Kasawari indeed!
https://www.theedgemarkets.com/article/mhb-secures-kasawari-gas-development-project-petronas-carigali

Operationally, both Assyria and north Sabah were weaker qoq. North Sabah has 2 oil offtakes as opposed to expected single oil offtake. Anasuria has two cargo offloaded as opposed to none qoq (drilling was conducted that time). Those extra sales and highest oil price since 2014 translate into exceptional profit. A great quarter nonetheless, but was it a peak results?

This is the best quarter for last 10 years excluding insurance payout...

Brent at USD 65...Market reacts poorly Saudi produced higher than its quota set by opec. Death of opec?

https://www.malaysiakini.com/news/446973
Toll is here to stay. Good to wake-up to reality

To PH government, the sanctity of contract is of little value...

Let see it will break through 1.15 convincingly!

exactly a year anniversary 40% breakout from 0.45 level..Coincidence?

Good that PWORTH management cleared the concern. FMU5 is valuable because it is basically untouched for past 20 years or so....

Quarter result out. This single quarter profit is higher than yearly profit since 2009.

Total capacity for plywood 240,000 m3 and sawn timber 115,000 m3. Current production not enough for own use.Market reacts badly on export ban. Export log from Sabah for past 4 yrs only 10-12% of production..

Venezuela presidential election is this Sunday...even a win for opposition is unlikely to take off pressure on oil sector. Btw, sharing my recent post on Hibiscus.

https://klse.i3investor.com/blogs/hibiscus_part1/157019.jsp

hi sfthamsf, what is this about?

To put that into perspective, that is 32% qoq, 189.7% yoy and incredibly 54.7% of 2016 output!. PWORTH is simply a different animal with the FMU5. However, it still short of the expected 70k if the 100m profit was to be realised....remember, year end to year beginning, output much slower due to monsoon season..

My investment thesis is less about political patronage but more on acquisition of FMU5 acreage. You may consider reading article below:
http://klse.i3investor.com/blogs/icon8888/142785.jsp

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5789673
PWORTH-Extending the cash option period to 22 May.

China stopped taking shipments of U.S. mixed paper and mixed plastic in January. Steve Moore said mixed-paper shipments to other Asian countries now fetch $5 a ton, down from as much as $150 last year. Other buyers such as Vietnam and India have been flooded with scrap paper and plastic that would have been sold to China in years past.
https://www.wsj.com/articles/recycling-once-embraced-by-businesses-and-environmentalists-now-under-siege-1526209200

China Suspends All U.S. Scrap Imports for One Month
http://www.waste360.com/legislation-regulation/china-suspends-all-us-scrap-imports-one-month

Good to see ORNA back to 1.64. Now OCC price around 75, down 50% from a year ago....

Without those light oil blending facilities, those oil produced in Venezuela will simply be unmarketable...That is nearly 1.5m barrels at risk...

Brent breaks up from US$75, WTI from US$70...
And Venezuala is staring down the cliff...
https://www.reuters.com/article/us-conocophillips-pdvsa-assets/conoco-moves-to-take-over-venezuelan-pdvsas-caribbean-assets-sources-idUSKBN1I70RA

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5783877
CP Fulfillment period has been extended to 22 May 2018. The downside is there is no extension for cash options beyond 15 May 2018.

http://www.theedgemarkets.com/article/priceworth-says-price-tag-logging-concession-67-less-market-value
And EGM would be on 22 May...

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5782497
Finally....approval received!

Plant utilization dip is due to strategic move due to poor margin for conversion of olefin to polyolefin on both Indonesian & Malaysian plant

Earnings YoY -28.8% , QoQ -35.4%, EPS 10.70 sen
Revenue YoY +15.7%, QoQ +4.6%
Pretax margin +13.5% vs +20.2% YoY
Negatively impacted by margin contraction and forex losses. Plant utilization dipped to 83% from 86% QoQ and 58% YoY (with naphtha plant shutdown).

Hibiscus quarterly result likely to be boosted by negative goodwill on consolidation after the North Sabah deal....

Adding on...

March Production 24,846 vs 14,517 YoY
1Q2018 Production 58,359 vs 30,601 YoY (+90.7%) vs 48,849 QoQ (+19.5%)

Of course this is the production figure, not the sale figure….

0.22 is a resistance level, also the downward trend line since Jan 2018. Above there, cluster of resistance 100 SMA, 200 SMA and 50% Fibonacci around 0.235/24. Long story short, if buy rate and volume drop, expect a slow grind upwards. Otherwise, a buttery cut through the levels in a day or two opens the doors to 0.275/28 and eventually 0.30 and year high 0.325

UMW to sweeten the offer but higher offer price wasn't on the table.

https://www.thestar.com.my/business/business-news/2018/04/11/umw-goes-back-to-drawing-board/

There is another options for MBMR shareholder: exchange to UMW share at 21 new UMW share for every 50 MBMR share. Could be a better choice as long as UMW share is staying above 6.09 (excluding brokerages fees, stamp duty and clearing fee)...

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5723093

The deal is between UMW as the purchaser and Med Bumikar & Central Shore as the Vendor. Only shareholders of UMW have the right to vote on the deal. Under the takeover rules, UMW is required to extend a mandatory take offer to acquire all the remaining MBMR shares. So, a minority MBMR shareholder doesn’t have the right to vote on the deal but a choice to accept or reject the offer.

2ndly, EPF is an interest party. Latest report indicates EPF has 9.19% stake in UMW (AR2016) and 15.81% stake in MBMR. So, their interest MAY NOT align with minority shareholders. The statement that UMW is not intending to maintain listing status of MBMR gives hint that UMW probably has secured substantial amount of shareholders' commitment to accept the offer. Not too hard to see..add together UMW, EPF and other government based institutional funds, the interested party should hold ~70% of the total share. I would expect more non-government funds to accept as well due to concern of the share liquidities post UMW's acquisition.

MBMR is however obliged to present a 3rd party advice to the shareholders before the acceptance date closure. For those who intend to hold on to the share, the report may represent their last hope to force UMW to raise the offer price. Too bad, shareholders' activism in Malaysia is too weak down to almost non-existance. Things of course would change dramatically better provided another party enters into the frame and starts a bidding war, though chances of that is very very low.

@ Cricketlast, indeed quoted in the announcement on the listing status. Thanks for highlighting. I also concur that UMW undervalue MBMR. Perodua is valued at RM 4.18b. Given MBMR 22.58% stake in Perodua and market capitalization @ RM 2.56 plus debt of RM 1.08b, UMW values other MBMR businesses are mere RM 140m only. At 50.1% stake already acquired, there is still sizeable stake not owned yet... Would UMW be successful in MGO to take MBMR private?

Still maintain listing post take over. That is a big vote of confidence.

Take away top two exporter Canada and Mexico, the impact is much reduced..

With some exemptions on tariffs,hopefully more attuned to TRUMP showbiz than any sinister start to a disruptive trade war

The other date to watch is 31 March, which is the last date for PWORTH to exercise the cash option for RM30m discount off purchase price..

http://www.m.malaysiastock.biz/Company-Announcement.aspx?id=1039838

Sign of progress towards closure...

Technical outlook is bearish. Ever since support level at 0.665 gave away, the downward momentum accelerated. Minor support at 0.60 was sliced through like butter. There's no capitulation signal which could mark a bottom today. Capitulation requires very signification volume surge together with sharp price drop. There's a psychological support at 0.50....

Sapura needs a runrate of RM 2.1 b per quarter to break even, RM 1.2b to be cash flow neutral. Possible (but no certainty) impairment include more than RM 8b in goodwill (current amount in balance sheet) and some RM 9.3b in drilling assets and RM 4.0b in EPC segment. Result will be released within this month. I would rather wait for the release of result than to chase value at the moment. My two cents.

ORNA on fire up 20 cent!

On demand side, strong demand for plywood by Japanese markets while inventories of the supplies are falling...Good.
On Production side, production should improve with the end of the monsoon season....only missing piece is the FMU5 update!!

RM 8.0m has been paid out of total RM 230m for FMU5. There is no additional update on FMU5 purchase though... Only mentioned that revised valuation submitted to Bursa on Dec 20, 2017.

TTM Earning +459.9%, Revenue +36.3%
Earning YoY +259.7%, QoQ +216.3%
Revenue YoY +26.6%, QoQ +17%
Performance was due to increase in production volume due to contribution from the operations of FMU5 despite the adverse weather condition due to year end monsoon & festive.

YoY lower performance was due to lower margins and higher overheads. Demand for SCADA and Intelligent Transport Systems will continue to drive sales of the Group. Earning YoY -30.2%, QoQ +4.1%, EPS CQ+2.0. Revenue YoY +2.3%,QoQ +20.2%

Note that construction margin is much much higher than industry, in fact the highest if not one of the highest....

YoY Outperformance was primarily due to Property division (Rev +234%, PBT +269.0%, primarily EkoCheras work progress).
Construction division (Rev -14.4%, PBT -8.4%, Duke 2 Completed 3Q2017) and Toll Operation (Rev-3.9%, PBT -9.4%, One-off RM 8.0m toll compensation 2Q2017) underperformed.
That said, ongoing construction of SPE, River of Life (Construction), opening of DUKE Phase 2 (Toll) and recognition of unbilled sales from property development activities (Property) will spur performance moving forward.

Locally, the new steel supply from Alliance Steel will gradually increase the supply of wire rods and steel bars in the local markets. That will be the supply shock if not exported to China as originally planned.

Poorer QoQ results was mainly due to lower margin on a higher material and consumables cost despite an improved selling price in the current quarter (Gross Margin 8.5% vs 9.8%)

@PoormanTrader, am no god. Walking among three people, I find my teacher among them...Hope you benefited from my sharing. Cheers!