Definitely Mhb in longer term. Balance sheet health, corporate backing by Petronas and low PBV should let you sleep tight at night.

Armada also undervalued but larger risks, also potential for nearer term payoff.

Two different situations. I’m invested in both, but around 2.5x more in mhb.

I got in some more at RM0.80. Will buy one more round end of the month if it drops to RM0.75 levels again.

Rowie Kasawari hasn't even gone for tender. That project has been temporarily shelved.

Pegaga yes within 3 months winner will be announced.

How lah, tomorrow read analyst reports then you know the truth. Short/mid term, there are virtually no new projects. Orderbook decline further. I sense one more fall to RM0.75 before they get a big win and the price breaks above RM1

Calm down guys. This is just rotational play. Bursa oil stocks all going strong today. Oil bulls are at it again and likely will have things going in their favour this week.

Patience my fellow friends! HOLD. You shall be well rewarded. I still target RM0.90 by year's end.

Greater Pecan FPSO in Ghana is a go. Bumi Armada, Yinson, Modec and SBM Offshore to square off. Commercial bids to be submitted in January 2018. Likely decision in Q3/4 2018.

http://webcache.googleusercontent.com/search?q=cache:AP1vhjVZ3WsJ:www.upstreamonline.com/hardcopy/1364857/four-in-race-for-greater-pecan+&cd=1&hl=en&ct=clnk&gl=my&client=firefox-b-ab

Aiya this is just price movement. Focus on fundamentals. I would personally wait a few more months. Worst is not yet over.

The problem for Ajiya is just too many warrants to be converted. 50% additional shares outstanding if the warrants are indeed converted fully.

Very hard to derive value when go so much overhang from the warrants.

To simply "beat" the dilution, net profit must rise by over 50% in 3.5 years. Easier said than done.

Yes, game over for now. Luckily managed to out at RM0.37. This time may even drop sub RM0.30.

Looks like a nice result for all of us on the sidelines! Onwards to RM0.60!

I'm more interested in the WA if it gets to RM0.15.

Depends, something not exactly cross trade by two willing buyer, willing sellers do an on-market exchange. Anyway, no point talking about this. I sometimes do get worried, but remember, in a normal case scenario by end of next year Armada should be trading at RM1.50 or thereabouts. So 2x gain is on the cards.

Are you guys dumb or what? When you see " last minute suddently have buyer queue 7+ million at 0.71 for seller to dump"...this is most likely what you call a cross trade. You think saja saja someone queue 7mil and get it instantly filled?

Cross trade is when for example CIMB Fund A sell ARMADA to CIMB Fund B. I.e. institutional investor sell/buying among themselves for rebalancing purposes.

If bad result, better loh for prospective investors...get to buy in lower! :)

Sold out at RM0.37, Loss of ~20%. Bought in at RM0.465 in March.

Good luck to the rest. Needed to close out this position as it is merely 1.5% of my total portfolio allocation.

@Tradewinds, if you already invested this long, just stay for another 1 month 10 days. After that, sell out if you must. Will be a shame to leave just when the party is about to get started!

Stopblockers in action. Sell if you are a weak holder. Hold if you're strong holder. Top up if it breaches to below RM0.70.

Any day soon in the next month there should be a Bursa announcement saying Olombendo is getting full bareboat charter. That will be the first catalyst to move up from this current stagnation.

Hold steady, wait for a nice discount!

@R40s, not so easy before, as in the Q ended April there was uncertainty about the Vietnam project's scale. I can't recall the ratio but it was substantially higher than 33.3%. However this time the ratio is much, much closer, at around 33.8%. They need to place out a very small portion of their cash into Islamic FD. I think just RM1.5mil would suffice already.

I'm not counting on it, mind you, but it's not so far fetched as you make it seem.

Jokers lah. Don't care so much about macro factors, especially those like minimum wage increases that happen either way every one or two years. Has nobody here read Peter Lynch's One Up on Wall Street? Doesn't seem like it...

If you analyze the latest shareholdings, you observe the following:

Khor Wan Keong (director) either excess applied for or bought additional rights shares of around ~300,000 units. (allocation = ~635,000 units)

Ooi Chin Soon (director) likely bought additional rights shares, cause otherwise his excess application would be insufficient to get to his current shareholding. He applied successfully for over 9,000,000 excess shares. (allocation = 6,250,000 units)

Khor Say Beng(director)'s son applied excess or bought additional rights shares of ~750,000 units. (allocation = ~287,000)

Khor Say Beng(director)'s daughter applied excess or bought additional rights shares of ~15,000 units. (allocation = ~62,550 units)

Lee Eng Sheng (director) applied excess or bought additional rights shares of ~205,000 units. (allocation = 28,500 units)

Khor Say Beng (director) applied excess or bought additional rights shares of ~4,150,000 units via his private holding company. (allocation = ~1,050,000 units)

Every single director applied for excess shares or purchased additional rights shares far higher than their proportional shareholdings in the company. Unless you were certain about improvement in the company's financial performance, you would not do this.

I for one am glad I did the necessary research and put money where my mouth is. Now to let this go on autopilot and see how much can the company's market cap grow in 3-5 years time. Triple up? Maybe increase five times? Perhaps even ten times? Let's wait and see now...

Anyone got the annual report? I haven't got mine. Should have received it by now, no?

@Steve, no warrants.

Be patient my fellow investors!

Armada stil range bound. Wait for some announcement on Bursa. Next Catalyst would be Olombendo acceptance, possibly within the next two weeks, latest in one month time. This will increase the price to RM0.75 levels. Next Catalyst is sustained earnings recovery for Q3. The largest Catalyst would be when Kraken gets full acceptance. We should hit RM0.90 then.

I still hold Esceram but it is less than 1.5% of my portfolio. I am going to sell it any day soon. I have not bought Tambun, but am interested in going in soon.

Haha sell at your own risk.

Very interesting volume today. I am no technical investor, but let's hope the bearish days are over for now and it can consolidate ~RM1.35.

Congrats to all who buy between RM1.12 - RM1.18. Let's hope we have put the RM1.10s behind us, and push on towards RM1.30s.

For now I will let this go on autopilot. Won't sell until or unless the fundamentals change or can get 50% in 6 mths.

Quiet for a while. I too think s9me fireworks might start soon, question is upwards or downwards? Btw Q3 is over, interesting to see if results hold up or not. If we can’t hit 1.75 before results are out, I’m out!

Now that KWAP has started selling, better wait on the sidelines. They won't just sell a bit and keep quiet. Likely other institutional investors will start following KWAP's lead and increase the selling pressure.

I have set my entry at 0.75x of P/BV at RM0.96...but may revise it lower to a multiple of 0.70x at RM0.895.

Yeah, all this talk is premature. RI if done is still over 6 months away. Many things can happen in the interim. We could get a decision for Claire for example in the mean time.

@sapurakencana, you call me here. I have zero interest in this stock as it trades at 1.5x P/BV, and the historical ROE is nothing great. Little/no margin of safety. Seems speculative to buy a position in this company. Just my 2 cents.

Walao, rights issue IS a form of private placement. Why you guys can’t understand this? The difference is all shareholders get to maintain their proportional interest in the company, and even oversubscribe.

MRCB rights issue I say a disaster because it is a crony Company, with a 1 for 1 rights issue that is very, very dilutive. Plus MRCB want to use it to pare down debt.

Bumi Armada rights issue worst case scenario also is only 1 for 4, best case scenario will be 1 for 8. Not dilutive. Rights price will be at a substantial discount to market value. Hopefully no free warrants though!

@R40s, just analyse the past 5 years quarterlies and you will see some evidence of cyclicality. The management may not feel it is of material significance, but there is definitely something there.

RM0.01 div/share declared.

All idiots lah. Rights issue will not be heavily dilute. Maybe a 1 for 8 or something like that, enough already. Worst case is 1 for 4.

And the rights issue will only be done if there is a very good chance of landing one/two contracts. In my opinion rights issue (if they resort to this) is still a good 6 - 9 months away.

I sold at RM0.665. I think given that the balance sheet is not that great, best to just take my small profit after six months and buy a safer long-term holding. I bought at RM0.64, held through the fall to ~RM0.51, and now sold at RM0.665.

I think it's fair to say that the market will take into account the subscription rate and accordingly the share price may well see a decent rise on Monday.

@joni, to be fair QoQ is irrelevant due to the fact that there seems to be an element of cyclicality to the earnings of Prolexus.

Rights issue is over-subscribed despite the fact that the rights were trading at merely RM0.005 (indicating little interest from the general public).

My opinion is all the directors oversubscribed heavily and may have had a hand in suppressing the share price around the time of the rights issue. Expect earnings to grow exponentially over the coming 1-3 years.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5566377

@weng, they may be 100% operational they're simply not getting 100% of the BBC. Two different things.

You guys are all jokers lah!

Haha. I still hold though.

http://www.thestar.com.my/business/business-news/2017/10/05/bumi-armada-may-need-to-raise-funds-for-african-ventures/

Well at least it should mean all weak holders (retailers) have sold out.

This is a log jam + road block. Just hold lah. Sell if Q3 results are really terrible, otherwise we are looking at an easy move up to RM0.90, sooner rather than later.

R40s, I don't care about weighted average. I use the most conservative method, i.e. I take the number of shares issued as at the end of the period. That's what matters. Using the weighted average is not of any use really and gives you comfort where there should be none.

Walao, so nice it is falling again. This time hopefully I do not miss the boat!

No, P/E is 9.17x correct per i3investor. FD P/E is around 11x when counted in all warrants exchanged to Prolexus shares.