interesting

Err... Who's buying the 2.20 before closing?

To Investor Relations,

Hi, my name is xxx and a shareholder of Hibiscus Petroleum who will be attending the EGM tomorrow. Before raising my concern, I would like to congratulate to the BODs for another acquisition which hopefully will bring Hibiscus into the next level.

With Maybank report depicting an unfriendly view on Hibiscus, I was wondering if you would kindly offer retail investors like me a brief view of Hibiscus Petroleum given the following scenario during the EGM?

1. Brent oil of USD 75 and Tapis of USD 78
2. USD-RM exchange rate of RM 4.2 to USD 1
3. Excluding any adjustment or impairment

In particular, may I know given above scenario, what would Hibiscus Petroleum operating cash flow, net profit, and capital expenditure be before and after the acquisition of Brunei asset as below:

Before Acquisition After Acquisition
Operating Cash Flow
Net Profit
Capital Expenditure

An estimation would greatly assist minority shareholders like me (who lack the full scale of forecasting Hibiscus financial performance) to understand the great condition of Hibiscus Petroleum given scenario.

hahaha... limit up

Hengyuan has performed way better the past 2 days when hibiscus is the one producing the commodities 😮‍💨

can't even cross 3, and TP 3.5 already being suggested?

sigh, same feeling, wanna puke

Rock to bottom?

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3485953

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3483064

thanks to the BODs, an addition RM 0.01 per share dividend (entitlement date to be determined) on top of the earlier announced RM 0.015 per share dividend ex- Sep 25

oil is falling fast. I am hoping for brent staying strong above 75, but it's 69 now. My best guess, that's why it's below 2 now. Sigh!

nazr690519a, thanks!

I suppose, we can only wait to see

1. How much Hibiscus has to prepare to pay for Total's asset in Brunei. If it's below RM 700 mil, that would be a plus? And what would the total debt Hibiscus has to take given dividend/capex plan and Brunei acquisition?
2. How low actual oil and gas price relative to Hibiscus forecast, assuming Hibiscus has in place a mitigation plan. My assumption is a FY25 operating cash flow of about the same or slightly lower with the Brunei's asset due to lower price going forward (bad economy or competition?) Delivering a higher operating cash flow above RM 1 billion would be considered positive?
3. The ability of Hibiscus to actually cutting capex should oil price dip below 75 to a level Hibiscus balance sheet can afford?

ahh... my bad. I invested in Hibiscus, trying to understand the whole picture, don't get so upset. So, with dividend staying the same, that would still mean Hibiscus will need to raise approximately RM 1.21 billion, assuming projects and dividend stay? I put RM 700 million for Brunei acquisition after assuming RM 280 million was declared by the Brunei assets to be enjoyed by Hibiscus. Is 280 million too little or too much?

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=148095&name=EA_GA_ATTACHMENTS

The purchase consideration is approximately RM 1.21 billion, with RM 0.23 billion already paid, leaving RM 980 million. There is no mention how much dividend has been declared for FY2023, so the maximum amount yet to be paid should be at least RM RM 700 million, assuming FY2023 and 9 months FY2024 RM 280 million was declared (quite generous already?). With RM 230 million and assuming this amount should be kept for rainy days, Hibiscus will have to secure RM 700 million loan for Brunei acquisition, RM 370 million for dividend (assuming dividend to be the same as FY2024), and RM 450 million for capex (USD 260 million or RM 1.15 billion - operating cash flow of RM 700 million, assuming 30% drop (reasonable?)). That would mean, assuming brent is relatively stable, Hibiscus will need to raise approximately RM 1.52 billion, correct?

https://ir2.chartnexus.com/hibiscuspetroleum/docs/presentation/QR%20Q4%20FY2024%20Analyst%20Briefing%20Final.pdf

slide 15, net cash 238.5 mil or was I wrong?

I know Brunei asset is mainly gas, but price to be determined with brent from what I read. Oil below 40? Good luck to us all. I am buying oil assuming Brent will be above 75 for a while

To me, as an investor, I view the share price to be too cheap and won't mind buying some if price is cheaper

watssy, that's what I come to believe after reading Maybank's report on Hibiscus, not mine.

To me, Hibiscus's revenue wise, there'll be less FY 2025. 1st, production from existing asset will be less FY2025 at around 7.5 mboe compared to FY2024's 7.85 mboe (drop 4.5%). 2nd, exchange rate that's less favorable, 4.31-4.35 currently compared to FY2024 mostly between 4.6-4.7 (drop 7.5%) 3rd, on top of that, a lower brent/tapis oil price, 82+/- compared to FY2024's 90+/- (drop 9%) currently. Having said that, FY2024 operating cash flow from existing asset's close to RM 1 billion will be less that (at least 20%?) and profit will definitely not going to be as rosy as over 500 mil pre impairment/write-off FY2024.

Brunei acquisition depends greatly on going forward brent oil price, given it's product will be linked to brent (am I right?), on top of borrowing cost, given that Hibiscus has less than RM 300 mil free to use. But in the short-term, the newly added asset will surely be beneficial than keeping cash in bank. Long-term, all depends on how good this asset can perform long term, I guess.

FY2025 capex is 260 mil, that's more than RM 1 bil. So, I guess there's be borrowing given FY2025 operating cash flow should be lower, unless brent oil price suddenly spikes to above 90.

To assuage shareholder's concern, Hibiscus management should clarify how the money is going to come from should brent oil price is 75-80 and how it would impact its FY2025 PAT. The analyst meeting's very lousy, provides little when it could offer more.

https://www.youtube.com/watch?v=4kiiEScSk6k

1.5 sen dividend proposed?

The concern Maybank has is the capex if I were not wrong. Hibiscus may have to borrow quite some money to pay for the Brunei asset, maintain current dividend and a USD 260 mil capex.

guess somebody is/are really f**king pissed off by Hibiscus management to sell at this level

hibiscus initiating share buy back

A quarterly 738 mil revenue and a net profit of 108 mil after 64 mil write-off/impairment, is that good? If yes, how come share price never response???

WTF, poor quarterly report expected shortly later? share price drops to reward a recovering oil price

I'm hoping for at least 0.60 😅

dumping already???

holding

ED King?

any acquisition or development that wouldn't benefit shareholders through better dividends or share price appreciation is garbage

tp 38 - 40 is ong???

garbage！

https://www.youtube.com/watch?v=ZYw60gON9Ys

Briefing on Proposed Acquisition in Brunei

https://ir2.chartnexus.com/hibiscuspetroleum/docs/Analyst-and-Fund-Managers-Briefing-Deck-Proposed-Acquisition-FINAL.pdf

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=148095&name=EA_GA_ATTACHMENTS

On behalf of the Board of Directors of Hibiscus (“Board”), AmInvestment Bank Berhad (“AmInvestment Bank”) wishes to announce that Simpor Hibiscus Sdn Bhd, an indirect wholly-owned subsidiary of the Company (“Simpor Hibiscus” or the “Purchaser”) has on 13 June 2024 entered into a conditional share purchase agreement (“SPA”) with TotalEnergies Holdings International B.V. (“TotalEnergies Holdings” or the “Vendor”) for the proposed acquisition of the entire equity interest in TotalEnergies EP (Brunei) B.V. (the “TargetCo”) (a company incorporated in the Netherlands) for a cash consideration of approximately USD259.4 million (or equivalent to approximately RM1,217.2 million) (“Purchase Consideration”) (“Proposed Acquisition”), subject to adjustments as set out in Section 2.1 of this Announcement.

Spending too much on drilling and dividend too low as a result

QR earnings from investment disposals, its one off and not from operating businesses, surely not getting the same treatment. Unless similar disposals for a few years?

so, BCorp now
1. awaits compensation amount ruling on BCity (BCorp and BLand)
2. payment from China property deal (BLand)
3. hotel projects (Okinawa-BLand Okohama-BCorp)
4. klang valley river project (BLand)
5. possibility of a HSR project (BLand)
6. Greenland property/hotel project? (BLand?)
7. Vietnam disposal? (BLand?)

Ooh, I C, no wonder

The BEnviro deal has actually only concluded in April, why the result included in Q3?

https://www.thestar.com.my/business/business-news/2024/05/31/bcorps-3q-net-profit-surges-to-rm694mil

oil down lah... this co, oil down, share price down, oil up, share price no guarantee up.

yes, still holding. can only hope there'll be a turnaround this or next year, i guess, sigh!

https://www.youtube.com/watch?v=qZn6uoJ8Fg8

Q3 FY2024 Results Briefing Webcast

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3448668

600 mil of revenue and 100 mil of profit, way better than what I had hoped for despite 78 mil drilling write off.

01 Mar 2024

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3427300

Capital costs (net of tax to SEA-H) estimated for the Ungu wells are expected to be in the range RM54 million whilst capital cost estimates for the Merah well are expected to be in the range RM27 million. At this stage, we expect to write off the capital cost estimates of RM27 million for the Merah well in the Group’s financial statements for the quarter ending 31 March 2024. The treatment of the costs of the Ungu well in the financial statements will be ascertained upon confirming the final results from the Ungu well, and will be announced at the appropriate time. All capital costs were funded from internal resources and the costs associated with the campaign have been included in the SEA-H cost recovery bank.

The poor performance of late could be a result of failed drilling project announced end of March which will result in a RM 27 mil write off in quarterly report to be announced this month. The next quarterly report to be announced in Aug should be good though, thanks to a successful Bungar Aster announced end of April.

With two huge hotel projects in Japan, doubt BCorp got any money to declare dividend. Would be very lucky to see BCorp initiate another round of share buy back to declare share dividend.

forecasting 3 years from now? Wow...

Only past records and time can tell whether Hibiscus can deliver on production increase, especially when it comes to new drilling. Though, past oil price and near term oil price offer an estimate to its coming quarter earnings. With crude staying relatively high, above 70, even when market is expecting poor market demand, tells us the supply demand is tight and low oil price is not expected. Why else Occidental in the US is trading on a higher PE? To me, it partly suggests an expected higher for longer oil price and margin for oil production is good. Surely, a 35000 boe/day is always welcome, it only assure higher profits when oil is high.

Useless? So, Hibiscus is not selling oil but water?