this " very slow" sleeping counter ... contra players RIP , long term investors also RIP ....

why keep dropping ? also got rig's engine rosak kah ??? lol

want to F this Velesto aka Very-slow counter also no energy already ......

New contract 50 mils awarded ! Tomorrow pecut liao !!

KUALA LUMPUR: Velesto Energy Bhd said its sub-subsidiary Velesto Drilling Sdn Bhd has secured a contract from Vestigo Petroleum Sdn Bhd for the provision of a jack-up drilling rig.

In a filing with Bursa Malaysia, the group said the contract has an estimated value of US$10.9mil (RM50.32mil) and is expected to commence in Q4 2023.

The group said it has assigned its Naga 2 jack-up rig for the job, which entails the drilling of five firm wells.

"The provision of the above-mentioned service is expected to contribute to the earnings and net assets of VEB Group during the contract period for the financial period ending 31 December 2023," it added.

So next time , remember to sell 1 day before QR release …. Then buy back later ? Lol

Watch up for the news ard 5pm ba , normally the edge will announce ! Sure will be good !

So far have yet to read any analyst’s report on their latest qr… where the F are they ?? Cease covering ?? Oh not ! Hope not !! Lol

Today AGM , hope ever confident CEO can say sth good ba ? And those Fatt king Stu pick analysts can raise their TP s …..

Short term TP :- 30 cts at least
If everything can back to normal , price can also back to normal ( before those boardroom saga unfold ) ba ? Hopefully

Now look at this situation :-
Share won’t be suspended in 9th June after all
EGM will surely pass with FL & gang in charge

… outlook is good & worth a punt !!

If they can’t settle , might need to pay DL 7 mils + more …
Unless new management or sc take action to sue DL for breach of fiduciary duty and make him vomit back all 20 mils + plus under declared gold ( ard 20 mils ) …. 2 cts

Basically they are profitable but making loss due to the 13 mils paid to DL !

Top volume No.1 today !! F

Amanah might run already !!!

Big Lao Sai .... like 3 months 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.

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 !!!

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 !!

the only hope is next monday AGM, the CEO will say something positive then ......

F liao !!

Jia lat !! become "Very Slow" pulak .....

under investiation by MACC, so all his asset , bank account have been freezed, i think !

This drama is quite similar to Revenue one...
- outside gang(raiders) or minority want to oust the existing major shareholders/ directors,
- start EGM / civil suit to oust the existing major shareholders / executive directors
- complaint / report to MACC that led to arrest and criminal charge against the existing directors

Bursa board room drama script can be duplicated once & once again ?? lol

next wed 24-5 QR out !! now is the best time to goreng goreng dulu lah !!

UP UP UP liao !! Amanah & gangs sapu-ing non stop liao .... !!

If next few days/ weeks SC or FL & gangs initiate court action against DL & son for conflict of interest, breach of director's duty, breach of Bursa rules etc.... the share price will SHOOT UP for sure !! I bet !

I bet it will GO UP .... !! FL & gangs have the way & contact to solve this mess ... and profit from it ! very likely !

I read the remand might be extended to 14 days .... if need to !
appparently FL & gangs are plotting something to bring down those bus-tards !
During this duration of time, share price shall be safe from FL & son's onlaught !! who knows ??

DL & son already in lockup for 3 days, how to sell ?? lol

next wed 24-5 :- QR reporting
next next mon 29-5 :- AGM
even though if the QR report is dissapponting, we can only hope the management can announce sth optimistic in the AGM !! Or else we attend AGM and give them a good F !!

QR surely in black... but just a question of whether just meaningless tiny profit or "profit exceed expectation" (that will only boost the fatt king price upwards !!)

very strong closing !!!

不过，更清晰的信息数据，可能要等到本月24日的业绩汇报会才知晓。

meaning the next QR will be out on 24-5-2023 !! take note !!

KUALA LUMPUR (May 10): CGS-CIMB Securities has maintained its “Add” rating on Velesto Energy Bhd at 23 sen with a higher target price (TP) of 26 sen (from 23 sen) and said recent data suggest that Velesto’s new contracts may have been secured at daily charter rates (DCR) exceeding US$100,000/day (versus US$90,000/day, as assumed earlier).

In a note on Tuesday (May 9), the research house said with rig utilisation likely to meet its expectations of circa 80%, it has raised Velesto’s FY23-25F core EPS forecasts by 10-32% on the back of higher DCRs.

CGS-CIMB said average DCRs in SEA rose from 2022’s US$74k/day to US$89k/day in May 2023, and may continue to increase as recent contracts have been signed at higher levels, including for Velesto’s rigs.

“Reiterate Add, with a TP of 26 sen.

“Potential re-rating catalysts include our expectation that Velesto will swing back to profits in 1Q23F (from the shock 4Q22 losses),” it said.

If next QR can suprise the public with huge profit .... the price will surely SHOOT UP to 0.40 !! $$$

Hope that the company's next QR (end May) won't disappoint again !!! fingers cross $$

Chow Chee Keong ? Former Malaysian football star goalkeeper? Lol

Hopefully next q result will see huge profit !!

Amanah sapu another 10 mil s ! Announced today !!

Activity levels on the rise. Overall, one of our main takeaways is that activity levels for OGSE players are on the rise across various value chains – e.g. drilling rigs, offshore fabrication, hook-up and commissioning (HUC), maintenance, construction and modification (MCM) and as well as offshore support vessels (OSV). We see this as a result of Petronas’ guidance of increased capex – allocating RM300b over the next five years, which averages out to RM60b per year, the highest it has ever been since 2015. One noteworthy mention is that brownfield job opportunities would be far greater than greenfield opportunities, although we reckon that most of the OGSE players are also operating within that space, with listed companies to include the likes of DAYANG and UZMA. Specifically for the jack-up drilling rig space, regional Southeast Asian market has already reached a marketed utilisation of 95%, while Malaysia has already reached 100% (i.e. there are no more available rigs for tender of new jobs) – strongly benefitting VELESTO given its market leading position within this space.

Amanah is back to sapu 30,000,000 (more to come later ?) after dumping 90,000,000 last month !!
sign for us to sapu togehter ??

NatsukoMishima, you can panic buy when the price raech 0.50 .... lol

NatsukoMishima

@
Lewis Lee

1,399 posts

Posted by Lewis Lee > 6 minutes ago | Report Abuse

Francis Leong already resigned from Classita & Greenpacket ... will fully focus on Revenue !! hot goreng coming soon !!!
_________
The moment u say goreng i know u will lose huge capital later!

See ! I told you ....
GORENG GORENG GORENG !!
Capital X2 .... lol

Francis Leong already resigned from Classita & Greenpacket ... will fully focus on Revenue !! hot goreng coming soon !!!

"Delivering the highest quality of products and services to our clients remain our utmost priority," said group executive director Francis Leong Seng Wui in a statement.

"We want to reassure our stakeholders that our operations are unaffected by recent events and our clients can expect seamless and reliable payment processing services from us.

"Internally, we now have in place a new board of directors, whose collective relevant experience and knowledge provide the group with enhanced governance, leadership and overall management quality,” said Leong.

Meanwhile, Payments Network Malaysia Sdn Bhd (PayNet), the payments network and shared central infrastructure said in the statement that its collaboration with Revenue Group remains unchanged.

"Revenue Group has been and continues to be our valued partner. We have full confidence in their ability to provide reliable payment processing services to their clients,” said PayNet’s chief commercial officer Gary Yeoh.

Francis Leong bought at 0.36, one talk show can spike up to 0.35 already .... so expecting more "talk show" to spike UP the price !!
M& A lah... take over lah ... MOU lah ..... chat gpt lah .... awaiting more stunt shows ahead !!
DUmp too early you sure will regret !!

M group starts GORENG liao !!
Huat ah !!!!!!!!!!!!!!!!!!!!!!!!!!!!!

https://www.klsescreener.com/v2/news/view/1136447

Classita, one counter controlled by M group , just settled the case with their directors / shareholders & the share price shot up 100 % this morning !! Revenue can be next ?? Lol