Posted by Macgyver11 > 2023-01-19 18:06 | Report Abuse

All bcoz of oil price. If Oil price drop means rigs renting price also will plunged down and big oil firm either our local or international not interested to give new contracts or they might not extend the existing contract. Low renting price mean their operating cost will go up and eventually reflect in earning.

Posted by SinGor > 2023-01-19 18:12 | Report Abuse

Breaking 20cents with ease usually indicate Bankers are in Full support Or Syndicate want a piece of the Pie.
If Bankers come in and revise their TP, it means vested interest parties are in. I think it is easy for Bankers to
come up with a Higher TP bcos their last TP was based on the lowest possible return.

Posted by Macgyver11 > 2023-01-19 18:14 | Report Abuse

Seems inflation worried also slightly cool down..

US: Inflation cools again, puts Fed on track to downshift. US inflation continued to slow in Dec, adding to evidence price pressures have peaked and putting the Fed on track to again slow the pace of interest-rate hikes. The overall CPI fell 0.1% from the prior month, with cheaper energy costs fueling the first decline in 2.5 years, according to a Labor Department report. The measure was up 6.5% from a year earlier, the lowest since Oct 2021. (Bloomberg)

Posted by Bon888 > 2023-01-19 18:19 | Report Abuse

0.30 is near term target. The worst is over since the Naga 7 sank into the sea :D

Posted by kingJ > 2023-01-19 21:49 | Report Abuse

Thanks SinGor for your valuable info regarding the contracts. Looks like there will be many good news soon

Posted by zeroknowledge420 > 2023-01-20 08:43 | Report Abuse

Expect some profit taking today for a long weekend and short week next. But by current buying vol, safe to say this QR is gonna be good.

Posted by Bon888 > 2023-01-20 13:27 | Report Abuse

Ya this QR, next QR and next next QR all gonna be good one. The Velesto dragon (Naga) is finally awaken from sleeping.

Posted by Lewis Lee > 2023-01-20 13:49 | Report Abuse

The company s NTA is 30ct , trading at 20ct is still very undervalue , not to mention the probable good Q result to be announced for the next coming quarters …. Be patient and hold tight !
30-40 ct is achievable or even more !!

Posted by Lewis Lee > 2023-01-20 13:54 | Report Abuse

During oil super bull time in 14-15, Velesto s earning per Q is easily 2-3 ct per Q, annualized to be 8-12 ct per year, give it low PE of 10, fair conservative price could be 0.80 to 1.20 !!
Of course if rig charter rates can shot back to 150,000 USD !

Posted by speakup > 2023-01-20 15:38 | Report Abuse

last time there was plan to merge velesto & sapnrg.
has it been abandoned?

Posted by zeroknowledge420 > 2023-01-20 16:08 | Report Abuse

better not..sapura is shyte

Posted by Macgyver11 > 2023-01-20 20:41 | Report Abuse

Closing 0.20c..not bad.

Posted by Macgyver11 > 2023-01-20 21:12 | Report Abuse

This is very good news for our local rig players. The news clearly pointed that Petronas need to extract more oil for export especially to China. China demand is rebound after mass opening of economy. Ini kali lah...hidup Velesto!!!

Chinese imports of crude oil from Malaysia surged in December to a record 1.3 million barrels per day (bpd), placing Malaysia – whose daily crude production is three times lower – third among China’s biggest crude oil suppliers, only behind Saudi Arabia and Russia.

Chinese crude oil imports from Malaysia exceeded the volumes of crude purchases from OPEC heavyweights such as Iraq and the United Arab Emirates (UAE) last month, according to data from the General Administration of Customs of China cited by Bloomberg.

The volume of China’s imports of crude oil from Malaysia was three times the average daily production from the Southeast Asian producer between January and September 2022.

This has led many analysts to speculate that a large part of the crude from Malaysia – a known hub for ship-to-ship (STS) transfers – actually originated from producers under sanctions such as Iran, Venezuela, or Russia.

Generally, independent Chinese refiners are unfazed by sanctioned oil as their priority is to buy low-priced crude and make good profits refining it.

China continues to buy Iranian and Venezuelan crude, often masked as crude from Malaysia or Oman, various analyses and investigative reports have found over the past few years.

Venezuela is using false documents and tankers linked to Iran and is known for carrying sanctioned Iranian crude in the past, a recent investigation by Reuters showed. Venezuela is selling oil to Chinese refiners, passing it off as Malaysian crude in documents, the investigation showed.

Last year, Chinese customs data at times showed so many imports from Malaysia that analysts and observers believe that China continues to import sanctioned oil passed off as coming from Oman or Malaysia.

Meanwhile, Saudi Arabia was again the single biggest oil supplier to China in 2022, despite a surge in Chinese purchases of crude from Russia, which stayed second-placed on the list of top suppliers to the world’s largest crude oil importer.

Posted by Income > 2023-01-21 15:54 | Report Abuse

Tp 40 sen?

Posted by Income > 2023-01-21 18:44 | Report Abuse

May we all experience abundance in both health and money in the coming year. Happy new lunar year!

Posted by StartOfTheBull > 2023-01-22 13:07 | Report Abuse

Everybody become very rich then nobody needs to work, nobody needs to operate a restaurant, no more car workshops, then you repair your car by yourself and cook your own meals.

Posted by Macgyver11 > 2023-01-23 15:35 | Report Abuse

Impending changes at GLCs


There are expected to be some changes at other government linked companies (GLCs), following the leadership change in Putrajaya last November.

Some say the changes could take place as early as after Chinese New Year.

Speculation is rife that there will be changes at the helm of the Employees Provident Fund (EPF). Its current chairman is Tan Sri Ahmad Badri Mohd Zahir and its CEO is Datuk Seri Amir Hamzah Azizan.

However, when asked about the possibility of changes, one senior EPF executive says, “Rather than musical chairs, one should focus on getting things done … In this period, of course there are a lot of rumours, but it’s only true when in black and white.”

Ahmad Badri, the former secretary-general of the Treasury, was appointed EPF chairman on May 1, 2020. Amir Hamzah, meanwhile, was appointed to the top job at EPF in March 2021 after a stint at state-controlled utility company, Tenaga Nasional Bhd, and a number of companies under Petroliam Nasional Bhd.

EPF is one of the oldest and largest retirement funds in the world with about RM1 trillion in assets under management.

Some of its key assets are banking and financial services outfit RHB Bank Bhd, in which the pension fund has 42.14% equity interest; Malaysian Resources Corp Bhd (36.21%), and highway operator PLUS Malaysia Bhd (49%). Khazanah controls 51% of PLUS Malaysia.

There is also speculation changes will take place at Permodalan Nasional Bhd (PNB), where the chairman is Tun Arifin Zakaria. The 72-year old former Chief Justice of Malaya may opt to leave, according to sources. His likely successor is not known.

PNB, which had RM336.7 billion in assets under management as at end-2021, has a number of subsidiaries. They include Malayan Banking Bhd, in which it has about 47% equity interest, and Sime Darby Bhd, where it has about 50% interest.

PNB is also a major shareholder of Sime Darby Plantation Bhd (56%), Sime Darby Property Bhd (57%), Sapura Energy Bhd (40%), developer S P Setia Bhd (about 60%) and Velesto Energy Bhd (52%), among others.

Also in the spotlight is ailing Boustead Holdings Bhd and its 59.42% shareholder, Lembaga Tabung Angkatan Tentera (LTAT).

The group managing director of Boustead Holdings, Datuk Seri Mohammed Shazalli Ramly, left in November last year after completing his two-year contract. Chairman Datuk Seri Mohd Redzuan Md Yusof, who was a former minister and member of parliament under Bersatu, resigned last week.

LTAT’s chairman is General (Rtd) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, while its CEO is Datuk Ahmad Nazim Abd Rahman.

Through Boustead Holdings, LTAT has 65% equity interest in Boustead Heavy Industries Corp Bhd, 57.4% in Boustead Plantations Bhd and 20.85% in Affin Bank Bhd. LTAT also has a direct 33.08% stake in Affin Bank.

It is understood that the contract of Lembaga Tabung Haji’s (LTH) managing director and CEO Datuk Seri Amrin Awaluddin is ending in May this year and according to sources, he is not keen to have it renewed.

Some of LTH’s large investments include 30% in IT and telecommunications company Theta Edge Bhd, almost 74% in TH Plantations Bhd, 48.28% in Bank Islam Malaysia Bhd and 28.26% in insurance player Syarikat Takaful Malaysia Keluarga Bhd.

Posted by Macgyver11 > 2023-01-23 18:25 | Report Abuse

That means our PM gives priority to our local O&G sectors as most of the local players not strive to excellent under previous administration...example Sapura and Velesto. One of the Petronas obligation now is to give more contracts to our local O&G companies that running the fpso or rigs services. Very Good news indeed....

Posted by Macgyver11 > 2023-01-23 18:28 | Report Abuse

Wow!! Brent super hot today break usd 88.

Posted by Macgyver11 > 2023-01-24 17:19 | Report Abuse

https://www.klsescreener.com/v2/news/view/1100995/a-leaner-velesto-eyes-activity-pickup-in-o-g-sector

Read guys. A very good prospect waiting for Velesto this year. Now IB changed TP 0.30.. ridiculous isn't it, from TP 0.16 to 0.30c. Next they will increase to 0.40..hahaha!

Posted by Bon888 > 2023-01-25 13:12 | Report Abuse

https://oilprice.com/Energy/Energy-General/Offshore-Oil-And-Gas-Is-Back-Baby.html

"Now, the Wall Street Journal is reporting that rates could top $500,000 per day, up from about $400,000 at the moment, with offshore drilling picking up everywhere as demand shows no signs it is about to start declining, no matter what apocalyptic visions climate speakers try to paint."

Posted by Macgyver11 > 2023-01-25 13:33 | Report Abuse

Yes true. Daily charter rate for rigs already increased as mentioned by Velesto CEO. Usd 120,000, imagine and see how much velesto can earn....

Megat says in 3QFY2022, Velesto’s average jack-up rig charter rate per day was US$73,000, a far cry from Southeast Asia’s, which rose to as much as US$120,000 last August, compared with US$88,000 in April.

Posted by Macgyver11 > 2023-01-25 13:59 | Report Abuse

“We do get calls from people who want to buy our rigs. We will consider selling if it’s a good offer,” says Megat, adding that the group is not planning to buy any new assets — new builds cost US$200 million (RM866 million) to US$250 million, and take 10 to 15 years to recoup.

The above is what CEO said. They willing to let go their rigs if gets better offer. Its literally means that they want to diversify they business, not solely rely on rig service. Rigs services depend on global oil price, of course now business is good bcoz oil price at it peak but cannot guarantee how long. That's what happened in 2015 & 2016. Diversify business is good idea for future earnings.

Posted by Macgyver11 > 2023-01-25 14:04 | Report Abuse

In corporate world, this is leadership thinking that we want.

Posted by Bon888 > 2023-01-25 17:05 |

Post removed.Why?

Posted by kyliew > 2023-01-25 17:20 | Report Abuse

0.075 holders

Posted by obakh222 > 2023-01-25 17:28 | Report Abuse

0.175 holder since 2 years

Posted by Bon888 > 2023-01-25 19:59 | Report Abuse

0.095 average price. :D

Posted by EAGLE > 2023-01-25 23:26 | Report Abuse

sunyum suda. faster take profit.

Posted by StayHumble > 2023-01-26 00:24 | Report Abuse

50c coming...

Posted by Macgyver11 > 2023-01-26 10:38 | Report Abuse

Belum lagi 0.50kupang, you ingat senang ke dia nak bagi 50kupang. Building baseline dulu..sabar2

Posted by Macgyver11 > 2023-01-26 10:46 | Report Abuse

High in selling. Investors taking profit.

Posted by matg > 2023-01-26 12:08 | Report Abuse

flushing retailers

Posted by Macgyver11 > 2023-01-26 12:15 | Report Abuse

As I said earlier, taking profit time and building new baseline. It won't shot up dramatically. Let see after lunch.

Posted by hafizisolehah88 > 2023-01-26 16:19 | Report Abuse

bila agaknya warrant nak bergerak..

Posted by Bon888 > 2023-01-26 16:36 | Report Abuse

This time no joke the momentum is powerful, probably able to break 0.30.

Posted by kingJ > 2023-01-26 17:07 | Report Abuse

WOW!!! All six of Velesto’s rigs are on charter

Posted by BLITZRIEG > 2023-01-26 18:01 | Report Abuse

Hari hari wa suka sama lu velesto

Posted by Macgyver11 > 2023-01-26 22:22 | Report Abuse

hari2 naik 1c untung lah..pheeeewit!!

Posted by Macgyver11 > 2023-01-27 15:46 | Report Abuse

Velesto and Armada super strong..huat!!

Posted by ncy810116 > 2023-01-27 15:48 | Report Abuse

slowly but steady.

Posted by Expertise > 2023-01-27 17:26 | Report Abuse

Tailwind,velestrong sailing slowly and steadily

Posted by Macgyver11 > 2023-01-28 10:56 | Report Abuse

The worse is over for Velesto...
1) All rigs in full swing now...in operation to generate income.
2) Brent steady around usd$80+ (perhaps might go higher).
3) Daily charter rate increased to usd$100,000 and above (as said by Velesto CEO in recent press conference)
4) In lieu of increase in charter rate, expected Velesto returns to black every quertly...20mill to 30mill profits in hand.
5) Debt/cash in healthy side.

Very good prospect coming soon...

Posted by obakh222 > 2023-01-28 15:55 | Report Abuse

Their rig charter rate increased to usd 100K . sure aaa?

Posted by Macgyver11 > 2023-01-30 07:35 | Report Abuse

Macgyver11

Yes true. Daily charter rate for rigs already increased as mentioned by Velesto CEO. Usd 120,000, imagine and see how much velesto can earn....

Megat says in 3QFY2022, Velesto’s average jack-up rig charter rate per day was US$73,000, a far cry from Southeast Asia’s, which rose to as much as US$120,000 last August, compared with US$88,000 in April.

4 days ago

Obakh222.

Posted by specializedvenge > 2023-01-30 12:00 | Report Abuse

End Feb post a better qr than q3 2022 then 0.4+ is not a dream.

Posted by Bon888 > 2023-01-30 17:42 | Report Abuse

0.4+ not a dream at all. PNB fund manager`s responsibility to make this happen. So we just ride on the same boat.

Posted by SinGor > 2023-01-31 10:49 | Report Abuse

From what i observe on "given" Petronas Day-Rate since 2019....Petronas contract can be cancelled if Oil
price keep falling or Demand vanished. So Contract price is "Floating Rate like Bank FD " Petronas can booked
Velesto Rigs but Cannot fixed Rate ( follow market Rate )
For me, it is Better Velesto Sell its Rigs if price is Good and move into plugging Oil well ( HWU Equipment ).
There are 10,000 of Oil wells in Asia that need to be plugged once Oil consumption is "Ban" in coming Decade

Posted by Macgyver11 > 2023-01-31 17:00 | Report Abuse

Crude oil prices have found a floor and the only way they can go from here would be higher. That’s according to RBC commodity analysts Helima Croft and Michael Tran, as quoted by Bloomberg.

“We remain constructive on the fundamental framework, and in fact, we would not be the least bit surprised if the lows of the year end up being the US$72/bbl (per barrel) print that we saw three weeks ago on the second trading day of the year,” they said, adding that China’s reopening had not yet been fully priced in to the oil market.

This might sound a bit surprising given that China’s reopening is being cited as the biggest reason behind oil prices’ recent climb upwards and as the biggest tailwind for them going forward.

Yet with reports coming in about still high infection rates in the world’s largest importer of crude oil, it may well be the case that China’s reopening has not yet been priced in to the oil market.

“We don't think that there's much that's being priced into the oil market as a function of China's reopening yet and the reason why is because the consumer path towards normalization is still going to be quite bumpy,” Michael Tran told Bloomberg in an interview.

This path to normalization will likely be marked by an increase in imports, which are still about 1.5 to 1.7 million bpd below where they were pre-pandemic, according to Tran.

Not all of these volumes need to return for oil prices to spike, the analyst noted, however. “The key idea here is we don't need to get all of that back for the market to rally significantly. If you start picking up a quarter million, half million, [or] one million barrels a day over the course of the next several months, you better bet that this is going to be an oil market that moves higher,” Tran told Bloomberg.

Posted by Rob88 > 2023-01-31 21:54 | Report Abuse

https://www.oedigital.com/news/502468-busy-year-ahead-for-offshore-drilling-rigs-global-marketed-utilization-to-average-95-dayrates-grow