sealink or sinklink , we shall know soon after QR . for me , is a opportunity .

@laulau ?? where is your fv 6.83 come from ?? . bearish chart support level 1.71

buy with ease of mind if management is good such as itmax , AWC , sealink , dxn , etc

QR might come out this weeks , probadly today .

3.40 changing hands , hoseh liao

big boy just mop all 3.40 big block , gonna fly again

upbeat on getting more contract TP 5.80

itmax float share only 371m .

time to collect

once additional contract get , will revised again , my TP 5.80

OSV players spillover effects , SEALINK will also post strong QR soon .

https://theedgemalaysia.com/node/704949

perdana petroleum posts highest quarterly profit in 16 years on higher utilisation rates

0.50

good fundamental , good earning visibility . what to worry . just lock in fridge. bonus issue might be coming soon

fantastic sealink

TP 4.71 , more to come . impressive

just released , still hot .

ITMAX system

Additional 5k CCTVs installation for DBKL
ITMAX has secured a RM539.5m contract from DBKL to install an additional 5k
CCTVs in Kuala Lumpur. The contract spans for 10 years, comprising a one year
installation phase followed by 9 years subscription phase. We view this
development positively as this provides (i) longer visibility of its recurring income
stream and (ii) a testament of its technological leadership and QoS. We strongly
believe that ITMAX is in a prime position to get the remaining 10k CCTV contracts
over the coming years. We raise our FY26f earnings by 17% to impute in the job
win. After earnings adjustment and raising our PE assumption to 45x (from 40x),
our TP increases to RM4.71 based on FY26f EPS. Reiterate BUY.
NEWSBREAK
The deal. ITMAX has on 15 August 2024 secured a Variation Order (VO) dated 9
August 2024 awarded by Dewan Bandaraya Kuala Lumpur (DBKL) in respect of the
Contract of “Kerja-kerja Membekal Perkhidmatan Penggunaan Sistem CCTV dan VMS
Integrated Transport Information System (ITIS) Secara Sewaan Tahun 2021/2026
(2018/A051)” (Main Contract). The contract involves the installation of additional 5k
CCTVs in Kuala Lumpur (KL) for a period of 120 months which comprises of 12 months
installation period and 108 months subscription period for a contract value of
RM539.5m. The commencement date will be fixed according to the work program
agreed upon by ITMAX and DBKL.
HLIB’s VIEW
Stronger footing in DBKL. We view this development positively as this provides (i)
longer visibility of its recurring income stream and (ii) a testament of ITMAX’s
technological leadership and quality of service (QoS). This 5k additional CCTVs
installation also comes as a surprise as DBKL historically only adds 1k CCTVs per year.
Additionally, note that this is a longer contract period of 9 years from DBKL, compared
to the previous duration contracts of 6-7 years.
More to come. With this expansion, ITMAX’s video surveillance system will now
encompass 10k CCTVs, seamlessly connected through its fibre optic network
infrastructure across KL. In July 2024, Deputy Prime Minister Datuk Seri Ahmad Zahid
Hamidi quoted that DBKL requires at least 20k CCTVs cameras installed throughout
the city to monitor crime and traffic congestion. With this news, we are confident that
ITMAX is in a prime position to get the remaining 10k CCTV contracts when rolled out
over the coming years.
Expecting higher margin. Although these additional 5k cameras’ rental is lower at
RM1k per month (vs existing’s circa RM1.1k-1.2k per month), we opine they will yield
higher margins as the incremental cost for command centre and fibre optics will be
much lower by using the existing facilities.
All-time high order book. With this addition, it has a total unbilled order book of
RM1.5bn which will be recognised progressively up to May 2039. As end of 1Q24,
ITMAX’s tender book stood at circa RM300-400m.
Forecast. We raise our FY26f by 17% to impute in the job win.
Reiterate BUY with higher TP of RM4.71 (from RM4.00). After earnings adjustment and
raising our PE assumption to 45x (from 40x), our TP increases to RM4.71 based on
FY26f EPS. We believe that this home-grown smart city integrated system and solution
provider is a compelling case given its multi-year growth potential on the back of solid
order and tender books.

if secured all , ITMAX going to the roof . buy before too late

ITMAX in the prime position to bag video surveillance contracts for all 16 councils ( already secured 4 )

ITMAX TP 4.70 revised upward by HLIB , strong buy

QR surprise ?

gosh ! director keep collecting everyday

director keep buy recently , must be something interesting going on

0.395 -0.405 heavy accumulating

exactly

bull run , something fantastic is coming

second time attempt to break 0.400 , if break again . never go back . institution accumulate enough to push up . enjoy your ride with sealink .

sealink bull run

https://www.sinchew.com.my/news/20240809/finance/5829316

get ready

very high volume this few days , probably institution start buy . monitor closely for the push up

0.395 - 0.400 easily broke it just psychology barrier . Next challenges is resistance 0.470-0.480

Next stop 0.470

Green in the red sea , how good is it

dont miss the chance , tomorrow might start to move higher

yes

strong buy , dont wait institution mop up . next stop could be 0.470 before QR

break 0.350 will fly

No institutional analysts cover the stock yet . once institution mop up , its gonna fly .

https://theedgemalaysia.com/node/721965

HLIB have almost same fair value with me . i expect more catalyst is coming tally with Sarawak Development alongside with Petros . TP 1 -1.2

Shipyard revival a rerating catalyst? We also expect the long-awaited Safina 2
program to finally be awarded next year. Although we are uncertain if Sealink will win any vessels, the rollout of Safina 2 could potentially spur its shipbuilding orders given its yard’s track record in building OSVs. Management shared that its yard has the capacity to produce 3-4 vessels at one time, which are to be delivered on a staggered
basis. Furthermore, the Sarawak’s ongoing project of deepening the Kuala Baram Delta for Miri Port will enhance accessibility for larger cargo vessels. In our view, this will bolster its yard activities when the dredging project is completed in 2027. We note that the revenue contribution from its shipbuilding division is miniscule at this juncture as it mainly provides maintenance work for its own vessels and external parties.
Therefore, any positive developments on this front could meaningfully elevate its
revenue base and potentially rerate the stock.


Financials. We expect Sealink to return to black with core earnings of RM22.5m in
FY24f, backed by stronger blended utilisation rate at 68% and blended DCR of
RM30k/day as well as absence of lumpy one-off expenses that were incurred in FY23
(i.e. dry-docking costs and penalties). Subsequently, we project further earnings
growth of 31% in FY25, lifted by higher fleet utilisation at 75% and DCR of RM33k/day.
Balance sheet wise, Sealink’s net gearing stood at a sturdy 0.06 times as at end1Q24.
We highlight that almost half of its total borrowings are revolving credits, which are all classified under current
liabilities.


Non-rated, fair value of RM0.52. We value Sealink at RM0.52 based on 10x midFY25f
EPS, a discount to 14x PE that we typically ascribe to OGSE players. At current price, Sealink is currently trading at 7x FY24f earnings. We view Sealink as a laggard in the OSV space due to its undemanding valuation amidst an imminent earnings upcycle.

Hong Leong Investment Bank

Sealink International
Staging a huge comeback
Sealink owns 19 active OSVs that are mainly chartered to the O&G industry, and
provides shipbuilding and repair services. FY23 blended fleet utilisation was
about 60% in FY23 and we believe it will trend upward to over 68% in FY24,
driven by the robust offshore maintenance activities amidst an acute shortage
of Malaysian-flagged OSVs. Sealink is aiming to secure a few vessels to be
chartered under the POV program. Nearly all vessels are currently chartered
under spot rates, until the POV awards are officially concluded. We expect
Sealink to return to black in FY24f, backed by higher utilisation rate at 68% and
blended DCR of RM30k/day. We value Sealink at RM0.52 based on 10x mid-FY25
EPS, a discount to 14x PE that we typically ascribe to OGSE players. We view
Sealink as a laggard in the OSV space due to its undemanding valuation amidst
an imminent earnings upcycle. Sealink is currently trading at 7x FY24f earnings.

Background. Based in Sarawak, Sealink owns a fleet of marine support vessels that
are mainly chartered to the O&G industry, while also offering shipbuilding and repair
services. The group currently charters 19 OSV fleets, including multi-purpose supply
vessels (MPVs), AHTS, seismic support and straight supply vessels, with an average
age of 12 years. We highlight that MPVs can be converted into other vessel types (i.e.
PSV/utility vessel) by undergoing certain installations, therefore enhancing its portfolio
versatility. For its shipbuilding division, it is supported by its shipyard in Miri, Sarawak,
which has constructed 68 vessels since 1999.

Busy times ahead. Sealink’s FY23 blended fleet utilisation was about 60% in FY23
and we believe it will trend upward to over 68% in FY24, driven by the robust offshore
development and maintenance activities amidst an acute shortage of Malaysianflagged
OSVs.
However, we flag that three vessels are currently inactive and awaiting spare parts for dry-docking exercises which are slated to be completed in 2H24. The return of these vessels should provide further utilisation upside in FY25.
Meanwhile, its fleet DCR has also improved drastically. For instance, its 48-metre MPVs are now chartered at
RM15-20k/day, having doubled from its trough few years ago. Readying for POV tender. We gathered from management that it is aiming to secure a few vessels to be chartered under the POV program (3 years firm period). Nearly all vessels are currently chartered under spot rates, until the POV awards are officially concluded, likely in 2H24. Our checks indicated that the DCR under the POV tender will be similar to the current market spot rates, which we deem positive for the winners due to earnings security enhancement in the coming years. To this end, Sealink has set aside a budget of c.USD10m to purchase one or two used AHTS while looking to dispose of two vessels with aged above 15 years.

overcome tide sealink

big boy heavily absorb panic sell

sealink follow abg Jo agenda , no prob

calm down , no need to panic sell .

v shape recovery , nice