#Hot Stock* Protasco dips 3.26% after O&G venture called off
Wed, 06 Aug 2014 03:30:47 GMT
KUALA LUMPUR (Aug 6): Protasco Bhd shares slipped 3.26% in morning trades on Wednesday after the company called off its venture into the onshore marginal oilfield development in Indonesia yesterday.
At 10:42 am, Protasco dropped 6 sen to RM1.78 after falling to a low of RM1.75 earlier.
The company announced to Bursa Malaysia yesterday that its amended sale and purchase agreement (SPA) to acquire a 63% stake in Indonesia-based oil and gas company PT Anglo Slavic Indonesia from PT Anglo Slavic Utama had lapsed.
It said that the announcement had lapsed on July 28 as the conditions laid out in the agreement had not been fulfilled by PT ASU and the security provider within the conditional period of six months.
Protasco disclosed that it was in discussion with PT ASU for the purchase price to be returned through, among others, cash and disposal of the secured shares in accordance with the terms of the related SPA.
MIDF Research said in a report today that it was not too perturbed over the deal cancellation as there would be minimal near-term impact to the group’s earnings growth prospect.
"Although the proposed investment may potentially deliver lucrative returns over the long-term, it would only contribute minimally to the group’s FY14 and FY15 operating profits," it said.
The research house is maintaining its "buy" rating on Protasco with a revised target price of RM2.69 per share (from RM2.90) based on FY15 sum-of-parts valuation.
Where is dividend? TPY goes into protasco, 10 years boring company suddenly bull run from 0.90 to 2.20 with analyst call for 2.90 buy. Will he also pushes this from 0.12 to 0.30? Gives dividend also?
push 1 cent a week is enough for me..previously range from 11-11.5, now from 12.5 - 13..so next week up another 1 cent..slowly2 up goes to 17 cent..better than fast up and fast down like shit..
True.It is better to have an uptrend than just a blip.So far from the news showing clearly where they want to bring Nexgram.Hopefully brighter future ahead.
Hi Bing, I am still here, just silently read all your comments. Just let the contra players & impatient ikan bilis who bought NG at 11.5 - 12.0 cents previously to take profit first prior to moving up again...
for short i guess shd be 0.15 tp:) mid term will be 0.18-0.2 at least..next year after the Sensorlink revenue take into account price will be like SKPress break 0.5:)
my own opinion la:) if everything goes well warrant B will be tripple up or more (mostly the max fold it will be compare to the other 2 warrant) from now:)
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
psleong
46 posts
Posted by psleong > 2014-08-06 09:36 | Report Abuse
Y tms??