tssl74.... price drop is a good opportunity to collect and wait for the next upcycle

http://www.marketwatch.com/story/apple-gains-lead-rise-in-tech-stocks-2014-05-27

You are perfectly right wangge....

Slts....is analytically-wise person...his comments reflex his accounting skills.but his perception on future outlook does not correlate well with the fundamentals of inari. I respect his views but to accept or not is up to the individual persons.

Looks Steady this morning...hope no bash down in the afternoon

Perdana Petroleum - Taking 1Q14 in its Stride
Date: 23/05/2014

Source : KENANGA
Stock : PERDANA Price Target : 2.47 | Price Call : BUY
Last Price : 1.80 | Upside/Downside : +0.67 (37.22%)

Back

Period 1Q14

Actual vs. Expectations Perdana Petroleum (PERDANA) reported 1Q14 net profit of RM22.0m which is within our expectations at 21.9% of full-year forecast (RM100.4m) and 23.2% of consensus’ (RM94.7m).

Dividends No dividends were declared as expected.

Key Results Highlights QoQ, net profit was up mere 3.3% mainly due to there being higher unrealised forex gains of c.RM3.6m in 4Q13 versus RM1.1m in 1Q; excluding that net profit was actually c.18.4% up and this is largely due to: (i) better overall vessel utilisation of 89% (versus 84% in 4Q13); (ii) continued mobilisation of new vessels for the long-term contracts from Dayang Enterprise (DAYANG, OP; TP: RM4.82) – one more vessel was mobilised in 1Q14; and (iii) better net margins as a result of costs savings from the disposal of its older units in 2013.

YoY, PERDANA unsurprisingly locked in significant improvements (+98.4%), due to overall recovery of the OSV sector in 2013 coupled with the additional boost of the LT contract from DAYANG.

Outlook Improvement in earnings prospects from 2Q14 onwards is expected as it features full-quarter contribution of vessels chartered to DAYANG, whilst in 4Q14 PERDANA awaits another vessel delivery.

Medium-to-longer-term prospects are stable on the back of PERDANA’s long-term contracts (15 OSVs).

Currently, only two vessels (two 5k BHP AHTSs) are on spot charters and PERDANA is confident of securing recurring contracts for such vessels given the OSV up-cycle.

Longer-term prospects will hinge on PERDANA’s future fleet expansion which we believe management will broach soon. Management recently guided it will allocated c.RM300m capex for brownfield assets over the next 2 years.

Change to Forecasts As results are within expectations, we maintain our FY14-15E forecasts for now.

Rating Maintain OUTPERFORM.

Valuation Our target price of RM2.47 based on an unchanged target PER of 15.5x (in line with PERDANA’s +1.5 historical standard deviation forward level seen on top of its average mean in 2006-2008) on CY15 EPS of 15.3 sen.

Risks to our call (i) Lower-than-expected daily charter rates and utilisation rates and (ii) sudden downturn in crude oil prices that could adversely impact the offshore oil and gas services industry.

PERDANA PETROLEUM BERHAD - Stellar Start
Date: 23/05/2014

Source : PUBLIC BANK
Stock : PERDANA Price Target : 2.32 | Price Call : BUY
Last Price : 1.80 | Upside/Downside : +0.52 (28.89%)

Back

Perdana Petroleum‟s 1QFY14 results inks the notable progress of its goals, meeting 32% and 24% of our revenue and earnings estimates respectively. Revenue recorded RM87.3m (+54% YoY, +12% QoQ), with earnings of RM22.0m +98% YoY, +1% QoQ). The stellar results are attributed to the improvement in vessel utilisation (1Q: 83%), increase in fleet size to 18 vessels (16 vessels in 2013) and higher charter rates this quarter. We are also reassured of the Group‟s execution abilities demonstrated by the secured extension charter contract from Murphy Sabah/Sarawak Oil Co. Ltd. announced on Wednesday. We would like to reiterate that Perdana is expected to maintain its Shariah-Compliant status during the upcoming Securities Commission Malaysia (SC) May review. We continue to recommend an Outperform call on Perdana with a TP of RM2.32, based on our DCF valuation using a 10.1% WACC to reflect a 20-year life expectancy of the vessels and see weakness in current price levels as an opportunity.

1Q Results are commendable, driven by the increase in charter rates largely due to Perdana‟s fleet profile which on average is c.4.5 years old, coupled with higher capabilities which are limited in the OSV market, such as >10,000 bhp vessels and >300 men work barge and ongoing demand for work boats. Proving to have execution abilities, 15 out of 18 vessels of the Group have long term charter contracts, with an order book of c.RM1.4bn up to 2019.

Perdana’s strategies. To recap, i) pre-determined contract is tied to one of Perdana‟s undelivered vessels which would translate to materialised earnings as soon as the vessel begins its charter period, ii) its balance sheet has the ability to gear-up, currently operating at 0.6x net gearing (policy up to 1.5x), iii) favourable long-term rates owing to the limited supply of higher bhp vessels, and iv) Perdana‟s next phase of growth will be to venture into their 2nd new build programmes of vessels for FY15 and to acquire more new assets in line with the Group‟s plan to have a balanced fleet of AHTS and work barges/workboats.

Catalysts. i) Malaysia‟s national oil company Petronas, will continue to boost oil production and hence offshore activities with its capex investment of RM300bn for 2011-2015 posing opportunities for the Group to bid for ongoing tenders and bidding exercises. Perdana has set aside RM300m for its own capex needs.

To maintain Shariah-compliant status, as the upcoming SC Shariah-compliance review this month considers companies based on their last annual report financials (FY12), of which it meets requirements.

Source: PublicInvest Research - 23 May 2014

Perdana Petroleum - Business as usual
Date: 23/05/2014

Source : MAYBANK
Stock : PERDANA Price Target : 2.55 | Price Call : BUY
Last Price : 1.80 | Upside/Downside : +0.75 (41.67%)

Back

1Q14 net profit was within our and consensus forecasts, reflecting a steady rise in utilisation rates.

Perdana is our preferred OSV pick, for it offers stronger visible earnings growth and improving financials.

Maintain BUY with a TP of MYR2.55 (15x FY15 PER).

What’s New
1Q14 core net profit of MYR22m (+2% QoQ, +102% YoY) made up 22%/24% of our/consensus full year forecasts. The underlying QoQ growth was driven by: (i) higher OSV utilisation rates of 89% (vs. 84% in 4Q13) on higher charters for its 300pax workbarge, Perdana Enterprise, from Mar 2014 and (ii) maiden contributions from 2 new OSVs (Perdana Protector and Resolute; 300 pax workbarges), which were chartered to Dayang on 5+1 year contracts, effective Jan 2014 and Feb 2014 respectively.

What’s Our View
With 1Q typically associated with seasonal softness, we expect stronger quarters ahead, on improving utilisation levels and the planned increase in the OSV fleet size in 2014. Perdana’s recent two OSVs in 1Q (i.e. Protector and Resolute) should recognise full earnings contribution from 2Q while it is scheduled to charter out Enterprise and take delivery of another new workbarge, Perdana Emerald from 4Q14.

Our forecasts are unchanged. Perdana is a steady growth stock (we forecast 41% 2-year earnings CAGR) with improving financials. We do not rule out the possibility of it expanding its fleet size beyond 18 units by end-2014. It has the capacity to add 2-4 new OSVs. 2 new work barges could conservatively lift its earnings by MYR18m- 28m p.a. while capping net gearing at 1x (0.6x now), we estimate. Also, successfully converting the remaining 4 OSVs (of 10k bhp AHTS each), currently under the sales & leaseback schemes to full ownerships could further improve its bottomline.

Source: Maybank Research - 23 May 2014

Price slide because few funds who bought earlier started to sell after the announcement

With this transfer to MB approved, more funds will be abe to buy inari. A lot of funds have been waiting for this since a lot of them cannot buy ACE market which are prohibited by their charter. With this approval cum yhe would be inclusion to the MSCI index this 30th May will auger well for inari. I believe the price will be climbing from this onset. It is now in the same league with GTRONIC. I actual fact inari is better than GTRONIC.

lee9fold.... i strongly believe the impulsive wave 5 will start today

Game already started....what I have been waiting for has come.

The show to start this afternoon

Brace yourself for a good ride this afternoon. I think so. Hopefully it comes through. Let's see.

MOST LIKELY APPROVAL OF TRANSFER TO MAIN BOARD OR FUNDS BUYING AHEAD OF INCLUSION TO MSCI INDEX ON 30MAY2014

INARI COMING STRONGLY

Llike I said...this counter will not fail us, Cweed. But the extent of upturn might be less intense. just wait and you will be rewarded.

I still have great confidence in this counter. this week should be better than last week

Greater than 1.50

Inari Amertron Bhd - Expect ISK Maiden Contribution by 4QFY14
Date: 19/05/2014

Source : HLG
Stock : INARI Price Target : 3.09 | Price Call : BUY
Last Price : 2.80 | Upside/Downside : +0.29 (10.36%)

Back

Highlights
We left the analyst briefing with great optimism as its existing RF business remains robust underpinned by global proliferation of smart devices. Meanwhile, its fibre optics division, namely ISK, is poised for maiden contribution in 4QFY14 solidifying top line growth going forward.

RF: new plant 5 is running at near full capacity or utilization rate of 85% although it was expanded in Oct 2013. It is now evaluating several alternatives for the next phase of expansion, including using plant 5’s rooftop, acquiring new land beyond Penang Island in Batu Kawan or procuring a ready factory.

Optoelectronics (Amertron): experiencing strong demand from existing customers while profit margins improved from 4% to 7% thanks to enhanced production efficiency due to successful integration and optimization.

Electric Test and Measurement Equipment: commenced delivery of 5 new products to Agilent since Jan 2014. There are over 15 new products in the pipeline at final development stage to be introduced progressively to Agilent.

Fibre Optics: to be complementary to Avago’s recent acquisition of LSI Corporation who is a leader in enterprise storage market as fibre optics is the essential communication solution in server farm.

Continuous investment in R&D has positioned Inari Amertron as the leader in system in package (SiP), a hybrid technology consisting of flip-chip packaging, surface mount technology (SMT) and copper pillar bump with reducing thickness from 0.4mm to 0.3mm mold.

Added 98 to 424 test systems in the past 6 months and it is the nation’s largest test vendor.

Breakdown of revenue contributions by major customers: Avago (70%), Osram (20%) and Agilent (10%).

Envisions moving up the value chain transforming from an EMS (Electronics manufacturing services) to ODM (original design manufacturer) provider for more range of products in 2015. This would allow Inari Amertron to build a stronger branding and in turn, enhance profitability.

Forecasts
Unchanged.

Catalyst
Wireless communications / mobility / IoT (M2M) / LTE.
Business diversifications into optoelectronics and T&M.
Favorable FOREX.
Continuous effective operational strategy.
Risks
Single major client risk (Avago) / high dependency.
FOREX risks.
Patent disputes.
Resources / labour shortage.
Rating
BUY, TP: RM3.09

Positives - Synergy from acquisition, 40% dividend payout providing reasonable yield and listing transfer to Bursa Main Board.

Negatives – innovation stalemate in telecommunication.

Valuation
Reiterate BUY with unchanged fair value of RM3.09 based on unchanged 15.1x CY15 P/E or average P/E of its Malaysian and US-based peers (see Figure #2).

Source: Hong Leong Investment Bank Research - 19 May 2014

ANOTHER GREAT DAY FOR PELIKAN

lee9fold..i believe you are reading the chart correctly

Lets see the market response. actually the rights at 0.10 and free -warrant 1:1 should be good considering the price has bee hanging around 0.20 for a long time. Acquisition target company giving profit quarantee of rm4 mil shd enhance Inix bottomline

LETS SEE IF INARI CAN BREAK 2.91 NEXT WEEK. IF BROKEN THEN I BELIEVE 3.00 SHOULD BE A REALITY

Inari Amertron Bhd - 9MFY14 Results – In Line
Date: 16/05/2014

Source : HLG
Stock : INARI Price Target : 3.09 | Price Call : BUY
Last Price : 2.82 | Upside/Downside : +0.27 (9.57%)

Back

Results
Although 9MFY14 turnover of RM569.8m was slightly below expectations, its core net profit of RM67.8m came in within expectations, accounting for 71.3% and 72.3% of HLIB and consensus full year forecasts, respectively. Deviations

Within expectations.

Dividends
Proposed 3rd single tier dividend of 1.2 sen (3QFY13: 0.9 sen) per share and a special dividend of 0.8 sen (3QFY13: 0.9 sen per share). YTD dividend amounted to 5 sen (9MFY13: 3.5 sen) per share.

Highlights
9MFY14 revenue more than doubled to RM569.8m compared to a year ago mainly due to the consolidation of Amertron as well as higher trading volume from the existing business.

Amertron revenue was relatively flat qoq with a contribution of RM106.8m to the Group in 1QFY14 while the existing business expanded to RM85.0m, representing a sustainable healthy growth of 5.1% qoq and 49.6% yoy.

It remains optimistic on business prospects supported by continued end-user adoption of smart mobile devices globally which IDC expects shipments to reach 2.2bn units in 2018, implying a CAGR of 4.0%.

It will also continue to work towards widening clientele, intensification of R&D initiatives and expansion of production capacity.

Forecasts
Unchanged.

Catalysts
Wireless communications / mobility / IoT (M2M) / LTE.
Business diversifications into optoelectronics and T&M.
Favorable FOREX.
Continuous effective operational strategy.
Risks
Single major client risk (Avago) / high dependency.
FOREX risks.
Patent disputes.
Resources / labour shortage.
Rating
BUY, TP: RM3.09

Positives - Synergy from acquisition, 40% dividend payout providing reasonable yield and listing transfer to Bursa Main Board.

Negatives – innovation stalemate in telecommunication.

Valuation
Reiterate BUY with unchanged fair value of RM3.09 based on unchanged 15.1x CY15 P/E or average P/E of its Malaysian and US-based peers (see Figure #5).

Source:Hong Leong Investment Bank Research - 16 May 2014

Thanks Jeff7839 for the comforting words

THE INCLUSION OF INARI TO THE MSCI INDEX COMING MAY 30; BY RIGHT SHOULD ALSO HAVE POSITIVE RESPONSE FROM FUND MANAGERS BUYING AHEAD OF THE DATELINE. HOPEFULLY THIS TOGETHER WITH THE GOOD NEW WILL HAVE AN IMPACT ON THE PRICE..SUBJECT FAIR MARKET CONDITION PREVAIL NEXT WEEK.

ANOTHER REASON I BELIEVE WHY THE MARKET DIDNT REACT MUCH TO THE NEWS IS BECAUSE THE QTR RESULT RELEASED WAS WITHIN "EXPECTATION". NORMALLY THERE SHOULD BE POSITIVE REACTIONS IF THE RESULTS IS BEYOND EXPECTATION.

thanks Alex Leow....for the good words. I know that good news will be released but what i didnt expect is that there is not much reaction towards the news . However there should BE one biigger news to be released next week. hope market reaction will be good.I dare not set TP for this next week. BUT PLEASE BEAR IN MIND ; I DONT HAVE EVIL INTENTION. MY HAPPIEST MOMENTS IS WHEN EVERY INARIANS HERE MAKE MONEY N HAPPY. MY STRONGEST APPOLOGY IF ANY INARIAN FEEL UNHAPPY WITH MY POSTINGS. I DONT WANT TO LOSE MY FRIENDS HERE ESPECALLY YOU, ALEX LEOW..MAYBE YOU HAVE TO WAIT A LITTLE LONGER FOR YOU DREAMT HOUSES BEFORE THE PRICE HIT 4.00

Europe markets all green

hold tight. you will be handsomely rewarded

2.80 LEVEL GOOD TO COLLECT

The inclusion of Inari as MSCI Global Index will boost Inari status and appearing in world fund managers radar screen

INARI WILL BE IN THE KLCI INDEDEX TO REPLACE UCHI TECH ON JULY 1 APART FRO THE MICI INDEX ON MAY 30

IMPRESSIVE SHOWING YESTERDAY ; UP 0.08 CTS TO 1.08. MORE UPSIDE AFTER PULLBACK EXPECTED ON WEAK MARKET SENTIMENTS

ANOTHER VERY GOOD NEWS COMING VERY VERY SOON

ACDC....DOW NOW DOWN 185PTS YESTERDAY 101PTS

TWO GOOD NEWS...EXCELLENT QTR RESULTS & INTERIM DIVIDEDND 2 CTS A SHARES OR 20% DIVIDEND ON PAR VALUE OF 10CTS. THE CURRENT WEAK MARKET SENTIMENTS HAS SOMEWHAT HAMPERED ITS PROGRESS TO ABOVE RM3.00. HOWEVER THE TRANSFER TO MB EXPECTED ANYTIME NOW WOULD CARRY IT HIGHER. HOW MUCH HIGHER DEPENDS ON THE SENTIMENT OF THE MOMENT. MY TP FOR JUNE OF 3.50 IS SOMEWHAT HAMPERED BUT IF IT CAN COME ABOVE 3.00 SHOULD BE GOOD ENOUGH.

THANKS INARIANS & HAPPY TRADING

Might open softer due to the weak Dow last nite; but watch for reversal later

JIMSTOCK...YOU ARE PERFECTLY RIGHT...NEWS SHOULD BE REAL SOON BUT EXACT DATE I CANT CONFIRM

CWEED... LATEST FRIDAY...WE SHOULD SEE ABOVE 3.00.

DONT WORRY ; EVERY BODY WILL BE HAPPY THIS WEEK

Like Alex Leow..popular remarks..inari to come after 4 pm

From my experience the many sellers at 2.91, 2.92 n 2.93 are parked by the owners for market crossing possibly to some funds managers. I strongly believe this afternoon they will take the sellers and break the major resistance at 2.91. I may be wrong.

HIGHLY SPECULATIVE COUNTER....TRADE WITH EXTREME CAUTIOUSNESS. NOT RECOMMENDED FOR THE FAINT HEART

Changes in Sub. S-hldr's Int. (29B)

HARVEST COURT INDUSTRIES BHD

Particulars of substantial Securities Holder

Name ZENITH CITY INVESTMENTS LIMITED
Address OFFSHORE INCORPORATIONS CENTRE
VICTORIA MAHE
REPUBLIC OF SEYCHELLES
NRIC/Passport No/Company No. 143254
Nationality/Country of incorporation SEYCHELLES
Descriptions (Class & nominal value) Ordinary Shares of RM0.25 each
Name & address of registered holder ZENITH CITY INVESTMENTS LIMITED
OFFSHORE INCORPORATIONS CENTRE
VICTORIA MAHE
REPUBLIC OF SEYCHELLES
Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction Date of change
No of securities
Price Transacted (RM)
Acquired 08/05/2014
6,460,500


Circumstances by reason of which change has occurred Open market purchases
Nature of interest Direct
Direct (units) 26,800,000
Direct (%) 10.1
Indirect/deemed interest (units) 0
Indirect/deemed interest (%) 0
Total no of securities after change 26,800,000
Date of notice 08/05/2014

TODAY SHOULD BE ANOTHER GOOD DAY FOR INARIANS.

I FORESEE 3.00 BE BROKEN TOMORROW OR LATEST THURSDAY.....LET'S SEE WHETHER I AM RIGHT

i heard there will be a corporate exercise to be undertaken BUT i am not sure when...it could be 1 week; 1 month or 3 month. But I am holding tight

LIKE I SAID, IT WILL SAIL PAST 3.00 THIS WEEK