ARMADA (Not Rated)
ARMADA lost 1.0 sen (-2.94%) to close at RM0.330 yesterday.
Chart-wise, the share has been on a rally after breaking out from its consolidation phase since late-August this year.
Nevertheless, we note that trading volumes have tapered down for the past two days. Coupled with uninspiring key momentum indicators, we believe that the share is poised for a retracement to trade closely with its 20-day key SMA.
From here, support levels can be identified at RM0.285 (S1) and RM0.215 (S2).
On the other hand. Should buying momentum persist; resistances can be found at RM0.405 (R1) and RM0.510 (R2).

Shpok, just buy straight at 0.33, I queued at 0.325 for few days still can't get now, don't say 0.32

This morning I bought 1.5mil shares at 0.33, keep for long term, as I believe the value worth for 0.50+++

Yesterday over T2 already, so it's good to enter if dip

Buy on dip buy on dip buy on dip

I think shorties they all no more bullets to borrow shares from IB, so that's why they use idss to short first then only sign sbl agreement with the shares lenders

Anyway, hardly see idss is about 50% of total volume, normally it's 30+++% everyday

Idss around 33.7mil shares, total volume is 71m, 33.7 divided by 71x100%=48% approximately when closing

Normally idss is 30+% of total volume, but today it's funny, it's 60% of total volume

Buy on dip, but seems like nobody date to buy on dip now?

Who says idss shorties will die one???Till now they never die

Idss is more than 50% of total volume, it's about 60% of total volume

Buy on dip buy on dip

So buy on Dip

Today agenda is collect mor sohai stupid shorties shares and also collect those contra players for last week Friday who bought at 0.35-0.355

It's not target price, it's fair value price

Now Armada operator still trying to seduce and fish those sohai shorties come and short at 0.335

Today Armada not top volume already?

Buy on dip buy on dip buy in dip

Idss is 70% of the total volume

No Need to worry price drop, since aminvest giving 0.42 as fair price now, just buy on dip

Ya true mikekim, seems like it's very hard to break 0.355 like that

No Need to worry price drop, since aminvest giving 0.42 as fair price now, just buy on dip

We maintain OVERWEIGHT on the sector as prospects have begun to brighten with rising asset utilization globally which supported service providers’ improving results. While we have BUY calls for Bumi Armada, MISC, Sapura Energy and Velesto Energy, our top picks are still companies with stable and recurring earnings such as Serba Dinamik and Dialog Group. We like the recurring income business model of Dialog and Serba Dinamik, which are involved in operation and maintenance services while Dialog’s earnings visibility is further secured by the Pengerang Deepwater Terminal project with its enlarged buffer zone. As Bumi Armada’s share price has risen by 50% since our recommendation upgrade last month, we have raised its fair value further to RM0.42/share, further reducing our sum-of-parts discount of 20%. 

Source: AmInvest Research - 23 Sept 2019

Oil price 65 already, up 1+ %

Hence, 0.42 is achievable

Already done my homework earlier, Armada should easily worth for 0.50++

Tq thinkfirst

If without discount of 20% , should worth for 0.525

Mabel, can you copy n paste the link for aminvest fair value of 0.42 here? Tq

But still got alot of sohai stupid shorties came in n shorted at 0.33 just now

Aminvest is giving closer to fair value now, 0.42 after 20% discount

Still got a lot of sohai stupid shorties come in and Short

Shpok, where r u? Need your support then only Armada will up

Shpok, where r u? Without u support, price won't go up

Buy on dip buy on dip buy on dip

And Armada value should worth for 0.50++ by now, no need to worry about the dip, just buy on dip, buy in dip buy on dip

FYI, there will be good news coming in for Armada :)

Bumi Armada - Further Re-rating in Store, If Stars Align
Author: kltrader | Publish date: Fri, 13 Sep 2019, 9:01 AM

We hosted Bumi Armada (BAB) management at our office which garnered a good turnout of over 20 institutional clients. The main concerns highlighted by investors were the sustainability of Kraken’s improved performance and its debt issue, funding for the recently awarded 98/2 ONGC project, and the Claire FPSO court case. We came away feeling slightly more confident that the worse could be over for the company. Positively surprising was the cost savings from FPSO Perdana disposal, which is larger than we expected, and not fully factored in our FY20E numbers. Maintain BUY; target price RM0.34.

Catalyst #1: Kraken Steady, Targets to Reclassify Loan Before End-19
According to last week’s EnQuest update, FPSO Kraken’s uptime was substantially higher in 2Q19 at 80% (vs 1Q19: 55%) following the resumption of two-train operations. The field’s average production in 6M19 stood at 32,776bpd, in line with its full-year 30,000-35,000bpd target. There was a pipework repair on FPSO Kraken in July and August 2019 that required a shutdown, but earnings are unlikely to be affected as this is within the allowable maintenance days. Management targets to reclassify its RM1.57bn term loan by end-19, which has been categorized under shortterm liabilities since 4Q17 (amount then was at RM2.1bn). To recall, BAB booked a RM480m quality-related impairment in 2Q18 and RM1.2bn uptime impairment in 4Q18. While already showing improvement in terms of higher uptime, impairment write-backs are not expected to materialize over the next 6-12 months, which we believe will likely only be considered after fixing the water filtration issue.

Catalyst #2: Perdana Cost Savings Bigger Than Expected
We were surprised that the expected cost savings from the recent FPSO Perdana disposal was guided to be significantly greater than market expectations. We had earlier estimated RM10m per annum of maintenance cost savings, but this was guided by management to be around RM70m (RM6m per month from crew maintenance and insurance). This is not fully factored into our numbers and may provide further earnings upside to our existing FY20E estimates and beyond.

Catalyst #3: Claire’s court case decision earliest by end-19, latest 1H20

The earliest a court case decision on FPSO Claire will be made known would be by end-19, where BAB is claiming for US$280m of damages. However, we understand that both parties have a right to appeal once, which would delay any positive outcome by another 6 months (June 2020) However, management believes that a full 6-month delay is unlikely.

Source: Affin Hwang Research - 13 Sept 2019

13.9.2019 didn't announce these news la, only yesterday:

"阿玛达在5月获得印度石油及天然气机构（ONGC）颁发印度KG-DWN-98／2浮式生产储卸油轮（FPSO）合约，资本开销估计约10亿美元，该公司持有30%股权，需要注入约9000万美元。

据管理层透露，该公司目前正寻求潜在投资者，可能脱售手上30%股权，以减轻资产负债表的负担，预料可在未来数月完成。

该公司的船队共有37艘船，目前有19艘船在运作，该公司在合理化计划下，有意将船队规模减少至30艘。

19艘正在运作中的船只，有14艘是在大马水域，该公司有意将另两艘船调回大马，以配合国内增加的油气活动。

该行认为，阿玛达售船节省的成本比预期多，令2020年盈利有上调空间，近期高层变动也带来正面进展。保持买进评级""

Besides selling the ONGC shares as second good news, the 3rd good news is actually Armada is arranging 2 vessels back to Malaysia

I think Armada will have high chance to secure two new big projects in Malaysia

They already giving some hints there

And Ak is so closed to Tun M, definitely Armada will easily get 2 or 3 projects from government

Besides selling the ONGC shares as second good news, the 3rd good news is actually Armada is arranging 2 vessels back to Malaysia

I think Armada will have high chance to secure two new big projects in Malaysia

They already giving some hints there

据管理层透露，该公司目前正寻求潜在投资者，可能脱售手上30%股权，以减轻资产负债表的负担，预料可在未来数月完成。

该公司的船队共有37艘船，目前有19艘船在运作，该公司在合理化计划下，有意将船队规模减少至30艘。

19艘正在运作中的船只，有14艘是在大马水域，该公司有意将另两艘船调回大马，以配合国内增加的油气活动。

Heard that uncle KYY also will be buying soon

True Mabel, in fact, Armada is still very cheap and super undervalued now, if Armada drops again, it will just attract many other new outsiders and new external funds to come in to buy only

And this fast gain might be around minimal 10mil USD to max 50mil USD

Ya, Armada secured this project, can just flip the project to someone else, to make the fast gain and lower down the debt, it's considered good news also

Last time Armada operator used aminvest to give 0.20 as target fair value, but Armada was trading around mostly 0.21-0.22 but still got up to 0.285 that time

True, now anything 0.33 or below is a very good buy, as it's still super undervalued, since affinhwang given 0.34, its a guidance for short term

Fair price is actually 0.50++ by now, whoever is smart enough will know about this

I don't even bother target price is only 0.34, it's still very undervalued

I don't think Armada worth only 0.34, should worth for 0.50++ actually by now