ITreeinvestor

ITreeinvestor | Joined since 2017-07-31

Investing Experience Intermediate
Risk Profile Moderate

Followers

0

Following

0

Blog Posts

14

Threads

252

Blogs

Threads

Portfolio

Follower

Following

Summary
Total comments
252
Past 30 days
15
Past 7 days
6
Today
1

User Comments
Stock

3 hours ago | Report Abuse

The key takeaways from its results briefing are as follows:

1. It reported sales of RM3.3b in FY23, which surpassed its sales target of RM2.7b. It has set a sales target of RM3.0b for FY24, underpinned by SEED Homes via a JV with Lagenda, and industrial products.

Our forecasts assume higher FY24 sales of RM3.5b as SIMEPROP tends to be conservative in its sales targets. As at end-Dec 2023, its unbilled sales stood at RM3.6b (vs. FY22: RM 3.6b)

Stock

3 days ago | Report Abuse

disposal gain 20mil, core earning 12mil.
PE 16.45 which is more expensive than uchitec

Stock

5 days ago | Report Abuse

Armada just follow the trend of oil sector, there is nothing related to new contract or good Q4

Stock

6 days ago | Report Abuse

KWSP,EPF,ABRDN are continiously dumping the stocks

Stock

6 days ago | Report Abuse

KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 15-Feb-2024 Disposed 450,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 14-Feb-2024 Disposed 562,400 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 14-Feb-2024 Disposed 300,000 0.000 View Detail
ABRDN HOLDINGS LIMITED 14-Feb-2024 Disposed 1,877,100 0.000 View Detail
ABRDN MALAYSIA SDN BHD 14-Feb-2024 Disposed 1,877,100 0.000 View Detail
ABRDN PLC 14-Feb-2024 Disposed 1,877,100 0.000 View Detail
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 14-Feb-2024 Disposed 735,800 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 13-Feb-2024 Disposed 1,262,300 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 13-Feb-2024 Disposed 600,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 05-Feb-2024 Disposed 400,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 05-Feb-2024 Disposed 300,000 0.000 View Detail
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 05-Feb-2024 Disposed 622,900 0.000 View Detail

Stock

1 week ago | Report Abuse

(SINGAPORE) ABS has awarded Approval in Principle to Bumi Armada’s pioneering
design for a floating carbon storage and injection unit (FCSIU).


Bumi Armada’s FCSIU concept is a floating terminal capable of storing and injecting liquified carbon dioxide (LCO2) into depleted oil and gas fields or aquifers. This novel concept incorporates the ability to accept LCO2 deliveries in an offshore setting, the flexibility to manage LCO2 at low or medium pressure, the provision of LCO2 buffer storage and the preparation of LCO2 for sequestration - permanent storage of CO2 deep beneath the seabed.

Stock

1 week ago | Report Abuse

KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 15-Feb-24 Disposed 450,000
ABRDN HOLDINGS LIMITED 14-Feb-24 Disposed 1,877,100
ABRDN MALAYSIA SDN BHD 14-Feb-24 Disposed 1,877,100
ABRDN PLC 14-Feb-24 Disposed 1,877,100
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 14-Feb-24 Disposed 735,800
EMPLOYEES PROVIDENT FUND BOARD 13-Feb-24 Disposed 1,262,300
EMPLOYEES PROVIDENT FUND BOARD 13-Feb-24 Disposed 600,000
EMPLOYEES PROVIDENT FUND BOARD 5-Feb-24 Disposed 400,000
EMPLOYEES PROVIDENT FUND BOARD 5-Feb-24 Disposed 300,000
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 5-Feb-24 Disposed 622,900

Stock

2 weeks ago | Report Abuse

Warren Buffett-backed Occidental Petroleum is predicting an oil supply shortage by 2025 due to global failure to replace crude reserves at a fast enough pace.

https://oilprice.com/Latest-Energy-News/World-News/Buffett-Backed-Occidental-CEO-Says-Oil-Shortage-by-2025.html

Stock

3 weeks ago | Report Abuse

Why SKPRES drop more than VS?

Skpres revenue from dyson = ~80%
VS revenue from dyson = ~30%

Stock

3 weeks ago | Report Abuse

Coming few quarters result will badly hit due to Customer X's orders sharply declined In 4QCY23 (Oct-Dec).

Management expects the weakness to remain in the near term

Stock

3 weeks ago | Report Abuse

https://www.linkedin.com/posts/oilandnaturalgascorporation_india-ongc-indiaenergyweek2024-activity-7157227732655898624-d4ud?utm_source=share&utm_medium=member_android

Embark on #India's journey to economic prosperity!

#ONGC's flagship KG-DWN-98/2 Block sails confidently into the Final phase, poised to achieve full oil and gas production by mid-2024.

A monumental leap towards a resilient and self-sustaining energy sector.

Stock

4 weeks ago | Report Abuse

or Mumbai JV started

Stock

4 weeks ago | Report Abuse

@niki, new tender for FSRU?

Stock

1 month ago | Report Abuse

Post Briefting Result from VS.

Key customers updates
In 4QCY23 (Oct-Dec), Customer X's orders sharply declined, impacting VSI's
1HFY24 (FYE Jul) performance. Management expects the weakness to
remain in the near term

Stock

1 month ago | Report Abuse

A Rising Tide Floats All Boats

FPSO clients are increasingly favouring asset ownership over
leasing due to limited contractor availability and financing
challenges. Hence, the barrier of entry to the FPSO market has
also risen for potential new entrants. The tight FPSO market
remains favorable for existing players. We maintain our forecasts,
TP of RM3.39 and OUTPERFORM call.

We came away from meeting with Energy Maritime Associates (EMA)
organised by YINSON feeling more reassured about the FPSO market
outlook. The key takeaways are as follows:

1. A trend is emerging where clients (end-users of FPSO assets) opt
to own the FPSOs, securing contractors' services solely for the
Engineering, Procurement, and Construction (EPC) phase of the
project. In both 2022 and 2023, a total of 11 contracts followed this
structure, with clients taking ownership of the assets. This shift may
be attributed to a shortage of capacity among FPSO contractors
and increased challenges in obtaining debt financing from banks,
likely influenced by Environmental, Social, and Governance (ESG)
considerations.

2. Traditional banks are increasingly reluctant to provide debt
financing to FPSO contractors due to growing (ESG) concerns.
This reluctance raises entry barriers for new players aiming to enter
the FPSO market, given the substantial capex required for such
projects. Established FPSO players with proven track records are
exploring alternative financing avenues, such as project bond
instruments, private equity funding, and prepayments by clients on
their leases and this has led to limited FPSO players bidding for
new FPSO jobs unless the IRR is attractive enough.

3. The FPSO market is anticipated to remain tight in 2024, as
indicated by EMA's survey, revealing record-high industry
confidence. About 93% of clients express confidence in their
companies' outlook, a notable increase in 2024 from 77% in 2023.
Easing concerns of inflation in 2024 suggest that the prices of
spare parts and labour will not experience the same rapid
increase seen in 2023. Consequently, FPSO contract awards may
also see a YoY increase in 2024, surpassing the six awards
recorded in 2023.

Stock

1 month ago | Report Abuse

公司目前的Orderbook持续创新高,倘若保守估计公司一个季度持续维持赚RM6m,以最基本的估值10倍来计算的话,那公司股价预计值得RM0.44。
公司目前的股价RM0.265,NTA约RM0.31。因此个人认为此价位的downside risk并不大。

【业务】
INTA Bina Group是一家建筑行业公司,拥有超过30年的经营历史的建筑承包商Main Contractor。主要分布在Klang Valley和Johor。INTA建造各种建筑,包括 high-rise residential 和 commercial properties, industrial 以及 leisure properties。

【客户群】
INTA的客户包括马来西亚上市和非上市的房地产开发商。如下:Eco World、Engtex、Gamuda、Mah Sing、Paramount、Plenitude、Selangor Dredging、Tropicana、MK Land和Sunway。
其他知名的开发商有Perdana Park City和Mitraland;与政府有关的房地产开发商S P Setia和UEM Sunrise,以及新加坡上市的Lum Chang Holdings Limited。
INTA与开发商建立了稳固而持久以及互惠的良好关系,其中包括Gamuda过去已经授予INTA 27个项目,和UEM Sunrise与Gamuda合资的Horizon Hills也授予INTA的13个项目,这些反复合作记录证明了彼此的良好关系。

【手上订单过去7年的趋势】
2017 - RM573m
2018 - RM650m
2019 - RM600m
2020 - RM1.08b
2021 - RM1.12b
2022 - RM1.2b
2023 - RM1.24b

【过去业绩表现】
公司在2017年时手上orderbook约RM573m,接下来2018以及2019的营业额表现也持续创下新高纪录。直到2020年全球疫情来袭,公司业绩迅速回落。但也并没有阻止公司在2020拿下再创新高的orderbook,价值约RM1.1b。公司的业绩随后在2021,2022迅速复苏以及成长,在2022以及2023年也创下历史新高的营业额成长。目前2023年的orderbook来到RM1.2b。
另一方面,公司的现金对比债务比例属于净现金(Net Cash)公司,这对于建筑公司来说是属于相当well manage的公司。

【看法与总结】
自从2020年疫情来袭之后,大多建筑行业都在面临劳工短缺的问题,直到2023年开始劳工问题也开始恢复正常化。
由于原材料例如Cement价格以及劳工工资的上涨。尽管公司取得了令人瞩目的业绩增长,但也可以观察到与2017-2018年巅峰时期相比,公司在2023年的利润率出现了一定程度的压缩。
但另一方面,我留意到公司近这2年的项目awarded主要都来自Ecoworld和Mahsing,而这两家的业绩近期也出现相当不错的成长。加上INTA与这两家知名开发商有着非常牢固的合作关系,因此不排除INTA业绩也会有不错的表现。

Stock

1 month ago | Report Abuse

EPF start selling after their briefing meeting

Stock

1 month ago | Report Abuse

Post Briefting Result from VS.

Key customers updates
In 4QCY23 (Oct-Dec), Customer X's orders sharply declined, impacting VSI's
1HFY24 (FYE Jul) performance. Management expects the weakness to
remain in the near term

Stock

1 month ago | Report Abuse

After an analyst briefing yesterday, we reduced FY24F-26F
earnings by 12%/7%/9% to account for weaker sales orders
from VSI’s key customers and lower profit margin assumptions
to reflect lower economies of scale.

 Specifically, VSI’s 1HFY24F revenue will be impacted mainly by
VSI’s key customer, Customer X (which account for 25%-30%
of VSI’s FY24F revenue), as a result of its high inventory levels
coupled with current weak consumer sentiments, especially in
Western regions due to elevated inflation and interest rates.

Stock

1 month ago | Report Abuse

Bumi Armada Berhad refers to its previous disclosures regarding its 30% associated company, Armada 98/2 Pte Ltd and wishes to announce that the Armada Sterling V FPSO has successfully achieved “First Oil” production on 7 January 2024. Following this, the Armada Sterling V FPSO will commence the necessary acceptance tests to achieve Final Acceptance, which is required for the vessel charter to commence. We will make further announcements regarding the matter as appropriate.



The announcement is dated 10 January 2024.

Stock

1 month ago | Report Abuse

yea tothemoon, it need another 2 quarters for dividend to come.

Trend in past 9 quarters
-268,748 -446,514 -565,284 -766,294 -976,975 -1,126,698 -1,312,948 -1,498,705 -1,616,706

Stock

1 month ago | Report Abuse

(Jan 3): Bumi Armada Bhd is poised for sequential earnings growth in the coming quarters, amid better quarter-on-quarter contributions from the Armada Kraken floating production storage and offloading (FPSO) unit, and first oil being achieved in Oil and Natural Gas Corporation Ltd's KG-DWN-98/2 in the coming weeks.

Stock

2 months ago | Report Abuse

Latest update from ONGC, oil production will be commence in Dec 2023.

Stock

2 months ago | Report Abuse

#ONGC is eyeing commencement of #Oil production from its flagship deepwater project KG-98/2 Development Project in December 2023.

Gas production from Project has already commenced in March 2020 with plan of further ramping up by May 2024.

https://www.linkedin.com/posts/oilandnaturalgascorporation_ongc-oil-ongcjeetegatohjeetegaindia-activity-7137463703498596352-aHSb

Stock

2023-11-22 08:39 | Report Abuse

Bollywood dance again

Stock

2023-11-17 09:59 | Report Abuse

Due to the vessel’s idle status,
management notes that it has been receiving standby payments since March 2023

Stock

2023-11-17 09:59 | Report Abuse

From Aminvest report : The group’s 30%-owned FPSO Armada Sterling V is expected to see first oil by 21st November, which will be followed
by the vessel acceptance test which may take up to 3 days.

Stock

2023-11-17 09:14 | Report Abuse

Highlight from Maybank: we are forecasting a record-high core net profit of MYR853m in FY24E

Stock

2023-11-16 14:26 | Report Abuse

Armada will turn into netcash company after 5-7 quarters.

Stock

2023-11-16 14:25 | Report Abuse

• Net gearing at 0.72x is the lowest since Q2 2015.

Stock

2023-11-12 16:36 | Report Abuse

McDermott has been awarded a transportation and installation contract by the Oil and Natural Gas Corporation (ONGC) for the KG-DWN-98/2 development project, located off the east coast of India.

Under the scope of the contract, McDermott will perform the transportation and installation of a central processing platform (CPP) and living quarters. Once installed, the CPP will be used to process wet gas which will then be transferred from the platform to an onshore terminal.

Stock

2023-11-09 09:43 | Report Abuse

The current operated assets as follow:

3 wholly owned FPSOs
Armada TGT1
Armada Kraken
Armada Olombendo

5 jointly owned FPSOs
Armada Sterling I
Armada Sterling II
Karapan Armada Sterling III
Armada Sterling V
Armada LNG Mediterrana

2 construction vessels
Armada Installer
Armada Constructor

Stock

2023-08-10 14:39 | Report Abuse

to account for the decline in household spending. Our TP is reduced to RM1.16 after rolling over our valuation base year to 7x

Stock

2023-07-21 09:54 | Report Abuse

Kenanga Report
KUALA LUMPUR: The ongoing restoration of Bumi Armada Bhd's Armada Kraken floating production storage and offloading (FPSO) vessel could put the facility's operations back on track within the next one or two months, says Kenanga Research.

In a note, the research firm said it is positive over the progressive restoration of the Kraken FPSO's production, which cushions concerns of a major financial impact to Bumi Armada.

This comes following the offshore service provider's announcement yesterday that it had reconditioned and reinstalled a hydraulic submersible pump (HSP) transformer on the vessel, which brought its operating level back to 90% of pre-shutdown levels.

"We applaud Bumi Armada for reinstating operations close to full capacity in less than two months since the first shut-in announcement," said Kenanga in its company update.

On June 2, 2023, Bumi Armada announced that the Kraken FPSO had experienced a production shut-in following the failure of its HSP transformer unit, guiding that that there would be material impact resulting from the Kraken's shut-in.

By June 21, the Kraken achieved start-up and was able to operate at about 60% of its pre-shutdown levels.

Kenanga said it factored in a partial loss of bareboat charter income from the Kraken for June to August 2023, which is reflected by a "benign" 9% impact in its current forecasts


STARPICKS
Experience comfort and safety with the innovative KDK DC 5 series ceiling fan
Following the latest update, Kenanga said it maintained its "outperform" recommendation and sum-of-parts target price of 62 sen a share.

"We like Armada for sustained traction in its efforts to deleverage its balance sheet (current net gearing: 0.8x), long-term earnings visibility from substantial orderbook in excess of RM20bil (including extension options), and it being the leading contender for a US$1bil EPCC contract for FPSO Cameia," it said.

However, it cautioned that investor sentiment may still be dragged lower by the possibility that the financial impact of the Kraken shut-in may be larger than expected.

It said there could also be substantial vessel repair and maintenance costs that are not fully covered by insurance, while client Enquest may request for reimbursement or impose penalties on Bumi Armada.

Stock

2023-07-20 15:47 | Report Abuse

remember buy the rumor and sell the news.

Stock

2023-07-07 09:02 | Report Abuse

Trade receivable almost as large as 1 quarter of revenue. Logic?
Especially the receivable is from China.

Stock

2023-06-27 11:56 | Report Abuse

We slash our earnings forecast for FY23F-25F by 23-42%, to account for the decline in household spending. Our TP is reduced to RM1.16

Stock

2023-06-22 22:56 | Report Abuse

Niki, where you get the update? Enquest IR or the xxx at Enquest, who operate the Kraken field
------------------------------------------------------------------
nikicheong A positive update, the Armada Kraken FPSO is targeted to return to full production in the matter of weeks, not months. We're looking at between the next 2 to 4 weeks.

Stock

2023-06-22 09:00 | Report Abuse

Trust your own research and the rest to do is wait patiently

Stock

2023-06-22 08:59 | Report Abuse

niki, no need wait for any research report. We all know well where armada can reach =)

Stock

2023-06-13 16:14 | Report Abuse

announcement later , tommorow open 0.60

Stock

2023-06-09 14:59 | Report Abuse

niki, please note that there are plan to restart this week. This doesn't mean 100% work as they did try restart before this but fail

Stock

2023-06-08 19:24 | Report Abuse

Do not forget EnQuest chat actually is just another public forum like i3investor.

News & Blogs

2022-11-29 12:03 | Report Abuse

The fact is CPO price hardly go up further.
At the same time cost of production is surging due to
1) high fernitiser price
2) min. wages raise from RM1,200 to Rm1,500