Posted by joel > 2014-02-05 19:20 | Report Abuse

3. believe that there
will be a positive trickle-down effect to other OSV owners like AMRB. We
understand that some of the packages may require additional vessels
that the winner of the package may not readily own.

4.Maintain BUY and MYR2.25 FV. We make no changes to our FY14/15
earnings estimates as the contract extension has been accounted for.
We expect AMRB to post a good set of full-year FY13 results as we
believe its fleet utilisation rate remained high at around 90% in 2HFY13.

5. We therefore reaffirm our BUY recommendation with an unchanged FV
of MYR2.25, based on a target FY14 P/E of 14x, in line with those of
other small- to mid-cap oil & gas (O&G) companies.

Posted by Overweight > 2014-02-05 21:56 | Report Abuse

bought back again this ......ALAM.

Posted by yungshen1 > 2014-02-05 22:01 | Report Abuse

no hope. cut loss. run

Posted by snake_eye > 2014-02-05 22:32 | Report Abuse

yungshen1: crazy people only run now..becoz in uptrnd..

Posted by joel > 2014-02-05 22:44 | Report Abuse

Kenanga keeps 'outperform' on Alam Maritim
Published: 2014/02/05
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Kenanga Research has maintained 'outperform' rating on Alam Maritim Resources Bhd, with RM2.07 target price, following the announcement of its contract extension.

The company announced yesterday that it has been awarded a 12-month extension contract by ExxonMobil Exploration and Production Malaysia Inc to provide an accommodation barge worth RM58.8 million.

"The contract value implies a daily charter rate (DCR) of RM160,200. This is 14.8 per cent higher than the DCR for the initial contract of RM139,500.

"We are positive on the firmer charter rate and the contract extension, but it was largely expected as the demand for accommodation barges remains strong," it said in a research note today.

The research firm expects RM140,000 for the company's accommodation barge.

Alam Maritim's stock gained 4.0 sen to RM1.45 as at 12:30 pm after opening at RM1.43, with 1.5 million shares transacted.-- Bernama

Read more: Kenanga keeps 'outperform' on Alam Maritim http://www.btimes.com.my/Current_News/BTIMES/articles/20140205140354/Article/index_html#ixzz2sSVv3XOw

Posted by speakup > 2014-02-05 23:07 | Report Abuse

Kenanga too optimistic on Alam.
Hwang too optimistic on MKH.

Posted by TaurusGal82 > 2014-02-06 09:25 | Report Abuse

:) at last move a bit

Posted by dknycom > 2014-02-06 09:25 | Report Abuse

ALAM!!! My power is back now...

Posted by katani17 > 2014-02-06 09:29 | Report Abuse

alam back to usual. Who enter at 1.43 can smile now

Posted by master_raikun8 > 2014-02-06 09:50 | Report Abuse

alam stays strong!

Posted by Kamaruzaman Mahmood > 2014-02-06 09:51 | Report Abuse

Good job

Posted by dknycom > 2014-02-06 10:27 | Report Abuse

ALAM buy buy buy

Posted by joel > 2014-02-06 14:50 | Report Abuse

Correct, Alam is on the road to the North.
Research houses did not expect Alam will secured recent Contract.
It is so suprising to us.

Alam also will continue to bid ( IRM & EOR ) contracts value at RM1,100,000.000 to RM RM2,000,000.000.

Thanks to Alam investors holders.

Posted by joel > 2014-02-06 14:55 | Report Abuse

BELOW IS AMMB RESEARCCH POINTS: TP:RM2.45

We maintain BUY on Alam Maritim Resources (Alam) with an unchanged fair value of RM2.45/share, pegged to a FY14F PE of 16x – at parity to the oil & gas sector.

- ExxonMobil Exploration and Production Malaysia Inc has exercised its option to extend Alam’s charter by a year to provide an accommodation barge for RM59mil, at a higher charter rate compared to the original rate back in May 2012.

- The original charter was for 18 months plus a 12-month optional extension at an estimated value of RM126mil or RM137k per day. Hence, the extension value, effective on 1 February 2014, translates to RM161k or a17% increase over an 18-month period.

- The rising price trend for accommodation work barges highlights the strong demand for this type of vessels in Malaysia and the region. Alam currently has 3 accommodation workboats and sources third-party vessels for its clients.

- We note that marine operators such as Perdana Petroleum, Dayang Enterprise and Bumi Armada have plans to continue purchasing or acquiring accommodation work barges or multiple-purpose support vessels.

- For anchor handling tug supply vessels (AHTS), domestic demand remains firm given the limited number of locallyflagged vessels compared to foreign-owned units operating in Malaysia. We understand that Petronas’ preference policy for domestic players remains intact.

- Hence, we continue to be positive on charter rates for the AHTS market segment, underpinned by a need for additional 16 vessels this year in Malaysia. Among the vessels under JVs, there is now only one 12,000bhp anchor handling tug supply vessels under JV with Tabung Haji that is on spot charter. Currently, we understand that the group’s vessel utilisation rate for its wholly-owned fleet is around 80% with the rest of the vessels on spot charters.

- We maintain FY13F-15F earnings with assumed higher vessel utilisation rates of 80%-90% as well as underwater/offshore installation & construction orders of RM300mil-RM500mil.

- We understand that Alam hopes to secure parts of the RM1.2bil-RM1.5bil contracts for underwater services, which were earlier extended to Offshoreworks Group, currently in financial distress.

- Valuations are compelling at an FY14F PE of 9x – half of the oil & gas sector’s 18x.

Posted by joel > 2014-02-06 14:56 | Report Abuse

ALAM:
OSV IS brighter in 2014.
So Alam this stock will up.

Posted by ghtee > 2014-02-06 17:21 | Report Abuse

yes, it will continue up up up tomorrow

Posted by Dkwee > 2014-02-06 20:34 | Report Abuse

Hopefully alam will move above rm1.60 tomorrow....cheers!!

Posted by yungshen1 > 2014-02-06 21:40 | Report Abuse

RSI 48% no engouh to push up.

Posted by snake_eye > 2014-02-06 21:51 | Report Abuse

hahaha yungshen1...tomorrow up lg la...dont worry...yesterday u said want run????

Posted by joel > 2014-02-06 22:19 | Report Abuse

RHB, MAYBANK, KENANGAN & AMMB

NOTICED : BUY CALL !
FOR ALAM

WITH HIGHER TP Compare RM1.53 ( 6.2.2014 ).

Tomorrow up again & hope to close at RM1.60 above.

Posted by yungshen1 > 2014-02-06 22:40 | Report Abuse

snake may be i was wrong.i am see the SMA 200 .dun fall below 1.390 ya

Posted by snake_eye > 2014-02-06 23:07 | Report Abuse

with many contract awarded in hand, i believed ALAM will fly et list 1.90 by end of this month...

Posted by master_raikun8 > 2014-02-07 10:22 | Report Abuse

Suddenly drop!

Posted by camel > 2014-02-07 13:48 | Report Abuse

up trend momentum.

Posted by hagi > 2014-02-07 15:29 | Report Abuse

By looking at all the TPs history, there are never true.....Mostly are above RM2 but Alam itself is far away from achieving that since last year.

Posted by katani17 > 2014-02-07 15:32 | Report Abuse

the highest for 52 weeks 1.67. Average after climb 1.62 down again

Posted by joel > 2014-02-07 16:28 | Report Abuse

Rebound now, Alam.

Posted by joel > 2014-02-07 16:29 | Report Abuse

We maintain BUY on Alam Maritim Resources (Alam) with an unchanged fair value of RM2.45/share, pegged to a FY14F PE of 16x – at parity to the oil & gas sector.

- Upstream reported today that a joint-venture between Alam and Swiber Offshore has won a subcontract for offshore installation work on Petronas’ Block SK 316 gas development off Sarawak. We understand that the installation contract - The Alam-Swiber joint venture is understood to have been subcontracted by Technip and Malaysia Marine Heavy Engineering (MMHE) to install the central processing platform and the bridge from mid-2015 to the third quarter of 2015.

Posted by joel > 2014-02-07 16:30 | Report Abuse

Technip and MMHE were jointly awarded a turnkey contract late last year covering engineering, construction and installation of the central processing platform (CPP), the connecting bridge and up to two wellhead platforms for the combined NC3 and NC8 field development in Block SK 316.

- NC3 will host the CPP, which will be connected to a satellite platform at NC8. First gas from Block SK 316 is scheduled to flow by the end of 2015 and will be fed to the ninth liquefied natural gas train under Petronas MLNG complex in Bintulu.

- Block SK 316 also hosts the Kasawari field, which will be developed using a standalone central processing platform and a wellhead structure. Petronas was due to tender the planned Kasawari facilities in early 2014 but the bid round is said to have been held back as the stateowned field operator re-evaluates its tender strategy.

- As the Alam-Swiber failed to secure a package under the Pan-Malaysia transport and installation (T&I) umbrella concession late last year, the JV is actively seeking new projects in the region. Our channel checks indicate that the level of activities under the Pan-Malaysian T&I contracts this year could be lower than 2013 due to the initial design and engineering works in the programme.

- For the underwater division, we understand that Alam hopes to secure parts of the RM1.2bil-RM1.5bil contracts, which were earlier extended to Offshoreworks Group, currently in financial distress.

- We expect 4QFY13 results, scheduled to be released later this month, to come in below expectations due to one-off provisions. For now, we maintain FY13F-15F core earnings. Valuations are compelling at an FY14F PE of 9x– half of the oil & PP 12247/06/2013 (032380) gas sector’s 18x.

Posted by Overweight > 2014-02-07 16:35 | Report Abuse

Alam...wake up!

Posted by joel > 2014-02-07 16:45 | Report Abuse

经过内部重整后，世界海事【ALAM，5115，主板贸服股】目前的业务：

1. 岸外支援船 【OSV】
2. 岸外装置与建筑【Offshore Installation & Construction，OIC】
3. 海底业务【Subsea Services】
4. 综合物流【Integrated Logistics】
5. 船只维修与保养

Posted by joel > 2014-02-07 16:45 | Report Abuse

岸外装置与建筑与海底业务属于后起之秀，而正真的摇钱树是岸外支援船业务，主要还是靠着这棵摇钱树创造收入来源。

Posted by joel > 2014-02-07 16:45 | Report Abuse

以下是一些世界海事岸外支援船部门于2013年取得的大型合约与订单：

2013年6月：

世界海事子公司为旗下 5000bhp 三用工作船【AHTS】取得一项 5+2 年的合约，总值 7150 万令吉，并于2013年下半年投入运作。

这项合约是世界海事2013年来第 11 项合约，2013年年初累积所赢取合约总值高达11 亿 3300 万令吉，超越去年累计合约总值，为5 亿 2870 万令吉。

2013年9月：

世界海事接获知名油气公司颁发总值 3700 万令吉的两项合约，提供一艘三用工作船【AHTS】和一艘直供应船【Straight Supply Vessels】。

三用工作船的合约为期12个月及可延 6个月；直供应船的合约则为期12个月及可延 12 个月。

上述合约的每日租金【Daily Charter Rate，DCR】，每 bhp 应为 1.80 美元（约 5.4 令吉）至 1.9 美元（约5.7 令吉），属合理价位。

上述合约是世界海事2013年公布的第12 份合约，合约总值也因而增加至 11 亿 7000 万令吉，超越了 2012 年全年录得 5 亿 2870 万令吉。

Posted by joel > 2014-02-07 16:46 | Report Abuse

2013年10月：

世界海事获颁总值2200万令吉的三用工作船【Anchor Handling Tug Supply，AHTS】合约。

合约期限长达6个月，顾客可以选择另外延长两个月。

该三用工作船会是其中一艘刚送抵的1万2000每天每马力【bhp】拖船。

Posted by joel > 2014-02-07 16:46 | Report Abuse

2013年10月：

世界海事独资子公司———世界海事（大马）私人有限公司获颁一项价值接近3790万令吉的合约，为一家著名油气公司提供一艘直供应船【Straight Supply Vessels】。

上述租客是长期顾客，不过，之前合约的租金是每天每马力1.90美元【约5.89令吉】，而新合约租金则是每天每马力1.65美元【约5.11令吉】。

虽然租金较低，但上述出租船只的分期贷款已经缴清，所以公司不需要支付利息。

Posted by joel > 2014-02-07 16:46 | Report Abuse

世界海事总共拥有38艘船只，其中以三用工作船及平台支援船为主，分别有16及12艘。

2013年全年累积下来，世界海事共获得了16项总共12亿7800万令吉的船只租约，而旗下船队的使用率也从原本70%，按季增加至目前的80%。

资料显示，世界海事目前手上的订单总值130亿令吉，已超越在2008年录得的110亿令吉历史新高。

岸外支援船市场预料每年总值为30至40亿令吉。

随着世界海事不断传出获得合约好消息，这也显示了岸外支援船领域有所增长，世界海事拥有大概10至15%的市占率。

Posted by joel > 2014-02-07 16:48 | Report Abuse

分析员相信，此RSC需要进行更深入的研究，此合约或许只在长期内才会捎来具体的消息。

以上种种迹象显示，油气领域在未来3至4年内似乎会持续活跃，因国油承诺扩大本地的油气生产。

拥有38艘岸外支援船的世界海事【ALAM，5115，主板贸服股】也因此而受到投资研究的青睐。

Posted by joel > 2014-02-07 16:48 | Report Abuse

2013年2月，世界海事独资子公司———世界海事（马）私人有限公司获国油勘探【Petronas Carigali】颁发总值3015万令吉的两艘岸外支援船【OSV】租约。

该合约期长7个月，期满后可选择延长3个月。

上述两艘岸外支援船为1万和5000每制动马力【简称bhp】的三用工作船【AHTS】。

根据合约总值计算，上述5000bhp和1万bhp岸外支援船的每日租船费率【DCR】，分别为每bhp1.90美元至2美元【约5.70令吉至6令吉】和每bhp2.10美元至2.20美元【约6.30令吉至6.60令吉】。

鉴于这是第三者租约，估计世界海事赚幅只有10%至15%，这份合约可为集团带来300万至400万的净利。

尽管赚幅不高，但显示世界海事争取合约的实力。

分析员都认为集团有能力在2013年获得1500万令吉的第三者租约。

肯纳格投资研究预估2013年的每股净利是9.1仙，而本益比则是8.8倍。

Posted by joel > 2014-02-07 16:48 | Report Abuse

2013年3月，取得一家本地油气业公司所颁发的水底检查及维修工程合约。

有关合约的期限分别为期21天和150天，总价值高达2490万令吉。

一般预测两项工程将会在2013年的下半年完成，并取得120万令吉至250万令吉的净利。

分析员相信这两项合约可能出现变动，最后价值可能提高至5000万令吉。

同时也预计将会有更多类似的合约出台，但市场对世界海事依然有所保留，因为世界海事极少赢得类似合约。

在把2000万令吉的合约计算在内后，马银行投资银行维持其对世界海事的评级。

2013年的财测是，每股净利8.7仙，而本益比则是9.4倍。

Posted by joel > 2014-02-07 16:49 | Report Abuse

2013年5月，获国油勘探延长合约1年，将为其提供工作船，合约总值3800万令吉。

合约期1年，从2013年10月9日至2014年10月8日。

这是世界海事今年宣布的第10项合约。


合约的日船租费【DCR】约10万4100令吉，高于去年10月的合约（【万4800令吉】。

然而，船租费上涨是因为包括配餐、住宿等费用。

分析员对此消息不感意外，并正面看待这项进展，这表示世界海事工作船需求高。

截至目前，世界海事共赢得的合约总值达10亿5000万令吉，超越2012年的5亿2870万令吉。

世界海事的目标是今年内争取25亿令吉合约。

世界海事受邀与沙地阿拉伯Globe Marine透过联营竞标中东和非洲项目

Posted by tomwah > 2014-02-07 17:41 | Report Abuse

Good for long term investment?

Posted by joel > 2014-02-08 10:34 | Report Abuse

07.02.2014
FROM AMMB RESEARCH

1. We maintain BUY on Alam Maritim Resources (Alam) with
an unchanged fair value of RM2.45/share, pegged to a
FY14F PE of 16x – at parity to the oil & gas sector.

2. Upstream reported today that a joint-venture between
Alam and Swiber Offshore has won a subcontract for
offshore installation work on Petronas’ Block SK 316 gas
development off Sarawak. We understand that the
installation contract for SK316 is around RM100mil,
which is still under negotiation.

3. The Alam-Swiber joint venture is understood to have
been subcontracted by Technip and Malaysia Marine
Heavy Engineering (MMHE) to install the central
processing platform and the bridge from mid-2015 to the
third quarter of 2015.

Posted by joel > 2014-02-08 10:35 | Report Abuse

4. Technip and MMHE were jointly awarded a turnkey
contract late last year covering engineering, construction
and installation of the central processing platform (CPP),
the connecting bridge and up to two wellhead platforms
for the combined NC3 and NC8 field development in
Block SK 316.

5. NC3 will host the CPP, which will be connected to a
satellite platform at NC8. First gas from Block SK 316 is
scheduled to flow by the end of 2015 and will be fed to
the ninth liquefied natural gas train under Petronas MLNG
complex in Bintulu.

6. Block SK 316 also hosts the Kasawari field, which will be
developed using a standalone central processing
platform and a wellhead structure. Petronas was due to
tender the planned Kasawari facilities in early 2014 but
the bid round is said to have been held back as the stateowned
field operator re-evaluates its tender strategy.

Posted by joel > 2014-02-08 10:35 | Report Abuse

7. As the Alam-Swiber failed to secure a package under the
Pan-Malaysia transport and installation (T&I) umbrella
concession late last year, the JV is actively seeking new
projects in the region. Our channel checks indicate that
the level of activities under the Pan-Malaysian T&I
contracts this year could be lower than 2013 due to the
initial design and engineering works in the programme.

8. For the underwater division, we understand that Alam
hopes to secure parts of the RM1.2bil-RM1.5bil contracts,
which were earlier extended to Offshoreworks Group,
currently in financial distress.

Posted by joel > 2014-02-08 10:36 | Report Abuse

9. We expect 4QFY13 results, scheduled to be released later
this month, to come in below expectations due to one-off
provisions. For now, we maintain FY13F-15F core
earnings. Valuations are compelling at an FY14F PE of 9x
– half of the oil & PP 12247/06/2013 (032380) gas sector’s 18x.

Posted by joel > 2014-02-08 10:40 | Report Abuse

ALSO:

Oil & Gas Sector - EPCIC tender is out for Baronia CPP OVERWEIGHT

1. Upstream reported today that the race has started for the first turnkey central processing platform (CPP) contract, potentially worth over US$1bil, on offer this year in Malaysia, with Petronas Carigali opening up the contest for the centrepiece production facility at the integrated Bardegg 2 and Baronia enhanced oil recovery (EOR) project to as many as 11 international contractors. First gas from the integrated project is targeted for October 2017.

2. Bardegg 2 is the second phase of the Baram Delta gas gathering project originally designed to collect and compress associated gas previously flared during crude extraction for re-injection to improve oil recovery. A new CPP lined up under Bardegg 2 will initially extract non-associated gas from the Baronia field and the high-temperature high-pressure Tukau Timur discovery for reinjection together with water into the Baronia reservoir to enhance oil recovery. Excess gas will be exported to the Malaysia liquefied natural gas complex at Bintulu. The integrated Bardegg 2 and Baronia EOR project will also seek to produce nonassociated gas from the Bakau, Fatimah and Salbiah fields under future phases of field development. A turnkey contract is being tendered for the engineering, procurement, construction, installation and commissioning (EPCIC) of the new CPP to be bridgelinked to the existing Baronia gas compression platform.

Posted by joel > 2014-02-08 10:40 | Report Abuse

3. The selected contractor will be tasked to deliver the Baronia CPP and the connecting bridge to the field location by early 2017.That will include installing about 13,000 tonnes of the CPP topsides via floatover atop a 6,800-tonne eight-legged jacket. The Baronia CPP will be tied to two further satellite wellhead platforms - one each for Baronia and Tukau Timur – which are also planned under the Bardegg 2 and Baronia EOR integrated development. The Baronia wellhead platform will be a four-legged structure linked to the new CPP using two flexible lines under three kilometres each. The Tukau Timur structure will be a nine-slot tripod to be separately connected to the CPP via a 43-kilometre pipeline.

Posted by joel > 2014-02-08 10:40 | Report Abuse

4. Instead of calling in bids only from the eight Petronas-licensed fabricators, Petronas Carigali has called in four regional players -SMOE, COOEC, PTSC and a fourth yet-to-be-confirmed contender - to the tender for the 2 satellite structures. That extension is seen as part of an effort to mitigate development costs. In addition to the 3 Malaysian yard operators invited for the Baronia CPP, five other Petronas-licensed fabricators - Boustead Heavy Industries, Labuan Shipyard & Engineerng, Brooke Dockyards, KKB Engineering’s Ocean Might and Muhibbah Engineering - are also in the fray. The front-end engineering and design studies for the integrated Bardegg 2 and Baronia EOR integrated project are being carried out by RNZ.

Posted by joel > 2014-02-08 10:41 | Report Abuse

5. Besides the Baronia CPP, the other CPPs in the pipeline are for the Sepat, Bergading, Bokor and Dulang fields. While 1Q2014 orders are likely to slow down QoQ, these project rollouts underpin the overall upward momentum trend and reaffirm our positive view on the sector. Hence, we maintain our OVERWEIGHT call on the sector with our BUY calls for SapuraKencana Petroleum, Alam Maritim, and Bumi Armada.

http://klse.i3investor.com/blogs/amresearch/45941.jsp

Posted by WDragon > 2014-02-08 10:45 | Report Abuse

this 3 qtr reports is more than 74 m profit compared with last full year profit only 56 m. I think it is good to see another profitable year for Alam.