Posted by david81 > 2014-05-27 20:02 | Report Abuse

Result is out. 20M profits not really outstanding.

Posted by mbge7clt > 2014-05-27 20:37 | Report Abuse

is a positive sign

Posted by mhelmi80 > 2014-05-27 20:50 | Report Abuse

eps 2.66 i think its good

Posted by mbge7clt > 2014-05-27 20:52 | Report Abuse

hope epf will accumulate more

Posted by waseong > 2014-05-27 23:41 | Report Abuse

Write a comment.Wah.. Wacai outperform! Tomolo analysts will up the target price!

Posted by Tornado > 2014-05-27 23:50 | Report Abuse

zero dividend. this is just like during performance review time, your boss's telling you how well you had perform for the pass one year to help the company make profit but gave you zero increment and ask you to hope for the best next year. LOL

Posted by waseong > 2014-05-28 00:39 | Report Abuse

How come zero dividends leh? Last month we just receive RM 3000 dividend. Tak kan every quarter pun mau kasi dividend meh?

Posted by mhelmi80 > 2014-05-28 10:49 | Report Abuse

down....

Posted by mbge7clt > 2014-05-28 11:17 | Report Abuse

whats happening

Posted by mbge7clt > 2014-05-29 11:53 | Report Abuse

cant break 2??

Posted by waseong > 2014-05-29 20:00 | Report Abuse

华商控股 大型涂管带动营收

行家论股

2014-05-29 12:47

目标价：2.25令吉

最新进展

华商控股（WASEONG，5142，主板工业产品股）产品结构变动，首季赚幅微跌至8%，逊于2013年首季的10%。

赚幅下跌，稍微影响首季核心净利，报2000万令吉。

整体上，油气和再生能源业务带动华商控股首季转亏为盈，录得2060万9000令吉净利。

行家建议

大型涂管计划Statoil及和北马盆地计划，带动华商控股油气业务的首季营收，按年强劲增长87%。

Statoil计划目前完成度介于30至35%，北马盆地计划则完成50%，工程将分别在明年和今年次季完成。

基于华商控股握有大型涂管计划，公司下半年的赚幅，应该可恢复到约15%。

可是，北马盆地计划接近尾声，公司营收将会降低3至4%，并下调联号公司收入预测50%。

我们下修华商控股今明两年的每股盈利预测，分别达7和12%。

公司接下来的催化剂，是比预期早获颁高赚幅工程。

目前正竞标价值50亿令吉的订单。

分析：兴业研究

Posted by waseong > 2014-05-29 20:08 | Report Abuse

WAH SEONG CORPORATION BERHAD - A Promising Start
Date: 28/05/2014

Source : PUBLIC BANK
Stock : WASEONG Price Target : 2.60 | Price Call : BUY
Last Price : 1.98 | Upside/Downside : +0.62 (31.31%)


Wah Seong‟s 1QFY14 numbers registered an increase in revenue to RM482.6m (+12.8% YoY, -2.4% QoQ), and earnings of RM20.6m (+>100% YoY, -0.1% QoQ). Higher revenue was attributed to the stronger orderbook of RM1.7bn secured in FY13, but mainly executed this year. The Group‟s performance going forward will be buoyed largely by the oil and gas (O&G) division and supported by the renewable energy division, as an increasing demand of turbine and industrial boilers is expected. We maintain our Outperform recommendation, with a TP of RM2.60 premised on FY15F EPS of 14.5sen implying a 18x PE multiple. FY14 earnings is buoyed by i) Polarled Pipeline project worth c.RM611.3m, ii) North Malay Basin contract worth about RM232m, iii) DBP Wheatstone (engineering services) and Esso/Langford (pipe-coating) worth RM98m, all of which is accounted for in the Group‟s RM1.7bn orderbook, iv) likely Pan Malaysia contracts which are yet to be awarded but accounted for in Wah Seong‟s RM4bn tenderbook, and v) potential M&A opportunities.

RM1.7bn orderbook value has been sustained by additional contracts across all sectors, with RM137.4m replenished by O&G contracts. FY14‟s tender book is estimated to be c.RM4bn, with potential contracts that will span over a 3-year horizon with 74% from O&G contracts (c.70% pipe-coating). We assume Wah Seong‟s O&G portfolio going forward will continue in this direction but with increased investments in deep water developments and pipeline construction.

Updates. i) Statoil Polarled project for the Kuantan portion is 35% complete, with the realisation of earnings from the 2nd phase of pipe coating in Norway to materialise by 2H14. ii) North Malay Basin project is 51% complete, and is on target to complete by 2Q14 (June). iii) The two pipe-coating plants in Louisiana to serve the Gulf of Mexico is fully mobilised, and has been awarded a small job worth c.USD6m. Upon building its track record, we can expect more jobs to be secured. Wah Seong will continuously bid for projects in both domestic and international markets, as a reputable pipe-coating specialist while minimising geographical and single customer exposure.

Maintain OUTPERFORM. FY14 will be largely driven by i) new projects worth USD5-USD15m to extend for several quarters, ii) steady income from renewable energy, which has continuously delivered double-digit PBT margins, and furthermore enhanced by the JV with Shinko Ind. Ltd iii) higher earnings contribution from 26.9%-owned Petra Energy for the development and production of petroleum from KBM cluster RSC, coupled with 5-year Hook-up, Commissioning (HuCC) and Topside Maintenance Services (TMS) contract by Petronas, and iv) potential M&As which are synergistic to the Group‟s business.

Source: PublicInvest Research - 28 May 2014

Posted by waseong > 2014-05-29 20:10 | Report Abuse

Published: Wednesday May 28, 2014 MYT 8:59:00 AM
Updated: Wednesday May 28, 2014 MYT 9:02:03 AM
CIMB Research maintains Wah Seong target price of RM2.72


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KUALA LUMPUR: CIMB Equities Research is maintaining its target price of Wah Seong Corporation of RM2.72, which is an upside of 37.6% from the last traded price of RM1.98.



It said on Wednesday the smooth execution of two main pipe-coating contracts supported Wah Seong's major earnings turnaround in Q1 ended March 31, 2014.



"Its net profit formed 16% of our FY14 forecast and 19% of consensus, which we deem broadly in line as we expect a stronger 2H on the back of Petra Energy's maiden risk service contract (RSC) contributions.



"We continue to value the stock at 15.8x CY15 P/E, still at a 30% discount to the price-to-earnings (P/E) of the oil & gas big caps. The shift from project-based income to annuity-like earnings is a longer-term positive and a potential re-rating catalyst that supports our Add rating," it said.



To recap, CIMB Research said Wah Seong's net profit of RM21mil in Q1, FY14 was a major turnaround from a net loss of RM2mil in Q1, 2013, thanks to the smooth execution of its two main pipe-coating contracts, namely the RM627mil contract for the Polarled project in Norway and the RM232mil contract for the North Malay Basin project in Terengganu. The projects commenced in Q4, 20113.



"For the Polarled contract, coated pipes were shipped from Kuantan to Norway beginning in Feb, paving the way for the start of coating operations at the Norway plant today. As at March 31, the Polarled contract reached 12% completion while the North Malay Basin was 51% underway," it said.



CIMB Research said as at March 31, Wah Seong had RM1.7bil of orders, which included RM137mil worth of contracts secured in Q1, 2014. The company is currently bidding for various jobs valued at RM4bil in total.



The research house said the potential long-term RSC contributions from 26.9%-owned Petra Energy's Kapal, Banang and Meranti marginal field cluster should lend more stability to Wah Seong's earnings.



"Production at the Kapal field has hit 8,000 barrels a day, higher than earlier estimates of around 3,000 to 5,000 barrels a day. We expect contributions from Kapal to start flowing in during the second half.


"Wah Seong's share of Petra Energy's net profits could be around RM24mil per annum, which we have imputed in our forecasts. Petra Energy is developing the cluster through a 30:70 JV with Thailand's Coastal Energy," it added.

Posted by waseong > 2014-05-29 20:35 | Report Abuse

華商首季轉虧為盈
2014-05-28 11:24



（吉隆坡27日訊）受油氣業務轉盈大力推動，華商機構（WASEONG,5142,主板工業產品組）截至2014年3月31日首季轉虧為盈，大賺2千零60萬9千令吉，前期則淨虧155萬3千令吉。

營業額增長12.77%至4億8千255萬8千令吉。

“油氣業營業額增長86.9%至2億2千340萬令吉，稅前盈利達2千220萬令吉，相比前期虧損1千510萬令吉。”

該公司董事部文告說，再生能源營業額與稅前盈利各增5.6%與13.2%，至8千310萬令吉與1千540萬令吉；區域油脂化學業務與油氣業蓬勃，營收與賺益高是盈利上揚主因。

工業貿易與服務組營業額跌29%至1億4千360萬令吉，盈利更下跌74.5%至240萬令吉；營收與盈利下跌，主要是專注賺益低，去年購買業務的現金減值也造成拖累。種植業務首季虧損擴大至390萬令吉。

“3大業務迄今手持17億工程（油氣業務佔12億令吉），展望未來，預測2014財政年業績正面。”（星洲日報／財經）

Posted by mbge7clt > 2014-05-30 07:26 | Report Abuse

good analyst report but somehow it cant break 2.. and also epf disposing..

Posted by speakup > 2014-05-30 07:28 | Report Abuse

Wah Seong owned by Tan family of IGB?

Posted by penarak > 2014-05-30 13:27 | Report Abuse

YOY 1Q Results (13/14) are a big improvement .But Wasco always jalan slow slow .Cant tell if it will meet TP's projected in the near term but it should,in my opinion break past the 2 mark and keep it there in the very near future ,like next week .Better to jalan slow slow in the right direction .

Posted by waseong > 2014-05-30 14:17 | Report Abuse

WASCO get Shell Gabon project.

Posted by royong82 > 2014-05-30 15:58 | Report Abuse

The big guy really hold and control the price....surprise is why no new buyer?

Posted by iWarrants > 2014-05-30 16:07 | Report Abuse

yes waseong, yes

Posted by david81 > 2014-05-30 16:16 | Report Abuse

but the shares price start dropping instead...jialat

Posted by mhelmi80 > 2014-05-30 16:55 | Report Abuse

good analysis but price still down..

Posted by hentaiboy > 2014-05-30 17:22 | Report Abuse

EPF disposing shares despite good quarter results?

Posted by royong82 > 2014-05-30 23:01 | Report Abuse

Looks like the company purposely push down to 1.91 thru share buy back today..come on, the company play up the investor.

Posted by hwang112 > 2014-05-31 09:32 |

Post removed.Why?

Posted by waseong > 2014-05-31 13:12 | Report Abuse

There is no any bad news for wacai. its drop may due to overall market not good + holiday. The linepipes for Petronas JDA, Norway Statoil Polarled and Esso Longford are continuous coated. The pipe coating jobs are smooth running and continuous make money. and just want to inform you that Penergy now already moving with keep quiet motion. think think..

Posted by mbge7clt > 2014-06-02 11:05 | Report Abuse

epf disposing

Posted by david81 > 2014-06-02 20:07 | Report Abuse

Director just bought 200000 units.

Posted by iWarrants > 2014-06-02 21:49 | Report Abuse

yes waseong, youre right, petra moving quietly, we should be quiet and =)

Posted by mbge7clt > 2014-06-02 22:45 | Report Abuse

epf continue to dispose..

Posted by waseong > 2014-06-03 12:23 | Report Abuse

Penergy move lor..

Posted by waseong > 2014-06-03 15:50 | Report Abuse

Penergy sudah up chor lor. Ma hai ya..! if I know, already buy it

Posted by mbge7clt > 2014-06-03 17:42 | Report Abuse

finally touch 2

Posted by waseong > 2014-06-03 17:49 | Report Abuse

Penergy up, wacai tak lama pun up jugak.

Posted by mbge7clt > 2014-06-04 09:35 | Report Abuse

wacai up up ..

Posted by waseong > 2014-06-04 23:29 | Report Abuse

Wacai bila mau naik hah?! Bila mau Turun hah?

Posted by waseong > 2014-06-04 23:55 | Report Abuse

Wacai memang untung banyak oil money this year. Baru-baru INI Jda project I pun tak tau dia sudah untung berapa puluh juta..

Posted by mbge7clt > 2014-06-05 11:06 | Report Abuse

what is happening now?? is it epf keep on disposing? need more share buyback

Posted by Johnnys > 2014-06-05 11:33 | Report Abuse

can start buy again.

Posted by david81 > 2014-06-05 14:47 | Report Abuse

No idea! suddenly disposing big again.

Posted by waseong > 2014-06-05 16:31 | Report Abuse

EPF style: buy at lower, sell at higher.

Posted by royong82 > 2014-06-05 22:51 | Report Abuse

Waseong play us up....again share buy back range of 1.90 to 1.98. Purposely pull down the price.

Posted by waseong > 2014-06-06 09:35 | Report Abuse

Today up, INI macam, wacai dah macam stock goreng!

Posted by waseong > 2014-06-06 14:05 | Report Abuse

Go go go! Go to see panda!

Posted by hwang112 > 2014-06-06 20:33 |

Post removed.Why?

Posted by waseong > 2014-06-08 08:45 | Report Abuse

A persistent investor will laugh at the end.

Posted by waseong > 2014-06-09 00:39 | Report Abuse

Terengganu Sepat field pipeline approx 200 km coming

Posted by L. C. Chong > 2014-06-09 10:28 | Report Abuse

WASEONG analysis - http://lcchong.wordpress.com/2014/06/09/waseongfundamental-analysis-9-jun-2014/

Posted by waseong > 2014-06-09 12:37 | Report Abuse

Biar la LC analysis. Penergy move lor

Posted by waseong > 2014-06-09 14:50 | Report Abuse

Sekarang tak beli, nanti akan menyesal..