ONE of the stocks is recommend by RHB Investment Bank.

Market Outlook & Strategy
12 February 2014
Presented by:
Lim Sae Wai – RHB Research

Like Perdana, Dayang might rebound anytime.

Buy Dayang below RM4.00 !!!

Ya, I run too earlier in UMWOG.

Dayang;s 3 rd quarter 2013 net income RM31,966.000 compared to RM41,348.000 in 2012.

Accumulative Income 3 rd 2013 is at RM 125,640.000 compared to RM88,449.000 in 2012.

Accumulative income rised up to 42% in 3rd 2013.

So the coming last quarter net accumulative income 2013 is sure increase !!

U know, Alam's 3rd quarter 2013 earned rm22,770.000 compared to rm14,783.000 in 2012.

Accumulative imcome in 3rd quarter 2013 is rm76,374.000 , compared to rm37,058.000
in 2012.

Alam Earn a lot of money in 3rd quarter 2013 !!

I only eraned rm1000 above then i Ran out.

I sold umwog simply bcos of EQ matter.
EQ run like Tsunami.

APFT anytime will rebound bcos of involing OG business.

EPF expected to give 6.4% interest,
EPF earned a lot of money fr investment Shares, especially in
Blue chips campany like bank.

RM300bil OG contracts, only gave out at aroung 50%.
Do u think Alam weak to secure OG contracts fr Petronas??
is no !!

Maybank TP to Silkhld RM0.80 above.
Best buy at RM0.710 something.

Maybank TP is very sharp!!
See what Maybank gave TP to Barakah, then u know.

It up now.

old info

Anytime Dayang will rebound up to RM4.00 above!!

Latest TP fr RHB today!!
TP:RM8.90
With Buy Call.

Buy Alam for its bright future.
Last time fail to get (T&I ) OG contracts,
Its doesn't mean that the following (T&I) also like that.
Buy In Alam b4 anythings good news come to Alam.

All Reserachs gave Good TP with Buy Call.

good comment to Fitri, beastkot123.

even i had sell my Umwog with some feeling regreted,

But I would to express that Affin Research this kind of research

Memang Teruk sekali.

Hey, guy keep holding Umwog share.

Dun like me, sold too earlier.

Stronger group profits ahead

We project SILK Holdings to deliver group net profits of MYR11.0m in FY7/14 (FY7/13: MYR4.4m) and MYR29.3m in FY7/15 with the growth coming from

(i) three new OSVs in FY7/14 and a full stake in four existing OSVs effective Dec 2013 which were previously 51% owned, and

(ii) continuous robust traffic growth at the KRR and a toll hike (+38% for Class 1 vehicles) due in 2015. In 1QFY7/14, SILK Holdings reported a net profit of MYR2.2m, and our forecasts assume another MYR8.8m in 2Q-4QFY7/14.

Going forward,

with the steady traffic volume growth and next scheduled toll rate hike in 2015 to MYR1.80 (+38%) from MYR1.30, we expect Silk Highway to turn profitable in FY7/15.

Its Sukuk Mudharabah is due for a restructuring in 25 Jan 2015, and this could potentially reduce its finance cost, providing upside to earnings.

Based on our scenario analysis, a 0.5% reduction in finance cost starting Feb 2015 would increase the Silk Holdings’ FY7/15 net profit by +4.4%.

7. We expect JM to generate higher net profit of MYR30m/MYR32m in FY14/15 (FY13E: MYR26m),

driven by the added fleet and higher stakes in four OSVs. Our main assumptions are: (i) average total capacity owned to increase 6.6% YoY to 129.8k bhp in FY14 and 2.2% YoY to

132.5k bhp in FY15 and (ii) gross profit margin to remain stable at an estimated 37%.

6. JM has recently completed the acquisition of the other 49% stake of four OSVs (JM Bayu, JM Sepoi, JM Samudra, JM Setia) from GMV-Jasa S/B for MYR49.5m in Dec 2013.

This means that from 2014, the entire JM fleet is 100%-owned. This would contribute positively to the group, adding ~MYR2.1m/4.2m in net profit in FY14/15 after taking into consideration

the interest (financing) costs. Notwithstanding that, the delivery of 2 new OSVs (JM Gemilang and JM Abadi) will likely be contracted out, at decent domestic market rates.

5. In addition, charter rates and utilisation levels are recovering to pre-crisis levels. Contract tenures have extended, from 2-3 years to 5 years, reflecting the buoyancy in the OSV market.

Coupled with the decent financing options, newbuilding programs have kick-started after a lull over the past few years.

There is an increasing demand for higher specifications vessels (i.e. PSV, workbarge/boat, 8-12k bhp AHTS). With PETRONAS giving preference to locally owned-operated flagged

vessels and relatively younger fleet, the market is flushed with opportunities for local players like JM.

4. Outlook

Prospects are bright for JM to capitalise on the wave of opportunities in the Malaysia OSV market. Higher drilling activities, increasing demand for platforms and floating solutions, rising

development for enhanced oil recovery (EOR) activities and deepwater explorations augur well for the OSV market.

3. Fully employed, moving into deepwater

Currently, all JM’s OSVs are on long term charters. In FY13, JM secured 7 new contracts and extended 2 earlier charters. In terms of fleet expansion, JM has been consistently growing its

fleet size during the down-cycle (2008-11) and despite that, it has been successful in securing charters for these OSVs. Based on its new building programs, 2 AHTS (JM Cemerlang, JM

Abadi) are currently under construction with deliveries by mid-2014.

2. Vessels are Malaysia-built and flagged

JM presently owns and operates 17 units of OSVs (after disposing two olders units and added on one new unit in FY7/14-YTD, vs 18 units at end-FY7/13) comprising 15 anchor-handling tug

and supply vessels (AHTS) and 2 straight supply vessels (SSVs). All its fleet are locally built with Muhibbah Engineering as its preferred vessel builder. All of its OSVs are Malaysia-flagged

and are relatively young, averaging 4 years in age.

SILKHLD :

5th largest OSV operator in Malaysia

Jasa Merin (Malaysia) S/B (JM), which commenced operations in 1982, is an offshore support vessel (OSV) owner and operator, providing services to oil majors operating in Malaysian

waters. It has over 30 years of experience with an excellent track record and is recognised by the oil majors. JM is 70% owned by AQL Aman S/B, a 100%-subsidiary of SILK Holdings,

with the remaining 30% owned by State-owned Terengganu Incorporated S/B (TIA).

This stock is going near at RM4.00 something in this coming few days.

I think will hit to rm0.785 by tomorrow.

Buy in and Keep in future.
This Stock probably become one of the Oil & Gas Campany with solid earning growth.

SILK offers a small-cap exposure to the growing O&G OSV sub-sector.

Its highway concession will soon break-even in profits, riding on robust traffic growth.

Embedded in value, we believe the stock is worth MYR0.87.
What’s New

SILK offers a small-cap exposure to the growing oil & gas (O&G) offshore supply vessel (OSV) sub-sector, with a fleet size of 17 presently (and 19 by end-FY7/14), quite similar to Perdana Petroleum (PETR MK; BUY; TP: MYR1.90) in terms of fleet size.

Its Kajang Ring Road (KRR) concession is still loss-making but we expect it to be profitable next year, riding on robust double-digit traffic growth and a toll rate hike in 2015. What is positive is that the KRR is already cash flow positive after servicing interest cost.
What’s Our View

Although group profits are small at just MYR2m net in 1QFY7/14, this should improve steadily. Net gearing of 10.9x at end-Oct 2013 is not a concern as 96% of the debts are project financing, backed by cash flows/assets of its businesses.

Despite a 76.8% rise in its share price YTD, the stock remains undervalue with the current share price reflecting just a FY7/15 PER of 16x for its OSV operations, and zero value assigned to the KRR. We value the stock at MYR0.87 based on SOP and after assigning a 20% discount for its small-cap status.

Source: Maybank Research - 10 Feb 2014

Buy Dayang stock below RM4.00.
Is a chance to accumulate this solid growth OG campany.

is rebound !!!
Oh My God !

Sarawak CM change will effect Dayang OG business or not ?

ALAM in 2014 is brigher than 2013.
The share price wont just stand at 1.50 something,
It could be more higher and higher.

5. Besides the Baronia CPP, the other CPPs in the pipeline are for the Sepat, Bergading, Bokor and Dulang fields. While 1Q2014 orders are likely to slow down QoQ, these project rollouts underpin the overall upward momentum trend and reaffirm our positive view on the sector. Hence, we maintain our OVERWEIGHT call on the sector with our BUY calls for SapuraKencana Petroleum, Alam Maritim, and Bumi Armada.

http://klse.i3investor.com/blogs/amresearch/45941.jsp

4. Instead of calling in bids only from the eight Petronas-licensed fabricators, Petronas Carigali has called in four regional players -SMOE, COOEC, PTSC and a fourth yet-to-be-confirmed contender - to the tender for the 2 satellite structures. That extension is seen as part of an effort to mitigate development costs. In addition to the 3 Malaysian yard operators invited for the Baronia CPP, five other Petronas-licensed fabricators - Boustead Heavy Industries, Labuan Shipyard & Engineerng, Brooke Dockyards, KKB Engineering’s Ocean Might and Muhibbah Engineering - are also in the fray. The front-end engineering and design studies for the integrated Bardegg 2 and Baronia EOR integrated project are being carried out by RNZ.

3. The selected contractor will be tasked to deliver the Baronia CPP and the connecting bridge to the field location by early 2017.That will include installing about 13,000 tonnes of the CPP topsides via floatover atop a 6,800-tonne eight-legged jacket. The Baronia CPP will be tied to two further satellite wellhead platforms - one each for Baronia and Tukau Timur – which are also planned under the Bardegg 2 and Baronia EOR integrated development. The Baronia wellhead platform will be a four-legged structure linked to the new CPP using two flexible lines under three kilometres each. The Tukau Timur structure will be a nine-slot tripod to be separately connected to the CPP via a 43-kilometre pipeline.

ALSO:

Oil & Gas Sector - EPCIC tender is out for Baronia CPP OVERWEIGHT

1. Upstream reported today that the race has started for the first turnkey central processing platform (CPP) contract, potentially worth over US$1bil, on offer this year in Malaysia, with Petronas Carigali opening up the contest for the centrepiece production facility at the integrated Bardegg 2 and Baronia enhanced oil recovery (EOR) project to as many as 11 international contractors. First gas from the integrated project is targeted for October 2017.

2. Bardegg 2 is the second phase of the Baram Delta gas gathering project originally designed to collect and compress associated gas previously flared during crude extraction for re-injection to improve oil recovery. A new CPP lined up under Bardegg 2 will initially extract non-associated gas from the Baronia field and the high-temperature high-pressure Tukau Timur discovery for reinjection together with water into the Baronia reservoir to enhance oil recovery. Excess gas will be exported to the Malaysia liquefied natural gas complex at Bintulu. The integrated Bardegg 2 and Baronia EOR project will also seek to produce nonassociated gas from the Bakau, Fatimah and Salbiah fields under future phases of field development. A turnkey contract is being tendered for the engineering, procurement, construction, installation and commissioning (EPCIC) of the new CPP to be bridgelinked to the existing Baronia gas compression platform.

9. We expect 4QFY13 results, scheduled to be released later
this month, to come in below expectations due to one-off
provisions. For now, we maintain FY13F-15F core
earnings. Valuations are compelling at an FY14F PE of 9x
– half of the oil & PP 12247/06/2013 (032380) gas sector’s 18x.

7. As the Alam-Swiber failed to secure a package under the
Pan-Malaysia transport and installation (T&I) umbrella
concession late last year, the JV is actively seeking new
projects in the region. Our channel checks indicate that
the level of activities under the Pan-Malaysian T&I
contracts this year could be lower than 2013 due to the
initial design and engineering works in the programme.

8. For the underwater division, we understand that Alam
hopes to secure parts of the RM1.2bil-RM1.5bil contracts,
which were earlier extended to Offshoreworks Group,
currently in financial distress.

4. Technip and MMHE were jointly awarded a turnkey
contract late last year covering engineering, construction
and installation of the central processing platform (CPP),
the connecting bridge and up to two wellhead platforms
for the combined NC3 and NC8 field development in
Block SK 316.

5. NC3 will host the CPP, which will be connected to a
satellite platform at NC8. First gas from Block SK 316 is
scheduled to flow by the end of 2015 and will be fed to
the ninth liquefied natural gas train under Petronas MLNG
complex in Bintulu.

6. Block SK 316 also hosts the Kasawari field, which will be
developed using a standalone central processing
platform and a wellhead structure. Petronas was due to
tender the planned Kasawari facilities in early 2014 but
the bid round is said to have been held back as the stateowned
field operator re-evaluates its tender strategy.

07.02.2014
FROM AMMB RESEARCH

1. We maintain BUY on Alam Maritim Resources (Alam) with
an unchanged fair value of RM2.45/share, pegged to a
FY14F PE of 16x – at parity to the oil & gas sector.

2. Upstream reported today that a joint-venture between
Alam and Swiber Offshore has won a subcontract for
offshore installation work on Petronas’ Block SK 316 gas
development off Sarawak. We understand that the
installation contract for SK316 is around RM100mil,
which is still under negotiation.

3. The Alam-Swiber joint venture is understood to have
been subcontracted by Technip and Malaysia Marine
Heavy Engineering (MMHE) to install the central
processing platform and the bridge from mid-2015 to the
third quarter of 2015.

Fitri, ganggu emosi investors lain.

Fitri, u harap saja harga jatuh sbb u nak beli pada harga rendah ( below rm7.00)
Next Monday keep rebound, CIMB !!

yup.agree.
buy.

2013年5月，获国油勘探延长合约1年，将为其提供工作船，合约总值3800万令吉。

合约期1年，从2013年10月9日至2014年10月8日。

这是世界海事今年宣布的第10项合约。


合约的日船租费【DCR】约10万4100令吉，高于去年10月的合约（【万4800令吉】。

然而，船租费上涨是因为包括配餐、住宿等费用。

分析员对此消息不感意外，并正面看待这项进展，这表示世界海事工作船需求高。

截至目前，世界海事共赢得的合约总值达10亿5000万令吉，超越2012年的5亿2870万令吉。

世界海事的目标是今年内争取25亿令吉合约。

世界海事受邀与沙地阿拉伯Globe Marine透过联营竞标中东和非洲项目