Posted by paperplane2016 > 2017-07-07 08:20 | Report Abuse

Good

Posted by John Lu > 2017-07-07 08:27 | Report Abuse

Add abit today

Posted by LaLaLa > 2017-07-07 09:25 | Report Abuse

good one there... fair enough...

Posted by probability > 2017-07-07 09:33 | Report Abuse

Good future potential for Davidtslim..he he..
nice presentation..:)

Posted by wltan22 > 2017-07-07 09:35 | Report Abuse

Big LIKE to you, David, something that I look forward :)

Posted by Newmaster > 2017-07-07 13:57 | Report Abuse

Very good from different angles, cheers !

Posted by paperplane2016 > 2017-07-07 14:22 | Report Abuse

most articles shared so far , 300mil-400mil and higher is possible.

350mil-360mil is my expectation. By tht, PetronM shall be traded at range 13.0-18.0 range.

Price now is totally mispriced by market

Posted by Flintstones > 2017-07-07 15:35 | Report Abuse

Good artciel. Clear cut points and easy to understand. Most importantly, the figures pointed out are correct. Petron refinery is operating at 50% capacity. Unlike RH research, david has certainly dis his homework properly

Posted by MCC8 > 2017-07-07 16:13 | Report Abuse

Excellent, Good article, looking forward to read 2nd, 3rd article.....

Posted by davidtslim > 2017-07-07 17:22 | Report Abuse

May write part 2 of Petronm fundamental later

Posted by paperplane2016 > 2017-07-07 17:50 | Report Abuse

write more, drop more. hahaha. Waiting 7.50. please, 7.50

Posted by beyong > 2017-07-07 18:41 | Report Abuse

Thank you for sharing your works! Thank you David!

Posted by 逍遥子 > 2017-07-08 11:29 | Report Abuse

Thanks David for the hardwork, by the way just want to add 2 additional points :

1) Forex Rate, USD exchange rate against MYR is 4.4265 on 31/3/2017, where as the rate at 30/6/2017
is 4.294 there is about 3% improvement for MYR. This will in a way benefit Petronm, however how big will be the impact is hard to estimate as due to their Forex hedging contracts details is not available.

2) FY2017 Free Cash Flow might be around $100 mils lower due to the budgeted $150 mils Capex for this FY. Previously Petronm spend about $50 mils Capex per FY, hence this FY Free Cash Flow is expected around $210 mils.

Posted by davidtslim > 2017-07-09 22:06 | Report Abuse

Thanks 逍遥子 for your 2 additional points for Petronm. We will be clearer in August for its free cash flow level. I expect they can reap good profit from refinery business in Q2.

Posted by Bizfuneng > 2017-07-09 23:58 | Report Abuse

Hello davidtslim, good learning from your report. Thks.

Apprec if you can help me to understand how you derive operating and finance cost of RM34.6m from Q1 report.

Posted by Bizfuneng > 2017-07-10 11:50 | Report Abuse

davidtslim - TQ.