klorang.... take a rest la

of course, now that the mother price has gone up everybody is confident again

nobody listens to a word you are saying..... so give it a rest, man

so the demand coming from you and that spinning fella accumulating??? a few small fish enough??

btw today the OR high 0.455... slightly higher than the 0.45 you bought, so sold already or not??

or.... maybe you really care... huh?? ; )

anyway I don't listen to a word you are saying..... so forget it

CIMB's RNAV would be more RRRRRRRRRed....... as such more reflective more correct of the present value of AZRB

nordi......the RNAV in CIMB report is not the same as the annual report probably because CIMB really RRRRRRRRRRed its RNAV value by..... for example using the present value of the toll concession's cash flow but not so in the annual report.... CIMB's RNAV would be more RRRRRRRRRed, you get what I mean?

Mother 1.82 -1.35 = 0.47 vs 0.42 the OR price now..... gap getting bigger

you have covered the drop part, how about the up part now???

if no one is buying how can it even come up now???




maggiel market movers were selling down previously to capitalize on the OR, once they have achieved their target numbers, only those minority ones who are shivering with fear will sell mother share cheap...... mother moves up, OR will naturally follow suit.....

CIMB:: AZRB has at least 103% upside from current price. ...


AZRB fits squarely into the category of a smaller-cap pure contractor with decent order book growth and new recurring income assets, and that is hugely undervalued relative to its RNAV. Longer-term recovery prospects are underappreciated, in our view. AZRB is worth double its market value. AZRB is the concessionaire of the RM1.6bn EKVE whose DCF value is arguably almost equivalent to AZRB's market cap. Today, investors would be paying for its construction and oil & gas bunkering businesses, but getting its other assets for free. The stock trades at a massive 75% discount to its RNAV. A 50% RNAV discount implies 103% upside.

AZRB is the concessionaire of the RM1.6bn EKVE whose DCF value is arguably almost equivalent to AZRB's market cap. Today, investors would be paying for its construction and oil & gas bunkering businesses, but getting its other assets for free. The stock trades at a massive 75% discount to its RNAV. A 50% RNAV discount implies 103% upside.

Matching the bigger boys

AZRB's business structure is similar to the likes of Gamuda and IJM Corp i.e. an order book-driven construction earnings, backed by stable and predictable earnings from property development, with more lucrative margins coming from other segments like its oil & gas bunkering facilities. There are also inherent values from its property and plantation land banks.

New profits from 2016

Construction and oil & gas are the two major profit generators for AZRB, with contributions coming in at an equal split. Clearly, AZRB's underappreciated potential growth in net profit is a function of execution.

Drivers are

1) realisation of new construction profits from the RM1.6bn EKVE as early as mid-2015;

2) new property development profit from 2015-16 from its over 300-acres land bank;

3) another concessiontype recurring income stream from the hospital concession from 2017; and

4) the potential breakeven/ turnaround of its plantation division, likely from 2017.

75% discount to RNAV

AZRB currently trades at a massive 75% discount to its RNAV. This is a huge gap vs. the 27-49% trading discount to RNAV for the contractors under our coverage. Its share price is a big laggard compared to the share prices of other small-cap contractors or other small-cap stocks in general, which have surged or even doubled YTD. Potential catalysts are job wins, start of works of EKVE, and investors' greater appreciation of deep-value laggards.

Source: CIMB Daybreak - 08 September 2014,

HaHa...... turned out these two "knowledgeable ones" are the two main reasons why Armada has been dropping like crazy since Monday, I give up ....

With the drastic drop in price of about 0.22 (11%) from 1.98 just days ago , investors making up the free float in Armada ie the small fish have been burned silly and totally lost their confidence in Armada.. and thus call into question if 100% of them will still subscribe for the RI??

If the answer is even just a doubtful "maybe not", the underwriters would, soon, have to support and push up Armada's price to convince these shaken investors that it is still a good idea to still be invested in Armada to ensure the success of the RI

Freaking thought..... I can see you remains a idiot till now HaHaHa

FV of RM 1.48 for AZRB

and AZRB is green among all the reds today..... sales at 0.76 all absorbed... great thing coming... up trend resuming... don't sell, instead get some

anyway, what is important is that AZRB has got all the good great stuff mentioned in the CIMB report... and, I think it is very fair that CIMB has a FV of RM 1.48 for AZRB...

FV of RM 1.48 for AZRB

Malaysia is small, KL even smaller...

well.... there was the CIMB report.... but CIMB big bosses could well be the guesses too ; )

FYI the day after the wedding AZRB had a gap up and high of 0.81 ; )

In the wedding dinner, tall tales must have been told, prowess in getting projects boasted, great profit if one is invested in AZRB hinted..... ; )

dg123... your research is not broad-base enough... and sources limited.....

haven't you heard the big boss's daughter's wedding... ???

small fish totally lost confidence due to traders shorting.... the second main reason

but traders shorting could be the main reason.....

leaving foreign funds could be a reason too.....

by the look of the price movements, traders certainly have a hand in causing the drop in the prices

ya lo, WTF, why you keep maggie waiting for the phone numbers???

cannot find the phone numbers.....

kindly provide the phone numbers of ABS-Class, Bureau Veritas or ONGC

Positive for the long haul

• Rights price per share fixed at RM1.35, representing 32% discount to theoretical ex-all price

• Positive view on Bumi for its robust orderbook of RM34bn, providing >10-year earnings visibility

• Maintain BUY with TP raised to RM4.45; ex-all TP adjusts to RM2.55

Rights issue price fixed at RM1.35.

Bumi Armada (Bumi) announced that the issue price of its 1-for-2 rights issue has been fixed at RM1.35 per rights share. This represents a
32% discount to the theoretical ex-all price (TEAP) of
RM1.98. Based on RM1.35, full subscription of the rights
issue will raise RM1.97bn for the group.
Continue to be long term positive. Concerns on EPS
dilution are overdone we believe, as Bumi trades at a
reasonable 17x PE on FY15F EPS even when fully diluted,.
This is still below large cap peers’ average of >20x.
Furthermore, the timing of earnings recognition will be
more conservative going forward with the group adopting
finance lease classification for their new FPSOs instead of
operating lease. Over the long term, Bumi’s positive outlook
is intact as its current outstanding orderbook stands at
RM34bn, providing more than 10 years of solid earnings
visibility.


Maintain BUY, TP raised to RM4.45 (SOP Metric).

We
raise our target price on Bumi to RM4.45 from RM4.20
previously as we are adding in a DCF value of RM0.25 for
the recently secured RM3.8bn Madura FPSO contract.
Potential upside to our TP is 46%. On an ex-all basis
(including 1-for-2 bonus issue) and taking into account the
cash raised from the rights issue, our TP is adjusted to
RM2.55, which still represents upside of 37% to the TEAP of RM1.86 based on yesterday’s close, and implies 23x PE, on par with Malaysian large cap oil & gas peers average.

Bumi Armada - Rights and private placement


Date: 28/08/2014


Source : MAYBANK
Stock : ARMADA Price Target : 4.55 | Price Call : BUY
Last Price : 1.75 | Upside/Downside : +2.80 (160.00%)





Rights issue priced at MYR1.35/unit to raise MYR2b.

OBSB placed out up to 215m secondary shares (7.3% of share base), effectively reducing its stake to 35%.

Maintain BUY; MYR4.55 SOP-TP (cum-price) under review.

What’s New

The rights price is fixed at MYR1.35/unit (32% discount to the theoretical ex-all price of MYR1.98/shr). Objektif Bersatu S/B (OBSB), Usaha Tegas’ holding company for BArmada, has placed out up to 215m shares.

What’s Our View

BArmada will raise MYR2b in proceeds from this rights issue (9% below its initial target), which will come in handy to fund its expansion plan (FPSO. OSV, T&I: MYR1.76b).

Post exercise, BArmada’s proforma net gearing level is expected to fall from 0.9x as at Jun ’14 to 0.4x (internal cap: 2.0x). The planned 1-for-2 rights and 1-for-2 bonus exercises are expected to conclude by end-3Q14 with its share base doubling to 5.87b shares by then.

Meanwhile, OBSB has reduced its stake in BArmada by 7.3%; from 42.35% to 35% post placement exercise. Despite the pare down, OBSB will still be BArmada’s single largest shareholder. We understand the proceeds raised from this deal will be used to subscribe OBSB’s rights cost entitlement.

Elsewhere, we opine that BArmada could win another FPSO job by end-2014. There are six active tenders in the pipeline. It has set a realistic target to be a Top 4 FPSO operator globally over the next few years (current position: Top 5).

Source: Maybank Research - 28 Aug 2014

kindly provide the phone numbers of ABS-Class, Bureau Veritas or ONGC

our maggie who is very good in calling up the source and find true answer is waiting.....

kindly provide the phone numbers of ABS-Class, Bureau Veritas or ONGC

you blah blah blah but you CANNOT provide the phone numbers of ABS-Class, Bureau Veritas or ONGC????

by the way you posted, it is like you YOURSELF have personally called ABS-Class, Bureau Veritas or ONGC and confirmed what you are posting

you are BS

maggie and I both can call if they would just give us the phone numbers

kindly provide the phone numbers of ABS-Class, Bureau Veritas or ONGC

our maggie who is very good in calling up the source and find true answer is waiting.....

kindly provide the phone numbers of ABS-Class, Bureau Veritas or ONGC

kindly provide the phone numbers of ABS-Class, Bureau Veritas or ONGC

kindly provide the phone numbers of ABS-Class, Bureau Veritas or ONGC

O... looks like AZRB is not going down just yet instead has more legs to go

In the wedding dinner, tall tales must have been told, prowess in getting projects boasted, great profit if one is invested in AZRB hinted..... ; )

ladahitam makes sense

kmchua888 buying now

BAB, IBs, EPF, rouge brokers.... will buy later

@spinninglotus You need some teaching on mathematics formula AhMoi.

17/09/2014 15:14


@spinninglotus Big problem in your formula

17/09/2014 15:14


@spinninglotus OR should be worth rm0.00

17/09/2014 15:29


@spinninglotus With OR worth RM0.00, mother share should be worth 1.50...




spinninglotus, you are the freakin Cortico-oral incongruence and more...

can you do me a favour.... spinninglotus.... after you have figured it out... post here to say so ok..

haiz.... think I am caring too much man

a more decent fellow would have been modest and ask for guidance....... instead you......
haiz... spinninglotus.. you are the only guy who is celebrating here in Armada man..... but sadly wrongly

some kind soul kindly help him out.... I have tried.. god knows I have tried

ladahitam makes sense

kmchua888 buying now

BAB, IBs, EPF, rouge brokers.... will buy later

spinninglotus... you are sad.. I don't care anymore... see you around man

ladahitam makes sense

kmchua888 buying now

BAB, IBs, EPF, rouge brokers.... will buy later

kmchua888 buying now

BAB, IBs, EPF, rouge brokers.... will buy later

1.35 + 0.62 = 1.97... very close to my modest TP for now

BAB, IBs, EPF, rouge brokers.... will buy later

listen to maggie you freakin Cortico-oral incongruence and more... you idiot

ratava... I macam macam la... depend on the situation... but Armada is really tricky la... the price changes faster than even before I can change my mind whether to trade or long term, you know what I mean??

BAB, IBs, EPF