i bought few days ago at 1.75, today oil rise above 42usd, i will have opportunity to sell it 1.95. If april 17 oil freeze fail, then i will buy back, if success, never mind, i am ok with 10%+ in a week :D
This L.C must be holding a lot, and very stupid to hold and even accumulate or he is too smart trying to ask people to buy while he is awaiting to sell.
oil price is a global commodity, many oil companies already went bankrupt if the low oil price drag to next year, oil companies in Malaysia will be next.
I don think the current price is still fair, the only reason the interest in buying this counter is to push the price up with the hope for oil recovery. The recent oil crash has left many oil producer bulimic.. Example like Venezuela, even if the oil recovers to USD 60, i don think they will embark on large scale capex, given their trauma in the recent crash that left their economy in recession. Whats more in Malaysia, Petronas is taking a big reduction in capex that will trim down their work force as well as spending and bring back their profit ratio to a more respected figure if they are to continue staying relevant in this industry.
Also with the prospect of shale producer coming online once oil touching $55 above, I doubt the OPEC members will come out with any reduction soon... Disclaimer: I might be wrong.. hehe
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MQ Trader 5911 views | 5 d ago
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New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
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Desa20201956
2,286 posts
Posted by Desa20201956 > 2016-04-12 23:45 | Report Abuse
normalised net profit for SK Petrol is a dangerous word.