All fellow investors, this shall be my last entry in this Armada forum. Based on latest information on hand, calculations, simulation of different scenarios e.g. perpetual bonds, spinning off OMS etc and reflection together with IB circles, Pearlwhite is 90% right and UOB's latest TP might very well be the new norm post restructuring, and this is being optimistic. So my apologies to Pearlwhite and UOB for running them down earlier. BAB cannot let the ball drop and will have to continue pursuing new FPSO projects to stay afloat and keep paying interest charges. So who is at fault? I would lay the blame squarely on the CEO who left BAB on personal reasons when the oil price crashed in Dec 2014, where everything was expensive and a sense of invulnerability must have prevailed. So good luck to everyone here, today's closing was great! Tschüss.

If this were the case, AK would sapu at 0.10 in February with proceeds from the sale of the resort. Conspiracy?

Assuming RM5.3B theory is correct and poor business in 2019, then BA infamous CEO would probably think about kitchen-sinking based on history. Last Q3 impairment RM500M practically caused 0.70 to 0.40. If he does it again, then we are screwed ... potential gap down. Is this how UOB arrived at 0.10?

So far approximately RM1.2B already impaired for OMS vessels... also can restructure work force. But according to UOB report, RM5.3B was incurred for OMS vessels, presumably mainly coming from Constructor and Installer. No business for the 2 vessels in 2019 also problem as they are located in Caspian sea, actually it is a lake. So stuck lah cannot be deployed elsewhere.

There are some logical elements in the report, eg further impairment and no order for OMS business in 2019 assumptions. But how Kong arrives at 2xPE is arbitrary... as if he is god.

Stupid UOB report... false alarm only. How can it be 0.10 at 2 x PE, it simple doesn't make sense! Part of syndicate?

Logically if BAB wants to start with a clean slate starting Jan 2019, eg restructured organization, then relevant impairments would have been made in Q3 2018. If any, a relatively smaller impairment or none at all, IMHO.

BA old and new management, EPF, AK, IBs all bodoh lah... better listen to pearlwhite... EPF better hire pearlwhite to avoid future costly mistakes ...

Who is big banana?

AK most probably can cash out at least MYR350M net from sale of Tropical Islands Resort by Feb 2019. I bet he will buy back a big chunk of BA shares and in so doing prop up the price of BA to restore his dignity and wealth. Quantum is insufficient for privatisation, hence unlikely this will happen. From now until then, lots of time for accumulation.

Pearlwhite : since when you predicted 0.15 for BA? Can anyone in this forum vouch for Pearlwhite?

Pearlwhite : you should have sent your resume to EPF a long time ago. Then can advise EPF to dump BA, like what they did to FGV. But the fact is EPF didn't dump when they had the opportunity at 0.70 to 0.80. If they dump now, then they are most stupid. It is in their interest to prop the price to a much higher e.g. 0.80 and then dump. In conclusion, you are talking a lot of rubbish.

Low level writeup either due to ignorance or it is part of the syndicates' arm. Maybe, just maybe he is a rookie.

James Yeoh : I don't think you know enough of O&G specifics and hence a majority of your commentaries are highly flawed. Hence, I recommend that you read up more or get to know some O&G circle to understand the basics.

Cooling : direct quote from your link... "Hence, the group had to be highly selective in the projects which it is pursuing while discussions with financial parties are ongoing. " It didn't say "stop pursuing new jobs" as you posted. So who is being selective here or is there something wrong with the English?

We should ask BA and Bursa whether retailers can attend BA's quarterly press conferences. Why only institutions are invited? In the US, all are invited to participate and usually via teleconference.

Chill out... now every reason to restructure organization and seek compensation from legal cases. Positive outcome in future bottom line.

EPF vs Syndicate ... who will win?

Just have to realise that syndicates so called <5% institutions are trying their luck to short BA. Don't think it is privatisation. Not at this level EPF wouldn't stay silent.

Pearlwhite : my toes are laughing....

Pearlwhite : back of the envelop calculation : 9B OR from 21B rev. NTA 0.81 = 4.8B. Total asset = 13.8B. Total liability = 12B. Hence access 1.8B, excluding potential legal cases gains, impairment write backs, etc. Hence, looks OK. The problem now is cashflow, need to refinance. There is also MTL to be drawn down, hence no bankruptcy lah. If can refinance, it would be very good. Can keep MTL for potential new projects.

I believe EPF doesn't want to catch a falling knife. Once stability returns or there is more clarity, EPF will come in and the bigger losers will be the syndicates. Good luck to all retailers and syndicates.

Commonsense: thank you for the review. So which institution investors are selling? Very curious for me and some people.

At least EPF didn't sell which is seen as a positive. Most probably big time syndicate at work and didn't quite achieve their target of 10sen. Lots of cut and paste ... delete and cut and paste ... you know what I mean.

"... on the verge of bankruptcy..." as reported by The Edge today.

Correction... property stocks didn't blast off today. Hence there are still opportunities to enter.

I don't think BA's financial situation is simple as some would put it. If it were, BA wouldn't need to hire a rescue CFO. Please check out the new CFO's profile and you will start to understand the potential situation BA is in. Claire FPSO redeployment requiring retrofit is also not chicken feed, USD200 to USD300 mil. BA's Woodside claim of USD284mil, would be lucky to get 50% IMO. That means added cash flow pressure on the retrofit exercise. Calling for RI at this level is so ridiculous so let's hope this will not happen. If it does, all hell will break loose, < 0.3? There is a lot of talk of impairment for FY2018, hence if that happens then 0.3 is not unimaginable. I really hope this is not the reason EPF is selling now. I don't trust BA management at all, many negative surprises and without prior warning. Should follow US style where during quarterly reporting, anyone can dial in and interrogate the CEO and CFO. We are looking at legacy issues, hence previous management is also culpable. So what to do now, sell at 0.39 and come back at 0.30? Do nothing and wait out the storm for 2 years? Or follow Superbull, acquire property stocks, surf the wave and then come back at 0.4 or 0.3? LOL, property stocks didn't go up today :)

Seems like a few IBs are anticipating further impairments in this FY. Might want to approach with caution until Q3/Q4 results are out. BA is very good at impairments to achieve a clean slate to start a new FY. Hope the next round will be the last one...

RI would most likely be needed for Zabazaba project. It should be a good development but given the never ending surprises and impairments, there is simply a lack of trust here. Let's hope ST loan can be converted to LT, otherwise there is added pressure. New rescue CFO coming very soon, reading between the lines it tells me something is not right. But help is coming and we need to bite the bullet. The quicker this is resolved, eg RI, etc the better. EPF is selling and soon more institutions might follow. We have to brace for impact if we still want to hold BA shares.

BA CEO take note! EPF is selling and it reflects some poor handling of circumstances or lack of communication with your shareholders. AK shd be very pissed off with the situation. Pls reflect and address the issue very soon.

Next cabinet meeting shd be this Friday... get ready for potential good news release like lrt3...

Massive residential overhang at the moment. From 50K to 1M price range. Doubt God of Prosperity will appear Nov 2.

EPF adding Gamuda... good buy at current 2.xx

Yinson ... "net gearing reduced significantly to 0.4x from 1.2x in 1QFY19 with the issuance of perpetual Sukuk Mudharabah Programme in
2018 worth RM950mil." - https://www.thestar.com.my/business/business-news/2018/09/25/limited-near-term-upsides-for-yinson-despite-healthy-order-book/. BA can do the same... no issue after Kraken final acceptance.

BA ought to consider issuance of perpetual bond to finance new projects instead of diluting shareholders' base. It basically reduces gearing ratio. Yinson did an issuance last year...

From June 7, 2017 until July 4, 2018 EPF has bought 130M shares and accumulating...

Thank you RJ87 for the time and effort in bringing clarity to the table!

Did you actually mean elaborated "flawed" study? What a waste of time!

My toes are laughing .... I find this forum very "entertaining".

From June 7, 2017 to May 23, 2018, EPF has accumulated 100,000,000 BA shares.

www.marketwatch.com/story/the-increase-in-oil-prices-is-just-beginning-2018-05-21

From June 7, 2017 to May 17, 2018, EPF has accumulated 91,230,421 BA shares. Along the way, short term investors got played out by EPF.

http://tradearabia.com/touch/article/OGN/340613
Good for BA ... more projects and div from FY2018. Sit back and enjoy the show for long term investors. Some parties will recycle old news and throw in "caution" advice for good measure... enjoy!

... old news. NYT - what does the article have to do with BA directly? I read but only briefly because I thought it was a waste of time.

Remember CIMB and Maybank C29 and C30 ex value 0.75 due in June...

www.proactiveinvestors.co.uk/companies/news/196631/shell-and-bp-soar-as-oil-prices-hit-four-year-highs-on-trumps-threat-of-iran-sanctions-196631.html

It is a matter of time mikekim... Zabazaba’s FPSO is going to be three times the size of Kraken. 50% JV also means more than Kraken's volume...

L Harland has duty to keep shareholders posted more frequently and timely, especially good news. Stock sentiment is important too ...

www.thestar.com.my/news/nation/2018/04/07/bn-manifesto-a-bounty-of-good-news-for-felda-settlers/

Boo CIMB ... twice reporting in two days on "Caution over Bumi Armada’s possible bid for Nigeria FPSO". CIMB going to lose CWs.. hehehe