Eddie Ng already exited the company all together, apparently all his 9%+ shares sold to the above 2 individuals (or so called mafia gang) ... and then what ?? push it down to penny stock ??? lol

do you think they just wanted to work for "mafia gang" and devalue Revenue for fun ??

Let's look at these 2 new substantial shareholders' profiles, they themselves are degree holder & IT experts with reputable profiles !!

MR TEH CHEE HOE
Nationality
Malaysia
Gender
Male
Age
48
Role
Shareholder
Qualification
1. Degree - Bachelor Degree in Materials Engineering [Nanyang Technological University]

Working Experience
He started his career as a Programmer in Silverlake System Pte. Ltd. in 1998. He was the Business Development Director of ExtendedSys Pte. Ltd. in 1999 to 2001. In 2001 to 2004, Mr. Teh was the Director of Konsortium Multimedia Swasta Sdn. Bhd. In 2004, he founded Vibrant Bridge Sdn. Bhd., and he worked as the Managing Director till year 2009.
In 2008, Mr. Teh co-founded dJava Factory Sdn. Bhd., and he is the Chief Operating Officer of dJava Factory Sdn. Bhd. He also an Executive Director of Arctiquator Sdn. Bhd. since 2008. From 2016
to 2017, he served as the Chief Executive Officer of Scan Associates Berhad.
In year 2008, he co-founded Nib Technologies Sdn Bhd (WorqApp). In year 2022, he was appointed as the Chief Technology Officer in Green Packet Berhad.
Directorship of Public Companies
1. Willowglen MSC Berhad

Mr. Leong Seng Wui has been an entrepreneur in the ICT industry for over 23 years. He started off in the ICT retail sector after he graduated in IT studies from Binary Business School. He was on of the pioneer technopreneur in Malaysia starting out on his own.


In his own setup, he was focusing on the telco and mobile retailing industry. A driven individual, he was instrumental in driving his company to be awarded the prestigious Golden Bull award (Top 100 SME) by Alliance Bank and Nanyang Siang Pau, the notable PIKOM ICT Retailer of the year award, Dopod Retailer of the year, O2 Retailer of the year, Dopod Top 10 Retailer of Asia Pasific under his leadership.


In 2011, he joined the 1 Utopia Berhad Group as Marketing Manager in ICT Utopia Sdn. Bhd. to grow the brand as well as to assist with the creative aspect in the event and retail management. At the same time, due to his vast experience in the ICT product market and channel aspect, he advises and assists in the ICT products segment of the 1 Utopia Berhad Group.


On 12 September 2012, Mr Leong was appointed as Group Chief Operating Officer, tasked with heading and growing the entire operations of the 1 Utopia Group. He was formerly an Executive Director of Macpie Bhd.

The so-called "mafia gang" sapu-ed at 0.36, do you think they want to let the price drop to penny stock ?
those "mafia gang"-theory believer can think again !!

great wal built by mafia gang ! ! LoL

I lost confidence with this company already.... they have valuable assets (7 rigs ) but not the management / brain to capitalize on that, what can you say ?? I worry they might continue to deliever loss or peanut profit .....
AS suggested by one analyst, sell off their rigs and invest in something else flashy like EV etc ! then only can the price shoot up to RM1 !! lol

This is a very under value stock but the price can't shoot up ! WTF man .....

The fundamental & accounting figures are good ! Recommended by many prominent investors . Better than other prolonging lost making oil & gas companies , safer to invest and hold even got stuck

substantial shareholders buying !! good sign !!

next week will fly !!!!!

At present price , NTA = 1.71, PE = 3.48, DY= 2.64
Fart king undervalue stock with gold theme play is back !!

Poh Kong going to Kong soon !
TP = 1.50

Iron Shirt, you don't understand is it ? then go and get some basic stock education ....
or else learn it the painful way by collecting SapErg now and wait for 20:1 consolidation to fully undertand it then ! lol

Stay away from Sapura , last I read the restructuring will involved share consolidation of 20 to 1 !!

BIMB is the most optimistic on "very slow", even when its price trading at 8cts, they also gave TP 30cts !!
most IBs gave ard TP 20cts only !!

insiders walloped retailers now !!!!

All those fart king stu-pick analysts & i3 forumers , please spread more negative news about glove as it they are sunsent industries and panic selling them to dirt cheap price !! I want to sai lang !!! please !!!!

Harta, please go down to RM1.00, I want to sai lang at that price !!!!

retailers are "trapped-buying" =D

dumping is coming !!

Be greedy when others are fearful !!

In that case need to be careful !
Very likely pump & dump operation by insiders to wallop retailers liao !
Everyday top 10 volume & recently their CEO talked up the share price !
Better play “hit & run “ style or else will be stuck for ages !!

“ Nonetheless, we believe VELESTO could still suffer from a high cost structure amidst supply chain disruptions. As such, we see successful renegotiation of contracts to higher charter rates as crucial for VELESTO to continue operating profitably.“

After reading those analysts reports, what I opined previously come true !
Crucial thing is whether they can win their rigs contract with higher charter rate ? At the current charter rate (ard usd 70k+) they are operating at loss or with peanut profit !
As most of their contract are with petronas , petronas has been squeezing them right left and centre with low charter rate !! (Market rate shall be at least usd 100k +)

Fart !

Really PKM punya company !
They should have sold all their rigs for cash & distribute to all shareholders better !!

This weekend The Edge reports that O&G is just at the start of an up cycle ! As oil majors will spend further on capes ! So sit tight and enjoy the ride !

At end 2017, they wrote off 32 cts as impairment ! If they could reverse some of it … say 10cts , that will show extra profit of 10cts , those doubters will rush back to panic buying for sure !! Lol

They dispose 8 mils per day for few days already but the price keeps going up !
What does that tell you ?
Somebody with deep pocket is collecting from them ! Institutional players ? International funds ?
Stay tuned for the next few days or weeks , if a prominent players eg EPF , funds emerge as substantial shareholder with announcements, the price will shoot further UP as most retailers will panic buy later !!

pre budget rally coming now !!
last time to buy at cheap , if next monday result exceed expectation, price will SHOOT UP !!!! lol

i think public investors already factor in the good profit in the current share price !

in order to move the share price further , they need some catalysts :-
1. higher charter rate awarded ;
2. as suggested by Maybank, sell all their 6 rigs at current good price (might inflate their NAV to 0.40 with rich cash !! ) and reinvest in some other interesting business (ESG) ..... if this happen, the price will have wild surge !!
3. privatise the company as it is very under value !! (maybank think unlikely)

Basically this is what happen with investors :-
Those cabut too early and miss the boat to buy back, hope the price will go down !
Those have been patiently holding to the share or buy back at higher price, hope the price will continue with uptrend !!
If you are patient enough , TP 30ct by end march should be no problem, TP 40ct by end June also probable !!
remember the characteristic of "Very slow" is .... sikit sikit lama lama jadi bukit !!
sabar lah ! lol

sit tight and wait for their 27th Feb Q result announcement & further publicity from their CEO (surely there will be more !)
Looks like sth is brewing ......

Q report will be announced on 27th Feb, finger cross & stay tune for result that will EXCEED expectation or CEO give a optimistic outlook , then only share price can fly further !!

BIMB 's TP - 30ct
HLG's TP - 29ct ....
once fantastic Q result announced, most fart king stu-pick IBs will rush to up TP one by one lah !!

FART !!

latest TP from HL is 29ct but this fact king stup!d kenanga give 0.16 ct !
remember last time this fact king stup!d IB gave 8ct TP ! follow their stock call and dumped shares one would have cursed this fact king kenanga to hell loh !! lol

TP = 29ct by HLB , more and more IB will queue up to up TP soon .......

Yesterday, Velesto announced that it has secured a USD14m contract from Roc Oil (Sarawak) Sdn Bhd for the provision of jack-up drilling rig services. The contract entails drilling 3 wells – specifically procured for Velesto’s Naga 2 rig. We gather that the job is expected to commence in Feb 2023 for an estimated duration of about 4 months (or 120 days). We are positive on the job win as it will keep Velesto’s Naga 2 rig occupied until mid-June 2023 which will help boost the group’s overall blended rig utilisation rate while riding on the increasing DCRs. With this job win, we highlight that all of Velesto’s rigs are now utilised. We maintain our BUY recommendation with a higher TP of RM0.29/share – pegged to 14x of FY24f profits.

NEWSBREAK
Yesterday, Velesto announced that it has secured a USD14m contract from Roc Oil (Sarawak) Sdn Bhd for the provision of jack-up drilling rig services. The contract entails drilling 3 wells – specifically procured for Velesto’s Naga 2 rig. We gather that the job is expected to commence in Feb 2023 for an estimated duration of about 4 months (or 120 days).

HLIB’s VIEW
Positive. We are positive on the job win as it will keep Velesto’s Naga 2 rig occupied until mid-June 2023 which will help boost the group’s overall blended rig utilisation rate while riding on the increasing DCRs. With this job win, we highlight that all of Velesto’s rigs are now utilised.

Daily Charter Rates (DCR). We estimate the DCR for the job to range from USD95- 100k.

Status of rigs. All of Velesto’s rigs are currently chartered, as follows:

Naga 2 – Contracted Until 2Q2023.

Naga 3 – Contracted Until 1Q2023.

Naga 4 – contracted until 1Q2023, will undergo upgrade works after – till 2Q2023.

Naga 5 – Contracted Until Mid-2024 With This Job Win.

Naga 6 – Contracted Until 1Q2023 for Petronas Carigali.

Naga 8 – Contracted Until 1Q2024 for Carigali-Hess Operating Company.

4Q22 earnings preview. From the rig schedule mentioned above, we remain optimistic and believe that Velesto be profitable in 4Q22, in which results are slated for release on 27 Feb. We should also expect the group to be profitable in FY23 as all of its rigs are chartered until at least the end of the year.

Forecast. No changes to FY22f estimates. However, post tweaks, channel checks and discussion with the group, we raise our FY23-24f earnings forecasts by 7x and 5x respectively to account for significantly higher DCRs (USD100-110k/day) and blended utilisation rates (70-75%).

Maintain BUY; TP of RM0.29. We maintain our BUY recommendation with a higher TP of RM0.29 (from RM0.17 previously), based on 14x FY24f profits, which is in-line with the multiple ascribed to all of the OGSE providers in the sector.

Source: Hong Leong Investment Bank Research - 3 Feb 2023

this new contract is just the beginning ..... many many more lucrative contracts to be announced soon !!

very tiny sell queue !!

going to break 0.25 once open !!

In oil & gas bull market .... anything can happen until you can't believe it !!!

now can see very strong BUY queue at 0.24 !!!!

come 10am resumption... the price will surely LIMIT UP !!!!!
Huat ah !!!!!!!!!!!

During oil super bull time in 14-15, Velesto s earning per Q is easily 2-3 ct per Q, annualized to be 8-12 ct per year, give it low PE of 10, fair conservative price could be 0.80 to 1.20 !!
Of course if rig charter rates can shot back to 150,000 USD !

The company s NTA is 30ct , trading at 20ct is still very undervalue , not to mention the probable good Q result to be announced for the next coming quarters …. Be patient and hold tight !
30-40 ct is achievable or even more !!

Going to be top volume no 1 today !!