I thought TTB is Malaysia Warren Buffett and icapital is Malaysia Berkshire.

Insas run M&A securities and an along business (Insas Credit and Leasing). Any SME or Tech start up that need funding and listing to tap into equity funding are welcome to seek Insas help.

Inari is one of the company that happen to seek Insas help for funding and listing, nothing more nothing less.

If by next AGM the cash hoard keep increasing and no sign of BOD reinvest the retained earnings for the long-term growth of the company then BOD should return part of the retained earning to shareholders for them to reinvest.

March 20, 2024, by Melisa Čavčić
A floating production, storage, and offloading (FPSO) vessel destined to work at an oil field in the Santos Basin, has left a shipyard in Dubai, UAE, and set sail for Brazilian waters.


FPSO Atlanta; Source: Yinson Production
Enauta signed a contract with Yinson for the conversion of an existing production unit – purchased in February 2022 – so that the FPSO could be used for the Atlanta field’s Full Development System (FDS). In July 2023, Yinson exercised its option to buy the FPSO Atlanta through the purchase of all the shares of AFPS, which owns the vessel.

Following shipyard works and sea trials, the FPSO Atlanta is now en route to the Atlanta field in Santos Basin off the coast of Brazil. According to Enauta, this is in line with the project schedule and the estimated time of arrival (ETA) for the FPSO is 45 days, which may vary depending on sea conditions.

Upon the vessel’s arrival, anchoring and submarine systems connection works are expected to start, with the first oil anticipated in August 2024. Yinson Production held a naming ceremony for the FPSO Atlanta at Dubai Drydocks World in Dubai on December 13, 2023.

FPSO Anna Nery achieved financial acceptance in May-23 and began generating lease income.
Currently, it still has 3 more FPSOs under construction.
FPSO Atlanta and FPSO Maria Quiteria will be delivered in year 2024 and FPSO Agogo will be delivered by Feb-26

FPSO Maria Quitéria is Yinson Production’s third FPSO destined for Brazil, following FPSO Anna Nery, which has been operating for Petrobras since May 2023, and FPSO Atlanta, which is expecting first oil in summer 2024 and will operate for Enauta.

Only FPSO Agogo under contruction and need capital. FPSO Alanta and Maria Quiteria on it way deliver to client.

Yinson Production has held the naming ceremony for FPSO Maria Quitéria which will deployed in at Petrobras’ Jubarte field offshore Brazil.

The naming ceremony for the FPSO Maria Quitéria was held at Cosco Shipping Heavy Industry (Shanghai) Shipyard in China on April 3, 2024.

FPSO Maria Quitéria is a conversion project with a production capacity of 100,000 barrels of oil per day and a storage capacity of 1,000,000 barrels.

The vessel will be the first FPSO in Yinson Production’s fleet to operate heat recovery steam generation (HRSG) as part of its combined cycle power generation system.

HRSG is one of several technologies that we are implementing across Yinson’s fleet, in line with its efforts in reducing carbon emissions and be the frontrunner in decarbonizing the FPSO industry towards the goal of net zero.

Yinson Production was awarded the FPSO Maria Quitéria project by Petrobras in November 2021 and the conversion works started on January 25, 2022.

The project has been progressing according to schedule, with all topside modules onboard and integrated, and commissioning underway. Sail away to Brazil will be in the second quarter of 2024 and the asset will be deployed at the Jubarte field, as part of the Parque das Baleias Integrated Project, located in the northern part of the Campos Basin, offshore Brazil.

The deployment is part of a 22.5-year lease and operate contract with a total contract value of up to $5.3 billion.

FPSO Maria Quitéria is Yinson Production’s third FPSO destined for Brazil, following FPSO Anna Nery, which has been operating for Petrobras since May 2023, and FPSO Atlanta, which is expecting first oil in summer 2024 and will operate for Enauta.

FYE2024 Yinson Production EPCIC results overview (YoY)
YTD Q4
FYE 2023
(RM’ mil)
YTD Q4
FYE 2024
(RM’ mil)
Variance
(RM’ mil)
Revenue 4,561 9,220 4,659
Gross Profit 813 1,440 627
EBITDA 792 1,441 649
PAT 340 682 342
PATAMI 401 648 247

During FPSO contruction EPCIC result. After FPSO delivered and acceptance then it is Production Operations results.

FYE 2024 Yinson Production Operations results overview (YoY)
Revenue PAT

YTD Q4 FYE 2023
(RM’ mil)
YTD Q4FYE 2024
(RM’ mil)
Variance (RM’ mil)
Revenue 1,631: 2,279 : 648
Gross Profit 951: 1,480: 529
EBITDA 1,162: 1,643: 481
PAT 576 :776: 200
PATAMI 498: 628 :130

The PAT margin is 776/2279 about 34%

Repoat:
FPSO Anna Nery achieved financial acceptance in May-23 and began generating lease income.
Currently, it still has 3 more FPSOs under construction.
FPSO Atlanta and FPSO Maria Quiteria will be delivered in year 2024 and FPSO Agogo will be delivered by Feb-26

By 2025 you should see the result of the earning power of FPSO Atlanta and FPSO Maria Quiteria

Repost:
FYE 2024 Yinson Production Operations results overview (YoY)
Revenue PAT

YTD Q4 FYE 2023
(RM’ mil)
YTD Q4FYE 2024
(RM’ mil)
Variance (RM’ mil)
Revenue 1,631: 2,279 : 648
Gross Profit 951: 1,480: 529
EBITDA 1,162: 1,643: 481
PAT 576 :776: 200
PATAMI 498: 628 :130
 Increase in revenue was due to fresh contribution from FPSO Anna Nery’s operation since first oil was achieved on 7 May 2023 and rate escalation for operating FPSOs, offset by loss of revenue contribution from Adoon after disposal in Q4’

Repost:
Building a new FPSO costs approximately US$ 2.5 Bn to US$ 3 Bn. However, the cost of conversion of an oil tanker is approximately between US$ 1.5 Bn and US$ 2 Bn.

Someone should join politic. It is a waste of his talent managing a small fund rather than management a government or a GLC.

US$1.7b in Indonesia, Azure data centre in Thailand, US$2.2b in Malaysia: All eyes on spillover effect as Microsoft goes big in SEA
Twentytwo13
Fri, 3 May 2024 at 9:31 am GMT+7
5-min read

Microsoft announced nearly US$10 billion in investments in AI abroad in recent months, eager to dominate the market. This will certainly get Google, Meta and even Amazon following suit.

The latest series of investments is set to trigger a healthy competitive environment, specifically in the AI sphere, in the region. The Asian Development Bank, exactly a month ago, said foreign direct investments (FDI) in Southeast Asian nations reached a record high of US$224 billion in 2022, up 5.5 per cent from the previous year. The resilience of FDI flows to the region is in part due to the reshaping of global supply chains and the greening of emerging markets.

Because they are lonely and have nothing better to do or even have no money to buy any share especially Mike-tikus.

I only hold a small position and loooking forward to wawasan 2026 when three (3) more FPSO in operation.

Will monitor the cashflow then if still negative will run fast fast.

As of Jaks it is now wawasan 2030 when JHDP pay off all it' 10 year term loan then most likely jaks will receive big dividend from JHDP till then avoid.

The NAV of icapital.biz Berhad, in absolute amount, is now more than RM550 million. It is time for Bursa Malaysia to include icapital.biz Berhad as a component stock of the KLCI

Is icapital component stock of the KLCI refer to FTSE Bursa Malaysia KLCI index?

If the answer is yes then someone much be ill informed, financially illiterate and unfit to manage any fund.

Selection of FTSE Bursa Malaysia KLCI Constituents
The FTSE Bursa Malaysia KLCI comprises the largest 30 companies listed on the Main Board by full market capitalisation that meet the eligibility requirements of the FTSE Bursa Malaysia Ground Rules.

The two main eligibility requirements stated in the FTSE Bursa Malaysia Ground Rules are the free float and liquidity requirements as indicated below :-

Free Float
Each company is required to have a minimum free float of 15%. The free float excludes restricted shareholding like cross holdings, significant long term holdings by founders, their families and/or directors, restricted employee share schemes, government holdings and portfolio investments subject to a lock in clause, for the duration of that clause. A free float factor is applied to the market capitalisation of each company in accordance with the banding specified in the FTSE Bursa Malaysia Ground Rules. The factor is used to determine the attribution of the company's market activities in the index.

Liquidity
A liquidity screen is applied to ensure the company's stocks are liquid enough to be traded. The method is based on the calculation of the stock's median daily trading per month.

Serbak report fake projects, fake contracts, fake inventories, fake receivables and even fake suppliers.

Are Yinson book orders/contracts win fake or the FPSO also fake?

Second misleading thing - iCap lost the appeal all the way to Federal court when the court rules no individual shareholder exceeded 20% holding.

Are you saying icapital is openly and blantantly show his middle finger /contempt of Federal court rulling that no individual shareholder exceeded 20% holding?

Did icapital committed an offence punishable with jail term or fines under Malaysia law for contempt of Federal court rulling?

Quote,"As its fund manager, my investing decisions influence the NAV performance of icapital.biz Berhad. On the other hand, the market price of icapital.biz Berhad is, positively or negatively, determined by investors, especially those who breached the 20% single shareholder limit.

i Capital.biz Berhad 1Q2022 Report" unquote.

Even I took a heavy losses in Xingquan and yet today I already build up a portfolio worth few millions.

Wonder Mike-tikus holding 200 unit of HRC at RM 4.40 for case study and with heavy book losses in jaks (dumb dumb hold at 19 sen), his current portfolio is worth how much?

Yes a love letter indeed. But why?
Who is Stony trying to vow/kidding?

Of course, you may wonder why we need AirAsia X when we can do it ourselves within Capital A. The short answer: speed. AirAsia X already has many medium haul routes, approvals and slots in hand and that will enable us to get going much, much faster than if we were to start
applying for the same today.

Stony is such a sweet talker wonder how many sweet sixteen fall for his sweet talk?

Posted by new_in_share > May 4, 2024 2:02 AM | Report Abuse
Sifus why Insas dividend only 2.5 sen and not more? It seems FD higher rate.

It was 1 sen then 2 sen and now 2.5 sen during last AGM the BOD replied:
The Board, after careful consideration, has proposed to maintain a stable 2.5 sen cash dividend per ordinary share which will provide a reasonable dividend yield of 2.8% at current market price, and to preserve and reinvest the retained earnings for the long-term growth of the Company, for prudent and cautious financial management practices and to safeguard against the global economic uncertainties.

Look like shareholders need to keep demanding for better dividend.

Me already make how many rounds of jaks trading profit even from KYY pump and dump time.

Only Mike-tikus dumb dumb hold his jaks at 19 sen till now. So jangan malu sudah berapa digits paper loss?

Jaks.
Quarter end 31/12/2023: culmulative 12 months end 31/12/2023
RM'000: RM'000
Other Operating, Administrative Expenses (68,753): (127,617)
Finance cost (8,139): (28,509)

So Q1 end 31/3/2023 what will be Jaks profit/loss look like?

Most likely Q1 will report some profit from share of profit in JV. But cash flow negative.

With finance cost and Other Operating, Administrative Expenses far excess the dividend from JV, many more PP and RI are coming.

LOL.
Up one sen someone is so happy to make a comeback to jaks forum and posted his gibberish.

Just wonder why not he post his questions to ALP during the coming AGM?

The NAV of icapital.biz Berhad, in absolute amount, is now more than RM550 million. It is time for Bursa Malaysia to include icapital.biz Berhad as a component stock of the KLCI

Just for my understanding.
Component stock of KLCI mean what?
How to be included into this component stock?
Any market capital or NAV criteria/qualification to be included into component stock of KLCI?

Is icapital know above answer before coming out with a statement that icapital NAV is now more than RM 550 million and it is time for Bursa Malaysia to include icapital.biz Berhad as a component stock of the KLCI?

If the merge go thro' capA is saved but AAX/NewCo will fail as a RM 1 billion new capital injection to AAX/Newco is not enough to even last for 1 year.

KUALA LUMPUR (April 26): The corporate exercise to merge the AirAsia airline businesses under AirAsia X Bhd (AAX) is apparently sufficient to offset all of the RM8.7 billion negative equity in Capital A Bhd, according to chief executive officer Tan Sri Tony Fernandes.

The divestment of AirAsia Aviation Group Ltd (AAAGL) is expected to give rise to a pro forma gain of RM4.69 billion to Capital A, while the disposal of AirAsia Bhd (AAB) would result in a gain of RM6.07 billion.

CapitalA Balance Sheet as at 31/12/2023 of:
Net current liabilities: RM (12,669,239,000)
And Net total assets/total equity : RM (10,624,737,000)

CapitalA with above financial figure is definately an insolvent company as no way capA can generate enough cash flow in next 12 months to pay for the net current liabilities of RM 12.669 billion.

Anyway miracle do happen, hope Stony is the magician that can pull out this RM 12.669 billion from his magic hat.

SIA biggest holder is government fund (Temasek) and shareholder's money is used to recapitalization.

CapA without equity recapitalization or debts restructure it financial position is deteriorating when other recapitalized (SIA) or debts restructure (MAS) is reporting very good profit and pay bonus to their employees

Very funny.
Be grateful
How about his buy call on YTL and YTLpower?

Yes more MOU signed so that someone has something to show to justify another LTIP free shares grant.

Already need PP for loan repayment and working capital. Where got money for any new project

JAKS Resources Bhd's unit has signed a Memorandum of Understanding (MOU) with China-based CALB Group Co Ltd to explore opportunities in the battery energy storage system (BESS) market, with a particular focus on the Southeast Asia region. The MOU is a non-binding agreement and will not have any financial implications until a definitive agreement is signed, which is expected to occur within six months, it said.

Enlarged number of Shares upon Listing 1,023,590,845

PCG’s dividend is based on Dividend Policy where the payout ratio is around 50% of Group PATANCI (Profit After Tax and Non-Controlling Interests).
In deciding the dividend payment, the Board and Management takes into account the Company’s earnings, working capital and capital growth requirements as well as other factors to ensure prudent cash management.

Overcapacity, increasing competition forcing reducing margin, slow growth of market demand and etc is expected for the next few years

What do you expect Group PATANCI and dividend will be for the next few years?

Mike-tikus IQ is very much lower than average IQ level.
He cannot understand plain english but has a habit of eavesdropping other people conversation and then twist and turn other people word to slander people.

Most likely many attendees wil throw rotten eggs at ALP and Mike-tikus too.

If whole year 2023 still lose making. What make you think just a quarter of high load factor will make any different?

Aiyoyo someone trapped high at 19 floor Jaks penthouse. Already how many digits book lose now?

Posted by Karlos > May 2, 2024 10:08 AM | Report Abuse
Purely an accounting opinion issue and the reality does not change. The equity of Capital A remains the same

Is that the fact?
Have you read the audited and unaudit account end 31/12/2023?
Total equity/deficit unaudit RM (10,469,461,000)
Audited total equity/deficit RM (10,624,737,000)

Or the reality is its does not matter whether the equity deficit is RM 10.625 billion or RM 10.469 billion due to too many zero at the end.

Most Malaysian best follow 3iii, problem with 3iii, most can't understand what he said. He and most intellects don't understand that you need to converse at average IQ level

Can't find fault with what Windy1974 said about 3iii.
Even 3iii keep it simple is so complicated for interested layman to understand.

So please allow me to keep it even more simple:
It is not hard to earn money from Bursa by just remember:
Share price will increase if EPS increase

1. EPS will increase in present of Earning Growth Catalyst (EPS sudden increase due to increase favorable production/products price or sudden reduce in raw material cost)

2. Beaten down stocks that start to turnaround.

You just need to monitor commodities price movement to know what will be the EPS of many companies listed in Bursa

CAPITALA - Trading Halt & Resumption of Trading CAPITAL A BERHAD

Kindly be advised that trading in the securities relating to CAPITALA will be halted with effect from 9.00 a.m., Thursday, 2 May 2024.

Trading in the securities relating to CAPITALA will resume with effect from 10.00 a.m., Thursday, 2 May 2024.

Your attention is drawn to CAPITALA's announcement dated 30 April 2024.

DEVIATION OF 10% OR MORE BETWEEN THE ANNOUNCED UNAUDITED FINANCIAL STATEMENTS AND THE AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

So the audited account confirm 2023 is another lose making year.

DEVIATION BETWEEN UNAUDITED RESULTS AND THE AUDITED RESULTS
In compliance with Paragraph 9.19(35) of the Main Market Listing Requirements of Bursa Securities, the Board of Directors of Capital A wishes to announce that there is a deviation of more than 10% between the Net Profit attributable to Owners of the Parent stated in audited financial statement for the financial year ended 31 December 2023 (AFS2023) and unaudited results for the 4Q FYE2023 which was announced on 29 February 2024. The details of which are as follows:
Net (Loss)/Profit for the Financial Year Variance
AFS 2023 4QFYE2023
RM’000 RM’000 RM’000 %
Net Profit attributable to:Owners of the Parent
336,789 836,986 (500,197) -59.8
Non-controlling interests
(433,103) (329,393) (103,710) -31.4
Net (Loss)/Profit for the financial year
(96,314) 507,593 (603,907) -119.0

The deviation of more than 10% was due to reclassification of foreign currency translation differences from Statement of Comprehensive Income to Statement of Profit or Loss amounting to RM420 million(non-cash item) arising from the translation of lease liabilities denominated in USD. The reclassification has no impact on the shareholders equity of Capital A as at 31 December 2023. The Board of Directors of Capital A Berhad wishes to clarify that the change of the accounting treatment subsequent to the announcement of 4Q FYE2023 results was advised by our external auditor, Ernst & Young (“EY”) recently, as disclosed in Note 47 to the AFS2023. The existing accounting treatment has been audited by EY in prior financial years.

In prior financial years, the Group had classified certain subsidiaries as part of an extension of the parent and have recognised the foreign exchange gains/losses arising from intra-group transactions in the
statement of other comprehensive income rather than in the statement of profit or loss.

This Announcement is dated 30 April 2024

So tell me what are the facts in the restructure plan apart from just getting capA out of PN17?

Any creditors geeting haircut? Without creditors haircut debts restrecture can AAX/NewCo take over capA
CapitalA Balance Sheet as at 31/12/2023 of:
Net current liabilities: RM (12,669,239,000)
And Net total assets/total equity : RM (10,624,737,000)

What will be AAX/NewCo net current liabiliaties?
Can AAX/NewCo not default in payment obligation of net current liabiliaties that is due in 12 months time?

If you really believe in Stony, will you want Stony to do somthing against the law just so that capA can exit PN17 but end up with Stony in jail?

Or you do not mind even capA delist from Bursa and you still holding to your unlisted capA to allow Stony time and space to do debts restructure (creditors haircut) and then relist aviation, MOVE, ADE and etc to realised its full potential value?

The facts since capA is undervalued do you think any investors will invested in AAX/NewCo RM 1 billion PP or directly invest tgecRM 1 billion in capA?

If you are the investors will you invest RM 1 billion in capA or AAX/NewCo?

Why Stony did not ask the new investors to inject that RM 1 billion new capital into capA now?

Can it be RM 1 billion is not even enough to save capA?

If RM 1 billion not enough to save CapA then can the RM 1 billion enough for AAX/NewCo?

If AAX/NewCo failed will Stony and BOD end up in jail?

Wrongful Trading
In the CA 2016, an offence of wrongful trading is captured in section 539(3) that:

“…an officer of the company who knowingly was a party to the contracting of a debt had, at the time the debt was contracted, no reasonable or probable ground of expectation, after taking into consideration the other liabilities, if any, of the company at the time, of the company being able to pay the debt, commits an offence…”

Fraudulent Trading
Whereas section 540(1) of the CA 2016 stipulates an offence of fraudulent trading as below:

“If it appears…that any business of the company has been carried on with intent to defraud the creditors of the company or creditors of any other person or for any fraudulent purpose, the Court may declare that any person who was knowingly a party to the carrying on of the business in that manner shall be personally responsible…”

If an offence under section 539(3) has been made out, offenders may be punishable with a maximum imprisonment of 5 years or a maximum fine of RM500,000, or both. Reading together with section 540 of the CA 2016, it is added that the offender may even bear personal liabilities for the payment of the whole or any part of the company’s debt without any limitation of liability upon a court’s declaration

Using AAX as a sacrificial lamb to get capA to exit PN17 is what Stony can come out with.
Not so fast, will the plan can approval from so many parties.

The below is from the annual report page (27 & 28) audited account. A bit different from the unaudit Q4 end 31/12/2024 report
CapitalA Balance Sheet as at 31/12/2023 of:
Net current liabilities: RM (12,669,239,000)
And Net total assets/total equity : RM (10,624,737,000)

CapitalA Balance Sheet as at 31/3/2023 of:
Net current liabilities: RM (8,524,896,000)
And Net total assets/total equity : RM (9,376,200,000)

CapitalA Balance Sheet as at 31/12/2023 of:
Net current liabilities: RM (12,669,239,000)
And Net total assets/total equity : RM (10,624,737,000)

Is capA financial position better off or worse off compare to one year ago?

Repeat and remind those cannot do math: The sum is not in million or hundred million but in billion.

That is why the PN17 regularisation plan keep postpone postpone postpone postpone postpone postpone postpone postpone postpone repeat ad infinitum

Delist is inevitable.
Om Mani Padme Hum
Om Mani Padme Hum
Om Mani Padme Hum

Luckily capA has a magician or a snake oil saleman to create value from thin air for shareholders or else capA already close shop or follow AAX footstep of debts restructure, capital reduction, 10 to 1 share consolidation and new capital injection.

The shareholders would have lose his/her shirt, pant, underwear and sock.

A magician or a snake oil saleman.

Is Stony arm-twisting AAX to bail out capA?

Total borrowings and lease liabilities of AAX/Newco will be escalated to RM 23,271,794,000 a gearing of 23.96 times after the proposed AAAGL and AAB acquisitions.

Do you think with over RM 23 billion of borrowing and lease liabilities can AAX/NewCo survive?

Interest to know who will be the RM 1 billion PP investors?

The PP investors will get a discount of not more than 15% the 5-day VWAP of the AAX Shares / NewCo Shares up to and including the last trading day prior to the price-fixing date of the placement share.

Will the big sharks/PP investors placed a regulated short selling and earned the aprox 15% profit on the PP? Meanwhile suyiee sucker billis buying AAX/NewCo shares from open market