The recent Future Music Festival where some spectators died of drug overdose also screams of poor risk management in place , poor and inadequate security measures in place. Heavily sponsored by Tourism Malaysia I am told.

PublicInvest Research
Author: PublicInvest   |   Latest post: Tue, 4 Mar 09:15

An official blog in i3investor to publish research reports provided by PublicInvest Research team.

All materials published here are prepared by Public Investment Bank Berhad.

PUBLIC INVESTMENT BANK BERHAD (20027-W)
9th Floor, Bangunan Public Bank
6, Jalan Sultan Sulaiman, 50000 Kuala Lumpur
T 603 2031 3011 | F 603 2272 3704 | Dealing Line 603 2260 6718
Blog Headlines (by Date) Blog Index  
DAYA MATERIALS BERHAD - An Unexpected Finish
Author: PublicInvest   |   Publish date: Mon, 3 Mar 10:13

Daya’s full year FY13 performance took an unexpected dive in 4Q, attributed to the cost overrun in the cable laying project which was largely completed in October 2013. YTD revenue recorded RM513.5m (+85% YoY) while earnings plunged to RM3.4m (-83% YoY). Management has reassured that the cost overrun issues have been fully accounted for this quarter and hence will start their FY14 balance sheet on a clean slate. Despite our disappointment to this quarter’s unfavourable outcome, fundamentally based on the prospect of Daya’s O&G segment in particular, its vessel chartering will provide growth for the Group going forward. We are maintaining our Outperform call on Daya with an unchanged TP of RM0.43 based on 12x multiple to its FY14 EPS of 3.7 sen.

Dragged by Oil and Gas (O&G).From what we understand, Daya initially recorded higher profits YoY, however due to the cost overrun issue from the cable laying project, a revision had to be made to the profit margin. Albeit this incident, O&G will contribute significantly going forward, premised on i) the LT charter of Siem Daya 1 (SD1) and Siem Daya 2 (SD2) to Technip, which has been deployed in North Sea as of end-February. ii) prospects of exploration and production business via its investment into Reach Energy (soon to be listed SPAC). iii) Downstream chemicals and specialised lifting services. iv) Outstanding orderbook of RM1.7bn.

Improving Polymer business. A slow growing division from the prospects of the industry and continued foreign competition. The Group however had implemented ongoing operational initiatives to deliver better production efficiency and improved cost structure, reflected in the positive results.

Technical Services to grow. Revenue increased due to the progress in several projects which were previously delayed, thus higher revenue was registered this year. A significant contributing division going forward, as the Group continues to build and execute its orderbook.

Maintain Outperform. We continue to recommend Daya based on our PE valuation of 12x implied PER to our FY14F EPS of 3.7 sen. As the Group’s vessels SD1 and SD2 have already been chartered out for a LT contract with Technip, earnings visibility is already materialised hence we see our valuation as reasonable at this juncture.

Source: PublicInvest Research - 3 Mar 2014

S
PublicInvest Research
Author: PublicInvest   |   Latest post: Tue, 4 Mar 09:15

An official blog in i3investor to publish research reports provided by PublicInvest Research team.

All materials published here are prepared by Public Investment Bank Berhad.

PUBLIC INVESTMENT BANK BERHAD (20027-W)
9th Floor, Bangunan Public Bank
6, Jalan Sultan Sulaiman, 50000 Kuala Lumpur
T 603 2031 3011 | F 603 2272 3704 | Dealing Line 603 2260 6718
Blog Headlines (by Date) Blog Index  
DAYA MATERIALS BERHAD - An Unexpected Finish
Author: PublicInvest   |   Publish date: Mon, 3 Mar 10:13

Daya’s full year FY13 performance took an unexpected dive in 4Q, attributed to the cost overrun in the cable laying project which was largely completed in October 2013. YTD revenue recorded RM513.5m (+85% YoY) while earnings plunged to RM3.4m (-83% YoY). Management has reassured that the cost overrun issues have been fully accounted for this quarter and hence will start their FY14 balance sheet on a clean slate. Despite our disappointment to this quarter’s unfavourable outcome, fundamentally based on the prospect of Daya’s O&G segment in particular, its vessel chartering will provide growth for the Group going forward. We are maintaining our Outperform call on Daya with an unchanged TP of RM0.43 based on 12x multiple to its FY14 EPS of 3.7 sen.

Dragged by Oil and Gas (O&G).From what we understand, Daya initially recorded higher profits YoY, however due to the cost overrun issue from the cable laying project, a revision had to be made to the profit margin. Albeit this incident, O&G will contribute significantly going forward, premised on i) the LT charter of Siem Daya 1 (SD1) and Siem Daya 2 (SD2) to Technip, which has been deployed in North Sea as of end-February. ii) prospects of exploration and production business via its investment into Reach Energy (soon to be listed SPAC). iii) Downstream chemicals and specialised lifting services. iv) Outstanding orderbook of RM1.7bn.

Improving Polymer business. A slow growing division from the prospects of the industry and continued foreign competition. The Group however had implemented ongoing operational initiatives to deliver better production efficiency and improved cost structure, reflected in the positive results.

Technical Services to grow. Revenue increased due to the progress in several projects which were previously delayed, thus higher revenue was registered this year. A significant contributing division going forward, as the Group continues to build and execute its orderbook.

Maintain Outperform. We continue to recommend Daya based on our PE valuation of 12x implied PER to our FY14F EPS of 3.7 sen. As the Group’s vessels SD1 and SD2 have already been chartered out for a LT contract with Technip, earnings visibility is already materialised hence we see our valuation as reasonable at this juncture.

Source: PublicInvest Research - 3 Mar 2014

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cloudstrife wahh lann ehhh... write until like that!!
04/03/2014 08:07
Junglestock

PETALING JAYA - Iris Corp Bhd's subsidiary, Iris Land Sdn Bhd is taking a 30% stake in the owner and developer of a 75ha villa and resort project in the Republic of Palau for US$2 million (RM6.6 million).

The Republic of Palau is a grouping of 250 islands located in the western Pacific Ocean.

Iris Land entered into a share sales, shareholders', development rights and an assignment of lease agreements with UK Investment Holdings Ltd for a 30% stake in its subsidiary Palau Peleliu Resorts Ltd (PPRL).

Iris said the subscription of shares in PPRL and the development project in the Republic of Palau is an investment to enable it to expand its business in realty development utilizing its IRIS-Koto Industrialised Building System (IBS) to an international level. - The Sundaily

Friday, 21 February 2014 07:40
Iris takes stake in Palau resort development

http://eresearch.bursamalaysia.com/download.aspx?id=15085&type=research

http://www.thestar.com.my/Business/Business-News/2013/12/21/Barakah-ends-year-with-RM22b-jobs-Firm-morphs-into-turnkey-transport-and-installation-contractor.aspx

http://www.thestar.com.my/Business/Business-News/2013/12/21/Barakah-ends-year-with-RM22b-jobs-Firm-morphs-into-turnkey-transport-and-installation-contractor.aspx

thanks!

more selling than buying?

Not improving

with VT in the background, this organisation with the new turnaround team , think silver is/will be making a comeback. just have to be patient to hold.

They selling their treasury shares to pay debts?

There's been quite volume pick up in the last two weeks. LTJ disposed others pick up. Light at end of tunnel for Silver!

Best to wait for more news as Najib has announced re-looking at all mega projects to try curb govt spending - not sure if this will be affected. Awarded is one thing, when they start and when govt funds come out to start the project is another.

It's fake news

Agreed tsurukame

How come no other online news carried this? Maybe i missed it...

Very poorly written article.....unusual for Insider to have such poor writers?

http://www.btimes.com.my/Current_News/BTIMES/articles/20130814231437/Article/

Ok thanks!

Hi, anyone knows when is next Q results out please? thanks!

picked up some at 1.37 :)

The Board of Directors of SKP is pleased to propose a final tax exempt (single-tier) dividend of 0.90 sen per ordinary share of RM0.10 each for the financial year ended 31 March 2013, subject to shareholders' approval at the forthcoming Thirteenth Annual General Meeting of SKP.
The details of the entitlement date and payment date of the proposed final tax exempt (single-tier) dividend will be announced in due course.

This announcement is dated 2 August 2013.

http://klse.i3investor.com/servlets/anpth/928761.jsp

Subsequent to our announcement made on 3 September 2010 in relation to the Contract Agreement with Alfaisal University (“AFU”) for Alfaisal University Campus Development Project Phase 1 & 2 in Riyadh, Saudi Arabia (“the Contract”), the Board of Directors of Ahmad Zaki Resources Berhad (“AZRB” or “the Company”) is pleased to announce that the Company has on 29 July 2013 received notification that the Sole Arbitrator in ICC Arbitration case No. 17768/ND/MCP, AZRB Vs AFU and King Faisal Foundation (“KFF”) pertaining to the Contract (“the Arbitration”) has issued his final judgement and award. In the aforesaid final judgement and award, the Sole Arbitrator had ordered AFU and KFF to jointly and severally pay to AZRB the total amount of SAR 92,570,300 in respect of claims made by the Company in the Arbitration. The Company through its Legal Counsels in Riyadh, Saudi Arabia is now taking all necessary steps to execute the aforesaid judgement and award.

This announcement is dated 29 July 2013.

Results
Group Company
RM'000 RM'000
Profit net of tax 39,550 12,094
Profit attributable to:
Equity holders of the Company 39,550 12,094

results out. dividend proposed

http://klse.i3investor.com/servlets/anpth/927088.jsp

citytrader, results out already?

Please advise if sell now, can still get the dividend ? Thanks

Dividend already announced. Can still buy in (31 Jul)

waiting for the drop to collect :)

very steady volume growth and not erratic like some other counter. great stock long term

MALAYSIA

MAS union cries out for new management


JULY 18, 2013
The Malaysia Airlines System Employees Union (Maseu) has called on the government to intervene in the administration of Malaysia Airlines System (MAS) by appointing new leaders in the airline industry to head the national airline.

Maseu executive secretary Mohd Jabarullah Abdul Kadir said various internal problems, including the huge loss of RM2.52 billion suffered by MAS in 2011, have damaged the reputation of the country's pioneer airline.

"As a union under MAS, we are worried and cannot bear to see this development," he told a media conference at Maseu office in Subang Jaya, Petaling Jaya today.



He said many parties unclear of the crisis weighing on MAS have blamed its employees and the union for all the problems, including financial losses.

"We want a management which can put up the best strategy for MAS...as it is now, we do not see anything major in MAS. As such, MAS needs to get a knowledgeable leadership in the business," said Mohd Jabarullah.

Meanwhile, Maseu secretary-general Ab Malek Ariff said the union, which represents 15,000 MAS employees, appealed to the government to give serious attention to the issue of appointing a new management.

The MAS management issue cropped up when there were talks of merging the company with low-cost carrier AirAsia, but the move was cancelled following protest by various parties. – Bernama, July 18, 2013

Salcon likely to win?

http://www.freemalaysiatoday.com/category/business/2013/07/11/pantech-wins-rm4-8m-contract-from-pertamina/

Friday, 12 July 2013 08:13
Maybank unit pumps in RM20mil to prop up AirAsia X shares

Careful. Selling at 1.25 means insiders selling, not investors who just bought. Careful. FA and TA not strong

End July

Wait for next Q results.

Tsurukame , agree totally. Heading for good times.

Agree. Just keep.

Still watching this counter, they should clear out their problems by year end. Think this is good to think about

Yes agree this is a good commercial route which should not have been axed in the first place.

http://malaysiafinance.blogspot.com/2013/06/wtf-closing-was-that.html

http://malaysiafinance.blogspot.com/2013/06/wtf-closing-was-that.html

http://malaysiafinance.blogspot.com/2013/06/wtf-closing-was-that.html

Good statement. Thank you.

Good to pick up today and lock in fridge till year end