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

good bargain

crisis = opportunity

• SBH at inflection point. In 9MFY23, SBH's bottom line was dragged down by
losses from PASB. This is mainly due to lower production in Kurau farm as it
undergoes pond maintenance. We gather that pond maintenance is typically carried out every 10-12 years to prevent diseases and enhance pond yield. Looking ahead, we anticipate a gradual recovery in FY24F driven by normalisation of pond yields at the Kurau farm. On top of that, we expect strong earnings growth thereafter as the expansion impact from the Selinsing farm starts to kick in.

TA Securities predicts that SBH Marine will record earnings growth of 12% in 2024 and 21% in 2025

opportunity coming

retest again

accumulate almost complete , going retest resistance

sail stronger SEALINK

yeah , gonna start 2 round

come to SEALINK then , engine about to start dont too late

just US market sentiment kacau , sealink is growing tie with sarawak 2030 economoy plan , benefit from oil n gas expansion in sarawak . going big this round , demand is huge . any panic sell is an opportunity , will back to uptrend soon .

haleluyah , received dividend today . SBH still holding well despite market so red .

sealink still to sarawak agenda , no worry about us market drop . any panic sell is opportunity

sail sealink

rebounding

managing director acquired 0.315 at 10 jun 2024 , so guess the hidden messages .

sealink already confirm confident show positive growth on coming QR . retailers all panic selling . it will rebound eventually .

fair value TP 0.55- 0.72

buy on dip , is a opportunity . sealink will show good QR next month .

opportunity

nice double cup , breakout is in the blink

bull run FAJAR , might touch 0.65 shortly

0.6 soon

exactly

strong momentum , uptrend , strong fundamental , billion projects on hands , earning visibility guaranteed , potential win more projects is a big bonus . TP 1 -1.20 is just matter of time .

FAJAR could win project from large cap such as WCT , GAMUDA , IJM .