ICON OFFSHORE BERHAD

KLSE (MYR): ICON (5255)

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Last Price

0.715

Today's Change

-0.005 (0.69%)

Day's Change

0.69 - 0.725

Trading Volume

3,685,100


10 people like this.

11,997 comment(s). Last comment by Jonathan Keung 2 days ago

Mabel

23,175 posts

Posted by Mabel > 2022-08-26 10:31 | Report Abuse

Icon 1H22 results in line

Icon reported stronger YoY results, with both divisions (drilling & OSV) in the black and reporting growth, a positive.

Our estimates are unchanged, on expectation of stronger quarters ahead. Our SOP-based TP (unchanged) equates to 1x PBV, valuing the: (i) JU ops at 0.6x EV/ replacement value (9 sen/shr) and (ii) OSV ops at 0.7x PBV, (7 sen/shr).

Sources: Mabel's Tiger Bank

M55555

942 posts

Posted by M55555 > 2022-08-26 15:58 | Report Abuse

Finally, can let go some of this wooden horse/donkey

madguy

674 posts

Posted by madguy > 2022-08-27 08:22 | Report Abuse

"To recap, Icon Offshore bought the rig, which was then a distressed asset, from ailing Perisai Petroleum Bhd at US$42.54mil (RM177 million) in 2020, when crude oil prices had dived to sub-zero."

"Should the company sell the piece of asset at double the price it had paid, Icon Offshore would be getting roughly US$85 million (RM350 million) — an instant boost to its warchest."

"As at June 30, Icon Offshore’s cash balance was at RM46.15 million against total borrowings of RM297.2 million, of which RM266.85 million were long term liabilities."

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wtf, so base on current ex-rate usd/myr of 4.45 the rig should worth rm378.25mil, if icon manage to sell the rig, company will be in stronger cash balance vs its liabilities, with total cash of 415mil/424.4mil

Posted by bullmarket1628 > 2022-08-27 09:48 | Report Abuse

Icon said to receive offer to sell jack-up rig

Intan Farhana Zainul/
theedgemarkets.com
August 26, 2022 08:30 am +08

https://www.theedgemarkets.com/article/icon-said-receive-offer-sell-jackup-rig

KUALA LUMPUR (Aug 26): Icon Offshore Bhd is said to have received an offer from a prospective foreign buyer to buy a jack-up rig that the company bought cheap two years ago.
Given the sharp rise in prices of jack-up rigs over the past two years, sources say it is likely that the offer price would be substantially higher than what Icon Offshore had paid for at purchase. 
Furthermore, since there is a shortage of oil rigs in the region, the upstream players are willing to pay a premium to get hold of any that are available, the sources said. 
To recap, Icon Offshore bought the rig, which was then a distressed asset, from ailing Perisai Petroleum Bhd at US$42.54mil (RM177 million) in 2020, when crude oil prices had dived to sub-zero. 
It is worth noting that Perisai bought the rig back in 2014 for US$200 million, at the heights of the industry, which saw crude oil prices surge more than US$100 per barrel.
A source said that the potential buyer could be paying substantially higher price than what Icon Offshore paid for the asset two years ago. 
Should the company sell the piece of asset at double the price it had paid, Icon Offshore would be getting roughly US$85 million (RM350 million) — an instant boost to its warchest.   
As at June 30, Icon Offshore’s cash balance was at RM46.15 million against total borrowings of RM297.2 million, of which RM266.85 million were long term liabilities. 
When contacted, Icon Offshore’s managing director Datuk Seri Hadian Hashim reiterated that the company is always on the lookout for potential mergers and acquisitions that can add value to its growth.
“The demand for jack-up rigs, especially in the Middle East, has been on the rise. The rates there are higher than other parts of Asia,” an analyst said.
The jack-up rig asset was a game-changer for Icon Offshore, which has been in the low margins business of chartering offshore marine vessels (OSVs).
The drilling business, including chartering of oil rigs, has boosted Icon Offshore’s profitability, as demand increases following the spike in crude oil prices that started in 2021.
For the second quarter ended June 30, 2022, Icon Offshore’s drilling business contributed almost 45% of its profits and 37% of its revenue.
During the quarter under review, the company’s net profit halved to RM7.31 million from RM14.68 million a year earlier, due to lower gross profit contribution from its OSV segment.
It was reported that Icon Offshore is also looking to buy a maintenance, repair and operations business to diversify its income and boost its profitability.

Kathy Fong

Posted by bullmarket1628 > 2022-08-27 10:02 |

Post removed.Why?

Posted by bullmarket1628 > 2022-08-27 10:05 |

Post removed.Why?

George99

253 posts

Posted by George99 > 2022-08-29 15:10 | Report Abuse

Hope reach to MYR 1.00 this 2 weeks.

madguy

674 posts

Posted by madguy > 2022-08-29 16:33 | Report Abuse

@George99 wah can go so that high price or not ?? lol

madguy

674 posts

Posted by madguy > 2022-08-29 16:34 | Report Abuse

come on la ... last min pls eat up hehehe

k3nthiew

508 posts

Posted by k3nthiew > 2022-08-30 21:03 | Report Abuse

WOW!! Good job Icon!! 185m coming!! EPS 7c!!

jagapasar

35 posts

Posted by jagapasar > 2022-08-30 21:48 | Report Abuse

WOW.....

Shines

2,726 posts

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

Yes, but shares price doesnt follow how come ah?

madguy

674 posts

Posted by madguy > 2022-09-01 00:51 | Report Abuse

@Shines liekly no ppl goreng

Mabel

23,175 posts

Posted by Mabel > 2022-09-01 15:29 | Report Abuse

Exits drilling biz, enters MRO?

Icon is exiting the JU biz and will make a huge gain from this sale. Shareholders would likely seek for a special DPS while management will need to find a better business fit (post sale of its JU asset). Meeting these two expectations would be key catalysts. Pending clarity, our SOP-based TP is unchanged; at 1x PBV, valuing the: (i) JU ops at 0.6x EV/ replacement value (9 sen/shr) and (ii) OSV ops at 0.7x PBV, (7 sen/shr).

Shines

2,726 posts

Posted by Shines > 2022-09-01 19:54 | Report Abuse

Not goreng also should move in tandem the the gain per share ma

bestoobest

100 posts

Posted by bestoobest > 2022-09-02 09:30 | Report Abuse

how come share not going up why why why

George99

253 posts

Posted by George99 > 2022-09-02 10:20 | Report Abuse

Why not yet reach MYR 1.00.... limit up 3 x la..

Posted by bullmarket1628 > 2022-09-09 06:15 |

Post removed.Why?

Posted by bullmarket1628 > 2022-09-12 12:15 |

Post removed.Why?

Posted by bullmarket1628 > 2022-09-12 12:36 | Report Abuse

Strong turnaround in second half for Velesto, says Affin Hwang
By Azanis Shahila Aman
September 12, 2022 @ 9:47am

https://www.nst.com.my/amp/business/2022/09/830502/strong-turnaround-second-half-velesto-says-affin-hwang

KUALA LUMPUR: Affin Hwang Capital expects a strong second half of 2022 (2H22) profit turnaround for Velesto Energy Bhd on the back of a higher capacity utilisation.
The research house said the drilling market outlook had turned more favourable compared to a quarter ago with demand and charter rates on the rise. 

Barring any unforeseen disruptions, it said Velesto should end 2022 with a full-year 59 per cent utilisation. 
"Management is also sticking to its bullish tone as it expects utilisation to rise close to 80 per cent in 2023 from our existing 65 per cent assumption.

"Velesto has locked in roughly 18 per cent utilisation so far, with most of the potential contracts still under negotiation under Petronas' umbrella package," it said.
Meanwhile, the firm said the estimated higher 72 per cent rig utilisation in 2H22, above Velesto's 60 per cent breakeven level should lead to a strong profit turnaround and narrow 2022 losses significantly. 

It said 2023 was shaping up to be a strong recovery year driven by a recovery in both rig demand and charter rates. 
"We reaffirm our Buy rating and target price of 11 sen on Velesto. 
"We believe market expectation on Velesto has bottomed and downside on its share price appears limited. 
"We see value emerging and believe that the current share price has not factored in the improving drilling market outlook," it added.

George99

253 posts

Posted by George99 > 2022-09-12 13:34 | Report Abuse

Valeatro 2022 still in losses bro

IcOn profit more than 186 mil already... up up up.. limit up 3 x. To Myr 1.00..

Shines

2,726 posts

Posted by Shines > 2022-09-19 13:27 | Report Abuse

Can shoot to 20 sen alsi good no need to rm1

madguy

674 posts

Posted by madguy > 2022-09-20 08:19 | Report Abuse

@Shines yeah lol ... x1.5 or x2 of nta ok too

George99

253 posts

Posted by George99 > 2022-09-21 08:24 | Report Abuse

Go go myr 1.00... limit up... yA......

Posted by Abdulazizba > 2022-09-21 15:37 | Report Abuse

ICON OFFSHORE will be a positive NET CASH company ...https://www.theedgemarkets.com/article/icon-offshore-pivots-assetlight-strategy-future-growth

Icon 888

2,215 posts

Posted by Icon 888 > 2022-09-23 21:44 | Report Abuse

Cash is King,, wait crisis

Posted by bullmarket1628 > 2022-09-26 17:36 | Report Abuse

Tommorrow once the Donbast referendum being passed, then Russia will annexed those 4 Donbast regions from Ukraine, then will start war between Russia and Europe, then oil price will spike up to above USD $120 again !

Then all the O & G counters will spike up to sky high especially ICON's price will break above 30 cents !

Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-09-27 18:27 | Report Abuse

Russia's war in Ukraine is at a dangerous tipping point
Analysis by Nick Paton Walsh, CNN
Updated 1:49 AM EDT, Tue September 27, 2022

https://amp.cnn.com/cnn/2022/09/27/europe/putin-binary-moment-russia-ukraine-war-tipping-analysis-intl/index.html

Kramatorsk, Ukraine(CNN) The chaos of the past week might be incorrectly comforting. Despite Russia's continued disastrous handling of its war of choice in Ukraine, the conflict's most dangerous moment may be nearing.
At some point this week, the Kremlin will likely declare that "sham" referendums in four partially occupied areas of Ukraine have delivered a mandate for their swift assimilation into what Moscow calls Russian territory…

Posted by bullmarket1628 > 2022-09-28 10:49 | Report Abuse

Latest news from CNN…
A war between Russia & USA/Europe will be ignited anytime from now if the ‘Sham’ referendum results is in favour to russia (of course is a sure guranteed passed results created by Russia), So, since russia will use this results by annexed 4 Ukraine’s regions and as an excuse for them to publicly giving mandate to them to sending millions of troops to based the stations permanently into this 4 regions,
then a new World War III cannot be avoid and will happened anytime from now already !

Then the Oil price definitely will immediately shooting up to sky high !

And then all the O & G counters definitely will follow to spike up like mad already !

Posted by bullmarket1628 > 2022-09-28 10:50 |

Post removed.Why?

madguy

674 posts

Posted by madguy > 2022-09-29 08:11 | Report Abuse

@bullmarket1628

everyday huat ... icon still cant breakout lol

Posted by bullmarket1628 > 2022-10-04 07:56 |

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Posted by bullmarket1628 > 2022-10-04 09:18 |

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Posted by bullmarket1628 > 2022-10-05 07:01 |

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Posted by bullmarket1628 > 2022-10-05 07:29 | Report Abuse

Oil prices could soon return to $100 as OPEC+ considers ‘historic’ cut, analysts say
PUBLISHED MON, OCT 3 2022 6:43 AM EDT

Lee Ying Shan @LEEYINGSHAN
Sam Meredith @SMEREDITH19

https://www.cnbc.com/amp/2022/10/03/opec-oil-prices-could-soon-return-to-100-a-barrel-analysts-say.html

KEY POINTS
* OPEC and non-OPEC producers, a group often referred to as OPEC+, will meet in Vienna, Austria on Wednesday to decide on the next phase of production policy.
* The oil cartel and its allies are considering an output cut of more than a million barrels per day, according to OPEC+ sources who spoke to Reuters.
* "The OPEC ministers are not going to come to Austria for the first time in two years to do nothing. So there's going to be a cut of some historic kind," said Dan Pickering, CIO of Pickering Energy Partners.

Posted by bullmarket1628 > 2022-10-05 09:28 |

Post removed.Why?

Posted by bullmarket1628 > 2022-10-05 09:29 |

Post removed.Why?

Posted by bullmarket1628 > 2022-10-05 09:32 | Report Abuse

Wow, Fantastics !
Now Hibiscs already traded at=>
0.955 (+0.085) (+9.8 %)!

Heng ah, Ong ah, Huat ah !

Undi_PH

145 posts

Posted by Undi_PH > 2022-10-05 09:34 | Report Abuse

RM 1.8 Icon IPO price is I Con you.

Posted by bullmarket1628 > 2022-10-05 09:38 | Report Abuse

Wow, Fabulous !
Now Hibiscs already traded at=>
0.97 (+0.10) (+11.5 %)!

Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-10-05 09:42 | Report Abuse

Wow, Awesome !
Now Hibiscs already traded at=>
0.98 (+0.11) (+12.6 %)!

Heng ah, Ong ah, Huat ah !

Posted by bullmarket1628 > 2022-10-06 07:10 |

Post removed.Why?

Posted by bullmarket1628 > 2022-10-06 07:34 | Report Abuse

White House Disappointed With OPEC’s ‘Shortsighted’ Decision
By Charles Kennedy - Oct 05, 2022, 12:00 PM CDT

https://oilprice.com/Energy/Energy-General/White-House-Disappointed-With-OPECs-Shortsighted-Decision.amp.html

A White House statement following the OPEC+ decision to defy the Biden administration with an output cut for November vows to find new ways to temper OPEC’s control over energy prices. 

Earlier on Wednesday, members of OPEC+ said they would cut November production quotas by 2 million bpd, citing the “uncertainty that surrounds the global economic and oil market outlooks”. 

The decision immediately led to a more than 2% increase in Brent crude and WTI prices and goes directly against the Biden administration’s attempts to lobby Saudi Arabia for higher production to bring prices down. 

Shortly after the release of an OPEC+ press release detailing the output cuts, the White House said, “In light of today's action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices.”

Posted by bullmarket1628 > 2022-10-06 07:52 | Report Abuse

OPEC+ agrees deep oil production cuts, Biden calls it shortsighted
By Ahmad Ghaddar, Alex Lawler and Rowena Edwards
October 6, 2022 4:33 AM GMT+8Last Updated 17 min ago

https://www.reuters.com/business/energy/opec-heads-deep-supply-cuts-clash-with-us-2022-10-04/

VIENNA/LONDON, Oct 5 (Reuters) - OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted.
OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy..

DickyMe2

1,509 posts

Posted by DickyMe2 > 2022-10-06 11:05 | Report Abuse

Nama syarikat sudah menunjukkan niat tersirat.
I CON
Kena CON lah kamu semua..kikikiki!

Posted by bullmarket1628 > 2022-10-07 07:06 |

Post removed.Why?

Undi_PH

145 posts

Posted by Undi_PH > 2022-10-07 11:08 | Report Abuse

18 sen also difficult what's more IPO RM 1.8? Must change govn in GE15?

Posted by bullmarket1628 > 2022-10-08 07:34 |

Post removed.Why?

George99

253 posts

Posted by George99 > 2022-10-08 11:24 | Report Abuse

Myr 1.00 can not yet.. cabut lor..

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