VELESTO ENERGY BERHAD
KLSE (MYR): VELESTO (5243)
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Last Price
0.195
Today's Change
-0.01 (4.88%)
Day's Change
0.195 - 0.21
Trading Volume
22,188,300
Overview
Market Cap
1,602 Million
NOSH
8,216 Million
Avg Volume (4 weeks)
92,884,840
4 Weeks Range
0.175 - 0.285
4 Weeks Price Volatility (%)
68.42%
52 Weeks Range
0.075 - 0.285
52 Weeks Price Volatility (%)
68.42%
Previous Close
0.195
Open
0.205
Bid
0.195 x 7,333,600
Ask
0.20 x 3,933,800
Day's Range
0.195 - 0.21
Trading Volume
22,188,300
Financial Highlight
Latest Quarter | Ann. Date
31-Dec-2022 [#4] | 27-Feb-2023
Next QR | Est. Ann. Date
31-Mar-2023 | 25-May-2023
T4Q P/E | EY
-15.96 | -6.27%
T4Q DY | Payout %
0.00% | 0.00%
T4Q NAPS | P/NAPS
0.28 | 0.70
T4Q NP Margin | ROE
-17.29% | -4.36%
News and Blogs
Company Profile
Sector: ENERGY
Sector: ENERGY
Subsector: ENERGY INFRASTRUCTURE, EQUIPMENT & SERVICES
Subsector: ENERGY INFRASTRUCTURE, EQUIPMENT & SERVICES
Description:
Velesto Energy Berhad, previously known as UMW Oil & Gas Corp Bhd, is a multinational provider of drilling and oilfield services for the upstream sector of the oil and gas industry.
The company's line of products and services include drilling and workover services for exploration, development, and production of wells in Malaysia and southeast Asia through several offshore drilling rigs and hydraulic workover units.
Under the oilfield services segment, the company offers threading, inspection, and repair services for Oil Country Tubular Goods in various offshore markets.
Operating revenue is primarily derived from drilling services, which includes ownership and operation of several drilling rigs and hydraulic workover units, or HWUs. Rigs and HWUs are chartered through day-rate-based contracts.
Discussions
26 people like this. Showing 50 of 22,276 comments
Warren Buffet, the CEO of Berkshire Hathway, is reportedly in talks with the Biden administration after the collapse of Silicon Valley Bank, Signature Bank, and Silvergate Capital Corp this month.
Buffett's contribution to support US banks during the financial instability has a long history. The Oracle of Omaha's frugal decision has helped two big banks overcome the crisis during their worst period.
Investment of $5 billion to Goldman Sachs
In 2008, at the peak point of the global financial crisis, the legendary investor invested $5 billion in Goldman Sachs to strengthen the firm's capitalisation and liquidy in turbulent times.
The then decision of Buffett has generated a return of roughly $3.1 billion for him. Buffett had placed his bets on Goldman Sachs soon after the collapse of the Lehman Brothers. In 2020, Berkshire Hathaway Inc sold 84% of its Goldman Sachs.
Buffett's one magical call may have helped save the US economy:
In October 2008, Buffett made a late-night call to the then Treasury Henry "Hank" Paulson with an idea of how the US government might be able to turn the economy around.
According to the documentary "Panic: The untold Story of the 2008 Financial Crisis", Buffett shared his idea when the biggest banks failed --Wachovia and Washington Mutual.
Buffett told Paulson, "It might make more sense to put more capital in the banks than it would to try and buy these assets. "
At thet time, CEOs of major banks--including John Mack of Morgan Stanley, Jamie Dimon of J.P. Morgan, Lloyd Blankfein of Goldman Sachs.
4 days ago
Biden in the midst of negotiating with great legendary investor. He is the saviour now. Bailout the crisis bank is small matter for Warren Buffet as he had do it before and he will do it again, no doubt on it. Hopefully the recession worried will calm down.
4 days ago
Hope with the above news will easing the falling crude oil price and market selloff will u-turn.
4 days ago
Really..I didn't know that. Stock market is all about manipulating otherwise it won't called stock market..lol
3 days ago
Nobel economist Paul Krugman says the Silicon Valley Bank collapse has led to 'apocalyptic rhetoric' in markets, but almost none of it is true
Paul Krugman. REUTERS/Brendan McDermid
The collapse of Silicon Valley Bank has bred "apocalyptic" fears in markets, but most are unfounded, Paul Krugman said.
The Nobel economist refuted myths about SVB's failure and rescue in an op-ed for the NYT.
But he remained concerned about one issue: SVB's impact on the Fed's mission to lower inflation.
The collapse and rescue of Silicon Valley Bank has led to some bleak rhetoric in markets, but almost none of the most commonly voiced fears are correct, according to Nobel economist Paul Krugman.
"The fallout from banking problems has made a murky economic situation even murkier, and it will be a while – maybe forever – before we know whether policymakers made the right call. But I'm hearing a lot of apocalyptic rhetoric right now, none of which seems justified by the available facts," Krugman said in an op-ed for the New York Times on Thursday.
The tech-focused bank failed a week ago, and was taken over by the FDIC to mark the largest bank collapse since the 2008 crisis. Regulators stepped in to fully back SVB's depositors, even those over $250,000, breaking the long standing FDIC threshold for deposit insurance.
Biden has promised the policy move was not a bailout and would come at no cost for taxpayers – but while that's wrong, and that it is a bailout, according to Krugman, he said markets are also off base in their fears that SVB's collapse and rescue could lead to economic doom, refuting four myths about the bank's demise.
SVB failed because it was too "woke"
First is the idea that SVB failed because it was too concerned with diversity and inclusion to conduct proper risk management, which is "ludicrous," Krugman said. SVB was environmentally similar to other banks – so "woke" culture isn't ruining the banking system, the top economist said.
"Banks have been going bust for centuries, since long efore HR departments began including boilerplate language about social responsibility in their mission statements. So the talk about wokeness tells us nothing about bank failures – but a lot about the intellectual and moral bankruptcy of the modern American right," he added.
Regulators didn't need to rescue SVB
Second is the criticism that regulators didn't need to step in, as the bank's collapse was more due to its unique problems rather than a systemic banking issue.
While Krugman believes SVB's collapse wasn't another Lehman Brothers moment, the bank was still a crucial part of the tech sector, which justifies its rescue. He compared it to the bailout of General Motors and Chrysler in 2009, when regulators chose to rescue key players in the auto industry and the economy.
The SVB bailout will increase irresponsible risk-taking at banks
Third are concerns that the SVB bailout could lead to a moral hazard dilemma for bankers, as insuring all depositors could remove the incentive for banks to moderate their risk taking. In fact, the opposite is true, Krugman said:
"Policymakers explicit didn't guarantee all deposits everywhere, and at least so far, we're seeing an outflow of funds from smaller banks to more tightly regulated large banks," he said. "On balance we seem to be seeing the financial system move toward reduced, not increased risk taking."
SVB's collapse will undermine the Fed's inflation fight
The fourth unfounded fear, Krugman says, is that the collapse of Silicon Valley Bank could interfere with the Fed's inflation fight. In the last year, central bankers have raised interest rates 450 basis-points to lower high prices, but markets have dialed back their rate hike expectations, as the Fed is unlikely to raise interest rates aggressively to avoid putting pressure on a fragile-looking banking system.
Krugman remains concerned about inflation, but banking troubles naturally slow the economy – so it's a good thing markets are pricing in lower interest rates, as the Fed no longer has to raise rates as high to lower inflation, he said.
"I'm seeing some people saying that banking problems will cause a recession, and also that financial dominance, by preventing rate hikes, will doom the fight against inflation. You can't believe both things!" Krugman said in a Twitter thread on Friday.
Investors are now pricing in a 76% chance the Fed raises rates by just 25 basis-points next week, and a 24% chance it pauses rate hikes altogether.
3 days ago
Hahaha! If you think I'm manipulating then why you are here reading. You see this is my principle if I were not interested in any stock or I dumped it out, I won't wasting my time posting and commenting in that blog again...for what wasting my time only, non value added job for me. I rather use that time to do analyst and studying another profitable counter. We're predicting the market movement and non of us can ensure accurately otherwise everyone becomes millionaire. We gather data and share information. Sometimes the information might correct sometimes it won't. If it working then fine if not we have find alternative solution. Nobody forcing anyone to buy or to sell. Do it on your own interest. Relax my young padawan
3 days ago
If your dream come true and the shares price go lower then collect lah..we collect since velesto trading @ 0.10c mah. Haha!
3 days ago
Oil bounced back. Usd 72. Banks crisis already factored in now. Hopefully can touch back usd 75
3 days ago
Price 19 cents.sell on strength
Resistance 22.5
But breakout of bearishness 20.5 cents
Tp(10-12 cents)
20/3/23 8.47pm
3 days ago
Apasal you tarak jilat pong.gong I tak blh tidur kah . Sdh lah you manipulating many here to sell so that you can collect cheap ticket.
08127059
Where is Mr.Mac sdh sembunyi belakang Warren Buffet or Paul Krugmen ...?
3 days ago
Someone give 10 to 12 cent TP. Hello like that market already collapsed like Covid time. If you think reccession is coming better sell all your shares and keep only gold.
Anyway I already set my buy queues for a few weeks from 0.175 to 0.16. Hope able to catch some panic sells.
3 days ago
Crude oil bounced strongly. I don't think tomorrow can drop further. If drop then good time to collect more. Banking crisis calmed down as per today news. But investors still worried the aftershock will put bursa remained at bottom for time being.
3 days ago
Goldman Sachs has already revised its oil price forecast for the rest of the year. Previously expecting Brent to hit $100 in the second half, now the investment bank expects the international benchmark to only rise to $94 per barrel in the coming 12 months. For 2024, Goldman analysts see Brent crude at $97 per barrel.
“Oil prices have plunged despite the China demand boom given banking stress, recession fears, and an exodus of investor flows,” Goldman said in a note last week, as quoted by Bloomberg. “Historically, after such scarring events, positioning and prices recover only gradually, especially long-dated prices.”
Indeed, as far as events go, this one left a serious scar. Brent crude went from over $80 per barrel to less than $75 per barrel, and West Texas Intermediate slipped down close to $65 per barrel. And this happened while authoritative forecasters such as the IEA and OPEC recently said they expect stronger demand growth than supply growth.
Even though Goldman Sachs revised crude oil price yet it still at high side...usd 97. Anything (crude oil) above usd 60 already good enough to generate income for o&g counters. Usd 97 is excellent
2 days ago
Goldman Sachs has already revised its oil price forecast for the rest of the year. Previously expecting Brent to hit $100 in the second half, now the investment bank expects the international benchmark to only rise to $94 per barrel in the coming 12 months. For 2024, Goldman analysts see Brent crude at $97 per barrel.
“Oil prices have plunged despite the China demand boom given banking stress, recession fears, and an exodus of investor flows,” Goldman said in a note last week, as quoted by Bloomberg. “Historically, after such scarring events, positioning and prices recover only gradually, especially long-dated prices.”
Indeed, as far as events go, this one left a serious scar. Brent crude went from over $80 per barrel to less than $75 per barrel, and West Texas Intermediate slipped down close to $65 per barrel. And this happened while authoritative forecasters such as the IEA and OPEC recently said they expect stronger demand growth than supply growth.
Even though Goldman Sachs revised crude oil price yet it still at high side...usd 97. Anything (crude oil) above usd 60 already good enough to generate income for o&g counters. Usd 97 is excellent
2 days ago
Ambar Warrick
Investing.com-- Oil prices fell in early Asian trade on Tuesday, cutting short a brief rebound from 15-month lows as markets hunkered down before a Federal Reserve interest rate decision this week, while concerns over a banking crisis continued to spur cautious trading.
2 days ago
run while u still can. if next qr report another losses,then gg. the management is weak
2 days ago
Someone keep on posting old news about oil price to tarnish the velesto credibility and reputation...come on guys, aren't you got better things to do.
2 days ago
Crucial moment for Velesto and brent..go up or go down. Entire i3 members waiting thrillingly. Hope for the best.
2 days ago
All the manipulating guys who tried to tarnish this counter will go for hibernation temporary...
2 days ago
https://www.youtube.com/watch?v=Mm6bX_W6CCk
Some info about future oil market..seems more relevant. Good to listen.
2 days ago
I lost confidence with this company already.... they have valuable assets (7 rigs ) but not the management / brain to capitalize on that, what can you say ?? I worry they might continue to deliever loss or peanut profit .....
AS suggested by one analyst, sell off their rigs and invest in something else flashy like EV etc ! then only can the price shoot up to RM1 !! lol
1 day ago
The latest contract rate not fully reflected in the QR result. Wait for another 2 QR, if still not making any money then you sell it off.
1 day ago
if wait another 2 QR still peanut profit or lose money, that time u sell of will be at 10 cent
1 day ago
Jack-up daily charter rate (DCR) of just US$67,000 (RM284,750) per day in the 2020 has risen to as high as US$100,000 to US$130,000 (RM425,000 to RM552,500) per day.
Like that also can't make money, I speechless.
1 day ago
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