Forum : Stock: [MISC]: MISC BHD

THE RESEACH REPORT ARE NOT ACCURATE-- NO STUDY ON DETAIL.
PETRONAS BUY LNG -- IS VERY GOOD MOVE FOR MISC. THIS DIRECTLY REDUCED MISC CAPITAL COMMITMENT AND INDIRETLY GENERATE HIGH RETURN FOR MISC.
THE MORE LNG COMMITED BY PETRONAS , THE HIGHER THE RETURN TO MISC IN LONG TERM . VERY GOOD FOR MISC.
ONCE CAPITAL COMMITMENT DONE , IT CAN ALWAYS BEING INJECTED INTO MISC IN LATER STAGE, THIS HAVE ENSURE MISC HAVING CONTINOUS INCOME WITH NO RISK OR LITTEL RISK.
VALUE EASILY 6.00---PETRONAS ,CEO ARE NOT DUMP/ BODOH. TAKING OVER COMPANY AT 5.50 AND FAIL, VALUE NOT ABOVE THAT.
EPF -- CEO ARE NOT DUMP BY SAYING ,TAKOVER VALUE TOO LOW.. HE IS TOO HONEST , END-UP BEING REMOVED AND FORCE TO ACCEPT THE OFFER.

LIKELY THE TAKE-OVER FAIL

iqie

756 posts

Posted by iqie > 2013-11-07 13:10 | Report Abuse

Q report dah keluar, untung naik bertingket2... Buy?

blugz83

183 posts

Posted by blugz83 > 2013-11-07 21:16 | Report Abuse

report publish, profit 189%,but price drop..?? weird...people willing to onvest in pn17,rather than stable and strong company..easy money i guess,just like in casino..

john1

297 posts

Posted by john1 > 2013-11-08 07:54 | Report Abuse

Blugz83, on 7-11-2013 morning the price is drop, but the recover latter when the news regarding results out. Since undervalue shares, can see price up today.

john1

297 posts

Posted by john1 > 2013-11-08 12:41 | Report Abuse

KUALA LUMPUR: MISC Bhd, which Petroliam Nasional Bhd (Petronas) tried to privatise in February citing its bleak outlook due to capacity oversupply in the shipping industry, proved its parent company wrong by posting better results for the first nine months of the current financial year ending Dec 31 (FY13).

MISC raked in a net profit of RM1 billion for the nine months ended Sept 30, a whopping 1,939% jump from the RM49.13 million recorded in the previous corresponding period. For the third quarter alone, its net profit rose to RM401 million from RM138.89 million in the previous corresponding quarter.

The company, in a filing with Bursa Malaysia yesterday, attributed the improved earnings to a higher share of profit from joint ventures (JV), especially from the commencement of Gumusut-Kakap floating production system in June 2013.

Additionally, the group recorded a net impairment reversal of RM23.8 million in the current year compared with an impairment charge of RM181.6 million in the previous corresponding period.

Petronas, which owned a 62.67% stake in MISC when it proposed the privatisation, failed to take the shipping company private following strong opposition from its other shareholders.

The national oil company had to raise its original offer price of RM5.30 to RM5.50 per share in April after its substantial shareholder, the Employees Provident Fund (EPF), held out for a higher price.

Petronas eventually received a 86.07% acceptance level but it was 3.93% short of the 90% shareholding level to make the offer unconditional.

Following the failed privatisation exercise, Petronas dropped a bombshell in August when it announced its move to buy ships directly for liquefied natural gas (LNG) transport, which has been MISC’s mainstay.

Analysts saw this move as a second attempt to privatise MISC, and described the move as “disturbing”. However, this did not affect MISC very much due to stronger shipping rates and lower bunker fuel costs.

Analysts said MISC’s strong financial showing for the first nine months (9M) of FY13 was mainly due to the divestment of its liner shipping business in June 2012. The liner business, which had bled the shipping group, reported a net loss of RM622.6 million for FY12.

For 9MFY13, the liner business recorded an operating loss of only RM3.6 million, compared with a loss of RM438 million in 9MFY12.

For the third quarter (3Q), the reversal of net impairment and fully accounted losses of its discontinued liner operations pushed MISC’s profit up.

The profit increase was also attributed to lower general and administrative expenses, a RM20 million decrease in the provisions for net impairment and a RM6.6 million increase in gain on ships disposal. Share of profit from JV for the quarter doubled to RM136.7 million from RM62.1 previously.

MISC expects long-term contracts in LNG and offshore businesses to continue to provide stability to the group, going forward. This is despite chemical and petroleum shipping prospects remaining challenging amid vessel oversupply in the market.

MISC is still not out of the woods yet as it is currently in a net debt position of RM6.04 billion as at Sept 30. Of the total, RM3.37 billion consisted of short term interest bearing loans and borrowings.

The edge

Victor Valdez

1,340 posts

Posted by Victor Valdez > 2013-11-11 02:42 | Report Abuse

MISC is run by morons nowadays..wait till their LNG long charter party expiring ..starting by next year. Glory days are long over..waiting to get rescued by Petronas.

King Kong73

2,065 posts

Posted by King Kong73 > 2013-11-11 06:34 | Report Abuse

Lng business development gm is a doofuss

Tang Michael

122 posts

Posted by Tang Michael > 2013-11-11 06:41 | Report Abuse

Privatise @ 5.60 but no no.....selling @ 5.01 yes yes ...How funny....

john1

297 posts

Posted by john1 > 2013-11-11 15:58 | Report Abuse

Since the cash hold by company very high. Maybe they can give special dividend.

Roslan Osman

12 posts

Posted by Roslan Osman > 2013-11-11 16:34 | Report Abuse

no div for this year

haizul

27 posts

Posted by haizul > 2013-11-12 08:26 | Report Abuse

it's a cash intensive business. cash holding may look big if compared against other company but if they decide to take any expansion project, such high cash holding may not be enough.

Stockman

684 posts

Posted by Stockman > 2013-11-12 08:31 | Report Abuse

TP is 6.00