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***Important***Blogger is not wrote any recommendation & suggestion. All is personal
opinion and reader should take their own risk in investment decision.
opinion and reader should take their own risk in investment decision.
Open to apply: 26 Mar 2024
Close to apply: 03 Apr 2024
Balloting: 05 Apr 2024
Listing date: 22 Apr 2024
Close to apply: 03 Apr 2024
Balloting: 05 Apr 2024
Listing date: 22 Apr 2024
Share Capital
Market cap: RM720mil
Total Shares: 800 mil shares
Industry CARG
Accommodation work boat chartering market size in Malaysia (2017-2023e): 6.4%
Industry competitors comparison (PAT%)
1.Keyfield Group: 27.1%
2.Alam Maritim (M) Sdn Bhd: 33.32%
3.Carimin Marine Services Sdn Bhd: 16.43%
4.DESB Marine Services Sdn Bhd: 12.11%
5.Perdana Petroleum Berhad: 6.72%
6.Icon Ship Management Sdn Bhd: Losses
7.Khas Jejaka Sdn Bhd: 6.3%
8.Petra Resources Sdn Bhd: losses
9.Petra Marine Sdn Bhd: 9.72%
10.Sapura Energy Berhad: losses
Business (FPE 2023)
Chartering of own & third party accommodation vessels and provision of related onboard services such as accommodation, catering, housekeeping, laundry and medical support services; and
Business Segments
1.Own vessels: 67.5%
2.Third party vessels: 32.5%
Chartering of own & third party accommodation vessels and provision of related onboard services such as accommodation, catering, housekeeping, laundry and medical support services; and
Business Segments
1.Own vessels: 67.5%
2.Third party vessels: 32.5%
Fundamental
1.Market: Main Market
2.Price: RM0.90
3.Forecast P/E: 8.7
4.ROE(FPE2023): 18.85%
5.ROE: 25.86%(FYE2022), 12.40%(FYE2021), 10.44%(FYE2020)
6.Net asset: 0.63
7.Total debt to current asset: 1.08 (Debt: 186.888mil, Non-Current Asset: 527.372mil, Current asset: 172.357mil)
8.Dividend policy: 20% PAT dividend policy.
9. Shariah status: -
Past Financial Performance (Revenue, Earning Per shares, PAT%)
2023 (FPE 30Sep, 9mths): RM310.918 (Eps: 0.104), PAT: 27.1%
2022 (FYE 31Dec): RM236.204 mil (Eps: 0.0610), PAT: 21.10%
2021 (FYE 31Dec): RM139.756 mil (Eps: 0.0220),PAT: 12.90%
2020 (FYE 31Dec): RM75.231 mil (Eps: 0.0170),PAT: 18.00%
Major customer (FPE2023)
1.PCSB: 57.7%
2.Petra Resources Sdn Bhd: 7.7%
3.Malaysia Deepwater Production Contractors Sdn Bhd: 7.5%
4.Helms Geomarine Sdn Bhd: 4.3%
5.Perdana Nautika Sdn Bhd: 3.1%
***total 80.3%
Major Sharesholders
1.Darren Kee: 22.3% (direct)
2.Kate Ooi: 22.3% (indirect)
3.Mohd Erwan: 6.9% (direct)
4.MEAM Holdings: 3.2% (direct)
5.Lavin Group: 26.1% (direct)
6.Veritas Aman: 5.3% (direct)
7.OM Ceria: 3.2% (direct)
8.Calvin Lau Chuen Yien: 26.1% (indirect)
9.Ikhlas Bin Kamarudin: 5.3% (indirect)
10.Tunku Azlan Bin Tunku Aziz: 3.2% (indirect)
Directors & Key Management Remuneration for FYE2024
(from Revenue & other income 2022)
Total director remuneration: RM3.601 mil
key management remuneration: RM1.10 mil – RM1.25 mil
total (max): RM4.851 mil or 5.42%
Use of funds
1.Redemption of Keyfield CRNCPS: 32.7%
2.Repayment of bank borrowings: 1.6%
3.Settlement of balance purchase consideration for Blooming Wisdom: 34.6%
4.Settlement of balance purchase consideration for Helms 1: 18.6%
5.Working capital: 7.7%
6.Estimated listing expenses: 4.8%
1.Redemption of Keyfield CRNCPS: 32.7%
2.Repayment of bank borrowings: 1.6%
3.Settlement of balance purchase consideration for Blooming Wisdom: 34.6%
4.Settlement of balance purchase consideration for Helms 1: 18.6%
5.Working capital: 7.7%
6.Estimated listing expenses: 4.8%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is high risk investment, oil & gas industry might become sunset industry in future.
Overall is high risk investment, oil & gas industry might become sunset industry in future.
*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.