I think nothing is going to happen when Leon leaves, they can just easily appoint someone else to replace him and probably do a better job in executing projects, because he's definitely not worth to be paid RM15m when delays after delays are happening, with infrequent updates on what exactly is happening, and Armada's inability to secure new projects.

Frankly, I fail to see what value he brings to the table so far. Perhaps someone who works at Bumi Armada could shed some light on this. He may have been instrumental behind the scenes, but given Armada's poor communication with investors, we wouldn't know.

Also just as a simple comparison, Maybank's market cap is more than RM100bn with a net profit of about RM8bn, and the CEO is paid RM8-9m all-in, equivalent to only 0.1% of net profit. Not to forget, over the same 2 year period, Maybank's share price went up 20%.

Armada's market cap is 25 times smaller at around RM4bn, with a 25 times smaller net profit of RM350m, but Leon gets paid more than Maybank's CEO. Share price remained sluggish at the same level as 2 years ago when he first joined.

That's a fair point.

The thing is - Leon Harland was not the one who closed these FPSO deals, it was his predecessor Hassan Basma. He was merely executing it to make sure these go through the final acceptance stage, and the progress has been disappointing, because so many projects were delayed time and time again. It's important to separate the true value-add of management vs the system that's already in place.

Communication with investors and credibility have also been poor - which have a direct impact on share price. While judging solely based on share price may not be the fairest, it should be a key KPI (if not the most important) because it is the sole metric that is directly related to shareholders value.

With that in mind, paying Leon Harland RM15m on top of his annual salary and bonus and benefits is definitely not justified. Another good example in the market is Sapura's Shahril who got more than RM70m despite the company making losses and share price in tatters.

Compare this to the all-in pay to other Top CEOs in Malaysia for FY2017:

Tenaga CEO: RM7.2m
Maybank CEO: RM8.7m
CIMB CEO: RM9.9m
Axiata CEO: RM6.4m
Digi CEO: RM2.5m
Sime Darby CEO: RM7.9m

Is Leon Harland really worth to be paid more than all the above CEOs?

When I check Bloomberg this morning on Leon Harland's shareholding, do you guys know how much free shares Armada has paid this guy since he joined 2 years ago?

19,213,400 shares, or roughly around RM15m at today's value.

What was the share price when he joined 2 years ago? 0.75
What was the share price last year? 0.75
What is the share price now? 0.745

So the shareholders paid RM15m to a guy who did nuts to improve shareholders value.

Does this even make sense at all? We have to ask ourselves.

Kraken is the largest overhang on share price now.

Without confirmation of Kraken final acceptance, there will be no strong catalyst to move share price up.

Exactly one year ago in 2017 this time I was reading countless analyst reports stating that 2018 will be a turnaround year in terms of profitability and share price.

Armada did achieve a remarkable turnaround from making large losses to being decently profitable today.

But the share price one year ago around this time? 0.75

The share price as at this moment? 0.745

So what is holding back the share price? I think it's pretty obvious - management is unable to deliver the targets/deadline that they set themselves, and institutional investors are not convinced despite what the numbers are showing. The credibility of the people who run the company matters just as much as the numbers, if not more.

If you don't do what you say you will do, again and again, who will still trust you?

And the best part is when management missed their own deadline, and everyone knows they missed it, they keep quiet and pretend nothing happened. Perhaps the plan is just stealthily change the next company presentation on final acceptance deadline from 2Q2018 to 3Q2018, or best, let's just be vague and say 2H2018 to cover their ass. Come the end of 2H2018, a more "realistic" target of 1H2019 seems more likely.

On and on we go...

Actively vote no when they seek shareholders approval again to issue free shares to management, if they don't perform.

Armada has about 50% public float, while Usaha Tegas (Ananda Krishnan's investment vehicle) holds 35% and EPF + ASB holds the remaining 15%. Most retailers don't bother to vote and the brokers holding the retailers' shares in trust will probably just vote in favor by default.

that's right. let's see if the good news are going to flow in soon, hopefully.

Also hope that they will restructure the management incentive system. instead of offering [x] ringgit amount of shares they should offer a fixed [y] number of shares for each key milestone that Armada is able to achieve - e.g. execute final acceptance, close new contracts, deploy unutilized OSVs, average past 12M share price etc.

Management's most important purpose is to create value for shareholders which is determined by share price, which is not performing at all. Sad.

Hi hccheah, these incentive shares are free shares issued by Bumi Armada to management, which management could sell it off in the open market subject to certain rules and disclosure. While the intention is to align the interests of management with shareholders for a higher share price, it's noteworthy that management really does not have much skin in the game because these shares are free in the first place.

Also, the flaw in Armada's management incentive plan is such that they seek shareholders approval to grant certain ringgit amount of shares to management (say RM5m worth of shares to Leon Harland). Armada then uses the VWAP (volume weighted average price) of the few days before the grant date to determine the number of free shares to issue to Management.The formula for the example then goes something like this:

RM5m / Armada past 5-days VWAP = number of free shares to Leon Harland.

It's easy to see that the unintended consequence is that if the share price is low, Management will get more shares which benefits them more when the share price goes up later. This structure would somewhat wrongly incentivize management to somewhat keep share price low so that they can get more shares.

Also, Armada is also very vague about the KPI / performance objectives that management needs to achieve to be eligible for these grants. In my opinion, the best way to incentivize management is to grant them free shares only when final acceptance is achieved or if they are able to close new, profitable FPSO deals. This will directly align interest.

From Macquarie Research, selected extract:

"BAB has de-rated due to the overhang related to the final acceptance of Armada Kraken (previous guidance: end-June)....

MQ Research also anticipated:

1) the final acceptance of Armada Kraken would only happen in Q3 vs end-June guidance by management and
2) extension of Armada TGT1 in August. Both these events will help de-risk BAB’s earnings outlook in the near term."

So, seems like Kraken's final acceptance may be delayed again.

As usual, Management remains radio silent on this issue.

Missed deadline, keep quiet, only issuing announcement seeking shareholders to approve millions and millions of free shares to enrich themselves although project execution performance is poor.

I would recommend all shareholders to vote against the incentive plan for management in the next round if they fail to deliver again, just like what EPF did with Sapura Energy.

http://www.upstreamonline.com/hardcopy/1531818/petronas-gets-kelidang-fpu-contest-under-way

Malaysian national oil company Petronas has kicked off the race for a large leased floating production unit as it builds momentum towards the development of the deep-water Kelidang Cluster gas project off Brunei Darussalam.

Industry sources told Upstream that Petronas recently issued a request for information (RFI) to leading international contractors about the potential supply of a leased FPU to handle approximately 470 million cubic feet per day of gas.

The newbuild or converted floater will treat and process gas for delivery to the Brunei liquefied natural gas project at Lumut over the field’s expected 16-year life.

Most sources said the FPU would likely be a semi-submersible or tension-leg platform because a ship-shaped vessel solution might not be commercially viable with one source going as far as to state a semisub was “likely”.

“The FPU is expected to operate in challenging deep-water conditions, where a TLP or a semisub is likely to be a more feasible solution, rather than deploying a floating production vessel,” another source said.

He argued that a TLP or a semisub would be a better solution as no significant storage capacity is required.

However, another source suggested that since Petronas has so far only outlined its preliminary scope of works and all FPU options therefore remain on the table.

Contractors expected to queue up for the FPU contract are understood to include Japan’s Modec, SBM of the Netherlands, UK-based TechnipFMC and Malaysian players MISC, Bumi Armada and Yinson, one project watcher said. Oslo-listed BW Offshore could also be interested.

millions and millions of free shares to management at shareholders expense - dilution.

Hi RJ87 - in loan documents - typically banks will require a company to maintain certain financial covenants such as D/E, D/EBITDA, EBITDA/Interest ratios to make sure that the company does not cross certain leverage thresholds and has a healthy coverage ratio.

For private companies - typically banks will set a D/E limit. E stands for equity or book value, since the company's shares are not publicly traded.

For public companies like Armada, it's typical for banks to take reference to D/ market cap . Market cap is really just the book equity being marked to market - reflecting market value instead of book cost.

A low market cap will lead to a high D/market cap ratio which Armada could potentially breach in its existing loans. Armada will also not be able to borrow new loans unless this ratio is brought down.A high D/E or D/market cap ratio means that lenders have very little safety buffer in case anything goes wrong.

Furthermore, auditors often take reference to a public company's market cap relative to book equity to assess whether an impairment is necessary. In other words, a sustained low share price will inevitably trigger an impairment exercise by the auditors - which further freaks out banks and investors, lowering the share price further, entering into a downwards spiral / vicious cycle.

Overall market sentiment is inching lower and lower each day, with fresh concerns on trade war escalation and potential US rate hike. This will likely to exacerbate foreign funds outflow from Malaysia, and Armada will not be spared.

Although there are daily buying announcements by EPF / Amanah Saham, their strategy seems to be tilted towards defensive accumulation rather than active buying. Without the bulls and a generally bleak sentiment, Armada's share price has gradually been sliding down day by day, from 80+, to 70+ and now 60+ cents.

Value is emerging undeniably, but for share price to re-rate upwards, the company desperately needs:

1) Kraken final acceptance announcement asap
2) TGT-1 extension
3) New FPSO contract wins
4) Positive development on Armada Claire legal case / redeployment

or at least update on the progress regularly to give reassurance to investors. I've said time and time again it's important for Management to keep shareholders well informed regularly on the above developments. Communications with the market / investors, more frequent participation in investor roadshows will help institutional investors better understand the strong value in Armada. Otherwise, despite showing a remarkable turnaround in profitability in the last few quarters, from making losses to being strongly profitable now, the share price has continued to remain lacklustre.

A low share price will definitely affect Armada's debt covenants ratios and affect the ability to borrow further to finance any new contract wins. Any rights issue at a low share price will only worsen dilution.

Without any new updates or if management just keeps radio silent until the next quarterly results, with the current negative market sentiment, the share price will just keep sliding and sliding slowly, maybe to the low 60s or even 50s. Then even with good quarterly results, it'll do at best what, high 60s and 70s like how it is today? That is nowhere good enough.

Affin Hwang Capital:

We like Bumi Armada (BUY; TP: RM0.98) and believe the current share price has yet to factor in the expected stronger 2H18 earnings, and their valuation continues to look attractive

Jefferies Report on Bumi Armada & FPSO market in general:

Bumi Armada (Buy, TP: RM1.15)
We similarly like BAB for the increasingly diminished overhang on its balance sheet risk as
the group is closer to securing a final acceptance for FPSO Kraken on which the group is
which is now expected by June 2018. Upon receiving the final acceptance, BAB would then
be entitled to receiving the full charter payment for the contract (from 70-80% currently).
Additionally, the management has indicated that a large portion of its current borrowings can
be reassigned as long-term borrowings upon receiving the final acceptance, as well as the
current e-MTN programme in place to refinance its short-term debt. BAB is seeing increased
activities within the FPSO space and is currently bidding for a few projects in Africa and the
Americas with the intention of securing one FPSO contract per year. The group is also
currently pursuing redeployment opportunities for Armada Claire, while negotiations for the
charter extension for FPSO TGT-1 is underway and expected to be completed by August
2018. Our current sum-of-parts valuation excludes potential job wins.

Optimism within the FPSO market
There is a sense of optimism within the FPSO market, where most contractors seem
confident of securing at least one contract in the coming year. So far, five FPSO contracts
have been awarded by oil companies this year, and another 4-6 awards for the year. Four of
the contracts awarded were EPC type contracts for FPSOs that the oil companies will own
themselves. The only lease contract this year was secured by Yinson for the redeployment of
their Four Rainbow FPSO for the Layang field.
Looking ahead, Fearnley Offshore expects to see mostly leased contracts awarded in 2H18.
Assuming that the oil market remains stable, 9-12 FPSO contracts are expected in 2018 and
a similar number in 2019.

Thanks, RJ87.

Armada is definitely oversold now due to the overall negative sentiment - uncertainty from change of government, RM 1 trillion debt saga, global trade war etc. This presents a good average down opportunity till sentiment recovers and the bulls return. I am accumulating it myself.

Er Xian I got it from Capital IQ / Bloomberg

Lol more and more investors are getting fed up with Armada.

1 week passed since Q2 deadline for kraken final acceptance.
As usual, management remains silent with no updates on project developments.

The most frequent update seems to be how they are rewarding themselves:

"OFFER AND GRANT OF ORDINARY SHARES OF BUMI ARMADA BERHAD UNDER COMPANY'S MANAGEMENT INCENTIVE PLAN"

"SHAREHOLDERS' AUTHORITY FOR THE PROPOSED OFFER AND GRANT OF ORDINARY SHARES UNDER THE COMPANY'S MANAGEMENT INCENTIVE PLAN TO THE EXECUTIVE DIRECTOR OF BUMI ARMADA"

Why does management keep getting millions and millions of free shares when kraken's final acceptance keeps getting delayed, and their OSV utilization keeps going down?

HSBC's latest report on Armada (TP RM0.86):

"We spoke to the management of Bumi Armada (BAB) to get an update on current projects and future plans. Current business is in a very healthy state with 90% of vessels employed; future growth depends on funding arrangements. Stock looks cheap at 0.7x PB.

We think the current business is as healthy as it gets: With 8 operating and 1 laid-up
FPSO, BAB is the 5th largest independent FPSO contractor in the world (after SBM
Offshore, Modec, BW Offshore and Teekay). All 8 of its operating FPSOs have long
term contracts ranging from 2019 to 2040 (including options) with large oil companies
(key clients being Shell, Petronas, ENI, Petrobras, ExxonMobil, Total, ONGC, Lukoil,
PTT etc). Average uptime on operating vessels is 99% which is the best in the business.
Revenues from the FPSO business are hence growing rapidly from MYR493m in 2016
to MYR1.4bn in 2017 and MYR1.7bn in 2018e."

but i do acknowledge your point about Armada not securing any contracts for years.

It could be due to oil price, could be due to corruption allegations, could be due to armada's highly leveraged balance sheet now, could be due to the inability of current management to seal deals.

In this respect, management needs to buck up in securing final acceptances, strengthening cashflow and balance sheet to better position themselves to win new projects.

After so much delays in kraken final acceptance (since last year), management really has pretty low credibility now. Will just take it with a pinch of salt that they say kraken will be by 2Q (Tunku Ali said 1H2018 in annual report, CEO said 2Q).

Best if they could deliver, but not surprised if they can't. I'll just have to wait patiently.

no idea about such rumors.

if it's true, you'd have breached the law by disclosing insider / material nonpublic information.

if it's not true, you'd also have breached the law by spreading rumors on public forum.

perhaps we shall screenshot your post and send to the securities commission and it's up to them to decide whether to investigate / track your IP address.

Am also waiting for TGT-1 extension announcement.

According to the analyst briefing, "Armada TGT-1 contract extension nearly finalised".

I don't think so.
CEO has publicly announced on 31 May 2018 during analyst briefing that Kraken is:

"currently producing 40,000 bopd, completing commissioning. Final acceptance by Q2."

http://www.bumiarmada.com/App_File/Image/assets/Q1%202018%20Analyst%20Briefing%20Final.pdf

Probably already achieve final acceptance, but just like Olombendo, need to get partners agreement for public announcement first before announcing. Should be anytime now.

and you said "it's a reflection of good management to explain imminent losses".

Announcing any news, whether good or bad, in a timely manner to inform shareholders on the material state of affairs of the company then, is what i call, good management.

Armada's current management just isn't up to speed in handling announcements and how they communicate with investors.

I'm not, but maybe you are new and hence not very clear with bursa guidelines.

No one is asking them to make a daily announcement, timely does not mean daily, but certainly not half a month later like Armada Olombendo, and only disclosed when being asked directly at AGM.

Also, Armada has responded directly and disclosed Olombendo's acceptance during the AGM, only to the group of shareholders who are physically present at the AGM, during trading hours in the afternoon. They only quickly released another announcement on bursa on 7pm that day to cover their ass. This is a potential breach with selective disclosure of information, when Management should've disclosed to all shareholders at the same time through bursa announcement.

And with reference to your statement - "They only need to report quarterly manner as required by SC. Not daily."

This is untrue. There is a requirement to announce material issues as soon as possible - e.g. changes in shareholding of material shareholders such as EPF. this is why you see a daily announcement on EPF's changes in shareholding, and Armada is only allowed up to 7 days to file the changes.

It's irrelevant and moot because regardless of whether you take the perspective of a long term investor or a day trader, it's Management's fiduciary responsibility to announce material developments such as Armada Olombendo full acceptance in a timely manner.

This is the rule set by Bursa, by virtue of Armada being a publicly listed company, taking public money. Armada even admitted it in their Olombendo announcement earlier that they have a regulatory obligation to inform the wider market of the "current" events below:

"However, with a direct question on the subject being made at the AGM, the Group felt it had a regulatory obligation to properly inform the wider market of the current events regarding the final acceptance of the Armada Olombendo FPSO."

Just take the flip side and imagine a really bad news happened like Armada Kraken is involved in a bad accident in the north sea and will be out of action for a year for repair, or the company discovers a major fraud and RM1bn of cash is missing. Accordingly to your logic and line of argument - Management has no responsibility to announce anything in a timely manner. Perhaps then maybe shareholders should just find out about the accident or the fraud "during QR" when the numbers suddenly went down - it will definitely cause a huge uproar.

And the point whether retailer has the cash position to outlast FF or institution is irrelevant and moot. Everyone has a different holding period and I for one can afford to hold for years, for example, whereas funds are evaluated on an daily monthly quarterly annual basis - hence they're forced to chase stocks with momentum and has less holding power.

This is why warren buffet says fund managers are overly short term and can be irrational, and the only way to beat it is patience.

It's just plain stupid for Management to delay announcing a good news. What Armada needs is momentum, and it's management's job to better manage market sentiment to protect shareholder's value. It's exactly this poor management of sentiment that armada's share price remains depressed despite good results.

I wonder what's going on with Kraken's full acceptance.

Management better announce on a timely manner this time, not like Olombendo - full acceptance mid May but only announced end May because someone asked at AGM and Management had no choice but to answer.

Also strongly agree with RJ87 - Armada is really under priced now, given the spectacular turnaround of results compared to 6-7 quarters ago.

Recommend to enter for those who have good patience - it may take some time for the overall market sentiment to get better for the price to go back up.

Also, Armada's share price always spike out of the blue but remain fairly lacklustre (up less than 5%) during good news / quarterly results announcement (strong profit growth, full acceptance news etc.). Super weird stock but if hold middle to long term can't go wrong.

Anything below 0.80 is a steal.
It's only temporarily hammered down because of foreign funds outflow.
Once the market sentiment stabilizes over government debt spooks, the foreign funds will return to push it back closer to RM1.

Bloomberg as at 1 June 2018:

12 BUY Calls with TP by various analysts/banks:

1. Ambank: TP 1.22
2. KAF Seagrott: TP 1.15
3. Kenanga: TP 1.10
4. UOB: TP 1.06
5. DBS: TP 1.05
6. Maybank: TP1.02
7. Affin: TP 0.98
8. Nomura: TP 0.95
9. JF Apex: TP 0.94
10. Hong Leong: TP 0.90
11. Public: TP 0.90
12. HSBC: TP 0.87

Market Cap: RM4.3bn
Net Income (Last 4 quarters, i.e. Q2/3/4 2017 + Q1 2018) = RM285m

P/E around 15x.

That's how u calculate it.

It's an okay P/E, plus Armada is still profitable, compared to say, Sapura Energy which doesn't even have a P/E, because earnings are negative.

Bumi Armada held on to the good news of Olombendo final acceptance for 2 weeks before being forced to announce it at the AGM when directly asked upon by shareholders.

I think the Management and investor relations team is doing a really shitty job in communications. The securities commission should investigate the company for failing to fulfill their regulatory obligations to disclose material news in a timely manner, just because they have contractually agreed with all the partners to seek approval before public disclosure. The regulatory requirement always comes before your contractual requirement.

Also, by selectively disclosing during AGM and not through Bursa announcement to all investors at the same time, this warrants another investigation by the SC.

Terrible management.

anyone at the AGM today?
any updates?

Below 80 cents is a steal.

Armada Kraken seems to be doing well. Final acceptance should be very soon. Coupled with a good QR results in a few days, time to get it back up to RM1.

http://www.enquest.com/media-centre/press-releases/2018/24-05-2018.aspx

Kraken

The FPSO has performed well during three major storms, although extreme cold weather in early March resulted in Kraken being shut down. During this period, the Group undertook much of the previously planned April shutdown maintenance workscope, meaning the planned shutdown was no longer required.

The subsurface continues to deliver in line with expectations. Modelling shows a clear indication of pressure support from injector wells to producer wells, while chemical tracers have confirmed uniform production across the entire length of the wells and no tracers from the injected water have been observed.

Average gross production in the four months to end April, which includes the impact of the March maintenance shutdown, was in line with expectations. Excluding the impact of the shutdown, gross production averaged over 36,000 Bopd.

Since first production, almost 7 million barrels of oil have been produced and 13 cargoes offloaded from the FPSO, with 9 of these cargoes offloaded in 2018. Cargo pricing continues to be healthy reflecting the quality of Kraken crude.

The subsea infrastructure for DC4 is scheduled to be installed in the third quarter, with the drilling programme expected to commence in the fourth quarter, when the Transocean Leader drilling rig relocates from the Alma/Galia field. First production from DC4 is expected in early 2019.

broad sell-off by foreign funds due to negative sentiment of RM1 trillion debt and trade war jittery.
Good time to enter cheap before Q1 results release.

"cash goes to pay Sap's Dep.&Amort of 250m/quarter"

lol.

1) QR should be out end May - should be a fairly good one
2) Olombendo and Kraken full acceptance hopefully to be announced soon
3) US$80 price provides an overall feel-good sentiment

All the 3 factors above should catalyze the share price to go nearer to 0.9 - 1.0 soon.

Seems like they missed the Olombendo final acceptance timeline AGAIN.
Seriously don't use words like "confidently achievable" if there's no confidence.
In the annual report it's stated by 1H2018 now for the final acceptance of both Olombendo and Kraken.

Affin Hwang: FPSO Olombendo’s final acceptance encountered a slight delay due to extended paperwork process in sourcing some equipment. Nevertheless, things are in place now with final acceptance confidently achievable before end April 18 (from the initial March timeline).

1 year ago in April 2017, Bumi Armada making losses, oil price at US$45, share price = RM0.80

Today, Bumi Armada has turned around to be strongly profitable, oil price at US$70-75, share price = RM0.815

You make the call on what to do.

keep accumulating it. Olombendo full acceptance very soon:

Olombendo Targeting Acceptance by April

FPSO Olombendo’s final acceptance encountered a slight delay due to extended paperwork process in sourcing some equipment. Nevertheless, things are in place now with final acceptance confidently achievable before end April 18 (from the initial March timeline).

Armada's management really should buck up in getting the final acceptances.
It's dragged on so long in delivering returns to shareholders.
Asking for shareholders approval for incentive shares again.
I'm so going to vote NO if they drag on this again.

Commendable performance today, with 74% buy rate so far.
volume breakout upon olombendo announcement will push it back to 0.90.

EPF is rebalancing their portfolio from Sapura to Armada.

While Sapura has good prospects, it is loss making, hence EPF's fund managers have no choice but to follow SOP to reduce their portfolio exposure.

Armada on the other hand, has turned around with strong net profits. Net profit is expected to grow strongly in the next 4 quarters with FPSO full acceptances. This is the reason why the price shot up to 0.95 when the market was expecting it.

Erin's news, however, trashed the share price back down to 0.85 despite it being a well-known issue and with little impact to cashflow (only RM30m). That's RM600m of market cap evaporation, which the market priced it at 20x price to losses. Looks like oversold to me.

Last chance to buy before the next rally when the announcements come.

only 7 more working days till the end of April for Olombendo full accceptance announcement, coming very soon = 1 Rocket

GE14 (if the incumbent wins) = 1 Rocket

Kraken full acceptance = 1 Rocket

Quarterly report (end may) = 1 Rocket

If all 4 come together, TP = RM1.2

just need to wait for the final acceptance announcements which is expected to be very soon.

thankful for the Erin bad news that lowered the price right before Olombendo and Kraken's expected announcements.

Anyone has experience doing the intraday short selling?
Are the short-sellers buying to cover their intraday positions at the end of the day?
Interesting dynamic.

macro environment remains positive for sapura.

fairly similar to the time when it was 0.57 and got hammered down to 0.5 triggered by the trade war newsflows, and then to 0.465 during QR results.

for those who have yet to enter, it seems like a good time now. whether there will be further sell down in the afternoon is everyone's guess, but the panic selling this morning has offered a 5% discount. you make your call on when's the bottom.

The key here is that once you've decided when's the right time, you should buy and hold, and change your perspectives from days and weeks to 6-12 months. that way, when the panic selling like this morning happens again, you have a good profit buffer that will reduce your temptation to panic sell, because you're deciding from a position of strength (profits), not weakness (losses).

my entry price (over 3 rounds) was between 0.475 - 0.505. I didn't sell when it went up to 0.57, i didn't sell either when it drops back down to 0.5, and then 0.465. and today it's above 0.7.

I'm not very good in timing when's the peak and when's the bottom (frankly that's just speculation and everyone just has as good a guess). those who think to sell it now to take profit and repurchase at a lower price later, i would say you have a fair point. but again, whether it goes up or down is a 50-50% chance, and the odds are as good as coin flip in my opinion.

Without being an institutional investor, you can't control the decision to pump and dump or trash and cash. The strongest shield for a retail investor against institutional manipulation is time. Time is something that fund managers do not have, because their performance is judged on a daily basis. They can't afford to hold something for 6-12 months without being judged in the interim on their performance, but you can.

TP of RM1.0 remains over the next 6-12 months.

My guess is that EPF has an inflexible standard operating procedure to reduce exposure to companies with net losses, no matter what their future prospect looks like. But thanks to this, EPF somewhat accentuated the selldown to 40 cents which is unwarranted.

The next quarterly results will be key. A reversion to net profit will allow the EPF fund managers to have a reason to come back strongly to the stock, catalyzing the share price to go back up to RM1 and beyond.