Depends, something not exactly cross trade by two willing buyer, willing sellers do an on-market exchange. Anyway, no point talking about this. I sometimes do get worried, but remember, in a normal case scenario by end of next year Armada should be trading at RM1.50 or thereabouts. So 2x gain is on the cards.

Are you guys dumb or what? When you see " last minute suddently have buyer queue 7+ million at 0.71 for seller to dump"...this is most likely what you call a cross trade. You think saja saja someone queue 7mil and get it instantly filled?

Cross trade is when for example CIMB Fund A sell ARMADA to CIMB Fund B. I.e. institutional investor sell/buying among themselves for rebalancing purposes.

If bad result, better loh for prospective investors...get to buy in lower! :)

Sold out at RM0.37, Loss of ~20%. Bought in at RM0.465 in March.

Good luck to the rest. Needed to close out this position as it is merely 1.5% of my total portfolio allocation.

@Tradewinds, if you already invested this long, just stay for another 1 month 10 days. After that, sell out if you must. Will be a shame to leave just when the party is about to get started!

Stopblockers in action. Sell if you are a weak holder. Hold if you're strong holder. Top up if it breaches to below RM0.70.

Any day soon in the next month there should be a Bursa announcement saying Olombendo is getting full bareboat charter. That will be the first catalyst to move up from this current stagnation.

Hold steady, wait for a nice discount!

@R40s, not so easy before, as in the Q ended April there was uncertainty about the Vietnam project's scale. I can't recall the ratio but it was substantially higher than 33.3%. However this time the ratio is much, much closer, at around 33.8%. They need to place out a very small portion of their cash into Islamic FD. I think just RM1.5mil would suffice already.

I'm not counting on it, mind you, but it's not so far fetched as you make it seem.

Jokers lah. Don't care so much about macro factors, especially those like minimum wage increases that happen either way every one or two years. Has nobody here read Peter Lynch's One Up on Wall Street? Doesn't seem like it...

If you analyze the latest shareholdings, you observe the following:

Khor Wan Keong (director) either excess applied for or bought additional rights shares of around ~300,000 units. (allocation = ~635,000 units)

Ooi Chin Soon (director) likely bought additional rights shares, cause otherwise his excess application would be insufficient to get to his current shareholding. He applied successfully for over 9,000,000 excess shares. (allocation = 6,250,000 units)

Khor Say Beng(director)'s son applied excess or bought additional rights shares of ~750,000 units. (allocation = ~287,000)

Khor Say Beng(director)'s daughter applied excess or bought additional rights shares of ~15,000 units. (allocation = ~62,550 units)

Lee Eng Sheng (director) applied excess or bought additional rights shares of ~205,000 units. (allocation = 28,500 units)

Khor Say Beng (director) applied excess or bought additional rights shares of ~4,150,000 units via his private holding company. (allocation = ~1,050,000 units)

Every single director applied for excess shares or purchased additional rights shares far higher than their proportional shareholdings in the company. Unless you were certain about improvement in the company's financial performance, you would not do this.

I for one am glad I did the necessary research and put money where my mouth is. Now to let this go on autopilot and see how much can the company's market cap grow in 3-5 years time. Triple up? Maybe increase five times? Perhaps even ten times? Let's wait and see now...

Anyone got the annual report? I haven't got mine. Should have received it by now, no?

@Steve, no warrants.

Be patient my fellow investors!

Armada stil range bound. Wait for some announcement on Bursa. Next Catalyst would be Olombendo acceptance, possibly within the next two weeks, latest in one month time. This will increase the price to RM0.75 levels. Next Catalyst is sustained earnings recovery for Q3. The largest Catalyst would be when Kraken gets full acceptance. We should hit RM0.90 then.

I still hold Esceram but it is less than 1.5% of my portfolio. I am going to sell it any day soon. I have not bought Tambun, but am interested in going in soon.

Haha sell at your own risk.

Very interesting volume today. I am no technical investor, but let's hope the bearish days are over for now and it can consolidate ~RM1.35.

Congrats to all who buy between RM1.12 - RM1.18. Let's hope we have put the RM1.10s behind us, and push on towards RM1.30s.

For now I will let this go on autopilot. Won't sell until or unless the fundamentals change or can get 50% in 6 mths.

Quiet for a while. I too think s9me fireworks might start soon, question is upwards or downwards? Btw Q3 is over, interesting to see if results hold up or not. If we can’t hit 1.75 before results are out, I’m out!

Now that KWAP has started selling, better wait on the sidelines. They won't just sell a bit and keep quiet. Likely other institutional investors will start following KWAP's lead and increase the selling pressure.

I have set my entry at 0.75x of P/BV at RM0.96...but may revise it lower to a multiple of 0.70x at RM0.895.

Yeah, all this talk is premature. RI if done is still over 6 months away. Many things can happen in the interim. We could get a decision for Claire for example in the mean time.

@sapurakencana, you call me here. I have zero interest in this stock as it trades at 1.5x P/BV, and the historical ROE is nothing great. Little/no margin of safety. Seems speculative to buy a position in this company. Just my 2 cents.

Walao, rights issue IS a form of private placement. Why you guys can’t understand this? The difference is all shareholders get to maintain their proportional interest in the company, and even oversubscribe.

MRCB rights issue I say a disaster because it is a crony Company, with a 1 for 1 rights issue that is very, very dilutive. Plus MRCB want to use it to pare down debt.

Bumi Armada rights issue worst case scenario also is only 1 for 4, best case scenario will be 1 for 8. Not dilutive. Rights price will be at a substantial discount to market value. Hopefully no free warrants though!

@R40s, just analyse the past 5 years quarterlies and you will see some evidence of cyclicality. The management may not feel it is of material significance, but there is definitely something there.

RM0.01 div/share declared.

All idiots lah. Rights issue will not be heavily dilute. Maybe a 1 for 8 or something like that, enough already. Worst case is 1 for 4.

And the rights issue will only be done if there is a very good chance of landing one/two contracts. In my opinion rights issue (if they resort to this) is still a good 6 - 9 months away.

I sold at RM0.665. I think given that the balance sheet is not that great, best to just take my small profit after six months and buy a safer long-term holding. I bought at RM0.64, held through the fall to ~RM0.51, and now sold at RM0.665.

I think it's fair to say that the market will take into account the subscription rate and accordingly the share price may well see a decent rise on Monday.

@joni, to be fair QoQ is irrelevant due to the fact that there seems to be an element of cyclicality to the earnings of Prolexus.

Rights issue is over-subscribed despite the fact that the rights were trading at merely RM0.005 (indicating little interest from the general public).

My opinion is all the directors oversubscribed heavily and may have had a hand in suppressing the share price around the time of the rights issue. Expect earnings to grow exponentially over the coming 1-3 years.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5566377

@weng, they may be 100% operational they're simply not getting 100% of the BBC. Two different things.

You guys are all jokers lah!

Haha. I still hold though.

http://www.thestar.com.my/business/business-news/2017/10/05/bumi-armada-may-need-to-raise-funds-for-african-ventures/

Well at least it should mean all weak holders (retailers) have sold out.

This is a log jam + road block. Just hold lah. Sell if Q3 results are really terrible, otherwise we are looking at an easy move up to RM0.90, sooner rather than later.

R40s, I don't care about weighted average. I use the most conservative method, i.e. I take the number of shares issued as at the end of the period. That's what matters. Using the weighted average is not of any use really and gives you comfort where there should be none.

Walao, so nice it is falling again. This time hopefully I do not miss the boat!

No, P/E is 9.17x correct per i3investor. FD P/E is around 11x when counted in all warrants exchanged to Prolexus shares.

Plenitude issue is that they did some shady stuff in the past. They offered 111.5mil shares to take over Nomad. This represented a dilution of 41.3% to their existing share base. And the worse thing is, there was NEVER a chance that the Nomad takeover would lead to a similar 41.3% increase in net profits to simply maintain the same profit level per share, forget to increase profits per share.

So the Nomad acquisition has caused a major dilution, and has caused ROEs to plummet, and also caused the Book Value to be less valuable. Hence it trades at a large discount to book value.

None of the directors have any type of substantial shareholding in the company. Plenitude is linked to Daim (as was Nomad). I rather stay away from this type of company, even if the balance sheet is nice.

Maybe if it gets cheaper, to say 0.35X P/BV, I can consider, but not just yet at 0.41X P/BV.

@minute, yes the reduction in the "authorised and contracted for" should be reflected in an increase in PPE on the balance sheet.

Do take note that the utilization of rights issue proceeds breakdown does not fully reflect the cost of building the fabric mill, as a substantial portion of the fabric mill was to be made using internally generated funds (per the abridged prospectus).

Well, let's wait for Monday to see how the institutions perceive it. Kuci kuci sellers selling out at the open means nothing. Wait for the big buy/sell orders to see whether the downtrend continues, or we can recover to RM1.25-RM1.40 range.

I won't buy/sell anymore over here for now. Hold my horses unless a truly incredible bargain opportunity presents itself. Hold for the long-term in either case (3-5 years).

@appolloang, I don't think that's how the stock market works. Prolexus got beaten down from RM1.65 to RM1.15 in fairly short order, as long as some confidence is back, and given the closer timeframe to expansion in production capacity/vertical integration, I won't rule out recovery in the share price from here on out. The fundamentals, if you care to look at the balance sheet and cash flows statement, is as good as it has ever been!

@brain, hard to see that happening lah. Surely that is illegal by the SC to play the market that way? Also, Armada is fairly liquid. If illiquid counter, I can understand...but with liquid counter hard to manipulate. Can backfire very badly.

Another positive is that gross profit margins increased from 21.8% to 25.8%. Pretty substantial rise I'd say!

"Besides, there is one-off loss on deconsolidation of subsidiaries of RM 4,176,000."

Actually, can somebody please explain what the above "deconsolidation" could actually mean, and why on earth does it incur an administration expense of RM4.176mil?

To add, PPE of RM0.9mil was also written-off. So you can say that there was one-off expenses amounting to RM5mil during Q4 FY17....discounting this, the core profit is much better actually despite the reduction in topline. This probably means that operational efficiency (particularly in the new China plant) has improved.

The Vietnam plant delay had already been in the news.

http://www.thesundaily.my/news/2017/08/28/prolexus-plan-build-vietnam-plant-delayed

Since there wasn't much negative reaction then, I don' believe there will be negative reaction now. But according to my research the fabric mill is on target to become operational in Q2 FY18, i.e. by end of Jan 2018. You can see they started the hiring process 2 months ago. The capex spend is mostly for this. Email exchange with the CFO also confirmed that the fabric mill is on schedule while the Vietnam plant was delayed to next year.

EBITDA as a whole for FY17 is higher than FY16.

I think the price reflects much of the worst, on the better times ahead!

As ever, you can't predict the market...but if that manic-depressive Mr Market offers you some damn good bargains you best be taking them!

@daytona, that's correct! If they place just a mere 2 million in Islamic institution...then we are green to go! Thank you so much. I feel much better now!

Really heavy queues here. Feels odd. I honestly thought Armada close eyes can end year at RM0.90. Maybe I was wrong....or maybe our big brothers at the syndicates (i.e. Malaysian Wall Street = EPF, LTH, LTAT, KWAP, PNB + PMB, CIMB, AH, KNG, ES etc) are waiting for a solid proof of sustaining profits in next QR + to see the receivables have actually translated into actual cashflow. And of course, that darn Kraken. I must say Enquest's health has me worried. Could be GG i.e. game over for Bumi Armada if anything happens to Enquest.

Armada's assets (fixed assets + charter rates) are denominated in USD, as are their liabilities. So balance sheet wise, Ringgit up or down shouldn't be an issue. P&L statement however might vary according to the prevailing FX rates.

Just KIV. If you got already, hold. If you're interested, hold as well.

Set an entry price. Like 0.82X BV or 0.78X BV. Then wait for it. Buy it down every 10% or 15% loss.