The Management should seriously consider giving some dividends to shareholders if the QR results for this quarter are healthy.It has been so long since Wah Seong then , has actually declared dividends although the last few quarters have been fairly good.
Briefing highlights. Key takeaways from WASCO’s analyst briefing include the following
1. The group’s current tender book of RM7b mainly comprises engineering and fabrication projects (at 60% share). Meanwhile, the balance 40% consists of bids for RE projects.
2. WASCO was awarded a pipe coating contract (value undisclosed) from Sarawak Shell in Bintulu, Sarawak. This is for more than 200km of offshore pipelines for the Rosmari-Marjoram project. Phase 1 of this project will commence in Sept 2023 with targeted completion date by June 2024.
3. The group has also secured a contract (value not revealed) from Shell Australia to provide pipe coating services for more than 160km of pipelines at the Crux gas field. It is located in the northern Browse basin offshore north-west Australia. This project will commence in Oct 2023 and targeted for completion by Aug 2024.
Transformation in the works. To recap, WASCO recently effected a name change on 8th June to signal its commitment to sustainability and improve its brand perception on the ESG front. The group has also unveiled its ambitious plans to reach net-zero carbon emission by 2026 via a transformation plan that will see the group shifting its focus to the RE sector. Additionally, the transformation would also entail disposal of non-core assets and merger of similar business segments. In the meanwhile, WASCO’s near-to-medium earnings are anchored by its robust order book that has now increased to RM3.9b (1QFY23: RM3.5b). It mainly comprises of projects in the Energy Solutions Services segment (RM3.5b), followed by RE (RM383.4m), and Industrial Trading & Services (RM58.3m). Key ongoing projects include Yinson’s FPSO Agogo topside modules (completion: 12%) and line pipe thermal insulation services for the East African Crude Oil Pipeline (completion stage: 30%).
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Why2TellMeWhy
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Posted by Why2TellMeWhy > 2023-07-27 15:43 | Report Abuse
gogogo Wasco. kasi break 1.00