drkelvin20, I tried to warn people that the NTA calculation was wrong and that the value that the company can get by force selling these assets will be a lot lower than book value.
Many kept going against me, some even insist that goodwill of RM4billion can be sold and should count towards NTA calculation.
Now that the banks waive the loan covenant, finally we get to see the true picture and true value of those assets.
Whoever kept saying I was wrong, look at the Net Assets per Share now, 2 cents! I was indeed wrong because I was too optimistic by saying 5 cents is the fair value.
Big players already expected the big impairment. Share price still above 0.02 because they value the company at a premium to its real net assets (not the inflated value before this recent impairment), maybe hoping PNB will come in to save Sapura or Sapura can monetise its gas fields at current high oil price environment.
Chill drkelvin20, I am merely responding to Nikmon's question on why E&P making losses. Anyway, the E&P joint venture losses are insignificant compared to the losses that other divisions are making.
I am someone who used to work in the O&G industry. Sapura tries to take on a lot of overseas contract like in India and Taiwan to create the impression that they are expanding internationally but they screwed up badly. And they keep delaying payment to subcons but still can pay the big boss fat bonuses and IP payment, end up all the good subcons don't want to do business with them anymore or request cash on delivery, making their cash flows even worse.
Some oversea company also facing same challenge like SAIPEM, in Malaysia OnG sector are worst as Petronas is bullying oil service sector. MHHB, Velestor all are still struggling not mention about some already PN17 like Bara , TH heavy.
Withe chaos created by previous regime, 100million pay slip, non profitable contract, over expand, covid impact. The new management still able make the company stay afloat...I believe it is not an easy job.
King Shahril must be very sad leh. When he retired from the CEO post. He said he can sleep well with the new CEO n his team leh. Mana tau new CEO n his team managed Spanrg sampai left NTA 2sen only. King Shahril must be very sad now leh. His balance shares pun macam toilet paper value leh. He retired from billionaire become millionaire only leh. Correct?
Timmytan, the impairement loss, how did they come out with such a huge number ? Is this reversible ? The 50 % stake in the sapuraomv still able to fetch his much of the value ? Do u think the pnb is in any position to rescue the company at this juncture ?
In view of the situation, PNB is assuring its unitholders that the situation at SEB has a minimal impact on its portfolio.
At current market prices, its exposure is less than 1% of its assets under management (AUM). PNB adds it remains steadfast and committed to. protecting and acting in the best interest of its unit holders.
Does it sounded more like PNB will pump in more money into Sapura or just write it off from the book under worst case scenario?
Thanks Noah, I did finished reading the script. Seems like all the big guns in the company doesn't give a clear answer on all the questions asked, I could he very wrong judging like this since I am not finance person.
Since pnb said it is lesser than 1% of their portfolio probably they will just write off. I think this company very highly go busted just like thheavy. Habis all my gambled money on this
skyu yup.. the transcript is very detailed and would be helpful for every investor here...
seemingly when direct probing question being asked by multiple analysts, they more like avoiding answering the actual question but pusing around with words..
1 analyst did state about this kitchen sinking exercise in Q4 and since there is an impairment of 212 millions happened, they are worried of the assets and goodwill quality. from the transcript, management fail to addressv the analyst worries
From the latest result, drilling seems like picking up, but E&C is the one lose the most and still struggling, just wonder would they sell off E&C or E&P.
If they manage to restructure the debt from vendor, next Q probably can break even....return to profit may another 2 Q I guess.
You everytime QR out you cakap next one or two qtrs will turn profitable lah. Macam pun sudah many qtrs cakap pun takda correct leh. How to settle the high debt 10.6bil and hutang trade payable 3.7bil. Takda upfront cash payment they will not bother to supply oe work for you leh. Siapa ada common sense still will want to supply base on payment term kah. Hutangvtak bayar lagi mau supply kah Correct?
Nikmon
From the latest result, drilling seems like picking up, but E&C is the one lose the most and still struggling, just wonder would they sell off E&C or E&P.
If they manage to restructure the debt from vendor, next Q probably can break even....return to profit may another 2 Q I guess.
Nanti mau bincang with banker to cut the payment like owe rm1 payback only 5sen. Ini macam if bankers can accept baru ada chance lah. Then suppliers contractors pun sama juga owe rm1.00 pay 5sen. Then baru can settle all the debt lah. Only hope this to happen lah. PNB pun takda bother cakap sapnrg only 1% of PNB portfolio. Just write off only lah. Correct?
Haha, anyone can check back my comment easily, since Q322, Im already become pessimistic that it won't start recovery mode in 6 months at least...
This ular as a Sharill supporter....I believe most of the genuine investor well aware about the 100 million pay slip took by ex CEO who brought SE to Holland....
From latest QR, my personal opinion, the trigger is inevitable without any capital injection or restructuring. (early to late Jun 2022)
Why?
PN17 criteria: "shareholders' equity of the company on a consolidated basis is 25% or less of the share capital (excluding treasury shares) of the listed issuer AND such shareholders’ equity is less than RM40 million."
Share capital 10,872,078m Total equity 254,177m Current equity is only a mere 2.3% of share capital. Lucky them their equity still above RM40m, current stood at RM254m.
However, this won't last long.
Look at the total equity trend from Q1 to Q4 2022: 8,943,307 -> 7,658,687 -> 6,843,468 -> 254,177
So only another 214,000 to go before trigger the criteria.
Secondly, Annual Audited account will be released in early June.
We can only make a guess whether will their external auditor raises material uncertainty relating to going concern.
So yeah, it would be either early Jun or late June. one way or the other.
Ular ada cakap leh. King Shahril is Sapnrg. Sapnrg is King Shahril leh. Sapnrg without King Shahril kenot survive leh. Now proven those took over the helm kenot help Spanrg to survive leh. They mana tau Sapnrg like King Shahril lah. If King Shahril still at helm maybe Sapnrg wont be like now leh. Now nasibsudah jadi bubur apa lagi mau complaint lah. You all cakap Sapnrg without King Shahril will be better mahm Now proven pun wrong lah. Correct?
Nikmon
Haha, anyone can check back my comment easily, since Q322, Im already become pessimistic that it won't start recovery mode in 6 months at least...
This ular as a Sharill supporter....I believe most of the genuine investor well aware about the 100 million pay slip took by ex CEO who brought SE to Holland....
No one that know Sapnrg more than King Shahril leh. Who can fill his shoe in sapnrg. Those so called professional working in Petronas or oil giants know sapnrg business kah. They mana tau lah. If tau sapnrg wont be like now already lah. Better beg King Shahril to comeback maybe still ada sikit hope to recover leh. Correct?
Khazanah already hv bleeding malaysia airline in hand dont think will consider another bleeding asset...najib thinks he is elon musk anything he tweet becomes hype...lets see tmrw price will it meet nta price or nt
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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....
davidkkw79
5,068 posts
Posted by davidkkw79 > 2022-03-18 14:24 | Report Abuse
Wow ! Chun Chun Result ! Moon !
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3243885