anyone know why this counter not moving? counter like Dayang and Dialog has rebounded for quite a bit but this counter seems to be slow despite outperform in the quarterly report.
Perdana has strong earning visibility, most of its vessel are on long-term charter up to 5 years, now is just a temporary setback due to oil price depression. Perdana is a well-managed company, I believe the company has lower capex (due to slow expansion) in the years ahead and is actively paring down its debt, Perdana will soar when oil price rebound.
look like lower than RM 0.90 after result out.. all oil&Gas sure down 10-20% after result announce.. more to come... who dear to try this counter and armada. run before it's too late..
The bad results was expected as the oil & gas companies share price already dropped like hell. Thus, the down side is limited. Further more, if oil price can rebound back to > USD60..it's time to accumulated when it further dropped.
Ini perdana sudah lama gua tak pandang Asyik dgn kaunter lain yg sedang jalan Aiyo..dia sudah terbang Nanti monday gua ambil peluang Mudah2an gua dapat pulangan Bagi menampung yang dah berlubang
Perdana is a GO candidate by Dayang. This is a known knowledge to those that are close to the industry. Because Perdana is a non-syariah counter and has no plan to be a syariah counter due to nature of the business, Tabung Haji "may" have to divest its investment in Perdana. So, here are some facts to consider:-
1. the average price Tabung Haji is higher than current price; 2. there is already interested party to acquired the block; i.e. Dayang 3. however, Dayang may need to offer GO once it cross the 33.0% holding 4. Tabung Haji is also a shareholders of Dayang with 7.0% stake. 5. Dayang done 80mil share placement last year. What do you think it is for?
So rumor has it, Tabung Haji will be able to divest its stake in Perdana before May 2015, higher than its average purchase price. The acquirer (Dayang) may have to purchase anything between 1.6-1.8x of Perdana's book. Bear in mind, Perdana has the youngest fleet and its the only company in the region with huge fleet of AWB. So you roughly know where the share price is heading for Perdana or how it should be valued.
Secondly, the purchase price may be part cash and part share swap or fully cash depending on the negotiation between the acquirer and Tabung Haji. Don't forget, Dayang has done a placement of 80 million share late last year in preparation for this, so they have a lot of cash for this purpose.
90% of borrowing, or RM 520 million (as at 30.9.14) is in USD currency. USD: MYR rate increase around 15% during sept'14-dec'14. Thus perdana will made forex unrealise loss about RM 50-60 in 4th quarter for 2014. Somemore cash balance of RM 28 m is insufficient to cover Short term borrowing of RM 147 m. Finally, I think perdana coukd propose right issue soon to solve the problem. Better run before too late.
Jawawin, so now you think your are smarter than those MayBank researchers huh?? they recommended a buy call on Perdana with a TP of RM 1.80 whereas you recommended a run call.
In fact, Jayawin's opinion is as such that the company will not extend or refinance the short-term loan. No right business, is not aware of their debt maturity. That is one. You must be thinking CFO of Perdana Petroleum is not aware.
Secondly, it must be silly for the company to recognized RM50-60mil loss in one quarter due to forex losses. Jayawin has to read up on how a company recognized unrealized gain/loss on foreign borrowing. Not to forget, they quoted their charter rate in USD also... so are you saying only cost will balloon up due to higher USD but not the revenue?
Thirdly, to propose private issue sounds very intelligent but for every corporate exercise, it needs shareholders approval. And one of the major shareholders are Tabung Haji.. Do you think while Tabung Haji is looking to exit will still approve the exercise and inject money into Perdana? Not to mentioned, Dayang who looks to acquire Tabung Haji, will waste it resources to pump in money to Perdana and let go of its opportunity to acquire Tabung Haji's block?
Derrtan.. it depends whether you look at just a quarter or the whole financial year. Its current price is only about half of what it used to hover a year ago and quite a low P/E..
威廉·莎士比亚 "to be or not to be" YOU MUST ALWAYS PUSH THE LIMITS, BECAUSE IF YOU NEVER FAIL, YOU WILL NEVER SUCCEED.not i say oh i just copy from somewhere, i pass my uni also copy, copy other brain, heh heh just to release tension, no heart feeling ah.
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Posted by L. C. Chong > 2014-12-31 13:12 | Report Abuse
PERDANA analysis - http://lcchong.wordpress.com/2014/12/31/perdana-fundamental-analysis-31-dec-2014/