Posted by Bon888 > 2021-05-27 13:11 | Report Abuse

Don't be greedy, everyday add 1 cent is good enough. Lama lama jadi bukit.

Posted by Dingdongbell > 2021-05-27 13:32 | Report Abuse

Cheap oil counter, just buy and keep

Posted by leekonghuang > 2021-05-27 13:35 | Report Abuse

GOGO ARMADA HOOT9999

Posted by zonefinder > 2021-05-27 14:18 | Report Abuse

Most of the stars are aligned. Confident this will reach 1.00 within a year. Just be patient.

Posted by armadatuah2017 > 2021-05-27 14:26 | Report Abuse

one dollar too far la.. 0.60 will do good for me already.

Posted by Jojobaa > 2021-05-27 14:52 | Report Abuse

Noticed something universal this quarter? With 4 consecutive quarterly profits that trumped analyst expectations, ALL analysts covering Armada has raised its TP after its results two days ago.

It is just a matter of time before this Kraken wakes up.

Posted by nikicheong > 2021-05-27 14:58 | Report Abuse

Actually even during Q4 2020 results announcement, almost all analysts raised their TP. Now, with Q1 results, the TP raised once again.

I tell you, there might be some hidden profits yet to come. They just disposed 11 vessels in Q1 2021. I imagine these vessels would've been cold stacked/unused. So they were incurring depreciation. Also, expenses to deliver the vessels to the buyer. Some vessels were shipped as far away as Nigeria to buyers in China.

In Q2 2021, there should be significantly lesser depreciation, and also less charges to coldstack/maintain the vessels. Also, no more costs incurred to sell the vessels (travel/costs to refurbish out of cold stack etc).

I won't be surprise that this alone would be able to boost profits by around RM20-30mil per quarter.

Watch out for a leaver OSV segment with greatly reduced losses (or even slight profitability) in Q2 2021!!!

Posted by strattegist > 2021-05-27 14:59 |

Post removed.Why?

Posted by Jojobaa > 2021-05-27 15:06 | Report Abuse

Those vessels were already classified as non current asset held for sale in Q42020. As soon as they classify it, at least the depreciation expenses would have already been stopped in Q1.

Posted by Sonyukawa > 2021-05-27 15:16 | Report Abuse

Wondering what is their objective of the repetitive small quantity buy & sell transaction hanging around 0.45

Posted by Gabriel Khoo > 2021-05-27 16:30 | Report Abuse

We view that Armada is still in its early stages of commercial discussions on the FSRU JV project with the Port of Mumbai (MbPT) and the terms are yet to be ironed out. Nevertheless, we are positive on the prospects of the FSRU project with MbPT as we opine that there will be a huge market for gas in India in the future as most of India’s power is currently generated by coal.

Posted by Miracles > 2021-05-27 16:53 | Report Abuse

Lol the hell 150k lots in 0.45 sell queue. Obvious move that IB wanna collect big below 0.45

Posted by nikicheong > 2021-05-27 17:47 | Report Abuse

Jojobaa, you’re right. No depreciation, but there would have been “holding costs” and also delivery costs that would’ve been recognised this quarter.

Posted by strattegist > 2021-05-27 18:20 | Report Abuse

closed red

Posted by strattegist > 2021-05-27 18:21 | Report Abuse

tutup merah

Posted by strattegist > 2021-05-27 18:21 | Report Abuse

tulun tulun hey

Posted by Macgyver11 > 2021-05-27 20:27 | Report Abuse

Kuch kuch hota hey

Posted by bullmarket1628 > 2021-05-28 05:57 |

Post removed.Why?

Posted by Robert Waters > 2021-05-28 07:14 | Report Abuse

CIMB downgraded it from buy to hold .... wow ...
_________________
Analysis: CIMB International Investment Banking Research

Target price: 48 cents
...Our valuation still has opportunities for upward adjustments, including if the FPSO Limbayong contract is awarded, FPSO performance continues to be strong, and higher oil prices stimulate confidence in the oil and gas sector.

As for the risks of downgrades, they include the inability to dispose of excess assets, resulting in the company having to raise funds to meet loans and debt repayments that will mature in 2024.

Nevertheless, this is at least 3 years from now, so it will not have a significant impact on the current forecast.

We downgrade the rating from "Buy" to "Hold" because the stock price has risen sharply.

Posted by sokowanda > 2021-05-28 07:32 | Report Abuse

relax relax

Posted by gogogolee > 2021-05-28 08:52 | Report Abuse

oil price rise but armada dump...haiz..........

Posted by strattegist > 2021-05-28 09:33 | Report Abuse

steady

Posted by nikicheong > 2021-05-28 09:35 | Report Abuse

Got the full CIMB report? I'd like to take a look at it.

If anyone got RHB also, much appreciated.

Posted by Jjkcl > 2021-05-28 09:48 | Report Abuse

rock steady up up to the sky.

Posted by strattegist > 2021-05-28 10:27 | Report Abuse

steady

Posted by Gabriel Khoo > 2021-05-28 11:20 | Report Abuse

Bumi Armada (BAB MK, BUY, TP: MYR0.51)*
_A Strong Start; Keep BUY_
Results Review
Keep BUY, new SOP-based MYR0.51 TP from MYR0.47, 13% upside. Bumi Armada’s 1Q21 earnings beat expectations, led by better Armada Olombendo earnings and other operating income. We expect cash flow to be resilient, backed by stable FPSO operations and continuous asset monetisation. Its risk-reward profile remains attractive, as its current 6.1x FY21F P/E (-0.5SD from the 5-year mean) reflects an elevated 2.08x net gearing as at 1Q21.

RHB

Posted by Gabriel Khoo > 2021-05-28 11:22 | Report Abuse

Fundamentals almost fully priced-in
1QFY21 core net profit made up 35% of our/consensus full-year forecasts;
we consider this in line as several revenue/cost items may not recur evenly.
We raise our SOP-based TP to 48 sen as we include the liquidation values of
its OMS assets, but downgrade to Hold on strong share price performance.
Upside risks include the potential for BAB to win its bid for Petronas’s FPSO
Limbayong contract, which may be awarded in 3Q21F.
1Q21 earnings continue to do well
BAB delivered a 1Q21 core net profit of RM150m, the second-highest in its history,
behind only 4Q20’s RM174m, and 69% better yoy. The good performance was due to
higher FPSO Kraken uptime, reduced OMS losses after 11 OSVs were sold in 1Q21,
better associate profits after the FPSO Sterling-1’s contract was extended for a further
10+5 years from 4Q20, and RM33m in fees charged to the 30%-owned FPSO 98/2 JV for
project management services in 1Q21. Core net profit fell in 1Q21 vs. 4Q20 as the
Kraken and TGT-1 FPSOs undertook planned shutdowns, while Sterling-1’s earnings
were impacted by the expensing of certain life-extension costs.
Updates on one ongoing, one upcoming, and one potential project
BAB has a 30% interest in the FPSO 98/2 (with its partner, Sharpoorji Pallonji (SP) with
70% stake) that was originally to be leased to ONGC from 1Q22F, for a period of 9+7
years. Due to Covid-19-related delays that affected the work schedule at Singapore’s
Sembcorp Marine, ONGC has extended the timeline and the FPSO will be delivered to
ONGC sometime during 2022F, according to BAB. We have included the contribution of
FPSO 98/2 into our TP, and earnings forecasts from 3Q22F. Separately, on 18 May,
BAB’s 49:51 JV with SP, SPACEVPL, entered into a licensing agreement to set-up an
FSRU at the Port of Mumbai for a period of 30 years, and SPACEVPL will have 270+50
days to secure financing, obtain applicable permits to start construction of the pipeline
and jetty, and begin the process of converting an existing LNG ship into an FSRU
(estimated capex of US$100m-200m). SPACEVPL is marketing the terminal and
regasification capacity of 3m-5m tonnes of LNG p.a. to potential industrial customers on a
take-or-pay basis. According to guidelines from India’s Ministry of Ports, Shipping and
Waterways, the port licence fees for the entire 30-year licence period is to be paid
upfront. We have not factored-in SPACEVPL into our earnings forecasts or TP due to
lack of details, but the FSRU should begin operations from 2023-24F, in our estimate.
Finally, BAB, SP and MTC Group are JV partners in the bid for Petronas’s FPSO
Limbayong contract, to be located offshore Sabah, with the 12+3+3+2 year charter likely
to be awarded to the winning bidder in 3Q21F. Competing bidders include Yinson, MISC
and Sabah International Petroleum, according to industry newspaper Upstream. We have
not included Limbayong into our estimates or TP for BAB; if BAB’s consortium wins the
project, support from BAB’s major shareholder Usaha Tegas may be required to fund the
equity portion of BAB’s capex commitment, in the same way that Usaha Tegas extended
assistance for BAB’s equity commitments for the FPSO 98/2 project.

CIMB

Posted by nikicheong > 2021-05-28 12:17 | Report Abuse

Thanks for sharing Gabriel.

The report actually seems pretty positive, they even increased the TP higher, just that now the share price is also around the level so it has been "downgraded" to a hold.

As I recall, CIMB was to first major IB to be upbeat about Bumi Armada's future, their TP was first into RM0.40 range. Maybank meanwhile was around RM0.17 and then after 3 upgrades they're at RM0.52 now.

Anyways, the fundamentals are solid. As the CEO said during the AGM, they're seeing "a lot of pent-up demand" for the FPO segment. The financials have been cleaned up and they should be able to obtain financing from banks within 2 or 3 quarters time once the net gearing level has gone down to about 1.75x levels.

Posted by Gabriel Khoo > 2021-05-28 12:57 | Report Abuse

gearing will go below 1.75x by q3

Posted by strattegist > 2021-05-28 13:02 | Report Abuse

masih hijau hey

Posted by Opera67 > 2021-05-28 13:21 | Report Abuse

So good profit but only this high..better see first la

Posted by itch > 2021-05-28 16:28 | Report Abuse

RHB 27 May 2021

Keep BUY, new SOP-based MYR0.51 TP from MYR0.47, 13% upside.

Bumi Armada’s 1Q21 earnings beat expectations, led by better Armada

Olombendo earnings and other operating income. We expect cash flow to

be resilient, backed by stable FPSO operations and continuous asset

monetisation. Its risk-reward profile remains attractive, as its current 6.1x

FY21F P/E (-0.5SD from the 5-year mean) reflects an elevated 2.08x net

gearing as at 1Q21.

 Above expectations. At 36% and 34% of our and Street’s full-year

estimates, 1Q21 earnings of MYR148m (+64% YoY) beat expectations –

largely due to higher-than-expected management fees charged to its

associate and Armada Olombendo’s contribution. No dividends were

declared for the quarter, as expected.

 1Q21 core profit decreased 15% QoQ after stripping off MYR2m in

unrealised FX gains and a MYR7m gain on asset disposal. This was largely

due to weaker JV & associate contributions as a consequence of additional

life extension costs on Armada Sterling and a weaker OMS segment amidst

weaker OSV utilisation of 44% recorded (4Q20: 49%). This was offset by

lower operating costs on Armada Olombendo and management fees

charged to its associate, recognised in other operating income. YoY, 1Q21

core earnings improved 64% YoY on better Armada Kraken availability and

higher other operating income.

 Outlook. Armada Kraken recorded lower vessel availability QoQ in 1Q21

due to an unplanned shutdown. Management guided that Armada

Olombendo is relatively more stable than Armada Kraken, given the latter’s

harsh operating environment. Overall, operating cash flow in 1Q21 has

improved 8.1x with the swing in trade receivables and payables. The

company has disposed 11 OSVs in 1Q21 and is left with 16 vessels as of

end March. Further asset monetisation is expected to continue in 2021 to

improve cash flow. However, the OMS segment should continue to face

challenges in 2021, as the construction vessels remain idle. Meanwhile,

Bumi Armada sees minimal disruption to its business operations in India

despite COVID-19’s continuous spread in India, but safety protocols and

continuous monitoring are in place.

 We increase FY21F-22F earnings by 6-7% after tweaking up Armada

Olombendo’s earnings contributions and imputing management fees

charged to associates, offsetting lower earnings from Armada Sterling. Our

TP rises to MYR0.51 post earnings upgrade. Our TP implies FY21F P/E

and P/BV of 6.9x and 0.84x. Note: We have yet to factor in the recent 30-

year FSRU project in Mumbai. Downside risks: Potential cash calls, weaker

OSV utilisation rates, and a deterioration in Armada Kraken’s operations.



Posted by strattegist > 2021-05-28 17:23 | Report Abuse

closed flat

Posted by strattegist > 2017-05-11 20:32 | Report Abuse

talak power

Posted by Macgyver11 > 2021-05-28 20:50 | Report Abuse

Total lockdown June 1st onward (14 days)

Posted by RISK8888 > 2021-05-28 21:01 | Report Abuse

FMCO, get ready for waterfall

Posted by Macgyver11 > 2021-05-28 21:23 | Report Abuse

Aiyoyo not again

Posted by Macgyver11 > 2021-05-28 21:47 | Report Abuse

But I think oil & gas falls under essential category..can operate as usual.

Posted by Jjkcl > 2021-05-28 21:54 | Report Abuse

oil counter no worries ,market used to it already. oil prices on the uptrend not like last year.hahaha

Posted by Macgyver11 > 2021-05-28 22:25 | Report Abuse

Ya agreed whatsoever only Malaysia doing lockdown not the entire world/countries. The other countries like USA India now improving a lot in combating this virus. USA vaccination program is around the clock..24/7 meanwhile India covid19 cases begin to flattening drastically. I noticed most of Armada business rely on India. Last year when first FMCO announced, the entire world was in lockdown but this time not the same scenario....

Posted by kmohan62 > 2021-05-30 14:42 | Report Abuse

Definitely there will be switch of funds from other domestic market based companies to Armada for it will be least affected by lockdown...afterall oil price is going steady and Armada's operation is basically at international level..

Posted by Macgyver11 > 2021-05-30 16:09 | Report Abuse

Thank god..today 6999 cases recorded so far. Positive sign...from 9000+ cases dropped to 6000+. That's give some relief to all of us. God bless all. Stay safe

Posted by HuatlaiOnglai > 2021-05-30 19:40 | Report Abuse

Oil and gas allowed to operate during the 2 week lockdown.

Posted by Jjkcl > 2021-05-30 20:15 | Report Abuse

oil drilling activities operate at sea

Posted by nikicheong > 2021-05-30 22:42 | Report Abuse

FMCO should have virtually zero impact to Bumi Armada. In fact, the overall Covid-19 situation is improving tremendously globally. In any case, >95% of Bumi Armada's revenue is generated outside Malaysia.

Posted by strattegist > 2021-05-31 10:30 | Report Abuse

red

Posted by strattegist > 2021-05-31 10:30 | Report Abuse

merah

Posted by fengpinglangjin > 2021-05-31 11:07 | Report Abuse

hurrican season coming in nex few mths. oil will be above 70 near 80 due to hike travelling in us.

Hurricane + US reopening.

O n G will be rallying soon.

Posted by fengpinglangjin > 2021-05-31 11:08 | Report Abuse

one of the safe haven is O N G now instead of HC.

Posted by bullmarket1628 > 2021-05-31 14:25 |

Post removed.Why?