pang72

Where is my friend Macg?

Monitoring. Already collect until no budget already. Pang you better get out from Armada..my 2c.

Shark won't simply push the price without reasonable. There must some future fundamental that drive them to buy. First of all...
1) Daily charter rate increased. Velesto also negotiating with Petronas for higher rate for this year. With increase in daily rate, this will strengthen their financial position in up coming months
2) Oil price at bullish side. Expected 2nd half of the year touch usd 100. Referring to most analysis, shortage of oil reserve is imminent in 2nd half of this year.
3) Shortage of Rigs service. This give Velesto in favourable side.
4) New contract due to announcement any time soon.

Oh oooh! Mayday mayday

In late February, some Wall Street analysts tempered their predictions of a price spike this year. Morgan Stanley cut its forecasts for the second half and softened its view that Brent crude will surge past $100 a barrel, while Bank of America Corp. says it sees less risk of a price jump due to the strength of oil flows from Russia. Brent, the global benchmark, traded near $85 a barrel on Friday.

Even so, analysts see crude prices advancing in the second half of the year, with many predicting a return to triple-digit levels for Brent for the first time since August. China’s reopening will strain global spare production capacity, sending prices to $100 a barrel in the fourth quarter as inventories decline and money supply stabilizes, Jeff Currie, Goldman’s head of commodities research, said in a Bloomberg Television interview March 1.

“As China comes back, we’re going to lose that spare capacity,” Currie said. “My confidence that we’ll see another price spike in the next 12-18 months is quite high.”

--With assistance from Alix Steel, Archie Hunter, Julia Fanzeres, Fahad Abuljadayel, Francine Lacqua, David Wethe and Kevin Crowley.

And the US isn’t coming to the rescue. Output from shale basins is growing at a slower pace as producers run out of prime areas to drill. US production tumbled at the start of the pandemic and is still about 800,000 barrels a day below the record 13.1 million reached in early 2020. This year, growth is likely to be around 560,000 barrels a day, according to research firm Enverus.

The deceleration comes even as Exxon Mobil Corp., Chevron Corp. and their peers pump more oil from the Permian Basin of West Texas and New Mexico. Chevron CEO Mike Wirth told Bloomberg Television March 1 that global spare production capacity is tight and US shale supply growth is unlikely to make up the shortfall if demand picks up later this year, leaving OPEC as the world’s swing producer.

“As we get into the second half of this year the risks to the upside begin to accumulate,” Wirth said.

Potential headwinds for oil demand are lurking, however. Fears of a global recession are lingering as central banks tighten monetary policy in their quest to tackle inflation. Though Natasha Kaneva, JPMorgan’s global head of commodities research and strategy, is bullish on China’s crude consumption, she predicts the increase in prices could be a “very slow grind.”

It’s not just China. India and other countries across the Asia-Pacific region are consuming more oil as borders reopen, helping propel global demand to a record 101.9 million barrels a day this year and potentially plunging the market into a deficit by the second half, according to the IEA. Air traffic is recovering, boosting jet-fuel use. And the appetite for crude in the US and Europe has also rebounded.

The revival of international travel with China’s reemergence will be one of the “engines that will drive demand going forward,” Christopher Bake, a member of Vitol’s executive committee, said at the International Energy Week conference. “I think we’ll see that progress over the next few months.”

Supply is no match for the uptick in demand. Though Russia’s oil exports by sea remained resilient last month, market watchers are looking for signs of disruption after the European Union and the majority of Group of Seven nations banned waterborne imports of oil and fuel following the invasion of Ukraine. Russia’s shipments are under threat as India, a top buyer, faces mounting pressure from bankers to show that its cargoes comply with the $60-a-barrel price cap imposed by the G7.

OPEC, meanwhile, isn’t budging from the production targets it set back in October. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman has said the targets will remain unchanged for the rest of the year.

After announcing ambitious plans to cut emissions, BP, one of the world’s top crude producers, is now plowing more money into fossil fuels. Oil consumption is heading for a record this year, according to the International Energy Agency, which advises major economies. Supply — buffeted by Russia’s invasion of Ukraine, a slowdown in US shale growth and lackluster investment in production — can’t keep up.

It all comes down to China: The world’s second-biggest oil consumer is snapping up crude after reversing its strict Covid-19 policies. Against a backdrop of tight supply, the demand boost has everyone from Goldman Sachs Group Inc. to trading powerhouse Vitol Group predicting a rally to $100 a barrel later this year.

“The demand from China is very strong,” Amin Nasser, CEO of Saudi Aramco — the world’s biggest oil company — said in a March 1 interview in Riyadh.

By the second half of the year, analysts say, the market will face a shortage — a scenario that will loom over the industry leaders meeting this week in Houston for CERAWeek by S&P Global, a major annual energy conference.

Post removed.Why?

Warren Buffett and his team have put a boatload of the company's cash to work in energy stocks, too. Close to $30 billion combined has been spent purchasing shares of Chevron (CVX 1.48%) and Occidental Petroleum (OXY 1.63%). Chevron became a continuous holding during the fourth quarter of 2020, with Occidental common stock entering Berkshire's portfolio in the first quarter 2022

This sudden fascination with energy stocks is likely based on the belief that crude oil prices will remain elevated for years to come. Years of capital underinvestment tied to the COVID-19 pandemic, coupled with Russia's invasion of Ukraine, makes it unlikely that global crude oil supply can be meaningfully increased anytime soon. This cap on supply should help put a floor beneath crude oil prices and boost the profit potential of Chevron's and Occidental Petroleum's upstream drilling segments.

Amanahraya recently launched shariah income fund with 500mil targeted for Y2023. Velesto top actives and good turn over shariah counter under this scheme. Amanah/pnb will make sure velesto heading towards correct direction. Hold tight.

CIMB give TP 0.23. You see IB is keep on adjusting their tp target..later they will change opinion again and say tp 0.30c if velesto win any long term contract.

Calvin talk nonsense..His aim is to pull the crowd toward plantation so that can earning money. Can't think about that, he is pastor but keep on manipulating people. Bplant also lingkup. Now going for privatisation.

IB always published sell call one. When buy they say sell when TP time they say buy, Don't buy their words. Trust your own instinct. To wake the idle rigs that already slept for long time is not easy as we think. Cost for rigs MRO is high but once the rigs already go through the MRO and put it in designated location then it will generate money. As far as I know now all velesto rigs ready to operate, no more MRO. All the MRO cost already Budgeted in last year account. This year velesto just print money. Jan March Feb usd 14mil masuk account from short term contract ROC sarawak. Let say usd7mil spend for operating cost another usd 7mil clean profit...that's not include shell and Hess long terms contract that they received recently. I see velesto back on track.

0.20c sapu habis..picking up

It won't go to 0.15c. Already reached top bottom. I strongly believed below 0.18c is no more, history now. As I said don't look at last year earning it's over, look at future earning and new contracts that going to awarded soon.

Seems oil not going to retreat back despite moving upward...breaking usd 100/barrel is imminent.

Events in China, not Russia, drove oil prices this past year, and now that Chinese manufacturing activity is on the upswing, the next 12-18 months are likely to see another spike in oil prices, says Goldman Sachs.

That could mean crude oil targeting prices above $100 per barrel in the fourth quarter of this year.

The situation is “tighter” today, Jeff Currie, global head of commodities research at Goldman Sachs, told Bloomberg Surveillance Early Edition on Wednesday.

The big event last year was not Russia. It was China.

“Global oil demand contracted 2% in the fourth quarter of last year, and that’s a recession in my book,” Currie said. That contraction, said Currie, created the spare capacity in oil and other commodities, but manufacturing data coming out of China this morning shows that is now reversing.

The Chinese manufacturing purchasing managers’ index (PMI) jumped to 52.6 in February from 50.1 in January, data from China’s National Bureau of Statistics showed on Wednesday. The surge in factory activity was the fastest in over a decade. Additionally, the index for non-manufacturing sectors also jumped, signaling an overall expansion of the Chinese economy in February. Altogether, it signals the potential for a faster-than-expected rebound after the reopening from the ‘zero-Covid’ policies abandoned by Beijing just at the end of 2022.

“We created new supply, not through investment, but through China contracting, through lockdowns. Now, as China comes back, we’re gonna lose that spare capacity and we’re gonna be back to the same problems we had before,” Currie warns. The real focus, according to Goldman, is supply scarcity.

“At this point, the ability to get from one year to the next given how scarce supply is, is really the focus. And the markets have been trading that way,” Currie said, noting that a commodities supercycle is not an “upward trend”; rather, it is a “sequence of spikes”.

“We’re coming off the backside of one spike. He’s confident we’ll see another spike in the next 12-18 months,” he said.

Ya myeg lagi bagus dan lagi mahu terminate govn contract. Government want out sources to more companies that normally in previous government only give to myeg...our new PM is different mindset...just bear in mind. Only matter of time.

Don't compare myeg with velesto. Both different model of business. Sources also different. Like you compared Yin son or Armada with velesto, absolutely cannot. YinsonArmada fpso players meanwhile velesto only rent rigs. Velesto nature of business rely on how much they will get from rigs renting. If daily charter rate goes up so do velesto earning. Hopefully they will get more contracts with higher rate (usd 100k above)

Don't chase high above 0.25c while now is ideal time to enter.

Forget last year qtr loss. It already Budgeted in and expected. This I believed Velesto back in track. New Contract announcement matter of time.

HLG give TP 21
Kenanga give TP 19c

Now already 0.20c. Not matching. Prospect is bright for velesto to break 0.25c for 2nd round. First qtr 2023 profitable is imminent. I keep on accumulating. Ayoh!

Dont worry this year promising for velesto. Shark will do and execute their duty as usual what they supposed to do meanwhile uncles/aunties will do what they do as usual. Who are we to change their mindset...this is stock market no body perfect.

Alam PN17 company also booked 8mil profit...adoi! Velesto oh! velesto

Icon booked 153mil profit, unbelievable. Don't know what's wrong with this velesto.

Profit is imminent for 1st qtr 2023..ayoh!

Hei bro pang72.

As at now I'm standing in paper loss man (almost 20k). Too late to cut loss, hold sje ler what we can do. As long not PN17 then ok lah. PNB wont let their darling counter go into PN17 list no worries.

This is opportunities to buy now. 1st qtr 2023 going to factored in soon. My 2c

At lease one or two contract to be announce this year...matter of time.

Selling not due the institutional fund but syndicate. Let them dump puas2

pang72

Macg,
Below 23c, target archive liao lo...
So, what is next?
8c, OK?

Won't go up to that level. I think selling pressure almost exhausted. Look at 2019 qtr results...going to be similar soon. Will rebound back again back to 0.26c. PNB hold the big chunk no worries nothing new for them.

When I say sell at 26c you org marah ckp sdh jual duduk diam..skrg cursed pulak. Apa ni..

Qtr loss due to taxation, biasa lah year end mah..narrow loss only. They will catch up soon in up coming qtr.

Hold lah..why scared. What ever goes down must goes up also. Temporary only wait until the dark cloud is over...

Back to 0.08c kah...ayo!!!

ni pu...dek everytime when qtr loss said the same things

"Going forward, positive outlook"

KUALA LUMPUR (Feb 27): Velesto Energy Bhd posted a net loss of RM26 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), versus a net profit of RM5.43 million a year ago, as the bottom line was hit by higher operating expenses, finance costs and taxation.

Operating expenses at RM244.35 million surpassed revenue of RM243.07 million, resulting in a RM1.11 million loss from operations, according to the group's Bursa Malaysia filing.

Adding salt to the wound was higher finance costs of RM10.4 million, from RM8.52 million in 4QFY2021, as well as taxation of RM15.21 million versus a RM696,000 over-provision of tax previously.

The quarterly revenue of RM243.07 million is 53% higher than the RM158.48 million reported for 4QFY2021, driven by higher utilisation of the group’s jack-up drilling rigs.

On a segmental basis, the group’s profitability was dragged down mainly by its workover services.

Velesto owns and operates a fleet of modular and versatile workover units that are meant for well intervention operations located either on small satellite jackets or large integrated platforms. These hydraulic-driven workover units with high pulling capacities are capable of performing a wide range of workover services.

Velesto said its integrated services segment — which houses the workover services — recorded a bigger quarterly loss before tax of RM13.9 million, compared with RM1.8 million in 4QFY2021, no thanks to a one-off RM11.7 million cost incurred due to unanticipated changes to work programme, prolonged wait on weather period during the demobilisation, and adjustment of inventories.

For FY2022 as a whole, net loss widened to RM100.4 million from RM90.82 million in FY2021, as revenue grew 54% to RM580.85 million from RM377.51 million.

Going forward, Velesto said the positive outlook in the global oil and gas industry augurs well for its financial performance in FY2023, which is expected to be “better than that of the preceding year”.

“The oil and gas outlook remains strong. The benchmark Brent oil price is expected to remain above US$80 per barrel in the medium term,” it said, adding that the group will continue to bid for new jobs for this year and next year.

Shares of Velesto, which has appreciated 83% since the beginning of the year, closed unchanged at 27.5 sen on Monday (Feb 27), giving the group a market capitalisation of RM2.26 billion

Those guys who perli Michael kwok besok mesti kena kaw2 punya...ninja turtle tarak keluar satu minggu..kikiki

Win meh..ayo! Gua pun sdh beli banyak lor. Mati lah besok. Wonder lah why this Yayasan and PNB selling. But I knew it going to be qtr loss bcoz only two rigs booking long term contract the rest is still idle.

pang72

Macgyver11

2,003 posts

Posted by Macgyver11 > 5 days ago | Report Abuse

Kasi turun kasi lagi sikit...23c

YOU WIN LIAO... LO..
23C SHLD COME TMR!

Price naik one day show only as usual monday this cash cow will drop back to 0.55c. Armada trend.

Qtr excellent and continuously improving but no volume.

Bumi Armada posted net profit of 210mil. Solid profit for this fpso player. Can velesto do it the same?
Let wait and see the qtr result...

Kasi turun kasi lagi sikit...23c

Hoi, yayasan and PNB disposed lagi 8mil shares each. Apa ni...

Yayasan and PNB disposed another 8mil shares each.

June 2023 according to BFF Jaime
4 months to Armageddon
plus minus
minus plus

Don't listen to this George the jungle..

Malaysia's national debt passes RM1.5 trillion mark, cause for alarm, warns Johari

New Straits Times
February 18, 2023 @ 9:57am
Titiwangsa MP Datuk Seri Johari Abdul Ghani speaks during the Feb 14, 2023, Dewan Rakyat sitting.

KUALA LUMPUR: Malaysia's rising level of national debt should not be taken lightly and it can no longer rely on oil revenue to keep the nation's economy afloat.

Former Finance Minister II Datuk Seri Johari Abdul Ghani said Malaysia was lucky that the government was able to rely on the contributions from Petronas during the pandemic lockdown years.


"That is why we were okay. But these resources don't last forever. So this is why we need to plan (the economy) urgently," Johari who is also Titiwangsa MP said in an interview with FMT.

Oil and gas exports by Petronas contributed to Malaysia's foreign earnings, and dividends, taxes and royalties paid by Petronas provided about 25 per cent of federal government revenue.

Johari: Politicians should focus on economy, political stability
Johari determined to fix long-unresolved local issues
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I had repeatedly aired my views on Kampung Baru issue, Johari tells Khalid
Johari added that the national debt should not be taken lightly even though Malaysia was blessed with natural resources.


Rising levels of government debt were a symptom of an ailing economy, as experienced by Sri Lanka, he said.

He said Sri Lanka had been unable to pay its debts or import essential items, resulting in food and fuel shortages, after Covid-19 had ravaged the island nation's tourism-reliant economy.

Last year, Sri Lanka defaulted on its foreign debts of US51 billion (about RM226 billion) and was unable to make interest payments of US$75 million, with only US$25 million in usable foreign reserves at the time.


"When a country doesn't manage its debts, I won't be surprised, not just Malaysia, but many other countries will face the same problem (as Sri Lanka)," he said.

"We don't even have (huge) reserves any more. Oil-producing countries have huge reserves, we don't."

He said if Malaysia's RM1.5 trillion debt and continually widening federal budget deficit were not remedied, the economy would inevitably collapse and cause immense suffering to future generations.

On Tuesday, during a debate in the Dewan Rakyat, Johari said Malaysia's GDP growth of 8.7 per cent in 2022 was a result of the low-base effect of 2021.

He said economic growth had not recovered to pre-pandemic levels.

Malaysia's GDP growth in 2021 was only 3.1 per cent while Singapore and the Philippines enjoyed economic growth of 7.6 per cent and 5.7 per cent respectively.

"So while other countries recovered from the pandemic relatively quickly, Malaysia did not," he said.

Averaged out, Malaysia's economy only grew 1.9 per cent per year in the past three years.

Johari said this was why last year's economic growth was not reflective of the realities on the ground.

He said one of his biggest concerns was underemployment, a result of not enough high-skilled jobs being available in the private sector compared to the number of fresh graduates being churned out every year.

Study: 55% of Americans Believe They Will Lose It All if a Recession Hits the United States
Study: 55% of Americans Believe They Will Lose It All if a Recession Hits the United States
According to a recent study by Clever, a real estate data company, nearly three out of four Americans worry there will be a recession this year, and 69% of the research participants say the U.S. is already in a recession. What’s worse, 55% of the study’s respondents said they would lose everything if a recession in the United States came to fruition.

Survey Shows Americans Have a Gloomy Economic Outlook
After the Federal Reserve’s recent rate hike and the inflation data from the U.S. Department of Labor that followed, investors and analysts are uncertain about what will happen to the economy in 2023. However, many expect a recession. A recent study by the real estate data firm Clever polled a group of 1,000 Americans and asked 21 questions about the U.S. economy. Clever’s report shows that one in five U.S. residents considers the economy the most pressing issue today, while 43% of those surveyed rank it within the top three most pressing issues.

Study: 55% of Americans Believe They Will Lose It All if a Recession Hits the United States

Clever’s study shows that two out of three Americans are worried that the Ukraine-Russia conflict and the Covid-19 pandemic will continue to impact the economy. The most common market that respondents said they expect to fall is the U.S. stock market, with 38% believing this will be the case. Around 33% of the surveyed participants believe crypto markets will crash, 28% suspect it will be job markets, and 27% think the housing market will fall. The research also shows that 22% of Clever’s survey participants did not think the United States had a single good economic year in the last ten years.

Study: 55% of Americans Believe They Will Lose It All if a Recession Hits the United States

As far as the crypto ecosystem is concerned, Clever’s researchers claim that 31% of the participants view cryptocurrency negatively. That data includes 57% of the ‘baby boomer’ generation, which views crypto in a negative manner. Around 77% of the respondents believe that the cost of goods and services will continue to rise, and 70% think that inflationary prices could force them into debt. The data also shows that 70% of Americans are struggling to pay for basics, and 82% of liberal participants think the government should step in. A similar sentiment was shared by 78% of conservative poll respondents.

Overall, 80% of Americans polled say they expect some market crashes this year, and 40% believe it will be in the general U.S. economy. Clever’s study also shows that around 27% said they believe “the global economy will collapse.” Interestingly, nearly one in five polled said they don’t believe the economy will ever recover, with about 28% of the baby boomer generation agreeing with this sentiment. Furthermore, around 82% of the polled respondents said that while they don’t expect any relief soon, they do expect the U.S. economy to bounce back.

You can check out Clever’s U.S. economy report and poll in its entirety

Priced in or not, don't gamble. Recession is approaching faster than we thought. Play safe.

StayHumble
from supporter to hater this Macgyver guy. Dah jual duduk diam diam

Hahaha..I'm not hater nor suppoter. I don't hv any attachment with any stock. I speak reality. Velesto is my gold mine previously and I still hold huge portion of it. Now not the qtr I'm worried about but global economic is uncertain, still not clear what's going to happen in coming months...maybe recession, high inflation or market crash not sure. Survey said USA economy most probably will crash badly (maybe won't I don't know)...we better be careful. Actually you know what most of the famous rich investors waiting for this moment, yes they're hoping for recession. They will buy during price dip and sell it when economy is recovered...the rich become richer meanwhile the poor become poorer. Just alert you all only nothing personal. I believed some of you all hv gone through 2020 share market crash due to covid and lock down. Velesto skydive from above 0.40c to below 0.10c in split seconds without any warning. I loss lot then. So we must always caution and takes every possibilities seriously.