haha Tommy good good and hope u r too - I was calling u out the other day at E&O to defend but someone said u're busy shopping for the new Ferrari LOL cheers buddy :) hopefully more to come - for both :)
yep can be much higher - actually GOH kept buying after selling off a majority to SIME so I want my 2.30 if not 2.00 haha besides those are my free shares now not much only left 15K after selling some in the range of 1.50+ due to fear of GE a month/two back :( oh well u win some and u lose some and thanks for the info sharing as always :)
MARC removes KMCOB Capital's Sukuk rating from MARCWatch Negative
09/04/2013 13:09 AST CPI Financial More Sharing Services Share | Share on linkedinShare on facebook Share on twitterShare on email
MARC has removed its rating on KMCOB Capital Bhd's (KMCOB) MYR 343.1 million Sukuk Murabahah Medium Term Notes (MTN) programme from MARCWatch Negative and affirmed its A+IS(cg) rating on the company; the outlook on the rating is negative.
KMCOB is the funding vehicle of Scomi Oilfield Limited (SOL), the oilfield services unit of Scomi Group Bhd (Scomi). MARC had earlier placed KMCOB's Sukuk rating on MARCWatch Negative on rising risks associated with Scomi's delayed internal restructuring of its oilfield services business and SOL's tight liquidity.
The current rating action, which affects MYR 302.55 million of outstanding notes, follows the completion of Scomi's corporate exercise and takes into account SOL Group's success in obtaining new bank borrowings to fund its working capital needs. The rating of KMCOB's Sukuk continues to be driven primarily by the creditworthiness of its parent company, SOL which has extended a corporate guarantee for the Sukuk.
Prior to the restructuring, losses from the Western Hemisphere oilfield services business had been a drag on the performance of SOL and its credit profile. The recently completed internal restructuring exercise entailed the transfer of SOL's loss making Western Hemisphere oilfield services business out of SOL Group across to Scomi Oiltools Bermuda Limited (SOBL); the regrouping of Scomi's Eastern Hemisphere oilfield services business under SOL; and Scomi's disposal of SOL to Scomi Energy Services Bhd, (formerly known as Scomi Marine Limited) (Scomi Energy Services). Post-completion of the aforementioned corporate exercise, SOL now operates as a subsidiary of Scomi Energy Services.
MARC expects the restructuring to benefit SOL's margins and pave the way towards improved credit metrics as well as greater financial flexibility at both SOL and Scomi Energy. The rating agency notes a trend toward generating increased EBITDA in 2013, supported by satisfactory order book replenishment. SOL's order book, which includes a recently secured $700 million project awarded by national oil company Petroliam Nasional, currently stands at approximately $1.5 billion.
Subsequent to the rating agency's negative MARCWatch placement in January 2013, SOL has secured $28.35 million in the form of working capital credit lines from two banks to fund its working capital requirements. This development somewhat alleviates MARC's concern over SOL's ability to fund its new projects and improve its liquidity position. Management believes that its present credit facilities together with the additional financing to be procured will be sufficient to fund SOL's working capital needs for 2013. The group is expected to obtain additional financing in the near future to support its pipeline of orders.
The negative outlook, meanwhile, reflects expectation that the SOL's financial measures, particularly its cash flow protection measures, will remain weak for its current rating level. KMCOB has little liquidity cushion and has obtained a waiver of compliance with its annual debt service cover ratio (ADSCR) for the period from October 1, 2012 through June 30, 2013. The delay in SOL's disposal of its West African assets has also affected its deleveraging timeline.
The rating could come under pressure if SOL's credit metrics fail to strengthen as expected. The outlook could revert to stable if SOL's core earnings, cash generation and liquidity show meaningful and sustainable improvement over the coming quarters.
Hahaha buy together and sink together. Believe it RM4.9bil (>3years average) contract value in hand its not enough to push up the price in near time unless other big fish buy aggressively in bulk. Shah need to convince financial trust fund to invest in Scomi....... The best part in 3 month past, the share price were in range 0.335-0.36. It is very weird the 2 party (Abu Sahid & Shah from Kaspadu) keep increasing their stake in SGB, even though less than rm100k. I think most of us waiting good news from Scomi whether they secure big project.
Don't dreaming bro, scomi is not a blue chip company. Market capitalization for scomi can not improve KLCI even 1 points. Past 3 weeks after Parliment dissolve, blue chip company Mayabank, Axiata,Tenaga and CIMB share support the KLCI performance. Market cap for scomi...?
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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....
khalil992418
421 posts
Posted by khalil992418 > 2013-04-08 12:46 | Report Abuse
Change to scomien, more profitable more than 20%....