BUMI ARMADA BERHAD

KLSE (MYR): ARMADA (5210)

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Last Price

0.42

Today's Change

-0.02 (4.55%)

Day's Change

0.415 - 0.44

Trading Volume

23,105,700

Overview

Market Cap

2,486 Million

NOSH

5,918 Million

Avg Volume (4 weeks)

20,228,712

4 Weeks Range

0.385 - 0.445

4 Weeks Price Volatility (%)

58.33%

52 Weeks Range

0.365 - 0.575

52 Weeks Price Volatility (%)

26.19%

Previous Close

0.42

Open

0.44

Bid

0.415 x 4,657,600

Ask

0.42 x 572,300

Day's Range

0.415 - 0.44

Trading Volume

23,105,700

Financial Highlight

Latest Quarter | Ann. Date

31-Mar-2022 [#1] | 25-May-2022

Next QR | Est. Ann. Date

30-Jun-2022 | 27-Aug-2022

T4Q P/E | EY

4.16 | 24.02%

T4Q DY | Payout %

0.00% | 0.00%

T4Q NAPS | P/NAPS

0.72 | 0.58

T4Q NP Margin | ROE

26.52% | 14.04%

Company Profile

Sector: ENERGY

Sector: ENERGY

Subsector: ENERGY INFRASTRUCTURE, EQUIPMENT & SERVICES

Subsector: ENERGY INFRASTRUCTURE, EQUIPMENT & SERVICES

Description:

Bumi Armada Bhd is a Malaysia-based international provider of offshore energy facilities and services. The company?s revenue is derived from business segments including floating production, storage, and offloading, or FPSO, operations; floating gas solutions; and offshore marine services. Under the FPSO unit, vessels are designed to meet the requirements of a customer?s reservoir and operational environment. Alongside this unit, the company engages in the production and imports segments of the liquefied natural gas value chain through its floating gas solutions segment. Furthermore, support and construction vessels are offered to a range of international customers under the offshore marine services segment. The company also provides a slew of support services to customers.

Discussions
39 people like this. Showing 50 of 65,459 comments

OrlandoOilSemiconIoT

Good job

But price does not tally with EPS....

1 day ago

OrlandoOilSemiconIoT

Putin discount??

1 day ago

bullmarket1628

Walaoeh, super good news !
Armada just announced it’s superb outstanding QR !

1 day ago

bullmarket1628

Quarterly rpt on consolidated results for the financial period ended 31 Mar 2022
Bump Armada Berhad

https://www.bursamalaysia.com/market_information/announcements/company...

1)Revenue 529,007,000
2)Profit/(loss)
before tax 191,688,000
3)Profit/(loss)
for the period 186,280,000
4) Basic earnings/(loss)
per share (Subunit) 3.14
5)NTA 0.72

Date Announced: 25 May 2022

1 day ago

bullmarket1628

Armada making profits of nearly 200 million ringgit !
Good job !

1 day ago

abcd11111

Today BOOM BOOM BOOM BOOM

1 day ago

sailang_now

Hello...tut tut

1 day ago

bullmarket1628

Like that afternoon session Armada going to limit up already liao lah !
Afternoon session, Armada probably will be opened at=> 0.55 (+0.13) (+31 %)
and closed at=> 0.72 (+0.30) (+71.4 %)

Heng ah, Ong ah, Huat ah !

1 day ago

nikicheong

@Thirai, Bumi Armada does NOT recognise JV share of revenue as its revenue, this only comes in under the share of profit from JV/associates.

As such, the two new upcoming projects that should started contributing to earnings in the next 12 months, will not contribute to revenue.

Also, now that the debt levels are at a fairly secure level, Bumi Armada has the capacity to start taking on more debt to finance new projects. I am positive of a large, new FPSO contract within the next few months.

1 day ago

zhm540

profit up but no announcement of dividend?

1 day ago

zonefinder

Don't expect dividends as long as Bumi still has a long debt overhang. Keys for the share price to shoot up are earnings growth, loans paydown and new FPSO projects..

1 day ago

Thirai Thiraviam

@Nikicheong - May I know under what heading is this JV income reflected in the recent financial statements? I looked at both the income and cash statements and I couldn't locate it.

1 day ago

nikicheong

It falls under "Share of results of joint ventures and associates". There is no revenue contribution per say, just a direct profit contribution to the Statement of Income.

1 day ago

winmal

disappointing now market like gambling ... just trade instead of invest

1 day ago

zonefinder

I've not attended/attending the AGM but what is the outlook on coming projects/jobs?

1 day ago

nikicheong

Compared to last year, noticeable shift in attitude. Very upfront that this year there will be growth, both in company's primary sector, FPSO, and also in the new green sectors (carbon capture, FLNG, FSRU etc). Bidding between 1 to 10 projects.

1 day ago

zonefinder

Reckon that this counter needs a catalyst ie a major project announcement, to blow the resistance off the current share price. Their optimism is good..Thanks Niki for update.

1 day ago

zonefinder

The debt/equity ratio looking to crack 1 within next 2 quarters..

1 day ago

zonefinder

Expect at least 1 analyst will have a target price above rm 1 by tonight

1 day ago

nikicheong

No rights issue planned right now, but if a new contract is secured and the funding requires it, it will be done.

1 day ago

Ledangking

Thanks Niki

1 day ago

nikicheong

Some key points:

- No necessity for further impairment for now
- The Mumbai FSRU project discussion period has been extended 3 mths to June 2022, and can be extended further. Announcement will be made once the contract is final.
- not focusing on redeployment opportunities, only new projects as it'd be easier to integrate green components
- Discussions ongoing to sell Armada Claire with a party, carrying value on the books is negligible and the asset has been fully depreciated in Dec 2021. If not sold, it will be scrapped by year's end.

1 day ago

nikicheong

1st TP Update: Maybank RM0.58 (no change)

1 day ago

Thirai Thiraviam

I voted against the rights issue. I felt it makes no sense to dilute the shares that are performing so terribly. But good to know it is not being actively planned.

1 day ago

Thirai Thiraviam

Two items mentioned during the AGM caught my attention: 1) Armada Sterling V will finally go into production in Q4 of 2022; and 2) the usage of a Combine Cycle Gas Turbine (not sure where).

1 day ago

nikicheong

2) the usage of a Combine Cycle Gas Turbine (not sure where).

This is for their future prospects I believe, as part of their green initiatives.

1 day ago

nikicheong

TP Update:

Maybank RM0.58 (no change)
CGS-CIMB RM0.45 (from RM0.55)
Macquarie RM0.48 (no change)

Curious to know why CGS-CIMB has downgraded the stock rather heavily.

1 day ago

Raymond Tiruchelvam

this Q eps at 3.14, and with good strong orderbook, and assuming 3.14 x 4 = 12.56, thats puts p/e with current price of 44c at 3,5x, even if the earnings was discounted 20% to then p/e is 4.4x .... isnt that too low for energy company? cud it be because no div therefore shunned by institiunal investors?

23 hours ago

hng33

The earning will getting higher in next Q result, why? merely due to strengthen USD as all it profit is USD denominated, use its operating cash flow in USD to trim USD debt every quarter, trim down interest expense, boosts up profit in RM, increasing EPS staggering up on every Q forward

20 hours ago

nikicheong

TP Update:

Maybank RM0.58 (no change)
CGS-CIMB RM0.45 (from RM0.55)
Macquarie RM0.48 (no change)
Citibank RM0.68 (from RM0.65)
Kenanga RM0.63 (no change)
KAF RM0.60 (no change)
JF Apex RM0.53 (no change)
Hong Leong RM0.84 (no change)


Curious to know why CGS-CIMB has downgraded the stock rather heavily.

20 hours ago

hng33

1. Subsea Construction (“SC”) vessels at work in the Caspian Sea (Russian client, Lukoil), contract value is approximately USD50.0 million. Offshore construction work is expected to be completed in 2022. These is goods news against rumour Russian risk default due to invasion

2. Mumbai Port FSRU project is being progressed and we will make an announcement on further details of the project once these are available. Likely will be mid june

3. Armada Claire to be sold or scrapped in 2022. Significant writeback provision will record once it materialize as these vessel already fully devalue/fully depreciated last year 2021. Therefore, any value created either through outright sell or scrap for few million USD, will boost armanda cash hoard, allowing it to further trim USD debt, cut interest expense, up profit attributed to shareholder. In additional, any final outcome from legal course over armanda claire claim against client will bring extra bonus cash as interim court show Armanda entitle few million claim already

4. Since almost all non performing OSV already disposed off (only 3 OSV remaining which already fully integrated for own operation). Thus, for now onwards, Operations segment results mainly boost through continue trim down debt, reduce interest expense, boots up net profit + bonus through strengthen USD currency + commencement of new 98/02 FPSO end of 2022 + upcoming new contract from India
revenue and lower operating costs in Q1 2022.

20 hours ago

itch

CIMB downgraded it's TP as they said right issue may be imminent...the premise they used is Yinson's price declined as much as 26% since it called for right issue in 2021

19 hours ago

itch

RHB latest report maintained it TP at 58c

18 hours ago

nikicheong

TP Update:

Maybank RM0.58 (no change)
CGS-CIMB RM0.45 (from RM0.55)
Macquarie RM0.48 (no change)
Citibank RM0.68 (from RM0.65)
Kenanga RM0.63 (no change)
KAF RM0.60 (no change)
JF Apex RM0.53 (no change)
Hong Leong RM0.84 (no change)
RHB-OSK RM0.58 (from RM0.65)

So far mainly downgrades or no change to TP. Very weird, does not tally with the reality.

18 hours ago

itch

sorry, yes RHB downgraded from previous TP, not maintain.

18 hours ago

nikicheong

CIMB Report (all investors should read as it is very detailed):

https://rfs.cgs-cimb.com/api/download?file=47d5fd0d-de0e-482a-b3f6-430...

18 hours ago

nikicheong

So the actual SOP has increased from RM0.61 to RM0.65, but they have imposed a 30% discount premised on an imminent rights issue. I may not necessarily agree with this, as Bumi Armada is generating cash hard and fast, and might yet be able to fund the equity portion of one large project using internally generated funds, especially if they can sell off Armada Claire, as well as since Tranche 1 of their term loans has been almost fully repaid as of March 2022. Also, as shared during the AGM, Bumi Armada will be partnering with co-venturers for all large scale FPSO projects, so we can assume a 50-50 split in equity commitment, further lowering the likelihood of a rights issue (which CIMB seems to not have mentioned about).

18 hours ago

Thirai Thiraviam

Why does the analyst think the Revenue will continuously decline for the next three years? And, that the PE will remain well below 4.0 throughout the period? The analysis is generally positive; but no so the financial summary.

17 hours ago

nikicheong

Based on current orderbook, revenue is expected to continue falling. Armada TGT lease revenue is recognised on a decreasing basis. I know Armada Olombendo and Armada Mediterenia revenue is recognized in a straight line basis. I'm unsure if Armada Kraken revenue recognition is decreasing or straight line. Armada TGT lease expires in 2024, Armada Kraken firm charter period expires in 2025.

OSVs have been practically sold (only 3 left, from 40+ just a few years ago), so revenue contribution from them will continue falling too.

Bumi Armada has two projects in hand, Armada Sterling V (for 98/2 project) and Mumbai Port FSRU. For both projects, the revenue will NOT be recognised by Bumi Armada, as they are accounted for as associate and JV respectively.

As such, given how things stand, revenue has pretty much flatlined, and will likely be falling in the coming years. But curiously, the net profit will continue inching up due to lower finance cost (as loans are pared down), lower depreciation charges and higher profit contribution from associates/JVs as the two new India projects come on stream.

17 hours ago

Macgyver11

nikicheong

TP Update:

Maybank RM0.58 (no change)
CGS-CIMB RM0.45 (from RM0.55)
Macquarie RM0.48 (no change)
Citibank RM0.68 (from RM0.65)
Kenanga RM0.63 (no change)
KAF RM0.60 (no change)
JF Apex RM0.53 (no change)
Hong Leong RM0.84 (no change)
RHB-OSK RM0.58 (from RM0.65)

Results TP:-
1) 2 IB - downgrade
2) 6 IB - maintained unchange TP
3) 1 IB - increased TP

Conclusion:-
8 IB buy meanwhile 1 sell


15 hours ago

winmal

Armada have order book of Rm13Billion, its will keep them busy for next 5-6 years without extension order in pipe line and future order. Indeed company continue to paredown his debt, company might propose dividend in coming year.

14 hours ago

Macgyver11

Shit! All the way down again...

14 hours ago

Macgyver11

After the excellent qtr...unbelievable.

14 hours ago

nikicheong

Quite inexplicable the share price movement. It's as if there is no positive, and in fact many negatives, priced into the share price.

Then again, if the share price continues to hover at around RM0.40-RM0.42 I might increase my position.

Balance sheet risks are no longer a concern, and the company is now all set to grow. Discounting all that, just looking at what Bumi Armada is already doing, and we're still rather undervalued. Add to the fact that Armada TGT will be renewed, as will Armada Kraken, I am just lost for words.

14 hours ago

Macgyver11

Many stuck above 0.50...bleeding man.

13 hours ago

Macgyver11

Aiya! Uncle AK kasi naik ni stock. Jgn bikin ni mcm sama lupunya royal investors....

13 hours ago

HuatlaiOnglai

Depress price due to weak sector result from some bad apples in the industry. Most are caution but given time with consistent growth while actively paring down their debt, surely BA will shine then. Probably another few qtrs from now.....my 2cents nia.

13 hours ago

curiousq

cannot already

7 hours ago

abcd11111

Buy buy buy

5 hours ago

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