CIMB UPDATED RESEARCH FOR UMWOG TODAY STOCK RATING : ADD TP : SAME rm4.63
Title : No taming this dragon Hot on the heels of a contract extension in Vietnam for Naga 2 last week, UMW-OG today announced that it has secured the first contract for Naga 5 for a job in the Philippines. The company is on a roll as it eyes more regional opportunities for its expanding fleet of jack-ups
Points are: 1. We continue to value the stock at 22.5x CY15 P/E, a 40% premium over our implied market target of 16.1x, but still within the historical P/E range of the oil & gas big caps. Aggressive fleet expansion is the potential re-rating catalyst that supports our non-consensus Add recommendation.
2. we are nonetheless thrilled that UMW-OG has secured a contract for Naga 5 five months before the jack-up is rolled out. Naga 5, costing US$223m, is currently under construction at Keppel's yard in Singapore. Naga is a Malay word for dragon.
2.1 Though the contract duration is only for about six months, it helps to open a new market for UMW-OG as the company builds its presence in Southeast Asia.
2.2 The Philippines is the company's third new market this year after Vietnam and Thailand. Having said that, Malaysia remains the company's main focus.
3.Because of the short contract period, UMW-OG fetches a higher daily charter rate of US$165,000 vs. our expectation of US$150,000. We expect the rate to normalise to around US$150,000 once the jack-up is put on a long-term charter.
4. Accumulate the stock and ride the excitement as UMW-OG embarks on an aggressive fleet expansion to take advantage of the shortage of Malaysian-flagged jack-ups as well as the high demand for this asset class in Southeast Asia.
Posted on Dec 18th, 2013 with tags from, Hires, Jack-up, Nido, Rig, UMW
Commenting on the execution of the binding rig contract with UMWSD, Philip Byrne, Chief Executive Officer at Nido:
“We are pleased to have signed a binding rig contract with UMWSD and we look forward to drilling operations commencing with respect to the Baragatan prospect. The Baragatan prospect is one of four wells that we will be drilling over the course of the next 6-12 months in the Philippines and Indonesia”. .
From: OFFSHORE ENERGY TODAY.COM The industry's upstream news provider
SET lower TP( rm3.60 ) mean someones wish to buy / accumalate with low price in UMWOG.
Bcos they r knew UMWOG is bright futune & further solid growth O & G campany.
This research house ( I dun wan to mention which research house ) really "pandai".Gave lower TP, then they can able to accumulate UMWOG with low price.
For Me, I only confidence with 4 research houses RANKING as below: 1. RHB Investment 2. CIMB 3. TA. 4. MIDF
Kadang-kadang penganalisa pun tidak tahu apa-apa ttg saham. Suka kasi panik pelabur yg tdk kuat mental. Bila pelabur suda jual penganalisa akan buat strong buy pula! Kita sebagai pelabur perlu melabur ikut gerak hati dan buat homework sendiri sblm melabur! Kalau harga UMWOG jatuh menjunam kita belilah!
Hi guys, QE wil happen 2 weeks begin fr now. Do u think we still can hold UMWOG share now? I affraid the price will drop in between rm3.50 - rm 3.80. I am juz concern & share with u all ( juz a feeling )
So many contracts on hand, Who know one or two months time they get some more contract from others countries. Order Book 1.5 Bil already. Blue Chip stock !!!
Alliance's reserach report on 19/12/2013 TP: rm3.16. so low dunno what ppls in Alliance thinking & doing. Price call: Sell. Dun trust Alliance. Thanks!
This Alliance bank is one of stupid bank in terms of service, if they get money its good, if not put low price. Even Allianz share price suppose to be RM 4.50 to RM 5.50 -> Now RM 11.6 something.. Something wrong.....
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....
tjhldg
27,218 posts
Posted by tjhldg > 2013-12-19 10:52 | Report Abuse
f that bg year .. .13 also throw to me .