Niki, it's from Maybank

We favour: i) defensive midstream companies – with Dialog as our pick; and
ii) FPSO players which are poised to ride on the global deep and ultradeepwater capex investments – with Bumi Armada as our pick.

Consequently, our PE based target price is revised to RM0.46 (RM0.67 previously), and we maintain our Underperform call on Chin Well.

https://cdn1.i3investor.com/my/files/st88k/5007_CHINWEL/pt/PUBLIC%20BANK/5007_CHINWEL_PUBLIC%20BANK_2024-11-28_SELL_0.46_ChinWellHoldingsBerhadDraggedIntoRedbyForexLosses_-1842445965.pdf

It should be value at least PE15 instaed of current PE7. 100% upside potential in near term.

OSK all business segments will be perform much better in 2025.

Property - Massive launch in recent years will bring to profit once their construction catch up which will be next year

Cable - benefit from data center and industrial areas, they are running at full capacity and on going to acquire Universal Cable at 85mil.

Hotel - Hot hotel demand accross entire malaysia.

Finance/Loan - Growing loan porfolio since they get the license to distribute loan to civil servant.

This is the best strategy of how to make fortune from listing company.

Start a new business, if the business fail (like 2018 restaurant) , keep inside the company, all the share holders bite the bullet.

If the new business is growing, Ang family bought over and the money pay from them cash back from dividend.

and the worst part is they use the cash to pay dividend rather than expansion for their own business.

selling golden goose which contribute to profit 6mil a year.

(ii) Loss of potential future income from STGT Group

With the Proposed Disposal, TGIB will be disposing STGT Group and STGT Group will
cease to be subsidiaries of TGIB upon completion of the Proposed Disposal. TGIB
Group will no longer be able to recognise the share of results of STGT Group and
receive any future dividend income which may be declared and paid on the Sale Shares
by STGT.

Dispose earning business is not a good idea, this will cause earning less RM6,392,000 , around 10% of profit in future.

Liihen has stop their dividend payment in latest quarter, dun be fool by outdated dividend rate.

PB Bank lower TP to RM0.46

Consequently, our PE based target price is revised to RM0.46 (RM0.67 previously), and we maintain our Underperform call on Chin Well

https://klse1.i3investor.com/servlets/ptres/73632.jsp

Maintain SELL, with new MYR0.65 TP from MYR0.76, 34% downside. Chin
Well’s 1QFY25 (Jun) results missed expectations due to weaker-thanexpected sales and margin. We revise our forecasts on expectations of
continued soft earnings in the upcoming quarters due to prolonged demand
weakness and loss of economies of scale.

https://www.bursamarketplace.com/mkt/tools/research/ch=research&pg=research&ac=2235653&bb=2287502

OCB - A hidden property counter yet discover by public

PB valuation for BAB 96sen.

our TP may possess potential upside given our valuation of RM4.0bn represent a 30.3% steep discount against its net asset of RM5.7bn or 96sen / share.

CGSI says MISC could end up with a 76% stake in

The prospective merger may involve an all-share transaction

A combined (FPSO) entity will almost equal the fleet size of Japan’s Modec Inc.

the merged entity, while Ananda’s stake may be diluted to 8.3% from 34.8%.

All sails set for MISC-Bumi Armada merger

https://www.thestar.com.my/business/business-news/2024/11/25/all-sails-set-for-misc-bumi-armada-merger

accumulated losses finally turn to retained earning 326,899mil .
Prepare yourself for a surprise dividend at any time.

after disposal, earning will be reduce 10% , around 6millions per year

To make the deal fair, either BAB PE goes up to 14x or MISC PE goes down to 4x.

the deal’s pricing will be crucial. MISC's valuation, trading at approximately 14x
P/E, significantly exceeds BAB's 4x, which highlights the need for careful consideration in valuing the former’s offshore assets.

We believe that BAB is worth 79 sen while BAB’s BVPS is even higher at RM1.05;

BAB’s current share price of 50 sen appears to undervalue the company.

The potential merger, if it happens, may unlock the valuation of BAB to better reflect what we believe to be its underlying fundamental valuation.

KUALA LUMPUR (Nov 15): The proposed merger between Bumi Armada Bhd (KL:ARMADA) and MISC Bhd’s (KL:MISC) offshore businesses is expected to result in MISC holding a 68% majority stake in the new entity, with a combined valuation of RM14.6 billion, according to CIMB Securities.

Armada NTA 1.05

Bumi Armada Bhd., an oil field services provider controlled by Malaysian tycoon T. Ananda Krishnan, is considering buying MISC Bhd.’s offshore energy business, according to people with knowledge of the matter.

Talks between the companies are at an advanced stage and a non-binding agreement may be signed as soon as this week, said the people, asking not to be identified because the process is private. While details such as valuation are still being discussed, a potential transaction will likely involve a share swap that will give MISC a significant minority stake in Bumi Armada, the people said.

https://www.thestar.com.my/business/business-news/2024/11/13/bumi-armada-is-said-to-weigh-buying-misc-offshore-energy-assets

Discussions surrounding Malaysian shipping giant MISC’s potential acquisition of compatriot floating production, storage and offloading (FPSO) vessel contractor Bumi Armada have resurfaced, with Upstream's sources hinting that an official announcement may be imminent, possibly within the next one to two weeks.

A potential deal would significantly bolster MISC’s position in the FPSO market, granting the company access to a larger, more diverse fleet of operational units as well as a pipeline of ongoing projects.

These negotiations first came to light in July when Malaysian media revealed that MISC, a subsidiary of national energy giant Petronas which holds the majority 51% interest, was in talks to acquire a “substantial stake” in Bumi.

MISC at the time downplayed the speculation, stating that it “actively explores investment opportunities that could add value for its shareholders" although an informed source told Upstream that these negotiations had, in fact, started early in 2024.combined entity would allow MISC to benefit from economies of scale, streamline operations and enhance its competitiveness in the global FPSO market. By pooling resources, the two companies could also improve their ability to secure long-term contracts with oil and gas operators and expand their portfolio, increasing their chances of winning future tenders.

“There will be significant synergies in operations, maintenance and project execution,” said one FPSO industry expert based in Singapore.

“By combining assets, the companies could reduce costs, optimise asset utilisation and boost project delivery efficiency.”

The merger would also offer strategic access to key offshore regions. Bumi Armada has a strong presence in regions including Southeast Asia, India and West Africa — markets where FPSO operations are critical to offshore oil and gas production. The tie-up would enable MISC to strengthen its footprint in these high-demand areas.

Beyond operational synergies, the deal could diversify MISC’s revenue streams. While the shipping behemoth is primarily known for its liquefied natural gas carrier and tanker businesses, an expanded FPSO portfolio could provide stable cash flows from long-term lease arrangements, serving as a hedge against volatility in other sectors of the energy market.

In response to Upstream's query on the matter, MISC said: "We do not respond to speculation.

"Rest assured, we will communicate with relevant stakeholders if and when there is material development in any of the various opportunities we explore as part of our ordinary course of business."

At the time of publication, Bumi Armada had not responded to Upstream's request for formal comment.

Niki, Can share full article ?

Take a look at the pledged account for the Managing Director. A similar situation to CEB might unfold. The owner has a large margin and has been selling their own shares recently, with high receivables on the books.

Be cautious, as the share price could collapse at any moment.

Y24 Earning RM52,969,000

Receivable RM127,590,125
Other Receivable - Advanced to Supplier RM59,796,459

What a generous Company, customers buy seafood from them no need to pay cash at the same time the company advanced payment to supplier for seafood purchase in future.

The Group’s utilisation is expected to be lower in 2H 2024, due to three of our rigs, namely NAGA 2, NAGA 5 and NAGA 6,
which will be conducting their Special Periodical Survey and 5-yearly maintenance in the second half of the year.

Malaysia’s Bumi Armada has started the tender process for a marine 3D seismic survey on its Akia working area offshore North Kalimantan, Indonesia, where it has hopes for a fast-track development.

https://www.upstreamonline.com/exploration/indonesia-newcomer-launches-seismic-tender/2-1-1685442

https://www.blackridgeresearch.com/blog/fsru-meaning-definition-guide-floating-storage-regasification-units

Here are some of the global top FSRU companies :

HÖEGH LNG AS (Norway)
Excelerate Energy, Inc. (United States)
New Fortress Energy Inc. (United States)
BW LNG (Singapore)
Mitsui O.S.K. Lines, Ltd. (MOL) (Japan)
Bumi Armada Berhad (Malaysia)
Flex LNG (Greece)
Gazprom (Russia)
Eagle LNG (Netherlands)
Dynagas LTD (Greece)
Exmar NV (Belgium)

Carbon shipping fleet plotted for project to clean up power plant emissions

https://www.upstreamonline.com/carbon-capture/carbon-shipping-fleet-plotted-for-project-to-clean-up-power-plant-emissions/2-1-1682485

looking forward official orderbook award by end of the fourth quarter of 2024

MISC acquire BAB is in the progress, just wait patiently and they will make announcement accordingly.

CNV RFDP agreed by all Partners and awaiting formal approval

Positive progress towards obtaining TGT and CNV licence extensions

Discussions continue with several interested parties in preparation for the drilling programme on Block 125

Pharos Operation Update:

TGT Revised Field Development Plan (RFDP) was approved by the Ministry of Industry and Trade (MOIT) on 9 January, enabling the two-well drilling programme to commence in 3Q

Anyone with full article?

FPSO accepted at last... six months after producing first oil in India
https://www.upstreamonline.com/rigs-and-vessels/fpso-accepted-at-last-six-months-after-producing-first-oil-in-india/2-1-1677622

its 4 rigs. and yes, it will not going to shutdown all at once hence this will drag down earning for continuosly 3 quarters.

while during that shutdown mess, naga 3 & 5 will be out of contract.

"" please refer to Kenanga Report in May24 ""
However, in 2HFY24, Naga 2, Naga 5, and Naga 6 are scheduled for special periodical surveys (SPS).

Except for Naga 3 which is set for SPS in 1QFY25

Price will be slowly downtrend in coming 6 to 9 months to reflect the events above.

upcoming quarters will be badly hit by 4 rigs Planned shutdown in Y24Q3-Y25Q1
Contract end for Naga 3 & 5 soon.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3463477

Finally, final acceptance and new earning will kick in from Y24Q3 onwards

https://www.upstreamonline.com/finance/acquisition-talks-reported-between-malaysian-fpso-players-but-no-material-development/2-1-1675120

Potential to create a mega FPSO player equal to Modec’s fleet size, with complementary areas in geographical reach.

Theoretically, combining the 13/8 offshore assets of MISC/BAB can create an FPSO behemoth with a fleet size equivalent to Modec, the largest FPSO player globally

Dyson to axe 1,000 jobs in UK, FT reports

https://www.klsescreener.com/v2/news/view/1355365/dyson-to-axe-1-000-jobs-in-uk-ft-reports

MISC didn't deny the transaction, instead it mean that if any progress big enough to disclose, they will make announcement in bursa.