VELESTO ENERGY BERHAD
KLSE (MYR): VELESTO (5243)
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Last Price
0.22
Today's Change
-0.005 (2.22%)
Day's Change
0.215 - 0.23
Trading Volume
48,946,900
Analysis
Price Target
A price target is an analyst's projection of a share's future price.
Average Target Price, Price Call and Upside/Downside here are derived from Price Targets in the past 6 months.
Last Price
0.22
Avg Target Price
0.21
Upside/Downside
-0.01 (4.55%)Price Call
6
SELL
1
HOLD
14
BUY
| Date | Open Price | Target Price | Upside/Downside | Price Call | Firm | View | Action |
|---|
Discussions
26 people like this. Showing 50 of 22,543 comments
UNless they break the news of selling some or all of their rigs to oil rich arab countries with market price ..... otherwise no hope & F liao !!!
3 days ago
In the depths of despair, consumed by regret, lost all hope and watched dreams crumble
3 days ago
Tell u alrdy if really profit kaw2.. their transaction seem different.. with movement buy and sell every day like that same like Qr last year…my prediction is true.
3 days ago
A self-made disappointment results( for me ). Expected charter rate to be $110++ ( actually only $86 ) And
believe 3 workover Units running in 1Q23 ( actually only 2 running ). But all estimate that went wrong in 1Q23 will
turn Right in 2Q23 bcos in 1Q23 ----6 Rigs running at 90%( 1Q) will continue into 2Q (25Mar) where 2Q ends.
3 days ago
KUALA LUMPUR (May 25): Velesto Energy Bhd returned to profitability in the first quarter ended March 31, 2023 (1QFY2023) with a net profit of RM14.22 million or 0.17 sen per share, from a net loss of RM46.20 million or 0.56 sen per share a year ago.
Its turnaround was in line with its revenue quadrupling to RM287.51 million from RM77.41 million in 1QFY2022, thanks to higher average jack-up rigs utilisation and higher average charter rates under its drilling services segment, as well as more progress for the i-RDC project under its integrated services segment during the quarter.
Its drilling services segment returned to profitability with a profit before tax of RM25.3 million, from a loss before tax of RM36 million a year ago, as revenue rose RM110.2 million to RM184.4 million, following jack-up rig usage rates rising to 90% from 39%, and charter rates rising to US$68,000 per day from US$74,000 per day.
The integrated services segment also posted a profit before tax of RM4.8 million against a loss before tax of RM2.1 million in 1QFY2022, thanks to revenue soaring by RM99.4 million to RM99.7 million on higher utilisation of hydraulic workover units and progress in its i-RDC project.
On its prospects, Velesto said the outlook for the oil and gas industry has moderated but remains strong.
"The benchmark Brent oil price has been fluctuating between US$70-US$85 per barrel in the last six months and is expected to average around US$80 per barrel in the medium term.
"IMF has lowered its projected global GDP growth rate for 2023 to 2.8%, from 2.9% previously. Correspondingly, EIA is forecasting global oil demand in 2023 of 101 million barrels per day, marginally lower than 102 million barrels per day forecasted in end-2022. In addition, concerns about global economic conditions, geopolitical tensions and persistent inflation continue to weigh on oil prices.
"On the supply side, Opec+ reduced its oil production target by 1.2 million barrels per day until the end of 2023. However, Russia’s production remains persistent. In addition, non-Opec producers are expected to increase supply. This has resulted in a softer oil market in 1Q2023," it said.
However, Velesto noted that more exploration and development projects are being evaluated and sanctioned, with oil majors continuing to raise their capital expenditure in response to a "prolonged lack of investment in the past".
"In Malaysia, a number of new contracts have been awarded, with more being tendered out," it said.
Velesto said competition for assets such as jack-up rigs have also intensified, with fewer rigs in Southeast Asia as they are mobilised to other regions such as the Middle East, resulting in utilisation rates rising to 100% and charter rates for the latest fixtures also increasing.
"Currently, all six of the group's available jack-up drilling rigs are working. The group has secured various contracts for the year, including the Notice of Assignments (NOA) for NAGA 3, NAGA 4 and NAGA 6 by Petronas Carigali Sdn Bhd, which was announced on May 10, 2023.
"The group is actively bidding for new tenders for local and international contracts, scheduled to be performed in 2024 and beyond," it said.
At noon break on Thursday (May 25), Velesto was unchanged at 25.2 sen, for a market capitalisation of RM2.09 billion.
3 days ago
Don't run lah. Why want to run. Just sell on news only or what ever, temporary only. Velesto back on track. Things might be different after the 2nd qtr. Think in out of the box. 2nd qtr trust me will generate more income and strengthen their cash flow. Soon more institutional will join in..2c
3 days ago
Bila tak untung, bising. Bila sudah untung, pun komplen. Hahahahaha...lu mau run, run la. Orang lain will collect.
3 days ago
It wont go below 0.20c relax. Just flushed out weak holder/contra...later will rise back. Time to accumulate. Don't panic easily. Hahaha! Semua takut jer
3 days ago
Selloff when QR is good. How weird it is? What is their expectations? This is just wayang only..
3 days ago
bursa..what to expect..good report share go down..loss report share go up..looking forward they say..adoii
3 days ago
I have read almost all press release for Bursa 1Q23 release (as of 7pm), Only Velesto CEO is confidence things
will turn up Good for Whole of 2023. Even Blue Chip Genting said "maybe here, maybe there" if and But, ...then
they see clear path ahead-----DonT know what to Say, your guess on Velesto future is as Good as everyone else
3 days ago
Just want to kill contra players only...be patience opportunities to accumulate.
2 days ago
This contract still pending for announcement.
Maybe soon...
Thailand’s national upstream company PTTEP is ramping up exploration on Block SK 405B offshore Sarawak, East Malaysia, which hosts the operator’s Sirung oil and gas discovery that is under appraisal as part of a proposed cluster development.
PTTEP appraising Malaysian discovery, eyes cluster development
Read more
PTTEP has brought in another rig — Velesto Energy’s jack-up Naga 3 — to the block to imminently spud the Chenda-1 wildcat offshore the northwest coast of Borneo. The Chenda-1 exploration well is expected to take six weeks to complete. This latest probe on Block SK 405B is being supported by three Malaysia-flagged vessels: the large anchor-handling tug supply vessel JM Ehsan, and the very large AHTS vessels Sealink 178 and Sealink 179
2 days ago
Waiting for 0.15c?
Just like me waiting 7113 back to rm3 in 3 months time.
2 days ago
Tarak turun lah 0.10c apalah lu org mangkuk ayun betui. Ckp berapa kali tak erti bahasa. Give me one reason why should go down to 0.10c despite qtr earning. Bursa will issue UMA enquiry already. This is not covid pandemic time lah. Mid to long term holder no issue intra trader kena kaw kaw lah tu pasai meroyan. Yang complaint bnyk2 ni mungkin kais pagi mkn pagi kot. Lol
2 days ago
Last year I still remember people said wait for next year Qr confirm ok.. wait2 Qr ok still people sell it…..😅
2 days ago
Are you new in stock market friend. Why listening to others. Do your own research bro. Stock sure got sell & buy
2 days ago
Lai Lai lai, harga jatuh boleh tambah lagi. Company sudah untung, tunggu saja maa. Tak boleh tunggu, jangan datang sini hahahahah...
2 days ago
after 1Q release ( with inflation #, Charter rate, Rigs efficiency---All known ) it is easy for Bankers to predict next
Qr results----As i say before 30sens is just a small Hill, 40sens is new Top for next 45days before 2Q release
1 day ago
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CS Tan
4.9 / 5.0
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....
Lewis Lee
EPS = 0.17, annualized to 0.68, give an average PE of 10, TP = 6.8 cts ?? PE = 20, TP = 13 cts ??
Jia lat, most fatt king stu-pick rule-by-book analysts will downgrade it tomorrow !!
3 days ago