Awarded contract period for the new charter contract for a firm period of five (5) years commencing June 2022 and the contract extension is for a firm period of two (2) years commencing September 2022 with two (2) annual extension options. The total contract value of both contracts is approximately RM252 million. This coupled with recent directors acquisition showed their confidence in the company. This compared favourably against AWC’s where the directors had not been on acquisition trail since mid 2021 though reported favourable profit & net cash position.
What happens to Dato' Ahmad Kabeer Bin Mohamed Nagoor, the major shareholder who last bought 549,000 shares @ approx. 54 sen o June28, 2021? Rather quite recently though very active in share purchase in 2021. I think confidence will only come if he resumes his acquisition. Net cash of 28.5 sens. Don't tell me the business is only worth 19.5 sens after considering the net cash position?
Looks like the recent released qtrly report did not include the sales of one offshore support vessel and two other vessels for an aggregate value of RM109.7 million as revenue from ship building & repair only amount to RM291,000 that means would be recognised in the final quarter of 2022. The final quarter reporting should improve further. Going to break RM2.00 resistance soon.
Hopefully with excellent profit for coming quarter taking into consideration of the RM109.7 mil sales of vessels & non recurring ESOS expenses & lower taxes, the firm will start to propose maiden dividend after a lapse of 4 years. Only then will this counter start to shine.
This counter went up to RM5.06 in 2014 & bought it at RM3.00 plus thinking it was a value buy. I will be very happy if this counter goes back to RM3.80. Hopefully this coming quarter result will push it pass RM2.00 & thereafter back to the highest price I paid.
Principal officers had expressed interest in dealing with the shares pending the announcement of co's financial report for period ended 31 Mar 2021, on 26 April. Is it a misleading aonnouncement as non bought any shares even up to announcement date except for Mr. Ng Chin Heng who bought 200,00 shares on 19 April.
If the amount of RM1.483 Bil was placed with Hong Leong Bank to generate such a meagre interest while borrowing was at such high interest rate, why wasn’t it raised by MSMG during their AGM? Isn’t a related party transactions that need scrutiny? Might as well request to increase dividend rate for shareholders to seek higher return elsewhere. Alternatively, issue bonus issue while maintaining the the dividend rate. This will improve the liquidity of the shares
EPS improved from 24.87 sen to 31.90sen. The deposit,cash & bank balances stood at RM1.483 bil but interest earned only amount to RM613K for the quarter. That was very inefficient utilisation of such liquid fund. What I cannot comprehend was unsecured bank borrowing was only RM16,710 as at 31.12.20 but finance cost was RM1.111 mil for the quarter? Finance cost was even higher than the outstanding bank borrowing? Can anyone enlighten me. Even at low deposit interest of say 1%pa. Interest income would generate RM14.8 mil if RM1.483 bil was placed in FI? Does it meant that the deposit, cash & bank balances was placed as idle fund? Did any shareholder raised this in the AGM ? Where is the need to borrow if they have such a high deposit, cash & bank balances?