last 2 years scomies has writen off huge amount of asset, on the advice of fair value accounting basis just because o&g slow down.. that contributes to low NTA
1. Scomies versus Alam Maritin Scomies assets are freehold lands, freehold industriand lands, freehold shophouses
These freehold lands are near Sepang Airport still at Old book value
Whereas Alam Martin has no property assets. Its assets are in the open sea and under the sea for more than 5 to 10 years Horrible exposure to seawater and the elements for so many idle years when Petronas never give jobs
So the assets of Scomies are superior and of immense value now
This is the 1st line of defense
Assets can be sold and use to pay debts Assets can also be sold and use as capital Assets can also be converted to cash and be given back as cash payout to shareholders
AND this was what Scomies did
Scomies gave an 18.5 sen cash payout not too long ago
It has assets of high value in Scomi drilling oil bought for over RM1 Billions. Now coming in handy as many oil drilling projects are planned and launched due to Saudi being bombed
Already won a Rm600 millions drilling oil supply to Kuwait And more to come All the borrowings are backed by assets
Scomies has Rm67 millions cash Scomies lent scomi mother Rm50 millions
So many are in deep deep trouble with depleted and negative cash like data, sumatech, Perisai, thheavy, perdana, barakah others still surviving but with high high debts like sapura energy and bumi armada. For sapenergy and bumi armada the huge debt load run into Rm8 billions to Rm10 billions
CONTRACT AWARDED BY KUWAIT IS THE TESTIMENT OF SCOMIES EXPERTISE IN DRILLING SERVICES SOLUTION PROVIDER NOT ONLY IN DOMESTIC BUT GLOBAL MARKET RECOGNISED BY OIL AND GAS INDUSRTY.
ON THE LOCAL FRONT, SCOMIES HAVE ENTERED INTO JV IN COLLABORATION WITH PETRONAS IN THE RESEARCH AND DEVELOPMENT AND MARKETING OF ITS DRILLING CHEMICAL LIQUIDS SOLUTIONS IN ANTICIPATION OF DRILLING ACTIVITIES TO PICK UP MOMENTUM IN RELATION TO PETRONAS COMMITTMENT TO INCREASE ITS EXPLORATION ON OIL FIELDS OFFSHORE
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....
winmal
1,128 posts
Posted by winmal > 2019-08-09 15:25 | Report Abuse
volume surge , unusually move