Posted by Peter123 > 2014-12-05 10:46 | Report Abuse

today tp 0.545

Posted by Peter123 > 2014-12-05 10:48 | Report Abuse

collecting at 0.53

Posted by Shaun > 2014-12-05 12:12 | Report Abuse

LTH and EPF are collecting ...

Posted by MC88 > 2014-12-05 12:24 | Report Abuse

Good to accumulate.

Posted by annmix > 2014-12-05 12:32 | Report Abuse

yup selling pressure is not much now.. stonenut tp.33 is when ? kindly give a more clear picture so we can aware !

Posted by murali > 2014-12-05 13:35 | Report Abuse

I think it could be a slow slow die scenario for perisai....the interest expenses in 2015 will be hefty,thus their loss could be Hugh by then....I wouldn't say they will close shop as they have some big boys behind.....probably a cash call in 2015/2016

Posted by beso > 2014-12-05 14:28 | Report Abuse

oil getting lower, ringgit getting lower, gone case already, you will see new low again & again

Posted by skyz > 2014-12-05 15:08 | Report Abuse

everytime i look back at the TPs set by IB analyst, I wanna laugh my head off. Chinese saying "human also them, ghost also them" :p

Posted by MC88 > 2014-12-05 15:15 | Report Abuse

Deeply undervalued. NTA 91 cents and profitable. Lots of contra players that's why

Posted by beso > 2014-12-05 15:24 | Report Abuse

under value? base on what?

Posted by MC88 > 2014-12-05 15:27 | Report Abuse

NTA

Posted by metroview > 2014-12-05 15:30 | Report Abuse

why EPF keep selling?

Posted by murali > 2014-12-05 15:44 | Report Abuse

Basing on NTA?? Good luck.....

Posted by murali > 2014-12-05 15:46 | Report Abuse

Their revenue could be RM100m+ next year while interest expense could be RM70m+...how to survive?

Posted by Peter123 > 2014-12-05 15:51 | Report Abuse

force selling coming, collect and collect

Posted by Peter123 > 2014-12-05 15:55 | Report Abuse

free fall now!!!

Posted by murali > 2014-12-05 15:58 | Report Abuse

Its MD said Perisai will return to the black as its venture into the highly lucrative drilling business is expected to make up for the near-term earnings slack. Following the launch of its first jack-up rig, it hopes to turn the company around as it starts contributing to the group’s revenue from August 2014.

The company’s first jack-up rig – the Perisai Pacific 101 – had cost RM650mil to build. It is now operational off the coast of Terengganu and is expected to contribute RM20mil in revenue during the current year ending Dec 31, 2014 (FY14). The rig is on a three-year contract worth RM503mil awarded by Petronas Carigali Sdn Bhd in May.

The company will focus on the jack-up drilling segment over the next three years from 2014.

It will take delivery of two additional, high-spec jack-up drilling rigs worth a combined RM1.2bil to bring its fleet size to three jack-up rigs by mid-2016. It has started negotiations with potential clients for jack-up Perisai Pacific 102 (PP102), which is scheduled for delivery in April and May 2015. PP103 is expected to join the fleet in June 2016.

With its second rig, Perisai will widen its reach to the Asean market while maintaining its focus in Malaysia.

At present (Aug 2014), there are 15 jack-up drilling rigs operating in Malaysian waters, of which only two are locally-owned.

Perisai is well-positioned to bag more drilling jobs, as there are more than 10 foreign jack-up drilling rig contracts due for expiry in the next one to two years from Aug 2014. A jack-up drilling rig has a life span of between 25 and 30 years.

On the regional front, it has been reported that over 40 jack-up rig contracts in South-East Asia will expire between mid-2013 and 2015.

Perisai is targeting for its drilling segment to contribute about 60% of revenue within three years from Aug 2014.

Perisai’s quick turnaround will be propelled by the commencement of Perisai Pacific 101 and positive contribution from its floating, production, storage and offloading (FPSO) vessel - Perisai Kamelia.

The new assets are the game changer for Perisai, as the company evolve from a charterer to asset operator.

While upbeat about Perisai’s drilling venture, which will ride on Petroliam Nasional Bhd’s (Petronas) asset localisation policy that favours domestically-flagged vessels, however that there are concerns charter rates for such assets could soften given the new rigs that will enter the market within the next 21 to 24 months from Aug 2014.

That means Perisai may need more time to recoup its investments.

Revenue during the quarter plunged 65% to RM10.87mil from RM31.69mil.

Rubicone and E3 are likely to remain unemployed for the rest of 2014.

Look beyond the anticipated soft FY14 performance caused by the downtime of Rubicone and E3, FY15 and FY16 are set to be substantially stronger years as all the assets to be fully deployed,

Moving forward, Perisai aims to narrow its focus on drilling and production, and expects to exercise a put option to sell its derrick pipe-lay barge in two to three years from Aug 2014.

Rapid expansion in the drilling business is putting some strain on the company’s finances. Perisai’s total borrowings currently (Nov 2014) stand at RM1.1bil, taking its gearing level to 0.91 time. Management guided that its medium-term notes incurred an interest cost of RM5mil year-to-date.

With the purchase of all three jack-up drilling rigs, Perisai’s net gearing will be ballooned.

Perisai did not pay out any dividends in 2013 due to its high capex needs.

It has put down a 20% deposit for the construction Perisai 102 and Perisai 103, with the remaining 80% to be satisfied via external borrowings.

It had issued a S$102mil (RM261.43mil) in principal amount of fixed rate notes due 2016.

The group owns and operates a fleet of eight offshore support vessel (OSV), of which eight are chartered out till August 2015.

Its OSV business provides a steady of income as it expand into the drilling segment.

The company expects to add another one OSV fleet by the end of the third quarter 2014

The OSVs are held under the Intan Group, a 51% owned subsidiary of Perisai

Posted by murali > 2014-12-05 16:00 | Report Abuse

It has borrowed heavily (RM1B+) to build jack-up rigs...if the oil prices stay low for the next 1-2 years then the outcome could be very bad for Perisai

Posted by murali > 2014-12-05 16:01 | Report Abuse

As what I have mentioned few times here, they may not be able to service their interests.....

Posted by murali > 2014-12-05 16:19 | Report Abuse

Avoid oil and gas counters which are highly leveraged, despite the recent sharp plunge, you will see new low in their prices...worse still, some of them may not survive thru...good luck.

Posted by King Kong73 > 2014-12-05 16:51 | Report Abuse

Murali..thanks.for.the.write up...more i am.convince.will.support perisai.by.giving them.more.drilling contracts for.their.localisation policy. Perisai will not.embark.on high.capex.without assurance.from.Petronas

Posted by King Kong73 > 2014-12-05 16:51 | Report Abuse

Or bank will give them loans for that matter

Posted by King Kong73 > 2014-12-05 16:56 | Report Abuse

I would be worried about foreign oil and gas company operating in msia....sbm offshore..murphy...hess

Posted by King Kong73 > 2014-12-05 16:57 | Report Abuse

Local oil and gas operator...sapurakencana..perisai..dayang..alam maritime..dialog..all shud be ok

Posted by stonenut > 2014-12-05 17:02 | Report Abuse

Perisai will rocket down soon

Posted by stonenut > 2014-12-05 17:05 | Report Abuse

Now oil dropping like mad... next month will down more...

Posted by annmix > 2014-12-05 17:30 | Report Abuse

yes some people just keep shouting unrealistic low TP, very obvious they want to buy cheaper , but keep saying like its a trash share..

Posted by stonenut > 2014-12-05 18:04 | Report Abuse

Tp 0.28 might come if oil keep on dropping... January will be worst...

Posted by stonenut > 2014-12-05 18:06 | Report Abuse

Near 1 billion borrowings ..good luck... 10k already hard for me to repay...

Posted by stonenut > 2014-12-05 18:06 | Report Abuse

Anytime perisai will be delisted when they cant afford to pay interests

Posted by stonenut > 2014-12-05 18:10 | Report Abuse

Maybe wont be delisted..maybe become next hubline

Posted by annmix > 2014-12-05 18:11 | Report Abuse

10k also dont have ? no wonder wanna shout tp till 25sen, 10sen to buy, thanks for yr tp comment, last few days i made few k contra on perisai ! i believe will drop but below 40cent sounds abit hard !

Posted by annmix > 2014-12-05 18:14 | Report Abuse

maybe better u say all o & g counter all become penny share ... remember oil price wont free fall forever

Posted by Tanker > 2014-12-05 18:46 | Report Abuse

it ll go up one day. how it falls it ll bounce back up the same pace

Posted by stonenut > 2014-12-05 19:38 | Report Abuse

Ruunnnnnnnnnnnm!!!!!!

Posted by 1star > 2014-12-05 23:14 | Report Abuse

now cnbc live....oil price gila....falling $1.03....Monday another falling for perisai

Posted by annmix > 2014-12-05 23:21 | Report Abuse

its will drop but jus few cent like today only 0.5sen dispite last night also drop.. market is start to immune.. canot jus drop forever nonstop.

Posted by stonenut > 2014-12-05 23:21 | Report Abuse

Oil drop till underwear gone!!!!!! RUNNNNNNNNNNNNNNNNNNNNNNNNNN!

Posted by annmix > 2014-12-05 23:24 | Report Abuse

i think stonenut underwear already gone tats why canot cover his ball n desperatly shouting.. I like drop coz i can contra with cheap price again..

Posted by stonenut > 2014-12-05 23:28 | Report Abuse

RUUUUUUUNNNNNN! !!!!
OIL DROP 2%

Posted by stonenut > 2014-12-06 00:22 | Report Abuse

Shale gas still profitting at USD25 PER BARREL! RUN OIL PRICE WILL DROP TILL USD38
STAY AWAY FROM OIL & GAS COUNTER!

Posted by stonenut > 2014-12-06 00:22 | Report Abuse

NEW TP FOR PERISAI TP0.26

Posted by annmix > 2014-12-06 02:22 | Report Abuse

sorry up again above usd69.. where u get the news ?

Posted by stonenut > 2014-12-06 08:52 | Report Abuse

Now is USD65.69 YOU DAY DREAMING KA? Better sell fast fast and run kuat kuat!

Posted by stonenut > 2014-12-06 09:07 | Report Abuse

Annmix still in Holland day DREAMING!!

Posted by vinoth > 2014-12-06 09:45 | Report Abuse

What murali has said about the borrowings are true. However, we have to bear in mind that oil and gas counters are now in a bear market - most of the selling are caused by irrational panic. I think perisai can be considered severely oversold now. If and when the company starts to recover from the current downturn, do you all think the shares will still be traded at 50 sen?

Posted by vinoth > 2014-12-06 09:55 | Report Abuse

To suggest that the price will fall to 20-30 sen is ridiculous. The IPO price back in 2004 was 33 sen, but back then it was just a simple vessel chartering company. It has since come a long way and restructured itself, with the expansion into FPSO projects and jack-up oil rig ventures. Despite all the borrowings and shortcomings, the perisai now is no longer the perisai in 2004.

Posted by stonenut > 2014-12-06 10:27 | Report Abuse

With such a huge borrowing hard to say ohhh... might KOLAPS anytime. Now I pray pray hard

Posted by vinoth > 2014-12-06 10:47 | Report Abuse

The borrowings were already known long ago. It's not like we just knew about it. The current downtrend is more due to the idling of their two vessels - Enterprise 3 and Rubicon - which have been the mainstay of their earnings. However, this earnings vacuum is offset by the cash flow from their new FPSO (Kamelia) and jack-up oil rig (Pacific 101) ventures.

Posted by vinoth > 2014-12-06 10:52 | Report Abuse

It will not collapse because the Kamelia and the Pacific 101 have already secured contracts and are already in operation. That's why the company can still cover their debts despite two of their vessels being left idle.