Posted by bhza2012 > 1 week ago | Report Abuse

Wait for the best price to collect more

Posted by RJ87 > 6 days ago | Report Abuse

Strange strange, if they want to take profit. They do quietly at high price.

Shakeup like this, with such big volume; really no idea what they upto. Battle of the giant. Someone taking on PNB manipulator. Big volume with no news no nothing.

Posted by bhza2012 > 6 days ago | Report Abuse

Somebody press the price, maybe

Posted by surviver > 6 days ago | Report Abuse

i manage to increase some at 0.235 to leverage down the price of this share, hopefully the share price will shoot up. Good luck guys

Posted by Macgyver111 > 6 days ago | Report Abuse

Weak out
Strong remain strong.
They pressed up to maximum..

Posted by xcraft > 6 days ago | Report Abuse

This really challenging your heart to max

Posted by Macgyver111 > 6 days ago | Report Abuse

Strongly believe will rebound back strong. My guess is some big2 shark collecting now.

Posted by surviver > 6 days ago | Report Abuse

i have same feeling with you too. hopefully can make some profit. cheers

Posted by Macgyver111 > 6 days ago | Report Abuse

They do the same way back in 2019..

Posted by kuningNo1 > 6 days ago | Report Abuse

Big player all laugh to the bank, bilis hold and get lock for 4-5 year may be.

Posted by Macgyver111 > 6 days ago | Report Abuse

I collect some..take max risk also. Let see our luck

Posted by Macgyver111 > 6 days ago | Report Abuse

If go below 0.20 poochi. If rebound back then all the way back 0.27/0.28..fingers crossed...

Posted by bullrun168 > 6 days ago | Report Abuse

Top up more Velesto at @0.235
Heng ah, Ong ah, Huat ah !

Posted by surviver > 6 days ago | Report Abuse

Heng ah, Ong ah, Huat ah !

Posted by toffeemoose > 6 days ago | Report Abuse

Heng ah, Ong ah, Huat ah !

Posted by Harryww > 6 days ago | Report Abuse

The big sharks are pushing it's down until 0.20 before end of this month.

Posted by RJ87 > 6 days ago | Report Abuse

eat rice eat porridge see you dy Velesto. Whacked another 200k shares at 0.235.
If short seller not buying back the position, means it's legit someone with shares selling.

Just not sure just to sell or just to press price.

Posted by goldenhope > 6 days ago | Report Abuse

No worry, PNB major shareholder

Posted by RJ87 > 6 days ago | Report Abuse

ini part of PNB plan or PNB no renew manipulators contract? That's why manipulator dumping.

Posted by Macgyver111 > 6 days ago | Report Abuse

Armada doing good
Perdana doing good
Velesto after pay dividend...meow! Meow!
Tapi walau mcm mana pun...sabaaaaar!

Posted by specializedvenge > 6 days ago | Report Abuse

Drop 10% like one naga has sunken.
Drop a lot for no reason.

Posted by CT888 > 6 days ago | Report Abuse

any news of sunken Naga??

Posted by Macgyver111 > 6 days ago | Report Abuse

Sunken naga issue already settled la..you dlm coma ke selama ni..

Posted by NinjaInPyjamas > 6 days ago | Report Abuse

Doesnt seem revenue and profit affected. DCR should remain elevated or move higher. The margin of safety is the value of their rigs. Even China cannot build that cheap

Posted by RJ87 > 6 days ago | Report Abuse

Yesterday move, really hv to study what’s going on. Not very natural activity.

Posted by hzboi > 6 days ago | Report Abuse

yesterday 230milion volume down... today limit up at open with merely 4 million buy. I hope its shark change of hands.

Posted by ITreeinvestor > 6 days ago | Report Abuse

upcoming quarters will be badly hit by 4 rigs Planned shutdown in Y24Q3-Y25Q1
Contract end for Naga 3 & 5 soon.

Posted by ITreeinvestor > 6 days ago | Report Abuse

Price will be slowly downtrend in coming 6 to 9 months to reflect the events above.

Posted by Macgyver111 > 6 days ago | Report Abuse

All 4 rigs not going for periodical survey at one time..make sure clarified clearly. It scheduled carefully one after another...maybe small significant effects as DCR already revised to usd 120 and above by Petronas. Current oil also favourable

Posted by Macgyver111 > 6 days ago | Report Abuse

Actually only 3 rigs. They're still profitable as DCR increased..

“At least three of our rigs, namely NAGA 2, NAGA 5 and NAGA 6, are expected to commence their five-yearly Special Periodical Survey in 2QFY2024, 3QFY2024 and 4QFY2024 respectively,” it added.

Posted by Macgyver111 > 6 days ago | Report Abuse

If they shut down 3 or 4 rigs at one time.. of course, they will be run loss. But I don't think Velesto has such stup.....d management to plan in such a way

Posted by ITreeinvestor > 6 days ago | Report Abuse

its 4 rigs. and yes, it will not going to shutdown all at once hence this will drag down earning for continuosly 3 quarters.

while during that shutdown mess, naga 3 & 5 will be out of contract.

"" please refer to Kenanga Report in May24 ""
However, in 2HFY24, Naga 2, Naga 5, and Naga 6 are scheduled for special periodical surveys (SPS).

Except for Naga 3 which is set for SPS in 1QFY25

Posted by Rwan88 > 6 days ago | Report Abuse

Kenanga still target 0.34sen on May2024. Not much affacted by SPS

Posted by tankahban123 > 6 days ago | Report Abuse

https://www.marketwatch.com/investing/future/cl.1 crude oil future is more than 80 usd per barrel

Posted by biginvestor > 5 days ago | Report Abuse

The new IDRIS HYDRAULICS. Big volume everyday, no movement

Posted by KarmaS > 5 days ago | Report Abuse

continue to move lol

Posted by Macgyver111 > 5 days ago | Report Abuse

The data center theme is over. All the big sharks will jump to other counters soon, especially energy...

Posted by Macgyver111 > 5 days ago | Report Abuse

If 2morrow can break 0.245, then good sign of upward trend. PNB won't let the price plunge down...

Posted by leeabraham > 5 days ago | Report Abuse

anyone know why the selldown in past few days?

Posted by RJ87 > 5 days ago | Report Abuse

completely clueless…either press down to collect cheap ticket for specular good QR next month…
Or genuine concern of velesto’s prospect.

Else, it’s just battle of titans between sharks and giant squids.

Posted by tankahban123 > 4 days ago | Report Abuse

The Special Periodical Surveys (SPS) will take approximately10 to 30 days only, not a major concern, the investor should monitor the charted rate instead, the chartered rate will determine the earning or loss, not the SPS.

Posted by Squirtle > 4 days ago | Report Abuse

Weak hand is all folded liao
Final table set

Posted by Macgyver111 > 4 days ago | Report Abuse

I see no other reason except to press down the price and allowed someone to collect cheap ticket. PNB and HL still the top major shareholder beside others. Recently I saw more shariah type funds joined in.

Posted by Macgyver111 > 4 days ago | Report Abuse

All the big institutionals received good lump sums of dividends recently after many years hold this stock. My estimate, for PNB alone is around 10.9 million. Some foreign investment banks already left after taking the dividend profit. Maybe this could be the reason for the heavy selling recently. Our dividend is like peanut compared with theirs. The advantages and disadvantages of dividends...😁😄

Posted by Macgyver111 > 4 days ago | Report Abuse

Hopefully PNB can close the gap..

Posted by Macgyver111 > 4 days ago | Report Abuse

From BIMB

Velesto’s average DCR is expected to continue its upward trend, to reach a tipping point in 3Q24. As such, we expect the company to post a ‘sequentially stronger quarter ahead’.
On that score, Velesto is expected to sustain its earnings well into FY25. The rig suspension by Saudi Aramco may release some supply into the market, however sector utilization rate is expected to stand at a healthy level of close to 90%.
The company is ready to embark on merger and acquisition (M&A) as an avenue for its next phase of growth, leveraging on its healthy balance sheet.
Maintain our BUY call on Velesto with TP RM0.34 based on 1.1x P/B that is pegged to FY24F BVPS of RM0.32. We think the current share price has not fully reflect its earnings growth from rising DCR.
A Decent Start in 1Q24
Velesto posted a decent 1Q24 core earnings of RM46.8mn mainly driven by rising average daily charter rate (DCR). The DCR rose 8% QoQ to USD107k/day on the back of the new rate approved by Petronas for NAGA 2, NAGA 3, NAGA 4 and NAGA 6 jack-up rigs effective February 2024. Meanwhile, the revised dayrate for NAGA 8 that is working for Carigali Hess has commenced in April 2024. Overall, this should propel the average DCR to rise further in the coming quarters with peak DCR possibly achieved in 3Q24. To recap, we have imputed an average DCR assumption of USD125k/day in our FY24F earnings estimate.

Sector Utilisation Rate is at Peak Cycle
Rig market conditions are still very tight with marketed utilisation rate (i.e., sector utilisation rate or SUR) has maintained above 90% since at least 4Q23. In April 2024, the SUR was at 94%. This was despite the increase in the number of marketed supplies that rose to 438 rigs (October 2023: 421 rigs) while the number of contracted rigs is 410 rigs (October 2023: 392 rigs). While the rig suspension made by Saudi Aramco would release some supply into the market, the SUR is expected to remain very healthy at 88% by end 2025, according to an estimate.

Looking for the Next Growth Engine
As the sector has reached a peak cycle, management anticipates that there is limited upside to DCR in future. Hence, the management is proactively looking for an M&A opportunity to enhance its long-term prospect.

Maintain BUY on Velesto with TP of RM0.34 Maintain Velesto as a BUY with TP of RM0.34 as we peg 1.1x P/B to FY24F BVPS of RM0.32. This implies 16x FY24F P/E. We believe the market will re-rate on the stock amidst stronger earnings visibility from the shortage of offshore rigs.

Posted by Rwan88 > 3 days ago | Report Abuse

Good sign

Posted by RJ87 > 3 days ago | Report Abuse

whoever bought in the large volume exchange actually holding it. Interesting.

Posted by EAGLE > 3 days ago | Report Abuse

For long-term growth, recurring revenue is needed. M&A on producing oil fields?

Posted by Macgyver11 > 2 days ago | Report Abuse

Heard Petronas taking over ExxonMobil. Not sure either this can give some impact to Velesto.