KLSE (MYR): ARMADA (5210)
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Last Price
0.575
Today's Change
+0.015 (2.68%)
Day's Change
0.56 - 0.58
Trading Volume
19,818,600
Market Cap
3,406 Million
NOSH
5,923 Million
Avg Volume (4 weeks)
31,903,730
4 Weeks Range
0.51 - 0.605
4 Weeks Price Volatility (%)
52 Weeks Range
0.415 - 0.72
52 Weeks Price Volatility (%)
Previous Close
0.56
Open
0.565
Bid
0.57 x 2,941,300
Ask
0.575 x 486,400
Day's Range
0.56 - 0.58
Trading Volume
19,818,600
Latest Quarter | Ann. Date
31-Dec-2023 [#4] | 28-Feb-2024
Next QR | Est. Ann. Date
31-Mar-2024 | 25-May-2024
T4Q P/E | EY
10.26 | 9.75%
T4Q DY | Payout %
0.00% | 0.00%
T4Q NAPS | P/NAPS
0.94 | 0.61
T4Q NP Margin | ROE
13.74% | 5.97%
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.
The RM514.4m impairment is for both the Armada Kraken and SC asset.
Do we know what is the impairment amount of each?
Could it be they do not see any potential order on their SC asset for quite some time? or potentially selling it and not have take a huge loss later?
2 weeks ago
Aminvest - Oil & Gas
Robust earnings growth from elevated oil prices against the backdrop of prolonged supply disruptions and past underinvestment. Companies with direct exposure to upstream production and FPSO subsector will be i n pole position to ride on
the tailwind of bouyant oil prices.
2 weeks ago
Okay so I’ve managed to find out that Bumi Armada is definitely not selling their stake in the FPSO. That means, if the UpstreaOnline article has substance, it is the Indonesian JV partner who will be selling some or all of their stake to Pertamina.
2 weeks ago
Bumi Armada- Potential Sale of Karapan Armada Sterling III
Based on a capex of US$500mil, a project IRR of 13.5%, 49%-
associate stake and a WACC of 6%, we estimate the net
present value contribution for KAS III attributable to Bumi
Armada at RM681mil. Against our estimated book value of
RM602mil for the vessel, we expect the group to record a oneoff disposal gain of RM79mil- 9% of FY24F net profit
1 week ago
Dear Niki,
The BAB Group has no current intention of disposing its shareholdings in the FPSO asset in Indonesia.
Rest assured, the BAB Group would make the relevant disclosures where required to do so under the listing requirements.
Regards,
Bumi Armada Investor Relations
1 week ago
From AmInvest's research report:
"Sources from Upstream indicate that purpose of the sale is to raise additional cashflow to facilitate construction of a new unit and may occur either in part through the divestment of PT CakraPrima Satya’s stake or in full."
It's clear from the UpstreamOnline article and BAB IR's response that the divestment of the FPSO is centered around PT CakraPrima Satya's stake, which the AmInvest research report acknowledges.
I also don't understand how does divesting PT CakraPrima Satya's stake help raise additional cashflow to facilitate the construction of a new unit.
Regardless, this ties back to my initial assumption that with Pertamina in the picture, this potential stake sale is linked to the upcoming Madura FLNG project, most likely as a 50-50 JV between Bumi Armada and Pertamina.
Also, of course, the BAB IR response to my query does not mean that their intention to dispose of their ownership in the FPSO will not change in the future.
1 week ago
Older article on Shell' plan: https://www.upstreamonline.com/energy-transition/shell-eyes-asia-offshore-ccs-hub/2-1-1234165
So far no project award, Bumi Armada has been working on pre-FEED/FEED for Shell
1 week ago
I don't know if it's a question of incompetence or just a matter or time, but Bumi Armada has been working on their FSIU and FCSIU concepts for over 2 years. At least RM50mil, probably more, has been spent with no ROI as of yet.
Sometimes it feels like Bumi Armada should just fire all staff and departments not related to the core FPSOs that are operational. Just enjoy the ride into sunset. Take no risk, reward shareholders with all the residual equity value of the FPSOs over time.
1 week ago
The FCSIU projects are of no value to Bumi Armada. Only heavily subsidized by government corporation that can secure additional grants and freebies can carry them out. For that one has to be based in a politically motivated rich country that can waste taxpayers funds on new green initiatives.
1 week ago
ESG score of 58 – based on our assessment Our assessment of BArmada’s overall ESG score, under our proprietary ESG scoring methodology, is 58 (out of 100), making its ESG rating above average, in our view. BArmada has good disclosures but we think that more can be done in regards to its policies towards meeting its ESG goals. We maintain our BUY call on BArmada with an unchanged SOP-based TP of MYR0.66. Room for improvement in quantitative parameters We strongly believe that BArmada can improve in the following aspects: i) NOx emission; ii) SOx emission; and iii) implementing ways to introduce renewable energy into its source of energy mix. However, we highlight that BArmada has shown decent improvement over the years in: i) number of spills released to sea; ii) electricity consumption intensity; iii) GHG intensity; iv) the composition of women in senior management; and v) the number of training hours per employee. Good qualitative scoring and targets Although BArmada does not follow the Task Force on Climate-Related Financial Disclosures (TCFD) framework for ESG reporting, there are proper ESG policies in place – and, they are led by a standalone sustainability committee. BArmada has established an ESG framework, aligned with the relevant UNSDG Sustainability Development Goals 2030. The group goes the extra mile and makes sure that water is treated before being released back to sea. BArmada uses more carbon-friendly machineries to reduce its carbon emissions. All the vessels that produces waste are ensured to have been managed responsibly and is managed in compliance with the requirements under MARPOL. Also, BArmada has pledged its Net Zero Carbon Emission target by 2050. Expecting record high core net profit in FY24E With Kraken back to status quo operations and our expectations of BBC recognition for its 30%-owned Armada Sterling V FPSO beginning Apr 2024, we forecast a record-high core net profit of MYR853m in FY24E, which translates into a strong 29% YoY growth.
Mbb
1 week ago
Expecting record high core net profit in FY24E With Kraken back to status quo operations and our expectations of BBC recognition for its 30%-owned Armada Sterling V FPSO beginning Apr 2024, we forecast a record-high core net profit of MYR853m in FY24E
1 week ago
Maybe just starting to seriously look for work would do the uptick ? A project ... anything.
It has been 9 years and they just coast.
6 days ago
Has Armada Olombendo been partially sold off?
According to the listing on the website, it was just within the past 24 hours listed as a JV FPSO.
www.bumiarmada.com/our-services/
4 days ago
Olombendo is easily worth 4B as per most analyst reports... say sell 50% = 2B will pay off all debts.
4 days ago
Niki when did u realise this. or is it a mistake at their website. pls clarify with company and keep us posted.
4 days ago
Like I said I monitor changes on their website almost every day. It was definitely "correct" as of yesterday.
4 days ago
I think this web update is simply a mistake. They hired a nephew of one of the managers, and the guy is not too bright. That is speculation on my part.
What is more important is the oil price. That moves our target price to RM 0.85 in the next 12 weeks.
Target as reliable as most analyst estimates, excluding of course CIMB Raymond Yapp. That is not a speculation. Real target.
:-)
4 days ago
having a misleading website is a big problem. it shows how badly they are managed. if anyone can go and change these crucial information on their website shows how their IT controls are.
4 days ago
Re-rating is imminient in light of the continued uptick (catalyst) in Brent Oil price. This is further traceable to & explained (in layman's term) as an inevitable increase on the extrinsic and holistic value of the Sum of Parts attached to each vessel. To 90 sens then shall we speculate is the next TP?
4 days ago
KUALA LUMPUR (March 19): Phillip Capital has initiated coverage on Bumi Armada Bhd (BAB) with a “buy” rating at 56 sen with a target price of 80 sen and said BAB is well-positioned to capitalise on the growing demand for floating production storage and offloading (FPSO), supported by its stronger balance sheet amid the increasing global oil and gas capital expenditure (capex) spending.
In a note on Tuesday, the research house said it expects 2024 to deliver a record-high profit driven by the full contribution of FPSO Sterling V and the normalisation of FPSO Kraken operations.
“We see multiple re-rating catalysts on the horizon, including 1) FPSO Sterling V securing final acceptance and recognising the full bareboat charter (BBC) rates, 2) FPSO TGT-1 securing 7-year charter extension, 3) both pipelay vessels securing new contracts and 4) potential new FPSO contracts win.
“Key risks include any unforeseen operational delays in existing FPSOs and securing final acceptance for Sterling V, and sharp global oil price decline affecting the global capex spending,” it said.
7 hours ago
Technical Charts looks good. Niki well done in going all in. if can breach 57 firmly, next few days is uptrend.
2 hours ago
Or I should hope so at least. FPSO, FSRU, FLNG, FSO, FSIU, FCSIU...anything!
24 minutes ago
Gabriel Khoo
Look like madura FLNG will be finailized anytime this year.
2 weeks ago