Posted by kilrathi > 2017-07-13 11:23 | Report Abuse

Nikicheong.. your price arrived.. good luck

Posted by nikicheong > 2017-07-13 16:53 | Report Abuse

kilrathi, I have moved the goalpost down though, queued at 0.76 for now (this whole week actually, tomorrow it might hit that). If 0.76 is not hit, then I will re-analyze over the weekend and re-queue on Monday for the week ahead.

Posted by nikicheong > 2017-07-14 16:59 | Report Abuse

I got in at 0.775 (right at close!). Wish me luck. I think it's a good buy, now let's see how it pans out over the coming months/years. My holding period/investment horizon for MMHE is 3-5 years, with a target to double/triple my invested capital.

Posted by kilrathi > 2017-07-17 22:32 | Report Abuse

im sure you will !!!

Posted by kilrathi > 2017-07-19 16:29 | Report Abuse

nikicheong .... cheaper ... 76 ....

Posted by nikicheong > 2017-07-19 19:58 | Report Abuse

Yeah, this is pretty good. I will top up every 10% it drops, so at RM0.70 I will double my capital in this. I'm playing the long game...this is not gonna ruffle my feathers! :)

Posted by nikicheong > 2017-07-19 20:05 | Report Abuse

I do however envy those who bought in at RM0.755 today, at a 4.5% discount to my entry price of RM0.775. Who's to say though...it could go lower, and be a better buy the lower it goes. You need to have that believe, otherwise it may seem foolish to buy into a stock that has been trending nowhere but down (aside from the excitement in April over the Bokor award).

Do you hold any MMHE shares? What was your entry price?

Posted by kilrathi > 2017-07-20 00:13 | Report Abuse

i believe a good turn around is coming for MHB ... stay tuned .. :))

Posted by nikicheong > 2017-07-23 22:42 | Report Abuse

MMHE should be reporting their Q2 results sometime this week or the next. Here's to hoping for something decent, especially in terms of orderbook replenishment from small contracts (above and beyond the Bokor job).

Posted by nikicheong > 2017-07-24 13:41 | Report Abuse

http://www.thestar.com.my/business/business-news/2017/07/24/lower-profits-for-mmhe/

Will find the research report and share it later.

Posted by kilrathi > 2017-07-24 15:49 | Report Abuse

This is good news then?

Posted by nikicheong > 2017-07-25 13:30 | Report Abuse

Wow man, some regret is indeed kicking in. RM0.73 is an even better bargain. Lucky for everyone that has been able to buy in at these low levels. Q2 2017 results should be out this week or the next. All the best.

Posted by alkursi > 2017-07-26 17:24 | Report Abuse

MHB mkt cap RM1.18 biliion, NTA RM1.67, price only 74 sen then it will be good do the corporate exercise.

Posted by vitac > 2017-07-26 17:39 | Report Abuse

Not yet turn around, mostly another lost qr, got chance to buy below 0.70c..

Posted by Jon Choivo > 2017-07-27 17:48 | Report Abuse

This looks cheap.

Posted by nikicheong > 2017-08-03 12:41 | Report Abuse

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=196753&name=EA_FR_ATTACHMENTS

Posted by nikicheong > 2017-08-03 12:43 | Report Abuse

Need to see what kind of projects they have secured in the past three months, that's the share price driver. Profitability for this year is a goner (i.e. no go). One positive is that they have improved on their current ratio even in these trying times.

Posted by LingLing8 > 2017-08-03 13:49 | Report Abuse

2 questions:

1. NTA increased from 1.58 to 2.11, how come?
2. 赚钱公司的资产值钱，亏钱公司的资产不值钱？

Posted by LingLing8 > 2017-08-03 15:04 | Report Abuse

Some basic facts:
1. 29-10-2010: IPO, retail price = RM3.61, institutional price = RM3.80
2. 29-10-2010: 1st trading day, Open=4.12, Low=4.12, High=4.69, Close=4.51
3. All time high on 17-06-2011, RM8.82
4. All time low on 02-08-2017, RM0.72
5. 52 week: Low=RM0.72, High=1.16

Top-30 shareholders = 92.07%, As at 20 February 2017,
MISC BERHAD 66.5%
TECHNIP 8.5%
LEMBAGA TABUNG HAJI 6.69%

More Questions:
From RM8.82 on 17-06-2011 dropped till RM0.72 as of today:
1. How low will it go?
2. Is there anyone gain from it?
3. If no, can we say that all are loser? Whose fault? Whose problem?

In conclusion, to make a long story short, 跌到阿妈都不认得，斩又不是，补又不是。从来没有看过降仆街的国油子公司！

Posted by CharlesT > 2017-08-03 15:06 | Report Abuse

Very well summarised..

Lol

Posted by kvlam1010 > 2017-08-03 16:10 | Report Abuse

这只股与FGV最终会是同一个命运-私有化（Privatise),IPO 时以高价上市，然后炒高出货，过后让它慢慢往下沉到谷底徘徊若干年，最后以“股价不能充份反映公司目前应有的价值为由，然后将之私有化”。 其实这种手段跟那些红筹股有何分别？根本就是-“老千”。现在的 LCTITAN 不懂会是下一只？总之近年来那些有着雄厚背景的IPO上市公司，它们的下场一般上都不会有好的结果。

Posted by LingLing8 > 2017-08-03 16:40 | Report Abuse

谷歌这个 "每股RM5.30溢价19% 国油私有化马国际船务", 或者会有不同的观点。

Posted by ivan9511 > 2017-08-03 18:02 | Report Abuse

这个不是parkson 咯。只是mhb后面有大老。
parkson 有靠做那一个生意都失败的钢铁大王或lion king

Posted by kilrathi > 2017-08-03 18:08 | Report Abuse

I'd company keep making losses.. why tabung Haji keep buying???

Posted by Wong Yi Ming > 2017-08-03 19:20 | Report Abuse

Don't worry, loss lower than expected, still hold more than rm600million cash... next year 2018 should make profit... Hold

Posted by nikicheong > 2017-08-03 20:05 | Report Abuse

Kilrathi, you buy when something is cheap. Is 0.45X B/V not cheap for the biggest heavy-duty O&G fabricator in Malaysia that also happens to be within the Petronas group of companies? Add to that, unlike most other O&G companies it has got a VERY, very healthy balance sheet, with a current ratio of 1.8X. Heck, it is even in a net cash situation, with practically zero debt and an approved RM1bil sukuk programme.

To me, MMHE was cheap at RM0.80, when it hit 0.5X B/V. I bought at RM0.775. I will now probably top up at RM0.70 or even wait for RM0.65 if I don't see this going anywhere.

All this needs is another major contract win. Could be Petronas' Kasawari. Could be Mubadala's Pegaga. It should also get multiple new FPSO conversion contracts from MISC.

To me, oil majors in Malaysian waters NEED to restart major exploration activities, sooner rather than later. Oil will stay within $45-$55. Once those activities restart, MMHE will be well suited to benefit from EPCIC work. Now, when will that happen? Nobody knows. But my analysis tells me the downside risk here is limited, hence I bought it and that's why I will stick with it and continue buying as it goes lower still.

Posted by nikicheong > 2017-08-03 20:17 | Report Abuse

According to the press release, MMHE secured RM270mil of new contracts this quarter, excluding Bokor. I think this is a positive development. They need one major RM1bil contract and multiple minor contracts amounting to RM500mil to return to their past glory days.

http://www.mhb.com.my/resource/file/press-release/pr03-aug-2017.pdf

Posted by mercurycks > 2017-08-03 22:56 | Report Abuse

NTA increased from 1.58 to 2.11, anybody know how to get this figure?

Posted by apolloang > 2017-08-03 23:03 | Report Abuse

NTA drop from 2.25 last year to 2.11 now,better avoid this stock for the moment cos still no recovery seen and post heavier losses

Posted by nikicheong > 2017-08-03 23:53 | Report Abuse

Guys, don't talk nonsense lah. NTA was RM1.58 last quarter, fall to RM1.57 this quarter. The RM2.11/2.25 reported on Bursa is a TYPO likely referring only to total assets.

Posted by apolloang > 2017-08-04 00:29 | Report Abuse

if the market downtrend continue,likely will be below 70cts soon

Posted by apolloang > 2017-08-04 00:32 | Report Abuse

I sold at 3.16 on 2010 and it went up to 8.50.until now I didn't buy back

Posted by nikicheong > 2017-08-04 10:42 | Report Abuse

All it needs is a Mubadala or Hess or a major Petronas award and this thing will kick into gear in no time. Worth collecting, but make sure you don't buy on margin as you need to have holding/staying power.

Posted by kilrathi > 2017-08-04 12:17 | Report Abuse

Ahmazaki if you say such.. then you shouldn't be working there either..

Posted by kilrathi > 2017-08-04 12:22 | Report Abuse

RHB makes a buy call... http://www.theedgemarkets.com/article/rhb-malaysia-marine-and-heavy-engineering-see-profit-fy18

Posted by LingLing8 > 2017-08-04 12:36 | Report Abuse

看来亏钱公司的资产真的不值钱。
看来有人选择壮士断臂，砍手砍脚砍头，手起刀落，砍了一了百了，没眼看。
看来好几间油气相关公司好像要仆街了。

我在想到底谁在卖票：是志愿地，被逼地，还是特地地？
我在想到底谁会在这个时候买票。。。

Posted by Ricky Lim Wei Yan > 2017-08-04 12:58 | Report Abuse

一旦油汽业开始复苏，mhb会有优势，因为重点是没有负债，这就和很多油汽公司不同了

Posted by Wong Yi Ming > 2017-08-04 16:05 | Report Abuse

Ahmad zaki said can drop till 10sen because he hope we have to sell the share then they can collect the share now with historical lowest.

Posted by nikicheong > 2017-08-04 20:04 | Report Abuse

Does anyone have access to the full RHB MMHE report?

Posted by azlan88 > 2017-08-04 21:02 | Report Abuse

AhmaZaki of one MHB subsidiary, you must be the bravest top management to condemn your company, publicly. lol. I have met AZ few times btw. But believe that you know the pending announcement and wanted to collect cheap.

Posted by nikicheong > 2017-08-05 15:07 | Report Abuse

Look, AhmadZaki is correct. He may or may not be working for MMHE, doesn't matter. They simply do not have many fabrication-related jobs. Yard utilization is below 50%.

But that's the beauty of it. All MMHE needs is one major contract win, and everything changes. The sell queue is very thin, and very quickly the price will get bid up. Bokor alone is not enough, but Bokor + another big win will see them through the next 3-5 years handsomely.

Question is...when do they get another big win? There is Kasawari from Petronas and Pegaga from Mubadala...the Pegaga tender has already been sent out to only TWO companies - MMHE and Sapura Energy. It's worth almost RM1bil and will be given out at year end. The way I look at it, MMHE is in a much better situation to get Pegaga than Sapura Energy. But even let's say it is a toss-up...the market is not pricing this enough into the share price.

The other thing...MMHE has a net cash of around RM680mil. Market cap is RM1120mil. That means there is RM0.425 net cash per share. There is basically zero long-term debt.

And finally, MMHE has received approval from the board to construct the third dry dock. Completion is estimated in 2020. Amount set aside for this major exercise is RM400mil.

To me, this company is in a heavy downcycle. I CANNOT KNOW for sure when the turnaround will begin. But the turnaround will come, and when it does, the share price will re-rate very quickly. It is Petronas' in-house heavy engineering subsidiary.

What matters is:

1) Buy at the right price. I deemed 0.5X BV to be a decent entry price. Now it falls further? Time to think about buying more!

2) Have a long-term view and long holding period. I'm prepared to hold it for 5 years. I don't know if it will be worth more than my entry price in 12 months...but in 5 years? I am almost certain about it.

3) Don't buy on margin and have holding power. Don't invest into this company if you need to withdraw your investment within 3 years...you could well likely withdraw losses and miss out on the ensuing gains.

Posted by ivan9511 > 2017-08-08 20:07 | Report Abuse

w t hell

Posted by azlan88 > 2017-08-11 20:13 | Report Abuse

Why wait for Pegaga when they already bagged the job for.... Go and read Upstream latest news. Haha

Posted by nikicheong > 2017-08-12 19:46 | Report Abuse

Pegaga? Upstream has no updates in it. Latest is a Wellhead for Sepat. Maybe you're confused between the two?

Posted by azlan88 > 2017-08-12 22:45 | Report Abuse

Haha. You need to read my sentence twice.

Posted by sentimentrader > 2017-08-16 14:42 | Report Abuse

16 weeks consecutive of Down Trend...this week will mark 17 weeks if closes Red.. lowest last week 0.68..this week lowest so far 0.685..Volume extreme low = Sellers mostly have sold...lets wait for Buyers to emerge

Posted by snwong13 > 2017-08-16 17:50 | Report Abuse

.
yes, just have another small pick today..
thanks...

Posted by azlan88 > 2017-08-16 19:01 | Report Abuse

just be patience. it would fly like nobody business once news comes out.

Posted by nikicheong > 2017-08-16 19:07 | Report Abuse

I mean logic says that with net cash stabilized at RM0.43/share...that is the absolute floor. If somebody today comes in and takes the company private, more than half the market cap is made up of net cash.

MMHE will fly, yes, but only once a major contract is awarded. Pegaga due out Q1 2018, by Q4 2017 insiders will start buying.

In the absence of a clear catalyst, MMHE can't go up above RM0.75 I think.

Buy now, and just keep it aside for 3-5 years. Since your money doubling/tripling/quadrupling over the years...!!!

Posted by nikicheong > 2017-08-16 19:13 | Report Abuse

I already bought my first tranche last month at RM0.775. Not in any hurry to buy in a second time. But hard to see the stock falling below RM0.65 or RM0.60 to be honest...so if it falls on weakness below RM0.66 I may buy the second tranche. Otherwise, I wait till end of October to top up again at ~RM0.70 levels.