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ARMADA (5210) : BUMI ARMADA BERHAD

Mike
ARMADA Q4 report out and shown a good result,why our table shown " red" color arrow in down trend ?
27 Feb 2012, 02:45 PM
ILoveDividend
I guess the arrow is compare the current quarter result with the quarter result of previous year. Since ARMADA is listed last year and there is no result for the same quarter, show it is showing red? hehe.. just my guess
27 Feb 2012, 03:10 PM
gen_hwang
It compares revenue trend yoy.
27 Feb 2012, 04:36 PM
ANTHONYLOW
shyshyshy
03 Aug 2012, 02:43 PM
CNY2012
RM844mil deal boosts Bumi Armada's Caspian foothold

PETALING JAYA: Bumi Armada Bhd has secured a RM844mil (US$262mil) contract from Russia’s Lukoil-Nizhnevolzhskneft Ltd to provide three ice-class vessels to service offshore platforms in the Filanovsky field in the Caspian Sea.

Hong Leong Investment Bank analyst Jason Tan said the long-term contract award would further strengthen the company’s foothold in the Caspian region.

“The US$262mil 10-year contract value translates to a US$24,000 daily charter rate per vessel. With an assumption of a 20% net margin, we expect it to contribute RM17mil to the company’s bottomline from the financial year (ending Dec 31) 2016 (FY16) onwards (as they would only be delivered in November 2015),” he said.

Tan added that the company, one of the largest operators of floating production, storage and offloading (FPSO) vessels in the market, was focusing on small-scale floating storage regassification units (FSRUs), as this segment of the oil and gas industry had growth potential.

The other segment with growth potential is the floating liquefied natural gas segment.

“We have not captured any contribution from FSRU projects in our earnings assumptions. This would be the wild card for the company,” Tan said.

CIMB Investment Bank Bhd analyst Norziana Mohd Inon has advised investors to accumulate Bumi Armada shares due to the company’s solid earnings visibility due to the long duration of both its FPSO and non-FPSO contracts.

The contract, which was signed on Tuesday, also comes with options for extensions of up to 20 years estimated to be worth US$483mil (RM1.6bil).

Additionally, there is an interim agreement amounting to US$18mil (RM59mil) for the provision of two support vessels and one rescue vessel, to be delivered in November 2014 for deployment, pending the delivery of the new build ice-class vessels.

Norziana has maintained her forecast, as the 10-year charters are likely to start in FY16, which is beyond her forecast period.

“We continue to value the stock at 22.3 times circa year 2015 price-to-earnings. This is at a 40% premium over our market target of 15.9 times,” she said.

She has set a target price of RM5.17.

She noted that these contracts and the finalisation of the Kraken FPSO job were potential rerating catalysts for her unchanged “outperform” rating.
05 Dec 2013, 01:10 PM
Klswing
Too good to be true..Watch out! market value is too high..not much earning announcement..
19 Dec 2013, 11:31 PM
CNY2012


CIMB Research maintains Add on Bumi Armada, positive on Kraken deal

KUALA LUMPUR: CIMB Research has maintained its Add call on Bumi Armada with a target price of RM5.23 as its strong FPSO contract pipeline is a catalyst to its Add rating.

Therefore, CIMB urges investors to accumulate the stock and ride the contributions from Bumi Armada's expanding FPSO fleet as the company is now actively bidding for around 12 FPSO contracts around the world

In a note on Thursday, CIMB said Bumi Armada has finalised a contract with Enquest in relation to the supply of a floating production, storage and offloading (FPSO) vessel at the latter’s Kraken field in the North Sea.

‘The estimated contract value is US$1.4bil for the initial charter period of eight years, with a further contract value of US$924mil if the 17 annual extension options are fully exercised,” it said.

CIMB said though there was a delay in the finalisation of the contract since the Nov 17 letter of interim agreement, the research house is nevertheless thrilled that Bumi Armada has finally sealed the deal.

“Kraken is Bumi Armada's seventh FPSO order and its biggest ever. At US$1.4bil, the contract doubles the average value of an FPSO contract in Asia.

“Furthermore, spanning up to 25 years including the extension options, the contract could be the company's longest, further solidifying its already firm earnings visibility,” it said.

CIMB said Bumi Armada’s order book is now at a record RM13.7bil, driven by the FPSO segment (73%), followed by transport & installation (14%) and offshore support vessels (OSV) (13%).
“Its extension options are worth RM9.1bil, also a new high, with contributions from FPSOs (68%) and OSVs (32%). We expect Kraken to contribute 25% p.a. to FY14-15 net profits,” it
04 Jan 2014, 01:01 PM
LCCHONG
ARMADA analysis - http://lcchong.wordpress.com/2014/02/10/armadafundamental-analysis-10-feb-2014/
10 Feb 2014, 11:16 AM
LCCHONG
ARMADA analysis - http://lcchong.wordpress.com/2014/02/21/armadafundamental-analysis-21-feb-2014/
21 Feb 2014, 03:50 PM
LCCHONG
ARMADA analysis - http://lcchong.wordpress.com/2014/06/02/armadafundamental-analysis-2-jun-2014/
02 Jun 2014, 09:28 PM
LCCHONG
ARMADA analysis - https://lcchong.wordpress.com/2014/08/25/armada-fundamental-analysis-25-aug-2014/
25 Aug 2014, 12:49 AM
LCCHONG
ARMADA analysis - http://lcchong.wordpress.com/2014/12/30/armada-fundamental-analysis-30-dec-2014/
30 Dec 2014, 12:18 AM
omightycap
See OM's short note on ARMADA

https://www.facebook.com/omightycap/photos/a.516884705141868.1073741828.516880861808919/589484761215195/?type=3
09 Mar 2016, 05:39 PM
Asriel

All the above analysis are outdated. Any updated report and analysis?

07 Jan 2018, 10:02 PM
Asriel

Armada was doing very well since 2017 ..earning are very positive.... looks like, ...  they are getting out of the wood already .. is it a turning around counter?

 

07 Jan 2018, 10:05 PM
Asriel

http://www.malaysiastock.biz/Blog/BlogArticle.aspx?tid=11012

07 Jan 2018, 10:45 PM
Asriel

KUALA LUMPUR (Aug 25): Bumi Armada Bhd posted a net profit of RM116.59 million for its second quarter ended June 30, 2017, from a net loss RM518.32 million a year earlier.

Revenue for the quarter (2QFY17) rose to RM694.42 million, from RM402.87 million a year earlier.

Earnings per share was 1.99 sen, compared with a loss per share of 8.84 sen previously.

In a filing to Bursa Malaysia this afternoon, Bumi Armada said for the six months ended June 30, it posted a net profit of RM164.69 million, from a net loss of RM494.89 million a year earlier, on the back of revenue of RM1.09 billion, from RM833.64 million in 2016.

In a statement accompanying the results, Bumi Armada said the floating production and operation (FPO) business segment revenues in Q2 2017 increased by 116.9% year-on-year to RM337.6 million, due to higher revenue from the Armada Olombendo floating production storage and offloading (FPSO) and the Armada LNG Mediterrana floating storage unit (FSU) respectively, as well as the absence of supplementary payments to the charterer of the Armada Kraken FPSO, which impacted Q1 2017 revenue.

It said offshore marine services (OMS) revenue in Q2 2017 saw a 44.3% year-on-year increase to RM356.8 million, due to higher revenue from the LukOil project.

Bumi Armada said offshore support vessels (OSV) utilisation in Q2 2017 improved to 53%, from 42% in Q1 2017, helped by increased activity post-monsoon season, and the sale of four older vessels during the quarter.

Bumi Armada executive director and chief executive officer Leon Harland said improvements in the second quarter performance highlight ongoing recovery in the group, despite the relatively subdued market conditions.

“The FPO business is ramping up, as our new major projects have come on-line and are contributing positively.

Harland said the company had a full quarter of contributions from both the Armada LNG Mediterrana FSU and the Armada Olombendo FPSO in Malta and Angola, respectively, in the second quarter of 2017.

“We also saw revenue starting for the Armada Kraken FPSO in UK, towards the end of the second quarter. With Karapan Armada Sterling III FPSO in Indonesia having passed its 72-hour test since the end of Q2 2017 and starting to contribute as well, we will further improve the income streams for the group in the second half of 2017, and will complete a challenging but progressive transformation year in our FPO business unit,” he said.

Harland said within the OMS business unit, the subsead construction (SC) results in Q2 2017 were stronger, on the back of good performance in the pipelay activities in the Caspian Sea. He added with the recently-announced supplementary contract from LukOil, Bumi Armada had secured additional work with an existing client.

“The OSV business registered a recovery in vessel utilisation, as some vessels in South East Asia went back to work, post monsoon.

“We will bid on new FPO projects and have been progressing our efforts on selected tenders, and we expect to see decisions over the course of 2018,” he said.

Bumi Armada rose 0.69% or 0.5 sen to 73 sen, with 1.14 million shares traded in the morning session today.

07 Jan 2018, 10:46 PM
mea05key

Bumi Armada share price took a beating when its share price fall by a whooping 81% since its 1 year high. P/B ratio is currently < 1. Is this a good time to buy its stock?

https://jyinvesting.com/bumi-armada-klse-armada/

09 Dec 2018, 04:12 PM
Jovi Lim

Since two days ago, CIMB came out with a downward revision of the target price of Armada from 70 sen to 30 sen. If the summary that TheStar is made correctly, it is weird that CIMB has taken the probability of a right issue to be called by Armada at 70% and it will stay status quo at 30%. Hence, based on that probability the analyst downgraded the call to 30sen.

First of all, if ever Bumi Armada is doing a cash call through rights issue, there should not be a revision in target price as a rights is a new call altogether. It should not affect the price unless, he is really looking at short term and not fundamentals. Secondly, as seen from his detailed analysis, he did a very thorough sum of parts analysis on the company identifying and valuing all the projects - after which he put a discount to the value - which to me is correct. However to put a weightage on the rights call probability and reduce the target based on that does not come from the "valuation book". There's no CFA that teaches that.

It additionally says that because Armada is contemplating to bid for new projects, hence it will need rights issue call. Again, the fact that Armada is looking at expansion by itself is not a bad thing, in fact it is a good thing.

22 Feb 2019, 10:11 AM
kwok_39

I'm going to put value of above 50 cent worst case scenario;After looking at the financial statement and the successful of refinancing its debt.Worth a look at it.Low is 15 cent.

24 Apr 2019, 04:34 PM

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