Locally, last Friday's news that Petronas has aborted the award of risk sharing contract for the Tembikai and Chenang clusters and will not be reopening them for bidding is a wet blanket for oil and gas (O&G) players, especially Scomi Group that had expressed interest in these clusters.
Nonetheless, it could be a blessing in disguise for the group as the timing of Petronas' announcement is perfect ahead of its EGM this week to obtain shareholders' approval for its restructuring exercise involving Scomi Marine, its subsidiaries and the group.
Earlier news reports and market talk have indicated that some new shareholders of the group are not happy about the possibility of the risk-sharing contract to be parked directly under Scomi Marine and not the group.
That aside, O&G is an important cyclical sector that investors should overweight this year, apart from the underperforming construction sector, as no matter who wins the election, these key sectors are imperative to derive domestic activities.
the edge report should be a non issue as it already came out before lunch on Friday and selling should have been in full swing late Fri morning and afternoon and nobody will wait until Monday to sell la. the only thing interesting to watch is the coming EGM :) my 1/4 cents :)
after CNY the price would slowly increase and after GE13 will be more exciting...no matter who sworn as a PM, life must go on. i believe this is a good move for retail investor like us. Be brave!
As noted previously, investors are awaiting the EGM. Once the vote at the EGM is completed, Scomi group true color may appear. I would keep my rating on the stock as 'sell into strength. However, since this is a stock for looking on time to time investment basic of business outlook, should look out to buy it if it drops to the support level as noted lower.
Continue to monitor & believe it will fly with IJM's entry as major shareholder which IJM views as opportunity to OnG. Suggest to buy when its price dips down. Its Resistence point will be at 36 cents for its breakthrough price
watching 31st Jan for clues if it will go up or not... whoever's going for EGM, please update forum on whether motion for IJM's entry is passed or blocked.
Scomi now at downtrend position, i believe tomorrow will drop below 30cent. As we know the idea go for EGM is to get a vote whether IJM can go in or not. Even IJM get highest percentage shareholding, that move still a uncertain condition because contract in hand still not enough to lift up their performance. Unless SCOMI get new contract within 3 to 4 months from now. IJM have a good capital and support from EPF to secure SCOMI but it doesn't mean can guarantee SCOMI to get big project.
some good/positive news in today's Sin Chew Jit poh. Shah mentioned that - IJM should able to join Scomi - Company will win few more contracts (2-4??) on coming Feb - Company will than holding totally one billion worth contract!!!??
tomorrow if IJM bonds get voted thru, it should be positive for SCOMI. And Shah is very confident of securing contracts in the middle east. Well, most importantly, the company is doing better and paring down debts with IJM's help :)
Should see more positive development in time to come.
KLCI is going down, so any good stock also will follow index....for the timimg better hold or sell and wait until election result....if BN still win 2/3 majoriti, our mkt will be sustain and uptrend....
Scomi might attract some trading interest before its 2.30pm EGM on Thursday if investors are confident the meeting will endorse the resolution to approve a bond issue to IJM Corp to pave the way for the latter to become a 25% shareholder and strategic partner of Scomi.
The deal will allow Scomi and IJM to capitalise on each other’s strengths to further expand their local and global operations in construction as well as oil and gas sectors. According to various news reports, initial opposition to the proposal from two substantial shareholders has subsided.
Scomi CEO Shah Hakim, the proponent of the deal, has said he believes shareholders will support the bond issue as it will help pare down the debts of Scomi. The partnership with IJM will also enhance Scomi's chances of winning RM10 billion worth of monorail jobs globally.
"I feel the impact brought about by our joint cooperation will be one plus one equals to more than two," he was quoted as saying by Sin Chew Jit Poh.
aiyoyo this shah where he learn how to calculate - one plus one equals more than 2 - no wonder Scomi shares ain't going no where hehe better hope his 'calculations' will ensure IJM gets thru otherwise this fella got to go! I was queing at .295 today maybe if IJM deal cannot go thru we will see below .30 haha
hehe KC no worries if IJM deal not go thru I'm planning for Shah's removal next haha hopefully the showtime got fireworks :) tommy buddy - highly unlikely any GO but I'm all for it for :) .45 haha
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Posted by lonelyreload > 2013-01-27 16:12 |
Post removed.Why?