has zero new ESG achievement as well as he aims for carbon zero. Doing NOTHING to achieve ZERO. Carbon zero.

Todays price drop is an indication that perhaps Greedy Gary turned down contracts in the Caspian Sea for pipeline construction vessels (too much hard work) and decided to follow inclusive or green targets in the future by more woke declarations.

I bought some at 0.555, but not to push the market up. I just want to sell it and anounce here like all do that I sold off some of my position just as did all my fellow longs. Hopefully at miniscule profit.

The funny thing is I could NOT get a fill all day, then I finally bought it at 16:50 hrs in the after market / closing time. There was a huge selling wave at market. Also enormous wave of buy orders ... for the order book window dressing ?. I think it was meant to intimidate sellers (buys went from 4 to 8 mln).

Amazing action with BAB. Every minute there is a small sale. It is relentless. Someone decided to exit for sure, and we should let him do it. Just an example that goes on without any stopping.
114 09:57:20 am 0.555 0 2,300 1,192,400
113 09:56:30 am 0.555 0 2,300 1,190,100
112 09:55:42 am 0.555 0 2,200 1,187,800
111 09:54:46 am 0.555 0 2,000 1,185,600
110 09:53:12 am 0.555 0 4,000 1,183,600
109 09:53:06 am 0.555 0 2,000 1,179,600

I think there must be a reason while BAB have NOT secured a single contract in 8 years. I suspect that the Greedy Gary just does not want the risk and hassle of new project. Finds an excuse to reject it, or does not even put a real try to convince the client.
It is much easier to make vague plans of becoming green leader, or progressive by developing partnership with competitor or alternative service provider, rather than a partnership with a client. And that works for a while, until the old money runs out.

Rohank, good luck to you. Tell us where you moved.
One of the last longs to leave .... may be sign of a bottom.
They call it: CAPITULATION.

This result is nothing short of concerning in my eyes. It is revenues that make future profits and projects.
__________________________
First quarter 2025 results:
EPS: RM0.056.
Revenue: RM2.21b (down 27% from 1Q 2024).

About this Genting / Wison projet. I know the company Wison. My former colleague who interviewed me for a job few years ago went there, and it was a posting to an unknown entity. Chinese job. Bumi Armada was a big player.
Now Wison gets contract and Bumi Armada has NOTHING anounces partnerships for green initiatives without any specific project.

Or maybe someone lost patience with the management and decided NOT to hold it any more.
Why would he purposely hurt himself by keeping the stock down ?
To buy more in the future would be my guess.

Update on the efforts to sell the elephant.
Get info about the conditions of a white elephant barge ...

https://online.publuu.com/555600/1248833

Many thanks. Word of reason.

I wonder where we should be getting any news on this company. They have an office, and maybe a web page. There is life after PN17 delisting. Too bad no comments here any more.

Now, this is a good point. Nicky talking about new projects or extensions, but the real thing may be crossing the line sideways with resistance trend. Oh my.

Where is the contrarian when you need one ?

So, what is the take on this stock ? Caught my attention recently. Near all time high, I notice.
I guess using chinese management to improve project in Kazakhstan is not always working out. Still lossess are adding up.
What is the case to buy it ?

Tan KW
Publish date: Wed, 19 Jun 2024, 04:14 PM
The daily chart of Bumi Armada (ARMADA, 5210, Main Board Energy) closed at RM0.565 on June 18, up 1.0 sen or 1.80% on a daily basis, sideways between the support level and the rising trend line. Its daily relative strength index (RSI) indicator began to rise and is at 48.98. Its share price may break through and climb to the resistance level between RM0.615-0.63 in the short term. Its support level is at RM0.55-0.56.
Huat ah, everyone.

This stock, sure looks like a bargain right now. Too bad I see people that usually get it wrong here. Specially those with very high level, general comments. Not able to research a company in detail.

Yes, even small project in between. There is Turkmenistan, Russia and Azerbaijan by the Caspian Sea. They all could be in need of offshore pipeline work.

We just had earnings that were good.
Price is up, substantially over a week, too.
Regularisation plan delayed till October.

What other positive news you expect ?

You are welcome. Take it from a guy who spent 3 years in Kazakhstan, both offshore and onshore. All the projects I saw were failing as the locals were simply too corrupt even for Italians to handle them. And it takes a lot to outdo Italians in corruption.
They had good coffee though, I admit.

FPSO Cameia is done by the Saipem with Chinese. Write it off.
Kazakhstan is not a very good prospect. I suggest you check Roach Energy, now at all time low. They operate in Kazakhstan.

Shareholders in Armada are trapped. Kena trap. There is always bad surprise, like broken pump at Kraken, 500 mln impairment on future cash flow or no new project at all, despite being selected as preferred bid for Cameia. Or delays after delays to Armada Sterling V. I think people hope Armada runs out of things to go wrong, and wait for just NOTHING. Meaning no more bad news for a while. That would be our 'break.'

I like the use of word SOON in this official release of the ministry. I also prepared 3 similar phrases for use. They all mean nothing. Good to use when being pressed by a fiancee to get married. They are:

BEFORE YOU KNOW IT
FASTER THAN YOU THINK
IN NO TIME AT ALL
😅

The company must prepare a plan and the plan has to be executed, then 2 periods of positive earnings achieved AFTER the implementation of the plan. That takes time.
Earnings have not much to do with the MUGG - Material Uncertanity as Going Concern expressed by the auditors.
Plan has to address the MUGG's. It is MUGGs, not the earnings that trigger PN17.

I remember Mike Lim (Kim). He really tried his best to put a positive spin on things, but eventually he could not do it any more. Neither could you. I also got some other shares on the side and there seem to be more upside elsewhere. The final nail in the coffin will be the leaving of Nick Cheong.
Not that the management types care. They seem to like it to take it easy.
The best solution for Armada would be to be absorbed by Yinson.
Good luck to you.

This counter will not be allowed to go completely under. And miss lee is the new wizard that will perform magic on the assets to make them disappear from the books.

Cannot blame sellers for getting out of this counter. I blame management for NOT securing a single project in years.
_____________________________________________________
some clown has unloading BIG time since late April when it broke the 58 sen. only reprive was when the Q1 resukts was announced... even then selling was still heavy. are we missing out something

Wow, I put order at 0.555 expecting it to be filled in a month, but I got the shares within two hours. VERY, VERY heavy selling as of now. Price went below my bid and instead of waiting, there is now selling at this price.
This is more than just a market flactuation.

Hi Pandu. I calculated time when this company will leave PN17. If all goes well, in early 2027. Here is my reasoning.
____________________________
Long Way to Financial Recovery (PN17 Process)

Bursa Malaysia has a special process for companies in distress called PN17 status. It stands for Practice Note 17/2005. Any PN17 company that triggered PN17 criteria must:

1. Regularize its condition within 12 months.
2. Submit a regularization plan.
3. Implement the plan.

The contents of the regularisation plan need to address the triggering conditions. Typical exercises performed to regularize the conditions are:

• Settlement of debts with creditors
• Reduction of capital to cancel accumulated losses
• Onboarding of new investors (white knights) via issuance of new shares
• Sale of assets
• Issuance of free warrants and right shares to retain old investors
• Establishment of an Employees Share Scheme (ESS)

The time required to achieve uplift from PN17 status is difficult to estimate as any part of the process may take longer than planned. The minimum length to complete the key steps on the road to normality is shown below:

• Approval of the Regularisation Plan by Bursa 3 months
• EGM Approval of the Plan by shareholders 3 months
• Implementation of the Plan 12 months
• 2 positive quarters AFTER the Plan implementation 6 months
• Application and uplift of the PN17 status 3 months

GRAND TOTAL …………… 27 MONTHS

So, if everything plays out right, investors will be reaping handsome profits in 27 months, or about 2 years from the time that the Plan is submitted. Not exactly very soon. And that is, if everything goes well.

I noticed too. Put a small order at 0.555 for 30 days. This price seems to be the rock bottom support. To be sold after the news. Unfortunately, will prevent price to go up if many think similar.

Not me. In fact I bought some more of it for a (hopefully) fast trade.

So they expect full start up next reporting period, full oil production by the end of the year.
______________
Gas production from the KG-98/2 asset, which will begin in 3QFY25, is expected to ramp up to 10mmscmd by FY25 end, while oil production could ramp up to 45,000bopd by 4QFY25.

That means that price will not go up substantially for 5 months. Alam management will take 5 months to prepare a plan. Submission to the Security Commission or Bursa will be the first good news of the regularisation process for us to experience and get some buying from the public.
Need patience and holding power till the end of October.