Posted by Gabriel Khoo > 1 month ago | Report Abuse

ESG score of 58 – based on our assessment Our assessment of BArmada’s overall ESG score, under our proprietary ESG scoring methodology, is 58 (out of 100), making its ESG rating above average, in our view. BArmada has good disclosures but we think that more can be done in regards to its policies towards meeting its ESG goals. We maintain our BUY call on BArmada with an unchanged SOP-based TP of MYR0.66. Room for improvement in quantitative parameters We strongly believe that BArmada can improve in the following aspects: i) NOx emission; ii) SOx emission; and iii) implementing ways to introduce renewable energy into its source of energy mix. However, we highlight that BArmada has shown decent improvement over the years in: i) number of spills released to sea; ii) electricity consumption intensity; iii) GHG intensity; iv) the composition of women in senior management; and v) the number of training hours per employee. Good qualitative scoring and targets Although BArmada does not follow the Task Force on Climate-Related Financial Disclosures (TCFD) framework for ESG reporting, there are proper ESG policies in place – and, they are led by a standalone sustainability committee. BArmada has established an ESG framework, aligned with the relevant UNSDG Sustainability Development Goals 2030. The group goes the extra mile and makes sure that water is treated before being released back to sea. BArmada uses more carbon-friendly machineries to reduce its carbon emissions. All the vessels that produces waste are ensured to have been managed responsibly and is managed in compliance with the requirements under MARPOL. Also, BArmada has pledged its Net Zero Carbon Emission target by 2050. Expecting record high core net profit in FY24E With Kraken back to status quo operations and our expectations of BBC recognition for its 30%-owned Armada Sterling V FPSO beginning Apr 2024, we forecast a record-high core net profit of MYR853m in FY24E, which translates into a strong 29% YoY growth.

Mbb

Posted by ITreeinvestor > 1 month ago | Report Abuse

Expecting record high core net profit in FY24E With Kraken back to status quo operations and our expectations of BBC recognition for its 30%-owned Armada Sterling V FPSO beginning Apr 2024, we forecast a record-high core net profit of MYR853m in FY24E

Posted by vespa > 1 month ago | Report Abuse

Armada has to hit paydirt if there is to be an uptick in price

Posted by Robert Waters > 1 month ago | Report Abuse

Maybe just starting to seriously look for work would do the uptick ? A project ... anything.
It has been 9 years and they just coast.

Posted by Gabriel Khoo > 1 month ago | Report Abuse

Nik. Appreciate if you could update us the navigator QR update

Posted by nikicheong > 1 month ago | Report Abuse

Has Armada Olombendo been partially sold off?

According to the listing on the website, it was just within the past 24 hours listed as a JV FPSO.

www.bumiarmada.com/our-services/

Posted by Gabriel Khoo > 1 month ago | Report Abuse

Wow...look like big project underway

Posted by rohank71 > 1 month ago | Report Abuse

Olombendo is easily worth 4B as per most analyst reports... say sell 50% = 2B will pay off all debts.

Posted by rohank71 > 1 month ago | Report Abuse

Niki when did u realise this. or is it a mistake at their website. pls clarify with company and keep us posted.

Posted by nikicheong > 1 month ago | Report Abuse

Like I said I monitor changes on their website almost every day. It was definitely "correct" as of yesterday.

Posted by nikicheong > 1 month ago | Report Abuse

Could still be a mistake by their intern of course

Posted by bullrun168 > 1 month ago | Report Abuse

Wow, oil price was super bull !
Now Brent already at=>
$85.42 +$1.39 +1.65 %

Posted by Robert Waters > 1 month ago | Report Abuse

I think this web update is simply a mistake. They hired a nephew of one of the managers, and the guy is not too bright. That is speculation on my part.
What is more important is the oil price. That moves our target price to RM 0.85 in the next 12 weeks.
Target as reliable as most analyst estimates, excluding of course CIMB Raymond Yapp. That is not a speculation. Real target.
:-)

Posted by rohank71 > 1 month ago | Report Abuse

having a misleading website is a big problem. it shows how badly they are managed. if anyone can go and change these crucial information on their website shows how their IT controls are.

Posted by marlboroman2 > 1 month ago | Report Abuse

Re-rating is imminient in light of the continued uptick (catalyst) in Brent Oil price. This is further traceable to & explained (in layman's term) as an inevitable increase on the extrinsic and holistic value of the Sum of Parts attached to each vessel. To 90 sens then shall we speculate is the next TP?

Posted by nikicheong > 1 month ago | Report Abuse

They seem to have rectified the website issue.

Posted by Gabriel Khoo > 1 month ago | Report Abuse

Likely leakage of info in website

Posted by nickick > 1 month ago | Report Abuse

Guys, i just went all in to Armada.. hopefully it turns out well

Posted by nikicheong > 1 month ago | Report Abuse

They have confirmed it was an error. I emailed them about it.

Posted by rohank71 > 1 month ago | Report Abuse

keep our fingers crossed Niki

Posted by Gabriel Khoo > 1 month ago | Report Abuse

Foreign shareholdings now increase to 15%

Posted by ITreeinvestor > 1 month ago | Report Abuse

KUALA LUMPUR (March 19): Phillip Capital has initiated coverage on Bumi Armada Bhd (BAB) with a “buy” rating at 56 sen with a target price of 80 sen and said BAB is well-positioned to capitalise on the growing demand for floating production storage and offloading (FPSO), supported by its stronger balance sheet amid the increasing global oil and gas capital expenditure (capex) spending.

In a note on Tuesday, the research house said it expects 2024 to deliver a record-high profit driven by the full contribution of FPSO Sterling V and the normalisation of FPSO Kraken operations.

“We see multiple re-rating catalysts on the horizon, including 1) FPSO Sterling V securing final acceptance and recognising the full bareboat charter (BBC) rates, 2) FPSO TGT-1 securing 7-year charter extension, 3) both pipelay vessels securing new contracts and 4) potential new FPSO contracts win.

“Key risks include any unforeseen operational delays in existing FPSOs and securing final acceptance for Sterling V, and sharp global oil price decline affecting the global capex spending,” it said.

Posted by vespa > 1 month ago | Report Abuse

The net shorts hovers in the 50 over million range

Posted by vespa > 1 month ago | Report Abuse

I should think that is the smart money

Posted by nikicheong > 1 month ago | Report Abuse

Anybody has the full report from Phillip Capital, please share.

Posted by stncws > 1 month ago | Report Abuse

80c good target

Posted by Ninja _07 > 1 month ago | Report Abuse

The Dragon has awaken! 🐉

Posted by rohank71 > 1 month ago | Report Abuse

Technical Charts looks good. Niki well done in going all in. if can breach 57 firmly, next few days is uptrend.

Posted by lloydlim > 1 month ago | Report Abuse

Time to accumulate!

Posted by nikicheong > 1 month ago | Report Abuse

Something's gotta be brewing.

Posted by nikicheong > 1 month ago | Report Abuse

Or I should hope so at least. FPSO, FSRU, FLNG, FSO, FSIU, FCSIU...anything!

Posted by vespa > 1 month ago | Report Abuse

True... so many irons in the fire

Posted by nikicheong > 1 month ago | Report Abuse

I've been expecting for an FSRU announcement, but I've been waiting since Dec 2023 and there's been nothing.

Bumi Armada is shooting many places but no kills. The worse was the debacle with the Cameia FPSO. Truly a black mark on Bumi Armada's reputation and shows the loss of confidence of large players in the company's capabilities.

Posted by rohank71 > 1 month ago | Report Abuse

couldn't hold the 57.... but still OK and on uptrend... just slower uptrend. another day tomorrow.

Posted by Gabriel Khoo > 1 month ago | Report Abuse

https://www.bursamarketplace.com/mkt/tools/research

Posted by Gabriel Khoo > 1 month ago | Report Abuse

The report available here

Posted by ITreeinvestor > 1 month ago | Report Abuse

https://www.bursamarketplace.com/mkt/tools/research/ch=research&pg=research&ac=2124786&bb=2170172

Posted by ITreeinvestor > 1 month ago | Report Abuse

Bumi Armada Initiation

Phillip Capital Sdn Bhd
RESEARCH

Posted by nikicheong > 1 month ago | Report Abuse

Nothing new, such a long report that simply regurgitates what's already known. What an easy life!

Posted by Penarak > 1 month ago | Report Abuse

Interesting read.Looks good on paper .

Posted by ITreeinvestor > 1 month ago | Report Abuse

Assuming BAB trade at a similar PE to Yinson, our implied target price would be RM1.13

Posted by nikicheong > 1 month ago | Report Abuse

@ITreeinvestor, that's a foolish assumption for the current situation. Yinson trades at a premium for a very simple reason, they have massive FPSOs yet to come onstream and they have been actively diversifying into the green energy space.

Bumi Armada has no concrete plans or projects to look forward to. That's the sad reality.

Posted by rohank71 > 1 month ago | Report Abuse

It looks good so far.. stayed well above 57 even when the market was bad. waiting to break out if there are no surprises in the market..

Posted by nikicheong > 1 month ago | Report Abuse

Bumi Armada has been shunned as a top-tier FPSO player: https://eco-cdn.iqpc.com/eco/files/event_content/fpso-contractors-guidebook-caa-22-janDmzZ3JGR6JDxLQ0dpub99NUDJClJfTSSxGttXTmt.pdf

Posted by nikicheong > 1 month ago | Report Abuse

Shunned here too: https://eco-cdn.iqpc.com/eco/files/event_content/fpso-world-congress-2024-overview-agenda-caa-15-marydrhCNVaFqTrX44pF1jnOoPCuGisL15WFGL8URYV.pdf

Posted by rohank71 > 1 month ago | Report Abuse

staying above 57.5 sen.... slowly slowly..

Posted by nikicheong > 1 month ago | Report Abuse

Every day up half a sen, soon enough we'd all be millionaires.

Posted by vespa > 1 month ago | Report Abuse

watching paint dry

Posted by vespa > 1 month ago | Report Abuse

The next qtrly report would be decisive if I am to hold or sell as there are other stocks that would provide a better return unless AK himself takes it private at a premium. Unlike Yinson, Armada has a declining FCF going forward and there appears to be nothing tangible in the near future.

Posted by frick2fa > 1 month ago | Report Abuse

Yep watching paint dry is the most boring part