jacintateh

jacintateh | Joined since 2023-02-20

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1 week ago | Report Abuse

From Philip Capital:- Bumi Armada (BAB MK) Strong start to the year MALAYSIA | OIL AND GAS | RESULT Core net profit of RM254m (+23% YoY) above expectations Bumi Armada (BAB) recorded a higher 1Q24 revenue of RM634m (+17% YoY), driven by higher FPSO Olombendo contributions following the resolution of the daily operating fee issue with the charterer which led to an upward revision of its O&M rates. All of its FPSOs continue to operate at a high 99–100% uptime. EBITDA margin rose 9ppts YoY to 42% as a result of the stronger operating leverage. Net gearing level continues to be on a downward trend, declining by 13% QoQ to 0.56x on the back of its strong cash flow generation. Overall, 1Q24 core net profit of RM254m (+23% YoY) was above our and consensus expectations on better-than-expected FPSO Olombendo contributions from O&M rates revision. FPSO TGT-1 and Kraken stand good chance for extension FPSO Sterling V achieved first oil in Jan24 and completed its first crude oil offload in Mar24. It is currently awaiting final acceptance from its client, ONGC, with testing scheduled to commence in Jun24. FPSO TGT-1’s firm charter period is set to expire in Nov24. We see a strong likelihood of a contract extension, as the field operator, Pharos Energy, has announced plans to drill 2 additional wells in the TGT field. Moreover, discussions are ongoing for extending the PSC agreement, which is expiring in Nov26. Similarly, for FPSO Kraken, whose firm charter is set to expire in Mar25, we are confident that an extension is already in the bag as BAB has been in discussion with the charterer, EnQuest, to find solutions to reduce the vessel's greenhouse gas emissions and has begun some engineering work on the FPSO. Maintain BUY with RM0.80 target price We make no changes to our earnings forecast and reiterate our BUY rating with the DCFderived target price unchanged at RM0.80, which implies a 7x forward 2025E PE. Key risks to our BUY call include unforeseen operational delays in existing FPSOs, a delay in securing final acceptance for Sterling V, and a sharp decline in the global oil price affecting global capex spending.

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2 weeks ago | Report Abuse

Same same la I also experience all this shit.

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2 weeks ago | Report Abuse

@Niki, this is from HL:-

Impressive start
Armada chalked up core net profit of RM239.4m in 1Q24 (-24% QoQ, +15% YoY), which we deem above our (31%) and street (31%) forecasts. Core net profit declined 24% QoQ mainly attributed to one-off net positive effect of c.RM70m on EBIT in 4Q23 relating to resolution of outstanding issues with EnQuest. However, it was partially mitigated by an additional RM60m revenue arising from operating fee escalation for Olombendo FPSO. Armada is currently working on obtaining the Final Acceptance of Sterling V FPSO, pending commissioning tests in Jun-24, which will lead to recognition of bareboat charter from 3Q24 onwards should Armada pass the relevant tests. Raise our FY24f/25f earnings by 12%/15% and introduce FY26f forecasts at RM612m. Retain BUY call with higher SOP-derived TP of RM0.78 (from RM0.75).
Results beat. Armada chalked up core net profit of RM239.4m in 1Q24 (-24% QoQ, +15% YoY), which we deem above our (31%) and street (31%) forecasts. Key deviation stemmed from higher-than-expected revenue arising from finalisation of daily operating fee escalation relating to Olombendo FPSO. Core earnings were arrived after adjusting for insurance claim (RM0.7m), reversal of trade receivables impairment (RM0.9m) and fair value gain on hedges (-RM0.2m).
QoQ. Core net profit declined 24% mainly attributed to one-off net positive effect of c.RM70m on EBIT in 4Q23 relating to resolution of outstanding issues with EnQuest. However, it was partially mitigated by additional RM60m revenue arising from operating fee escalation for Olombendo FPSO – RM53m of which was backloaded to this quarter given the successful negotiation with its customer on revising the O&M rates for the past year.
YoY. Core earnings rose 15% driven by stronger contribution from both Olombendo (aforementioned reasons above) and Kraken FPSOs (underwent remedial work on four engines in 1Q23). However, it was moderately offset by weaker contribution from JV/associates (-88%) which stemmed from start-up costs of Sterling V while awaiting the recognition of bareboat charter.
Outlook. Armada is currently working on obtaining the Final Acceptance of Sterling V FPSO, pending commissioning tests in Jun-24, which will lead to recognition of bareboat charter from 3Q24 onwards should Armada pass the relevant tests. Meanwhile, TGT FPSO is finishing its firm period in Nov-24 but management is confident of securing a lease extension as its client intends to drill more wells on the TGT Field. However, the discussion relating to the charter rates and length of extension remain fluid as the client is also seeking to extend the PSC which is due to expire in two years. Overall, we expect Armada to record double digit earnings growth in FY24f. Balance sheet wise, Armada’s net gearing marked another sequential decline to 0.56x (from 0.65x in 4Q23), allowing it to gear up for new job opportunities when it arises.
Forecast. Raise our FY24f/25f earnings by 12%/15% after imputing annual report updates and raising our margins assumption for Olombendo FPSO. Also, we introduce FY26f forecasts at RM612m.
Maintain BUY, TP of RM0.78. Post adjustments, our SOP-derived TP is revised upward to RM0.78 (from RM0.75), implying an undemanding FY24f PE multiple of 4.0x. We continue to like Armada due to (i) its undemanding valuation in anticipation of bumper earnings in FY24f due to contribution from Armada Sterling V and (ii) current tight FPSO market which gives Armada an upper hand in negotiating favourable charter rates for any new job wins that may arise.

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3 weeks ago | Report Abuse

baba black sh..p can go fly a kite; pls substantiate and learn how to read charts without shooting figures

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3 weeks ago | Report Abuse

Just broke the support, heck. the longer it takes to release the QR report the more uncertainty and jitter it creates. trying to delay and doing last min touch up huh on the report. May be a dissapointing report.if it is so good it will already be released, studpid armada.

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3 weeks ago | Report Abuse

Ninja _07 When is the QR coming out? investing.com states today

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3 weeks ago | Report Abuse

Other o&G up except this sleepy head. Really tiresome waiting n waiting.

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4 weeks ago | Report Abuse

lousy closing today

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4 weeks ago | Report Abuse

wonder why results to coincide with AGM. past 3 years was on 25/5

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4 weeks ago | Report Abuse

sorry, does anyone know what is going on today with this stock? sudenly north, what news?

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4 weeks ago | Report Abuse

does anyone know when the qr results will be out? thanks

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1 month ago | Report Abuse

when will u move, turtle stock? very slow movement :(

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1 month ago | Report Abuse

speakup COVID 2.0 is here!!!!!!
Topglove back to rm18? TNS you

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1 month ago | Report Abuse

scarry up down up down one day after the next

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1 month ago | Report Abuse

slow but stable stock. wait for dividend on 24/5/24

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2 months ago | Report Abuse

too many sellers, esp' day traders, making the share drop back. when only can break 0.6 dessisively? longer we keep, the higher the risk.

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2 months ago | Report Abuse

jacintateh Three months down and still, nothing to show for. Come on Bumi Armada!Day by day, I lose that bit more faith in the company. Will plan an exit within the next 6 months if there's still nothing new secured by then or if there's an inexplicable run-up in the share price.
01/04/2024 5:48 PM;

agreed... will do too, all highly rated by analyst but it's performance is so lacklustre whereas others (e. Perdana/Velesto (though different segments) have overtaken it. As long as the major resistence of 0.585 is unbroken, it will definetely be difficult to reach 0.615/0.63/0.66.
04/04/2024 11:32 AM

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2023-09-04 15:01 | Report Abuse

the share is under-valued with NTA @0.97; buy call made by all analyst with an average of 0.70. holding power however is required.

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2023-09-01 16:59 | Report Abuse

Hello everyone, it's a pleasure to meet you guys and to be in this esteemed chat group! I recently decided to take some timy profits by selling my Velesto shares and made the exciting move to invest in Armada over the last couple of trading days. I've noticed that this chat group is more mature and experienced compared to my previous one. I'm optimistic that my new investment in Armada will be a refreshing change from the slow-moving Velesto. Let's look forward to brighter days ahead!

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2023-08-30 09:13 | Report Abuse

RED, never failed to dissapoint for the 3rd consequtive time.

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2023-08-29 16:22 | Report Abuse

i been holding since 2021, mean +2 years, held it through the thick & thin. so i tell myself, already hold so long & this share sure to bounce back even if drop then i will just hold it till next year. of course a lot of dissapointment since holding many shares & lost other good opportunities along the way like perdana, hap seng etc.

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2023-08-29 16:09 | Report Abuse

bila naik, so long already?

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2023-08-29 16:00 | Report Abuse

where is big mouth bimb now, keep quiet after got two contracts only. say ony 0.30, cakap burung. hlib & kenanga waiting for 0.19 & below to prove themselves rite.

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2023-08-29 13:06 | Report Abuse

specializedvenge Normally qr during lunch break.
Pls don't fool me the third time 🤣 nothing so far today, they r really last minute this qr. hope not, but history can happen again. i still blame on hlib and kenanga

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2023-08-28 17:43 | Report Abuse

Macgyver11 If qtr not release today then tomorrow got another show. If qtr release on wed then looking at the volume trend possibility touch 0.30 is there.
rizal2020 Better qtr release on wed then we can celebrate together2 with Merdeka celebration 😂 (luckilly it aint today...)

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2023-08-28 17:08 | Report Abuse

Lewis Lee break 0.245 first lah .... can't break this for 3 months already .........😫 (finally broke with high vol)

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2023-08-28 16:03 | Report Abuse

i have been holding on to this share for such a long time. frustrating seeing other shares moving, yet this counter is stuck in a tight range, hope for the best and no RED when QR released mabye today

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2023-07-14 10:48 | Report Abuse

people are selling.

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2023-07-14 09:35 | Report Abuse

KUALA LUMPUR (July 13): CGS-CIMB Securities has maintained its “Add” rating on Velesto Energy Bhd at 23.5 sen with an unchanged target price (TP) of 25 sen, and said the FY2024F outlook for Velesto may be stronger than current house forecasts if Velesto obtains the recent strong daily charter rates (DCR) achieved by its peers in the region.

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2023-07-14 09:07 | Report Abuse

https://www.nst.com.my/business/2023/07/930112/velesto-benefit-current... HLIB maintains its call "Sell" on Velesto with the target price of 19 sen.

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2023-02-21 18:20 | Report Abuse

kenanga last dec boost they ask to sell at 10c then went to 0.075, then asking ppl buy back & went 0.16, now they asking ppl sell n say will back 0.16

News & Blogs

2023-02-20 15:20 | Report Abuse

When is 0.16 coming? Sold at 0.22 as you had recommended when the article was published. I could have made more if not because of this.