BUMI ARMADA BERHAD
KLSE (MYR): ARMADA (5210)
You're accessing 15 mins delay data. Turn on live stream now to enjoy real-time data!
Last Price
0.665
Today's Change
0.00 (0.00%)
Day's Change
0.66 - 0.67
Trading Volume
5,155,600
Major Holders Breakdown
Current Holdings
Name
No. of Shares
Percentage
DATO TING HENG PENG
12,000
40.00%
DATO TING HENG PENG
12,000
40.00%
DATO TING HENG PENG
12,000
40.00%
Historical Transactions
| From | To | Type | No. of Shares | Min Price | Max Price |
|---|
Discussions
45 people like this. Showing 50 of 72,571 comments
Unexpected core net loss of RM16m in 3QFY25 (Aug-Oct 2024) Yinson unexpectedly reported a 3QFY25 core net loss of RM16m (vs. 2QFY25’s core net profit of RM133m), which was below expectations due to EPCIC loss and higher corporate overheads. Yinson booked in an EPCIC operating loss of RM62m in 3QFY25 against an EPCIC operating profit of RM373m in 2QFY25 as 1) Yinson’s three construction projects already reached a high percentage of completion, leading to lower EPCIC revenue and profit recognition; 2) Yinson incurred full operating costs for the FPSO Maria Quiteria in the run-up to first oil on 15 Oct 2024; and 3) first oil for the FPSO Atlanta was delayed from the original target date of Sep 2024 due to the strike at IBAMA (Brazil’s environmental agency) in Jun-Aug 2024, causing Yinson to incur full operating costs without being able to book in any revenues. Meanwhile, Yinson’s corporate overheads rose from RM67m in 1QFY25 to RM89m in 2QFY25 and further to RM102m in 3QFY25 as it continued to invest and spend on capacity building and on various growth projects for the future. The 3QFY25 core net loss would have been much wider if not for Yinson booking in RM314m in “finance lease receivable (FLR) remeasurement gain”. Yinson reported a 3QFY25 net profit of RM200m, mainly because of RM181m in exceptional gains (details on page 3). Heavy interest expense burden may result in FY26F core net loss We expect Yinson to deliver a small core net profit in 4QFY25F of RM7m as the EPCIC loss for the FPSO Atlanta will likely continue into the quarter given that Yinson only expects it to achieve first oil in late-Dec 2024F. With the FPSO Agogo already 80% completed as at 31 Oct 2024 (sail-away from the yard targeted for Feb-Mar 2025F), we also do not expect significant EPCIC contributions from the vessel in 4QFY25F or in FY26F. We have relooked our forecasts for FY26F, which we now cut to a core net loss of RM262m vs. a core net profit of RM217m previously. Although we forecast Yinson to report RM2.3bn in FPSO charter-hire operating profit in FY25F (vs. RM2bn in FY24F including RM314m in FLR remeasurement gains), we also expect Yinson to incur RM0.4bn in corporate overheads and RM1.8bn in interest expense in FY26F (up from RM1.7bn in FY25F), which will consume most of next year’s group operating profit, with another RM0.3bn of taxes and RM0.2bn of minority interest to be deducted in order to arrive at the bottomline. Given the earnings trajectory for FY26F, we expect Yinson’s share price upside to be more limited than our previous expectation; hence we reduce our TP to RM3.09, although we retain our Add call for the potential rerating catalyst of the c.US$1bn fund raising exercise in earlyJan 2025F. Downside risks include delays in first oil target of late-Dec 2024F for the FPSO Atlanta and delays in execution of the FPSO Agogo project.
2 weeks ago
Reducing our target price ■ 9MFY1/25 core net profit made up only 46% of our full-year forecast due to EPCIC losses, higher overheads, and higher interest expense in 3QFY25. ■ We retain Add but with a modest 15% upside to our SOP-based end-CY25F TP of RM3.09, reduced from RM3.61 on faster-than-expected cash burn rate. ■ The key rerating catalyst is our expectation that Yinson will announce a c.US$1bn cash-raising exercise in early-Jan 2025F to fund its growth plans.
2 weeks ago
nikicheong, points taken. As we muse about what could have been for BAB, the share is stirring.
2 weeks ago
What it takes is a project or two getting into trouble for Yinson to be on a tailspin like during the dark days of BAB when Armada Claire contract was terminated and initial poor performance of Armada Kraken.
2 weeks ago
By the way, the Nigerian market is heating up once again. For many years there was a pause due to policy uncertainty. Way back in 2017-2018 era, Bumi Armada was the frontrunner for the Eni ZabaZaba FPSO. However the project was never sanctioned. If revisited, Bumi Armada might be interested. As they would in other Nigerian FPSO opportunities.
2 weeks ago
We favour: i) defensive midstream companies – with Dialog as our pick; and
ii) FPSO players which are poised to ride on the global deep and ultradeepwater capex investments – with Bumi Armada as our pick.
2 weeks ago
Like in the card game, I call BS on that carbon capture employment reaching Oil and Gas. And the need for regulation and government support reveals the truth ...
I say wind is the best carbon capture. It moves carbon east -west. Makes as much sense as move it up and down, from surface to underground.
2 weeks ago
That I agree. Many times too many I sold counters that were going up senselessly and against all logic. Soon after, there was an anouncement. New contract, winning law suit or similar. In Armada case most likely positive is that the statue of limitation has run out. Or judge decided that they will not be tried as an adult and go to minor court. Or their officer in Malaysia Anti Corruption Committee resigned.
:-)
2 weeks ago
M&A below 0.6?
For current situation ( NTA 0.96, CEO holding ticket, company earning money ) why have to discount 30%?
Another point of view, Tycoon's investment team and CEO of the company will the ticket to be so cheap? If not mistaken their job is trying maximize company profit.
https://www.sinchew.com.my/news/20241209/%E6%98%9F%E6%B4%B2%E4%BA%BA/6131133
If the news valuation is correct which is 4.6billion, then can apply for a simple calculation
( 4,600.00/share 5,927.88) = 0.775
No buy sell call
If you have any latest M&A news please update, because i also want to know M&A price tqvm.
2 weeks ago
This is about a month old and am not sure if posted earlier by others but here goes.
Gain For MISC With Bumi Armada Synergy
By Editor -November 16, 2024
News broke in Jul 2024 that MISC may take a substantial stake in Bumi Armada Berhad, obliquely implying that Objektif Bersatu Sdn Bhd (OBSB, ultimately owned by tycoon Ananda Krishan) that holds a 34.6% stake in BAB could be looking to exit the company.
MISC’s share price subsequently corrected 16% from RM8.90 on 3 Jul 2024 to a recent low of RM7.46 on 25 Oct 2024, as shareholders feared the implications of MISC possibly having to expend a lot of its cash on a mandatory general offer (MGO). We think that this worst-case scenario is now unlikely to be true, as MISC and BAB announced to Bursa on 14 Nov 2024 that both parties have signed an MOU and will over the next nine months explore a merger of MISC’s Offshore Business Unit (OBU) with BAB in an all-share transaction. CGS Investment Bank theorises that MISC may inject its OBU into BAB in exchange for new BAB shares. The house’s target price for BAB implies a RM4.7bn valuation (in contrast to its market cap of RM3bn), while it also values MISC’s offshore business at RM15bn.
Combining the two entities at these valuations, MISC will end up with a 76% stake in the merged entity (‘ME’), while OBSB’s stake in ME may be diluted to 8.3%. MISC may be obliged to execute an MGO for BAB, according to the Malaysian Code on Take-Overs and Mergers 2016, but if OBSB publicly announces that it does not intend to accept the MGO, there is a chance that MISC may not cross the compulsory acquisition threshold of 90%, which fits in well with the stated intention of both MISC and BAB to keep ME listed.
As such, assuming the merger is completed, CGS expects MISC to place out shares in ME to ensure adequate free float. A 10% placement by MISC may raise RM1.97bn for MISC (assuming a valuation of RM19.7bn for ME), equivalent to 22% of the RM9.1bn that MISC had spent on building the FPSO Mero-3. In this way, CGS believes that MISC can indirectly achieve its goal of paring down its stake in Mero-3, since its efforts to find trade buyers for the Mero-3 have so far not been successful, according to the company.
Operating synergies and prospects for MISC’s growth
MISC may experience a relief rally, since an all-shares transaction will help preserve MISC’s cash balances. The house thinks that a merger of two mid-sized FPSO companies can also help pool engineering resources, with cost synergies, while MISC can gain exposure to BAB’s growth initiatives, including the Bluestreak carbon capture and storage (CCS) project in the UK, and the potential to monetise gas via a floating liquefied natural gas (FLNG) solution in Indonesia. The house reiterates Add on these potential rerating catalysts.
EGMs will need to be convened at both companies, giving minority shareholders a chance to analyse closely and vote accordingly. The key downside risks are if the valuation for MISC’s OBU is lower than expected, or if BAB’s valuation is higher than expected.
2 weeks ago
https://www.pharos.energy/investors/press-releases/vietnam-production-licence-extensions-granted/
The TGT block has been granted a 5-year license extension to 2031! This is good news, as the Armada TGT FPSO's lease was recently extended to 2026. There is a potential 5 additional years of extension to come in the future.
2 weeks ago
About a month ago, CEO of Sapura Energy resigned. Stock went up 50%. From 3 to 4.5 sen. (back to usual now). Imagine the reward for shareholders if Greedy Gary resign. One can only dream.
1 week ago
@ Robery Waters
Has Gary done a good job as CEO?
I guess so as he has brought the company from the red into the black
And from billions of debt to what it is today
Can he do any better by getting new and additional contracts?
Yes
But are we sure a new CEO can do any better.
Sometimes it is better to deal with the devil we know than the angel we do not.
Anyways, just my 2 sen worth of opinion as i am not as knowlegable as you and NikiCheong
1 week ago
Armada’s future would lift off with Petronas being the benefactor.. Hopefully the merger takes place with MISC’s outfit.
1 week ago
Just88 no estimate. It’s a management overlay, they can pluck any figure. If I had to guess, something in the region of rm200mil.
6 days ago
Nikicheong, thank you for your opinion. Any idea what is the current book value of karken ?
6 days ago
Blessed new year to everyone! May the new year beckon positive developments at Bumi Armada.
4 days ago
That was one BIG Dump. I was just selling some at 0.67 looking at transactions when I saw dozens of selling notifications bring it down to 0.655 with see of red flowing in. Somebody crystallized his profit.
4 days ago
l have been selling over past few days. There is still possibility of this company shares to go up. But I had it for too long. Greedy Gary, green initiatives that never materialize, impairments every few years ... all of that wears me out.
3 days ago
Wait for the merger with MISC. It is a shame after holding for so long and left just before the dawn of a new beginning.
1 day ago
The price has already appreciated ... my order to sell at 0.68 awaits. But a lot more to sell at even higher price. Seems there is some development that insiders know, but we have no idea of.
Good action today.
1 day ago
Post a Comment
Featured Posts
Latest Videos
MQ Trading Signals
Time
Signal
Duration
Type
2025-01-07 09:00:00
ADX
Hourly
BUY
Apps
Top Articles
1
The Alpha Trader
2
PublicInvest Research
3
南洋 - 凭单专栏/温世麟
4
Good Articles to Share
Why so many younger Chinese are saying ‘I don’t’ to marriage and family
5
南洋行家论股
6
Kenanga Research & Investment
7
Kenanga Research & Investment
8
RHB Investment Research Reports
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
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....
Gabriel Khoo
CGS has projected losses for yinson in fy2026
2 weeks ago