Posted by Macgyver11 > 2022-08-11 16:44 | Report Abuse

Velesto got long way to go before reach the TP target. Still in initial recovery stage. Can expected good TP return next year onward only....except the reality. Just collect as much as you can and harvest it next year.

Posted by Macgyver11 > 2022-08-11 16:47 | Report Abuse

6.5c possible if coming qtr still posting red (hopefully not)...

Posted by daneilchoong > 2022-08-12 09:17 | Report Abuse

lets dont forget this alongside sapura

Posted by wongcheehui83 > 2022-08-14 00:10 | Report Abuse

but i feel something not right.....
in 4 days continuous, MACD keep crossing, parabolic SAR look like will further drop, RSI increase back to 40 (borderr line). Chop zone still red.... MACD all the while positive value

never see this kind of trend

Posted by wongcheehui83 > 2022-08-14 00:39 | Report Abuse

i feel someone rushing sell at 8 cent and someone rushing buy at 8 cent

Posted by EAGLE > 2022-08-15 11:34 | Report Abuse

Hahahaha.... Manipulation?

Posted by wongcheehui83 > 2022-08-15 12:31 | Report Abuse

don't know

Posted by anaktodak > 2022-08-15 21:10 | Report Abuse

NAGA 3 is ready to Vietnam.

Posted by wongcheehui83 > 2022-08-17 23:57 | Report Abuse

most likely at 8 cent then stable ald. can slowly accumulate

Posted by Lewis Lee > 2022-08-18 15:10 | Report Abuse

Huat ku ku bird lah Huat !!

Posted by wongcheehui83 > 2022-08-18 16:55 | Report Abuse

slow slow la....... haiyo

Posted by wongcheehui83 > 2022-08-21 22:00 | Report Abuse

oooi. u got new sentence or not??? sien ler

Posted by wongcheehui83 > 2022-08-21 22:01 | Report Abuse

although it will up due to this and new director la

Posted by wongcheehui83 > 2022-08-22 21:22 | Report Abuse

tmr up or down?

Posted by daneilchoong > 2022-08-23 09:28 | Report Abuse

oil n gas theme today

Posted by EAGLE > 2022-08-23 10:20 | Report Abuse

Qr results out?

Posted by bullmarket1628 > 2022-08-23 10:46 |

Post removed.Why?

Posted by bullmarket1628 > 2022-08-23 11:35 |

Post removed.Why?

Posted by bullmarket1628 > 2022-08-23 11:51 | Report Abuse

Wow, Fantastics !

Now Hibiscs already traded at=>
0.965 (+0.065)(+7.2%) !



Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-08-23 15:45 | Report Abuse

Wow, Fabolous !

Now Hibiscs already traded at=>
0.98 (+0.08)(+8.9 %) !



Heng ah, Ong ah, Huat ah !

Posted by wongcheehui83 > 2022-08-23 23:09 | Report Abuse

Qr is tmr ma......

Posted by Lewis Lee > 2022-08-24 10:43 | Report Abuse

tomottow Qr report sure loss (hopefully minimal !)
Only hope is going forward they can win more contract to reach UR of 70-90% !!

Posted by Lewis Lee > 2022-08-24 10:50 | Report Abuse

Completed Upgrading Works for NAGA 5 and NAGA 6

Local media reported that Velesto has completed the upgrading works for its Naga 5 and Naga 6 rigs with the offline capabilities. With this module, the rigs will be capable to undertake multiple scope of activities while drilling, hence reducing the drilling time per well. This, in return, will reduce the overall drilling project costs for clients and indirectly reduce its carbon emission footprint.

Improving Rigs Competitiveness

We note that Velesto’s market share for local drilling jobs has declined to a 5-year low in FY21 or at 35% from the average of 60% despite steady demand (Chart 2). This could be due to longer drilling days to complete a drilling campaign as compared to foreign rigs. In a situation where Velesto submit its bid at similar daily charter rate (DCR) against its peers, longer drilling period will result in higher costs for clients. As such, we believe this upgrade will improve its competitiveness, hence helping the company to regain its market share and improve its asset utilisation rate. This is further supported by (i) recent 2+1+1 year umbrella contract that it secured from Petronas Carigali and (ii) strong demand outlook for jack-up rig that is expected to peak at 16 rigs in FY24. We understand that the company is also looking to upgrade NAGA 3 and NAGA 4 with a similar feature in the near future.

No Change to Earnings Forecast

Our utilisation rate assumption remain intact following this development, hence no change to our earnings forecast. To recap, our FY22-24F earnings forecast is based on utilisation rate assumption of 70-75%.

Maintain BUY with Unchanged TP RM0.28

The stock price has further declined to an all-time low of RM0.075 possibly due to concern on its weak utilisation rate. However, we think the market could be too pessimistic on the company’s near term outlook while the potential of Velesto regaining its market share could have been overlooked. As such, we maintain Velesto as a BUY with unchanged TP of RM0.28 pegged at 1x P/B to FY22F.

Source: BIMB Securities Research - 11 Aug 2022

Posted by CHWong > 2022-08-24 11:44 | Report Abuse

TP on 0.28......... i earn RM 13,200 lor.....

Posted by CHWong > 2022-08-24 11:44 | Report Abuse

wait the QR report this 1 or 2 days la

Posted by Lewis Lee > 2022-08-25 19:59 | Report Abuse

Just announced 60milions contract won from petronas ! Tomorrow sure Huat liao !!

Posted by Lewis Lee > 2022-08-25 20:00 | Report Abuse

The Board of Directors of Velesto Energy Berhad ("VEB") is pleased to announce that Velesto Workover Sdn. Bhd. (“VWO”), a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn. Bhd. (“VMV”), which in turn is a wholly-owned subsidiary of VEB, has received a Work Order Award (“WOA”) from PETRONAS Carigali Sdn. Bhd. (“PCSB”), for Provision of Plug and Abandonment Integrated Services for Tembungo A & B (“WORK”).



2. DETAILS



The WORK is for an estimated value up to RM60 million with salient terms as follows:-

The duration of the campaign is for twenty-one (21) months for Tembungo-A tentatively from May 2022 until January 2024 with an extension option of 12 months for Tembungo-B tentatively from January 2024 until December 2024.
Provision of integrated project management and hydraulic workover unit services for the duration of the campaign

Posted by Macgyver11 > 2022-08-25 20:29 | Report Abuse

Good news. Velesto back on track. Hopefully coming qtr earning good profit also...

Posted by wongcheehui83 > 2022-08-26 07:29 | Report Abuse

let see today performance

Posted by wongcheehui83 > 2022-08-26 07:29 | Report Abuse

i ald accumulated a lot

Posted by Macgyver11 > 2022-08-26 11:22 | Report Abuse

Cannot expect too much from this coming qtr revenue. Two rigs just back from maintenance/overhaul. Normally when they announced contract before the qtr release then qtr most probably 50:50 (I hope they return to black this qtr). But, Velesto now back on track..future earnings is imminent.

Posted by Lewis Lee > 2022-08-26 14:55 | Report Abuse

This counter is trading at a very Fatt-King undervalue price !!
Even the lowest TP is 0.10 !! at 0.085 ? it is a dirt cheap price !!

Posted by wongcheehui83 > 2022-08-27 23:33 | Report Abuse

bull market, u got any new style a?

Posted by Bon888 > 2022-08-29 11:11 | Report Abuse

Quarterly report will announce today?

Posted by davidkkw79 > 2022-08-29 19:09 | Report Abuse

Very Good Result ! Moon to longkang !
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3288014

Posted by Bon888 > 2022-08-29 20:45 | Report Abuse

Hopefully this quarter lost already reflected in current share price. Next quarter if still not show positive recovery, I will cutoff this counter forever. I giving you guys last chance to all Velesto's management team.

Posted by Lewis Lee > 2022-08-30 12:00 | Report Abuse

Qr reports for 2022 will be PKM for Fatt king sure !!
2023-2024 results will be fatt king GOOD !!! hopefully .......

Posted by Lewis Lee > 2022-08-30 12:01 | Report Abuse

HLB latest TP :- 15cts
Kenanga latest TP :- 8 cts ....

wait for CIMB TP, last 28 cts , don't know will down grade after seeing fatt king sh!t result ??

Posted by Expertise > 2022-08-30 12:15 | Report Abuse

luckily i sell all my share at 9cent.hope kenanga tp can reach or even lower

Posted by Macgyver11 > 2022-08-30 12:44 | Report Abuse

Keep lah why sell...who knows maybe 3qtr onward rigs utilization pick up. Brent chart also look promising. Aisayman

Posted by EAGLE > 2022-08-30 15:03 | Report Abuse

Surge in volume. Collecting mode on.

Posted by Bon888 > 2022-08-30 16:39 | Report Abuse

Based on rigs utilisation next quarter onward we expecting a V-sharp recovery patten. Hopefully the Velesto management don't fatt this up.

Posted by Shines > 2022-08-31 12:41 | Report Abuse

Compensation taken up?

Posted by koyokui > 2022-09-05 09:34 | Report Abuse

Buy velesto something going on here

Posted by Lewis Lee > 2022-09-05 10:45 | Report Abuse

Last I read from the recently Edge weekly that Petronas is negotiating with all OSV contractors to review upwards thier charter rates !
I was shocked to learn that Velesto s contract with Petronas for thier rigs is currently fixed at USD75,000 whreas the market rate has gone as high as USD 120,000 !! Looks like fatt king Petronas is squeezing them left right and centre !! No wonder they reported loss despite high curde oil price !!
according to the report, many Arab oil majors are coming to "sapu" rigs whereever they can , even paid double price for the acquisition price as sold by Icon Offshore recently !!
The news look promising !!!
Either Velesto can review all their charter rates to market price (33% upwards as revenue ) or sell all their 6 rigs to Arab oil major for fat fat asset profit !!!

Posted by CHWong > 2022-09-05 11:44 | Report Abuse

coming liao.........

Posted by Yu_and_Mee > 2022-09-05 11:46 | Report Abuse

coming liao.... = up or down?

Posted by Lewis Lee > 2022-09-05 12:39 | Report Abuse

If news of petronas agreed the market charter rate of USD 120,000 with Velesto , price will surely shoot UP !!!! Hopefully

Posted by wongcheehui83 > 2022-09-05 20:22 | Report Abuse

let we guess. this week go till which level?????

Posted by wongcheehui83 > 2022-09-06 10:29 | Report Abuse

many block at 0.09....
quickly clear