johnny cash

harcharanjit | Joined since 2010-12-29

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Stock

2014-08-18 13:07 | Report Abuse

highest 1.94,,,,moving together with P METAL,,,,father n son relationship ma

News & Blogs

2014-08-18 13:04 | Report Abuse

moving together with p metal....father n son relationship ma

Stock

2014-08-18 13:01 | Report Abuse

Multi-Code Electronics
Industries (MCEI MK)
Technical BUY with +20.0% potential return
Last price : RM1.65
Target Price : RM1.81, RM1.98
Support : RM1.56
Stop-loss: RM1.52
BUY with a target price of RM1.98 with stoploss
below RM1.52. MCEI’s share price
breached the long-term downtrend line on 31
Jul 14 as the share price established firm
support at RM1.45. Last Friday’s surge has
confirmed the creation of a new up-leg with
MCEI having successfully breached the 4-
month high or immediate resistance of
RM1.56. The extremely high trading volume of
0.62m shares (vs 20-day average of 0.14m)
suggests strong buying interest and is likely to
push the share price higher in line with rising
momentum as shown by positive readings in
RSI and MACD. A bullish crossover between
the +DI and ADX lines signals a stronger
uptrend ahead. As such, we expect a new
uptrend to retest the previous high of RM1.98
over the medium term.
Expected Timeframe: 3 weeks to 3 months

Stock

2014-08-18 13:00 | Report Abuse

HeveaBoard (HAVE MK)
Technical BUY on pullback with +17.0%
potential return
Last price : RM1.72 (RM1.60~RM1.68)
Target Price : RM1.79, RM2.00
Support : RM1.55
Stop-loss: RM1.52
BUY on pullback with a target price of RM2.00
with stop-loss below RM1.52. Following our
earlier BUY call on 21 May 14 at the price of
RM1.45, HAVE hit our initial target of RM1.78
on 14 Aug 14 with the share price showing
signs of weaker momentum afterward. A drop
in trading volume, a bearish crossover in DMI
and Stochastic all point to profit-taking
activities that may drag down the share price
further and possibly stage a mild correction.
However, we opine that HAVE is still trading
above the long-term uptrend line, thus mild
weakness can be perceived as opportunities to
accumulate more HAVE shares. Possible
retracement can be expected at the 38.2%
Fibonacci Retracement level with 50.0% acting
as the immediate support. We expect HAVE to
resume the uptrend once the selling pressure
has eased. Medium-term target was pegged at
the psychological level of RM2.00.
Expected Timeframe: 2 weeks to 2 months

Stock

2014-08-18 12:59 | Report Abuse

Tiong NAM Logistics
Holdings (TNL MK)
Technical BUY with +19.0% potential return
Last price : RM1.34
Target Price : RM1.50, RM1.59
Support : RM1.26
Stop-loss: RM1.25
BUY with a target price of RM1.69 with stoploss
below RM1.25. Despite the share price
still consolidating below the “cloud” in the past
4 months, we expect a potential breakout in
the near term amid growing interest as shown
by the improvement in the trading volume of
0.46m shares (20-day average) vs 0.23m
shares (earlier 20-day average). A leading
indicator of stochastic has flashed a bullish
crossover which indicates growing momentum.
As TNL closed above our BBI line (Bullish-
Bearish-Indicators) last Friday, we expect an
upward continuation from here onwards with
immediate target pegged at the previous high
of RM1.50. A successful breakout above the
aforementioned level would likely place the
share price on track to hit the 1.38x Fibonacci
extension level of RM1.59 in the medium term.
Expected Timeframe: 2 weeks to 2 months

Stock

2014-08-17 22:40 |

Post removed.Why?

Stock

2014-08-17 22:38 | Report Abuse

ok thanks mymosmi i understand,,sorry to ask

Stock

2014-08-17 22:36 |

Post removed.Why?

Stock

2014-08-17 22:34 | Report Abuse

8wpwtmt8----it s ok no probelm,,be patience

Stock

2014-08-17 20:43 | Report Abuse

OK THIS WHAT I HAD FOUND,, PMBTECH, P METAL ALREADY GIVEN OUT THEIR EARNING REPORTS.. ALCOM IS NEARING END OF AUGUST OR ANYTIME NOW.. LB ALUM AND ARANK END OF SEPTEMBER...

Stock

2014-08-17 20:42 | Report Abuse

OK THIS WHAT I HAD FOUND,, PMBTECH, P METAL ALREADY GIVEN OUT THEIR EARNING REPORTS.. ALCOM IS NEARING END OF AUGUST OR ANYTIME NOW.. LB ALUM AND ARANK END OF SEPTEMBER...

General

2014-08-17 19:24 | Report Abuse

http://www.klsescreener.com/v2/stocks/view/7172

NTA OF PMBTECH SHOWING 1.66... AT 1.81 I THINK THE SHARE PRICE IS OVERVALUED A LITTLE,, MUST WAIT FOR BREATHER

Stock

2014-08-17 19:19 | Report Abuse

http://www.klsescreener.com/v2/stocks/view/7172

PMBTECH NTA IS SHOWING 1.66,,,AFTER THE LATEST EARNING REPORT...SO I THINK AT 1.81 IT IS OVERVALUED A LITTLE,,SO MUST LET IT TAKE BREATHER FIRST

Stock

2014-08-17 19:16 | Report Abuse

8wpwtmt8----do not get worried,,rhb target price is high,,,so be patience..at what value u bought???? hope u are not playing contra

Stock

2014-08-17 19:13 | Report Abuse

for PMETAL just be patience a little because earning report n bonus already given out

General

2014-08-17 18:06 | Report Abuse

OK THIS WHAT I HAD FOUND,, PMBTECH, P METAL ALREADY GIVEN OUT THEIR EARNING REPORTS.. ALCOM IS NEARING END OF AUGUST OR ANYTIME NOW.. LB ALUM AND ARANK END OF SEPTEMBER...

General

2014-08-17 17:08 | Report Abuse

CAN SOME EXPERT ON THIS SITE PLEASE GIVE ME THE FULL LIST, THE NAMES OF ALUMINIUM COMPANIES LISTED ON BURSA.. I WILL CHECK THEIR EARNING REPORT DATES, THEN I WILL POST IT HERE ON THIS SITE.. make sure full list ha,,give their full name ok, not short names... thanks

General

2014-08-17 17:00 | Report Abuse

LBALUM still can go up more..earning report end of september,, but it is moving upwards already earlier... IF ANY OF ALUMINIUM COMPANY SHOW A STRONG EARNING REPORT,,THEN SURE THERE WILL BE AN UPTICK ON ALL ALUMINIUM COMPANIES.. THIS IS THE TREND NOW... SO TAKE ADVANTAGE ON IT...ALUMINIUM PRICES ARE SURGING UP.... SO WHICH ALUMINIUM COMPANY IS GOING TO GIVE EARNING REPORT NEXT WEEK?????????? P METAL,, PM TECH ALREADY GIVEN THEIR EARNING REPORT... LB ALUM,,END OF SEPTEMBER...

Stock

2014-08-17 15:40 | Report Abuse

char1234 --- yes i think pmb tech can easily answer bursa UMA, because aluminium prices are going up, and earning report becoming strong due to this.. i think PMBTECH can still cross over 2 easily, and it will move in tandem with p metal..but tomorrow monday,, i think there will be a little profit taking on pmb tech,, because of UMA... but this won t be long, slowly it will surge again to cross over 2... father and son move together,,father--pmetal,,son--pmb tech

Stock

2014-08-17 15:28 | Report Abuse

lbalum is already moving ahead early,,before earning report,,end of september...by the time lbalum already high,, then earning report already come out,,already neutral lo...better buy now, to my oppinion

Stock

2014-08-17 01:09 | Report Abuse

it s ok no probelm, you are always welcome... always learn, n do always help others

Stock

2014-08-17 01:03 | Report Abuse

http://stock.osfvad.com/stock_financial_summary.php?stockname=LBALUM

earning report by looking at this link,,,end of september.....wow so much time n space to run....why it is running early.... i think because other aluminium companies example pmetal,,pmb tech started showing good earning report...so looks like they are running ahead now...but why lbalum is not covered up by any research house?? i think by the time the research houses start covering up this stock,,the price is already high

Stock

2014-08-17 00:54 | Report Abuse

duitKWSPkita --- you are always welcome

Stock

2014-08-17 00:33 | Report Abuse

http://stock.osfvad.com/stock_financial_summary.php?stockname=PMBTECH

in this site,,the pmb tech data is not updated yet,,,later i think they will do it...please do always check it

Stock

2014-08-17 00:20 |

Post removed.Why?

Stock

2014-08-16 23:46 | Report Abuse

Stockman Now is a good season for technology stocks due to global demand

further then inari, globetronic, mpi, unisem, what others are good technology stocks??? your oppinion please? i can only think of ECS ICT,,n ESLOFT,, how about others???

News & Blogs

2014-08-16 20:50 | Report Abuse

please also have a write up,, of aluminium companies ?? Mention the bullish ones,, so far it is pmb tech and lbalum,,,how about other bullish ones

Stock

2014-08-16 20:29 | Report Abuse

wkkht Lowest stock price of aluminium company

what are the others aluminium stocks???????

Stock

2014-08-16 20:26 | Report Abuse

further then PMB TECH and LB ALUM,, what other aluminium stocks started to show bullishness,,due to earning reports approaching???? please anybody from this site, can help me in giving me some stock names...will LB ALUM rocket up ?? WHEN the earning report of this company?? tqvm

Stock

2014-08-16 20:21 | Report Abuse

WahHaaHaa Conservative Holding Company of PMetal and Parcels of Land and Factories near at Segambut or is it near Klang if revalue what do U think the NTAB to be ?
16/08/2014 17:20

yes this stock must be valued, by some experts

Stock

2014-08-16 20:16 | Report Abuse

jokerforever It's hard to set a TP for a rocket stock.. Just like ksl and pmetal.. Rise non stop and no one will know when they will drop or stop rising.. Therefore, keep it long term or set urself a selling point if u are not greedy..
16/08/2014 12:44

yes i understood your content,,the probelm here is,,bursa already issue an UMA to this company...maybe bursa wants the price to drop, a little..if it still goes up this idiot bursa can put this counter as a designated counter.. actually what is the value of this company shares,,base on latest earning report???? another probelm is this company is not covered up by any research house,,so no target price,, only uob kay hian, gave some TA analysis on this stock on 14/8/14, their target price was 1.43.. so there is no guide on this stock.. maybe it will move in tandem with p metal..

General

2014-08-16 19:28 | Report Abuse

dear TCB---further then PMB TECH AND LB ALUM aluminium companies,, what else aluminium companies to be WATCH ? I MEAN THOSE ALREADY STARTED SHOWING BULLISHNESS BEHAVIOUR?? in the coming earning results most aluminium companies earnings will be strong

General

2014-08-15 20:04 | Report Abuse

PMB Technology (PMBT MK)
Technical BUY with +19.2% potential return
Last price : RM1.20
Target Price : RM1.34, RM1.43
Support : RM1.07
Stop-loss: RM1.06
BUY with a target price of RM1.43 with stoploss
at below RM1.06. Share price has
gradually rebounded after pulling back from the
recent high of RM1.20. Given yesterday’s
strong gain on a higher trading volume of 1.0m
shares (vs 20-day average of 0.33m), this
could lead towards a breakout from the recent
high in the near term. As the stock climbs
steadily along the BBI lines, we expect the
recent uptrend to resume. This is consistent
with the rising momentum as shown by a
bullish crossover in the Stochastics.
Additionally, the positive crossover between
the +DI and ADX line suggests a strong move
upwards. We peg our upside target price at
1.61x Fibonacci extension level of RM1.43
over the medium term.
Expected Timeframe: 2 weeks to 2 months
14/08/2014 13:08

SOME ANALYSIS GIVEN BY UOB KAY HIAN ON 14/8/14...HERE THEIR TA, THE TARGET PRICE GIVEN MAXIMUM IS 1.43....

I HOPE THERE ARE SOME EXPERT OUT THERE WHO CAN GIVE THE APPROXIMATE VALUE OF THIS COMPANY BASED ON THEIR LATEST EARNING REPORT..I MEAN THEIR SHARES VALUE WORTH?

Stock

2014-08-15 19:34 | Report Abuse

PMB Technology (PMBT MK)
Technical BUY with +19.2% potential return
Last price : RM1.20
Target Price : RM1.34, RM1.43
Support : RM1.07
Stop-loss: RM1.06
BUY with a target price of RM1.43 with stoploss
at below RM1.06. Share price has
gradually rebounded after pulling back from the
recent high of RM1.20. Given yesterday’s
strong gain on a higher trading volume of 1.0m
shares (vs 20-day average of 0.33m), this
could lead towards a breakout from the recent
high in the near term. As the stock climbs
steadily along the BBI lines, we expect the
recent uptrend to resume. This is consistent
with the rising momentum as shown by a
bullish crossover in the Stochastics.
Additionally, the positive crossover between
the +DI and ADX line suggests a strong move
upwards. We peg our upside target price at
1.61x Fibonacci extension level of RM1.43
over the medium term.
Expected Timeframe: 2 weeks to 2 months
14/08/2014 13:08

ABOVE REPORT WAS DATED--- 14/8/14,,,UOB KAY HIAN in their analysis had given target price of 1.43..... so the extra surge was 1.43 to 1.84,, that cost them the UMA...BUT THIS WAS DUE TO THEIR ALUMINIUM BUSINESS...ALUMINIUM PRICE IS GOING HIGHER,, AND THIS IS CAUSING THEIR EARNING REPORT TO BECOME STRONGER

Stock

2014-08-15 19:05 |

Post removed.Why?

Stock

2014-08-15 14:00 |

Post removed.Why?

Stock

2014-08-15 13:31 |

Post removed.Why?

Stock

2014-08-15 13:05 | Report Abuse

Eurospan Holdings
(EURO MK)
Technical BUY with +17.0% potential return
Last price : RM1.01
Target Price : RM1.13, RM1.19
Support : RM0.940
Stop-loss: RM0.935
BUY with a target price of RM1.19 with stoploss
below RM0.935. Following the recent
pullback, EURO has established support at
RM0.940 before gradually climbing higher in
the past 3 days. The share price has closed
above both the 10-day and 21-day SMA lines,
signalling upward continuation of the recent
uptrend. A steady surge in trading volume
signifies stronger buying interest while a bullish
crossover in Stochastic should, in our view, lift
the share price higher. A breakout above
RM1.03 should ensure a further rise toward our
medium-term upside target at the 1.61x
Fibonacci extension level of RM1.19.
Expected Timeframe: 2 weeks to 2 months

Stock

2014-08-15 13:02 | Report Abuse

GUH Holdings (GUH MK)
Technical BUY with +13.0% potential return
Last price : RM1.62
Target Price : RM1.64, RM1.84
Support : RM1.51
Stop-loss: RM1.49
BUY with a target price of RM1.84 with stoploss
below RM1.49. Following our earlier BUY
call on 6 Aug 14, GUH has been approaching
our initial target of RM1.64. However, we
expect the share price to surge higher
following renewed buying interest as shown by
the higher trading volume yesterday. GUH
looks set to form a breakout from the “1,2,3
pattern” on the back of growing momentum as
displayed by positive readings in both MACD
and Stochastic. A breakout above RM1.62
would place the share price in new territory,
not seen since 14 years ago. As such, we
revise our target price to the 1.61x Fibonacci
extension level of RM1.84 for the time being.
Expected Timeframe: 2 weeks to 2 months

Stock

2014-08-15 12:58 | Report Abuse

Elsoft Research (ELSR MK)
Technical BUY with +14.0% potential return
Last price : RM1.57
Target Price : RM1.60, RM1.79
Support : RM1.43
Stop-loss: RM1.41
BUY with a target price of RM1.79 with stoploss
below RM1.41. Following a mild correction
from the recent high of RM1.79, ELSR has
recovered gradually as the share price made a
higher low as it rebounded off the steeper
trendline. The bullish reversal pattern of
“Harami” was formed on 13 Aug 14, followed
by a positive closing yesterday, signifying a
reversal as the share price is likely to climb
higher. This is consistent with renewed buying
interest as shown by a higher trading volume
and a growing momentum as flashed by RSI.
Additionally, the positive reading in DMI should
translate into a stronger upward movement
ahead. We expect the new up-leg to retest the
previous high of RM1.79 over the medium
term.
Expected Timeframe: 2 weeks to 2 months

Stock

2014-08-15 07:39 | Report Abuse

Key takeaways from Media Prima’s 2QFY14 briefing
We were among 15-20 analysts and fund managers that attended Media Prima’s
2QFY14 briefing at Sri Pentas, Petaling Jaya, yesterday. The briefing was hosted
by Dato’ Amrin Awaluddin, group Managing Director. Also present was group
CFO, Mr Mohamad Ariff Ibrahim. We were negatively surprised to learn that
management has not anticipated the poor performance in the quarter given the
seasonal pick-up in adex in 2Q. However management remains hopeful that 2H
will be better despite the weak performance in 1H. Management shared its
strategy to grow the group’s revenue base by targeting more non-traditional
advertisers in the future, and managing costs efficiently by having sharing ads
with content providers). Although we expect 2H to be stronger, we are cautious
on the negative impact on consumer sentiment following another unfortunate
event of MH17, along with the GST implementation and subsidy rationalisation.
We suspect that there could be another delay in advertisers’ budget spending if
consumer sentiment does not recover.
Nevertheless, we think that Media Prima is still on track to capture the
consumption shift to digital platforms through its Tonton online platform.
Tonton subscribers grew by 27% yoy from 3m in 1H13 to 3.8m in 1H14. We
think there is potential for Media Prima to monetise this subscriber base.
However, we think that the company is still searching for the best way to
monetise its subscriber base. In addition, Media Prima is expected to launch its
new pay-per-view service, called “Tonton Premium”. We think this could be a
positive growth driver for the company if it is able to convert regular subscribers
into paying subscribers.
Earnings revision
Following the poor earnings performance in 2Q14, we cut our FY14-16 net profit
forecasts by 8-9%. Hence, we expect FY14 earnings to fall by 8% yoy due to
lower adex, especially in the traditional media platforms of TV and print. We
expect the combined adex revenue for both to be flat. In addition, we expect
earnings to recover from FY15 onwards, driven by a recovery in adex and cost
saving initiatives, especially in managing its bandwidth cost.
Valuation and recommendation
We downgrade Media Prima to Hold from Add, with a lower target price of
RM2.52 from RM3.05, based on 13x CY15 P/E, which is a 20% discount to the
implied target market P/E of 16.1x (vs. 10% previously). We expect the
prolonged weakness in consumer sentiment from the GST implementation and
subsidy rationalisation to delay adex spending, as we underestimated the impact
on Media Prima’s earnings in 1H14. Furthermore, we think that weakness in its
earnings performance could also negatively impact its dividend yield.

Stock

2014-08-15 07:38 |

Post removed.Why?

Stock

2014-08-14 13:10 | Report Abuse

Gromutual (GMUT MK)
Technical BUY with +13.6% potential return
Last price : RM0.515
Target Price : RM0.55, RM0.585
Support : RM0.505
Stop-loss: RM0.47
BUY with a target price of RM0.585 with stoploss
at below RM0.47. Pulling back from the
recent high of RM0.55, GMUT has established
support at RM0.47 before recovering gradually.
A strong resistance is at RM0.505 as the stock
has failed to surpass the level in the past 14
weeks. However, yesterday’s breakout above
RM0.505 coupled with a “cloud” has placed
share price in a new territory and thus
successfully established a new up-leg. The
emergence of fresh buying interest as shown in
yesterday’s extremely higher trading volume of
4.4m shares (vs 20-day average of 0.4m) is
likely to support the further uptrend. A bullish
crossover in both the MACD and the
stochastics signal strong momentum, which in
turn should lift share price higher in the near
term. Wepeg our medium-term upside target
price at 1.38x Fibonacci extension level of
RM0.585.
Expected Timeframe: 2 weeks to 2 months

Stock

2014-08-14 13:09 | Report Abuse

Poh Huat Resources
(PHR MK)
Technical BUY with +15.0% potential return
Last price : RM1.40
Target Price : RM1.48, RM1.61
Support : RM1.38
Stop-loss: RM1.31
BUY with a target price of RM1.61 with stoploss
at below RM1.31. Share price has been
climbing along the rising trendline but was
unable to surpass the strong resistance of
RM1.38 twice in the past two months.
However, yesterday’s gap-up on the back of
higher trading volume has placed share price
in a new territory not seen in the last four
months. The genuine breakout has effectively
established a new up-leg in tandem with the
improving momentum as shown by the positive
reading from both the MACD and the RSI. We
expect an upward continuation from here as
we peg our medium-term target price at the
1.38x Fibonacci extension level of RM1.61.
Expected Timeframe: 2 weeks to 2 months

Stock

2014-08-14 13:08 | Report Abuse

PMB Technology (PMBT MK)
Technical BUY with +19.2% potential return
Last price : RM1.20
Target Price : RM1.34, RM1.43
Support : RM1.07
Stop-loss: RM1.06
BUY with a target price of RM1.43 with stoploss
at below RM1.06. Share price has
gradually rebounded after pulling back from the
recent high of RM1.20. Given yesterday’s
strong gain on a higher trading volume of 1.0m
shares (vs 20-day average of 0.33m), this
could lead towards a breakout from the recent
high in the near term. As the stock climbs
steadily along the BBI lines, we expect the
recent uptrend to resume. This is consistent
with the rising momentum as shown by a
bullish crossover in the Stochastics.
Additionally, the positive crossover between
the +DI and ADX line suggests a strong move
upwards. We peg our upside target price at
1.61x Fibonacci extension level of RM1.43
over the medium term.
Expected Timeframe: 2 weeks to 2 months

Stock

2014-08-14 07:40 | Report Abuse

target reduced to 0.70 from 1.17,,,CIMB REPORT TODAY

Stock

2014-08-14 07:39 | Report Abuse

From bad to worse
Tomypak’s 2Q14 net profit was a disappointing 38% below our expectations,
with 1H14 net profit accounting for only 23% of our full-year estimate. The
weak 2Q net profit was mainly due to lower domestic sales and higher
operating costs. We cut our FY14-16 EPS forecasts by 32-42%. This lowers our
target price, still based on 7.8x CY15 P/E, a 40% discount to Daibochi’s 2015
13x P/E target. The stock remains a Reduce. Potential de-rating catalysts
include further deterioration in EBITDA margins and declining domestic sales.
For exposure to the sector, we prefer Daibochi.
1H14 net profit down 67% yoy
Although Tomypak’s 1H14 revenue was only down 4.9% yoy, its 1H14 net profit
was down a huge 67%. Interim DPS was only 1 sen, also below our expectation.
YTD, a total of 3 sen DPS has been declared. Other than higher electricity and
labour costs, the company attributed its weak 1H14 results to declining
domestic sales. 1H14 local revenue was RM46.5m, down 20% yoy, which is a
major concern. Although the lower revenue was compensated by higher export
revenue (1H14 +10% yoy), we understand that the profit contribution from
exports has been affected by stiff competition.
Deteriorating profit margins
Since 2Q12 (refer to Figure 2), Tomypak’s EBITDA margin has been falling.
2Q14 EBITDA margin was only 8.4% compared to 18% two years ago. Its peer,
Daibochi (DPP MK, Hold), is managing the current high operating costs
environment much better. Daibochi’s EBITDA margin has been stable at
13-14% over the past few quarters. We believe one of the reasons why Daibochi
is doing better is its stronger quarterly revenue since 3Q13 (refer to Figure 3),
offering it greater economies of scale. Until we see signs of stronger topline
growth for Tomypak, its profit margin is expected to remain under pressure.
Balance sheet remains healthy
As at end-Jun, Tomypak has a net debt of RM18m or 0.2x net gearing. The
company can easily gear up if it needs funds to finance any major capex. It
should not have any problems paying out dividends either.

Stock

2014-08-14 07:36 | Report Abuse

latest today report from CIMB---target still the same,,,2.37

Stock

2014-08-14 07:35 | Report Abuse

Drilling into recovery in 2H
Perisai Kamelia sailed to its second quarterly profit in 2Q14, but could not
keep Perisai above water. The company booked a core net loss of RM2m due
to the continued unemployment of E3 and Rubicone. We deem the
performance broadly in line as we expect a strong earnings recovery in 2H14
given the deployment of PP101 this week. We continue to value the stock at
15.8x CY15 P/E, a 30% discount to the oil & gas big caps. We maintain our Add
recommendation, with the strong earnings recovery in 2H14 and full
deployment of the assets as potential re-rating catalysts.
Higher contribution from Perisai Kamelia
Excluding a gain of RM3m from the disposal of two vessels, Perisai posted a
core net loss of RM2m in 2Q14 compared to a net profit of RM24m in 2Q13 due
to the continued unemployment of pipelay barge Enterprise 3 (E3) and mobile
offshore production unit (MOPU) Rubicone. Both assets have been idle since 1
Oct 2013. Perisai's 51%-owned floating production, storage and offloading
(FPSO) vessel Perisai Kamelia, which started production in Nov 2013, helped to
cushion the loss from the two assets with a pretax contribution of RM11m, up
from RM9m in 1Q14.
PP101-led earnings recovery in 2H14
As we highlighted in our 25 Jul note, E3 and Rubicone are likely to remain
unemployed for the whole of FY14. However, we draw comfort from the start of
operations for Perisai Pacific 101 (PP101), Perisai's first jack-up, this week,
marking a new business and income stream for the company. PP101 should be
able to help soften the earnings weakness brought about by the idling of
Rubicone and E3, and contribute to the company's turnaround in 2H14. The
jack-up is servicing a 3-year US$158m contract from Petronas Carigali.
Jack-up fleet expansion in FY15-16
After the deployment of Perisai Kamelia, PP101 is the second asset that is
supporting Perisai’s transformation from a bareboat charterer to an operator,
as the company moves up the upstream value chain. The second and third
jack-ups are scheduled to be delivered in May 2015 and Jun 2016, respectively.