BY KIMBERLY AMADEO Updated October 03, 2019
The U.S. debt is the sum of all outstanding debt owed by the federal government. As of Sept. 30, 2019, it exceeded $22.6 trillion.
Armada debt not much hahahahahahahaahah

We Are Positive as Stars Are Beginning to Align
We view positively the funding support by its major shareholder as it should alleviate investor concern of the need for a rights issue. With stars starting to align, we believe BAB’s valuation will re-rate gradually over time. Further rerating catalysts to look forward to in the near term include the reclassification of FPSO Kraken’s RM1.5bn debt, outcome of the FPSO Claire court case in 4Q19, progressive improvement in FPSO Kraken’s operation (fixing water filtration unit) and cost savings from the recent FPSO Perdana disposal that have not yet been fully factored in by the market, in our view.

Maintain BUY and Raising Our 12-month Target Price
We make no changes to our earnings forecasts due to a lack of details on the incremental interest cost, but raise our SOTP-based target price to RM0.45 (from RM0.34) after incorporating a lower WACC of 6.5% (from 7.3%) to reflect lower stock volatility, in view of the improving business outlook. Our revised target price implies a 8x FY20 PER, in line with the preKraken impairment valuation in 2018. Downside risks include weaker-thanexpected OSV fleet utilization, continual late deployment of subsea vessels and termination of existing FPSO contracts.

We do solid comment and made big money ckca no shares with false talk

Ckca false prophet false prophet

Ckca false comment false comment

Money money money hahahahahaah

loser ckca talk again oh no shares talker really sad, do baseless comment really false prophet . Hahahahaha I count money everyday ......ckca only talk

https://oilprice.com/

loser ckca talk again oh no shares talker really sad, do baseless comment really false prophet . Hahahahaha I count money everyday ......ckca only talk

Hahaha oh I buy 1b shares

oh 0.35 money money money hahahah

No shares already ?

IK talk again sad

Jc talk talk talk joker here hahahahaha

See no share Jc talk again hahaha

Jc no shares just talk here as joker

Hahahahaha loser

Geco no money to count come talk here you are welcome to do empty talk here

Justified

1988 made really good comment

You have to follow IK

Hahahahah Follower jc

I got no time to talk let jc do so I count money now hahahahaha

The U.S. debt is the sum of all outstanding debt owed by the federal government. As of Sept. 30, 2019, it exceeded $22.6 trillion.armada small matter hahahahah

Jc hope today close 0 hahahaha

Not like jc just talk

HHaha by the way Ian counting money everyday

Wait when jc and mg cut lose and lose money armada will up hahahahah

jc and mg are false prophet and loser

https://www.upstreamonline.com/weekly/cnooc-and-madura-m-partner-husky-run-rule-over-service-players/2-1-680754

hahaha

Valuation & Recommendation
Maintain BUY call with an unchanged target price of RM0.47 based on +1 SD to its 3-year average P/B. Risks remain its high debt and gearing level despite the recent refinancing.
Potential upside is the possible compensation of US$280m (>RM1b) from the Armada Claire court case and judgement is expected in 4Q19.
Source: JF Apex Securities Research - 10 Sept 2019

IK predict again stupid

Hahahahahah big earning today

hahaha money money money

sold 0.315 earn 200k

Buy in 0.30 now 0.35 hahahhahahahha

hahahahahah thankyou armada everyday earn big money .........not like Geco everday big mount

in again ha ha

Bumi Armada (BAB) announced that it has secured a US$75m (RM317m) financing commitment from Usaha Tegas via Mezzaine Equities (its major shareholder). This is positive news as the funding support is timely for ONGC’s FPSO DWN 98/2 project and should alleviate investor concern of the need for a rights issue. We maintain our BUY call and raise our target price to RM0.45 (from RM0.34).

US$30m for ONGC Project and US$45m Malta Refinancing
Out of the total US$75m funding, US$30m will be used to fund BAB’s 30% equity stake in ONGC’s FPSO DWN 98/2 project via a 3-year term loan. In return, Mezzaine Equities has the option to acquire BAB’s 30% stake in the project within 36 months from the date of the grant or facility being fully repaid, whichever is later. This is not an exclusive arrangement as BAB has the alternative to divest its stake to any third party during the option period. BAB will also refinance the FSU Malta bridger loan amounting to US$45m by converting it to a longer-term 6-year term loan. No further details were disclosed on the incremental interest cost.

We Are Positive as Stars Are Beginning to Align
We view positively the funding support by its major shareholder as it should alleviate investor concern of the need for a rights issue. With stars starting to align, we believe BAB’s valuation will re-rate gradually over time. Further rerating catalysts to look forward to in the near term include the reclassification of FPSO Kraken’s RM1.5bn debt, outcome of the FPSO Claire court case in 4Q19, progressive improvement in FPSO Kraken’s operation (fixing water filtration unit) and cost savings from the recent FPSO Perdana disposal that have not yet been fully factored in by the market, in our view.

Maintain BUY and Raising Our 12-month Target Price
We make no changes to our earnings forecasts due to a lack of details on the incremental interest cost, but raise our SOTP-based target price to RM0.45 (from RM0.34) after incorporating a lower WACC of 6.5% (from 7.3%) to reflect lower stock volatility, in view of the improving business outlook. Our revised target price implies a 8x FY20 PER, in line with the preKraken impairment valuation in 2018. Downside risks include weaker-thanexpected OSV fleet utilization, continual late deployment of subsea vessels and termination of existing FPSO contracts.

Source: Affin Hwang Research - 27 Sept 2019

Bumi Armada (BAB) announced that it has secured a US$75m (RM317m) financing commitment from Usaha Tegas via Mezzaine Equities (its major shareholder). This is positive news as the funding support is timely for ONGC’s FPSO DWN 98/2 project and should alleviate investor concern of the need for a rights issue. We maintain our BUY call and raise our target price to RM0.45 (from RM0.34).

US$30m for ONGC Project and US$45m Malta Refinancing
Out of the total US$75m funding, US$30m will be used to fund BAB’s 30% equity stake in ONGC’s FPSO DWN 98/2 project via a 3-year term loan. In return, Mezzaine Equities has the option to acquire BAB’s 30% stake in the project within 36 months from the date of the grant or facility being fully repaid, whichever is later. This is not an exclusive arrangement as BAB has the alternative to divest its stake to any third party during the option period. BAB will also refinance the FSU Malta bridger loan amounting to US$45m by converting it to a longer-term 6-year term loan. No further details were disclosed on the incremental interest cost.

We Are Positive as Stars Are Beginning to Align
We view positively the funding support by its major shareholder as it should alleviate investor concern of the need for a rights issue. With stars starting to align, we believe BAB’s valuation will re-rate gradually over time. Further rerating catalysts to look forward to in the near term include the reclassification of FPSO Kraken’s RM1.5bn debt, outcome of the FPSO Claire court case in 4Q19, progressive improvement in FPSO Kraken’s operation (fixing water filtration unit) and cost savings from the recent FPSO Perdana disposal that have not yet been fully factored in by the market, in our view.

Maintain BUY and Raising Our 12-month Target Price
We make no changes to our earnings forecasts due to a lack of details on the incremental interest cost, but raise our SOTP-based target price to RM0.45 (from RM0.34) after incorporating a lower WACC of 6.5% (from 7.3%) to reflect lower stock volatility, in view of the improving business outlook. Our revised target price implies a 8x FY20 PER, in line with the preKraken impairment valuation in 2018. Downside risks include weaker-thanexpected OSV fleet utilization, continual late deployment of subsea vessels and termination of existing FPSO contracts.

Source: Affin Hwang Research - 27 Sept 2019

Bumi Armada (BAB) announced that it has secured a US$75m (RM317m) financing commitment from Usaha Tegas via Mezzaine Equities (its major shareholder). This is positive news as the funding support is timely for ONGC’s FPSO DWN 98/2 project and should alleviate investor concern of the need for a rights issue. We maintain our BUY call and raise our target price to RM0.45 (from RM0.34).

US$30m for ONGC Project and US$45m Malta Refinancing
Out of the total US$75m funding, US$30m will be used to fund BAB’s 30% equity stake in ONGC’s FPSO DWN 98/2 project via a 3-year term loan. In return, Mezzaine Equities has the option to acquire BAB’s 30% stake in the project within 36 months from the date of the grant or facility being fully repaid, whichever is later. This is not an exclusive arrangement as BAB has the alternative to divest its stake to any third party during the option period. BAB will also refinance the FSU Malta bridger loan amounting to US$45m by converting it to a longer-term 6-year term loan. No further details were disclosed on the incremental interest cost.

We Are Positive as Stars Are Beginning to Align
We view positively the funding support by its major shareholder as it should alleviate investor concern of the need for a rights issue. With stars starting to align, we believe BAB’s valuation will re-rate gradually over time. Further rerating catalysts to look forward to in the near term include the reclassification of FPSO Kraken’s RM1.5bn debt, outcome of the FPSO Claire court case in 4Q19, progressive improvement in FPSO Kraken’s operation (fixing water filtration unit) and cost savings from the recent FPSO Perdana disposal that have not yet been fully factored in by the market, in our view.

Maintain BUY and Raising Our 12-month Target Price
We make no changes to our earnings forecasts due to a lack of details on the incremental interest cost, but raise our SOTP-based target price to RM0.45 (from RM0.34) after incorporating a lower WACC of 6.5% (from 7.3%) to reflect lower stock volatility, in view of the improving business outlook. Our revised target price implies a 8x FY20 PER, in line with the preKraken impairment valuation in 2018. Downside risks include weaker-thanexpected OSV fleet utilization, continual late deployment of subsea vessels and termination of existing FPSO contracts.

Source: Affin Hwang Research - 27 Sept 2019

Bumi Armada (BAB) announced that it has secured a US$75m (RM317m) financing commitment from Usaha Tegas via Mezzaine Equities (its major shareholder). This is positive news as the funding support is timely for ONGC’s FPSO DWN 98/2 project and should alleviate investor concern of the need for a rights issue. We maintain our BUY call and raise our target price to RM0.45 (from RM0.34).

US$30m for ONGC Project and US$45m Malta Refinancing
Out of the total US$75m funding, US$30m will be used to fund BAB’s 30% equity stake in ONGC’s FPSO DWN 98/2 project via a 3-year term loan. In return, Mezzaine Equities has the option to acquire BAB’s 30% stake in the project within 36 months from the date of the grant or facility being fully repaid, whichever is later. This is not an exclusive arrangement as BAB has the alternative to divest its stake to any third party during the option period. BAB will also refinance the FSU Malta bridger loan amounting to US$45m by converting it to a longer-term 6-year term loan. No further details were disclosed on the incremental interest cost.

We Are Positive as Stars Are Beginning to Align
We view positively the funding support by its major shareholder as it should alleviate investor concern of the need for a rights issue. With stars starting to align, we believe BAB’s valuation will re-rate gradually over time. Further rerating catalysts to look forward to in the near term include the reclassification of FPSO Kraken’s RM1.5bn debt, outcome of the FPSO Claire court case in 4Q19, progressive improvement in FPSO Kraken’s operation (fixing water filtration unit) and cost savings from the recent FPSO Perdana disposal that have not yet been fully factored in by the market, in our view.

Maintain BUY and Raising Our 12-month Target Price
We make no changes to our earnings forecasts due to a lack of details on the incremental interest cost, but raise our SOTP-based target price to RM0.45 (from RM0.34) after incorporating a lower WACC of 6.5% (from 7.3%) to reflect lower stock volatility, in view of the improving business outlook. Our revised target price implies a 8x FY20 PER, in line with the preKraken impairment valuation in 2018. Downside risks include weaker-thanexpected OSV fleet utilization, continual late deployment of subsea vessels and termination of existing FPSO contracts.

Source: Affin Hwang Research - 27 Sept 2019

Bumi Armada (BAB) announced that it has secured a US$75m (RM317m) financing commitment from Usaha Tegas via Mezzaine Equities (its major shareholder). This is positive news as the funding support is timely for ONGC’s FPSO DWN 98/2 project and should alleviate investor concern of the need for a rights issue. We maintain our BUY call and raise our target price to RM0.45 (from RM0.34).

US$30m for ONGC Project and US$45m Malta Refinancing
Out of the total US$75m funding, US$30m will be used to fund BAB’s 30% equity stake in ONGC’s FPSO DWN 98/2 project via a 3-year term loan. In return, Mezzaine Equities has the option to acquire BAB’s 30% stake in the project within 36 months from the date of the grant or facility being fully repaid, whichever is later. This is not an exclusive arrangement as BAB has the alternative to divest its stake to any third party during the option period. BAB will also refinance the FSU Malta bridger loan amounting to US$45m by converting it to a longer-term 6-year term loan. No further details were disclosed on the incremental interest cost.

We Are Positive as Stars Are Beginning to Align
We view positively the funding support by its major shareholder as it should alleviate investor concern of the need for a rights issue. With stars starting to align, we believe BAB’s valuation will re-rate gradually over time. Further rerating catalysts to look forward to in the near term include the reclassification of FPSO Kraken’s RM1.5bn debt, outcome of the FPSO Claire court case in 4Q19, progressive improvement in FPSO Kraken’s operation (fixing water filtration unit) and cost savings from the recent FPSO Perdana disposal that have not yet been fully factored in by the market, in our view.

Maintain BUY and Raising Our 12-month Target Price
We make no changes to our earnings forecasts due to a lack of details on the incremental interest cost, but raise our SOTP-based target price to RM0.45 (from RM0.34) after incorporating a lower WACC of 6.5% (from 7.3%) to reflect lower stock volatility, in view of the improving business outlook. Our revised target price implies a 8x FY20 PER, in line with the preKraken impairment valuation in 2018. Downside risks include weaker-thanexpected OSV fleet utilization, continual late deployment of subsea vessels and termination of existing FPSO contracts.

Source: Affin Hwang Research - 27 Sept 2019

Bumi Armada (BAB) announced that it has secured a US$75m (RM317m) financing commitment from Usaha Tegas via Mezzaine Equities (its major shareholder). This is positive news as the funding support is timely for ONGC’s FPSO DWN 98/2 project and should alleviate investor concern of the need for a rights issue. We maintain our BUY call and raise our target price to RM0.45 (from RM0.34).

US$30m for ONGC Project and US$45m Malta Refinancing
Out of the total US$75m funding, US$30m will be used to fund BAB’s 30% equity stake in ONGC’s FPSO DWN 98/2 project via a 3-year term loan. In return, Mezzaine Equities has the option to acquire BAB’s 30% stake in the project within 36 months from the date of the grant or facility being fully repaid, whichever is later. This is not an exclusive arrangement as BAB has the alternative to divest its stake to any third party during the option period. BAB will also refinance the FSU Malta bridger loan amounting to US$45m by converting it to a longer-term 6-year term loan. No further details were disclosed on the incremental interest cost.

We Are Positive as Stars Are Beginning to Align
We view positively the funding support by its major shareholder as it should alleviate investor concern of the need for a rights issue. With stars starting to align, we believe BAB’s valuation will re-rate gradually over time. Further rerating catalysts to look forward to in the near term include the reclassification of FPSO Kraken’s RM1.5bn debt, outcome of the FPSO Claire court case in 4Q19, progressive improvement in FPSO Kraken’s operation (fixing water filtration unit) and cost savings from the recent FPSO Perdana disposal that have not yet been fully factored in by the market, in our view.

Maintain BUY and Raising Our 12-month Target Price
We make no changes to our earnings forecasts due to a lack of details on the incremental interest cost, but raise our SOTP-based target price to RM0.45 (from RM0.34) after incorporating a lower WACC of 6.5% (from 7.3%) to reflect lower stock volatility, in view of the improving business outlook. Our revised target price implies a 8x FY20 PER, in line with the preKraken impairment valuation in 2018. Downside risks include weaker-thanexpected OSV fleet utilization, continual late deployment of subsea vessels and termination of existing FPSO contracts.

Source: Affin Hwang Research - 27 Sept 2019

Bumi Armada (BAB) announced that it has secured a US$75m (RM317m) financing commitment from Usaha Tegas via Mezzaine Equities (its major shareholder). This is positive news as the funding support is timely for ONGC’s FPSO DWN 98/2 project and should alleviate investor concern of the need for a rights issue. We maintain our BUY call and raise our target price to RM0.45 (from RM0.34).

US$30m for ONGC Project and US$45m Malta Refinancing
Out of the total US$75m funding, US$30m will be used to fund BAB’s 30% equity stake in ONGC’s FPSO DWN 98/2 project via a 3-year term loan. In return, Mezzaine Equities has the option to acquire BAB’s 30% stake in the project within 36 months from the date of the grant or facility being fully repaid, whichever is later. This is not an exclusive arrangement as BAB has the alternative to divest its stake to any third party during the option period. BAB will also refinance the FSU Malta bridger loan amounting to US$45m by converting it to a longer-term 6-year term loan. No further details were disclosed on the incremental interest cost.

We Are Positive as Stars Are Beginning to Align
We view positively the funding support by its major shareholder as it should alleviate investor concern of the need for a rights issue. With stars starting to align, we believe BAB’s valuation will re-rate gradually over time. Further rerating catalysts to look forward to in the near term include the reclassification of FPSO Kraken’s RM1.5bn debt, outcome of the FPSO Claire court case in 4Q19, progressive improvement in FPSO Kraken’s operation (fixing water filtration unit) and cost savings from the recent FPSO Perdana disposal that have not yet been fully factored in by the market, in our view.

Maintain BUY and Raising Our 12-month Target Price
We make no changes to our earnings forecasts due to a lack of details on the incremental interest cost, but raise our SOTP-based target price to RM0.45 (from RM0.34) after incorporating a lower WACC of 6.5% (from 7.3%) to reflect lower stock volatility, in view of the improving business outlook. Our revised target price implies a 8x FY20 PER, in line with the preKraken impairment valuation in 2018. Downside risks include weaker-thanexpected OSV fleet utilization, continual late deployment of subsea vessels and termination of existing FPSO contracts.

Source: Affin Hwang Research - 27 Sept 2019

Bumi Armada (BAB) announced that it has secured a US$75m (RM317m) financing commitment from Usaha Tegas via Mezzaine Equities (its major shareholder). This is positive news as the funding support is timely for ONGC’s FPSO DWN 98/2 project and should alleviate investor concern of the need for a rights issue. We maintain our BUY call and raise our target price to RM0.45 (from RM0.34).

US$30m for ONGC Project and US$45m Malta Refinancing
Out of the total US$75m funding, US$30m will be used to fund BAB’s 30% equity stake in ONGC’s FPSO DWN 98/2 project via a 3-year term loan. In return, Mezzaine Equities has the option to acquire BAB’s 30% stake in the project within 36 months from the date of the grant or facility being fully repaid, whichever is later. This is not an exclusive arrangement as BAB has the alternative to divest its stake to any third party during the option period. BAB will also refinance the FSU Malta bridger loan amounting to US$45m by converting it to a longer-term 6-year term loan. No further details were disclosed on the incremental interest cost.

We Are Positive as Stars Are Beginning to Align
We view positively the funding support by its major shareholder as it should alleviate investor concern of the need for a rights issue. With stars starting to align, we believe BAB’s valuation will re-rate gradually over time. Further rerating catalysts to look forward to in the near term include the reclassification of FPSO Kraken’s RM1.5bn debt, outcome of the FPSO Claire court case in 4Q19, progressive improvement in FPSO Kraken’s operation (fixing water filtration unit) and cost savings from the recent FPSO Perdana disposal that have not yet been fully factored in by the market, in our view.

Maintain BUY and Raising Our 12-month Target Price
We make no changes to our earnings forecasts due to a lack of details on the incremental interest cost, but raise our SOTP-based target price to RM0.45 (from RM0.34) after incorporating a lower WACC of 6.5% (from 7.3%) to reflect lower stock volatility, in view of the improving business outlook. Our revised target price implies a 8x FY20 PER, in line with the preKraken impairment valuation in 2018. Downside risks include weaker-thanexpected OSV fleet utilization, continual late deployment of subsea vessels and termination of existing FPSO contracts.

Source: Affin Hwang Research - 27 Sept 2019

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