小资女向前冲（大马股市）

Business Segment

* O&M contributed most of the revenue

Geographical Are

- Malaysia (35% Revenue)

- Oversea (65% Revenue)

   > Qatar 21.2%

   > Bahrain 15.4%

Financial Performance

- NPM: 8%-13%

SP

- RM2.00

- Weighted average number of ordinary shares:1,217,393,000

- Forecast Next quarter EPS: 4.2 

- Target Price: RM2.40

- Upside profit: 20%

- Downside risk: 9.75%

- Serbadk fall to first resistance level RM2

Natural Gas Price

News

07/6/2017

- 卡塔尔以油气相关收入为主。其买家主要来自韩国、印度、日本、中国以及其他几个国家。这种情况并没有危及向卖方出售石油的物流。

- 截至2017年第一季度，卡塔尔的收入贡献似乎陡峭了21％，但预计下个季度的收入将下降至每年10％至13％。

17/4/2017

- 获得合共5份总值4亿6895万令吉的合约 (RM468,950,000)

   >  four-year contract valued at RM65 million by Shell MDS (M) Sdn Bhd to provide mechanical maintenance and project services

   > one-year contract worth RM45 million by Petronas Carigali Sdn Bhd to provide maintenance services for weir gas compressors.

   > three-year contract from Petrofac (Malaysia PM304) Ltd to provide condition-based monitoring with a value of RM2 million.

   > three-year contract from Muhammed Jabar Trading and Contracting to provide turbo-machinery maintenance and engineering support services for RM331.95 million

   > fifth contract worth RM25 million entails a one-year project by Petronas Floating LNG1 (L) Ltd to provide manpower, workshop facilities and equipment for rotating equipment overhaul and repair work.

- expected to contribute positively to the group’s earnings for the current financial year ending Dec 31, 2017.

- Capital raised from IPO will used as working capital for 36 months

26/5/2017

- Serba Dinamik is currently servicing about 125 OMS contracts, valued at an estimated RM4 billion, which will last the group till 2021.

Analysis

- Qatar is world's leading exporter of liquefied natural gas

- If Qatari gas exports were to be blocked, countries like Britain, Japan, South Korea and China would have an energy crisis and would have to scramble to get their energy elsewhere

- So far, its supplies have continued uninterrupted since the diplomatic dispute began last week. Natural gas markets have yet to respond to the rift and prices have remained stable. 

- Without that natural gas, electricity plants in Dubai and the UAE capital of Abu Dhabi wouldn’t be able to power air conditioners to beat the brutal heat of summer now descending on the desert sheikhdoms, nor run its vital desalination plants producing water. It would take time to import that gas from another source

- this conflict provides opportunity for the United States in exporting our natural gas. We are a neutral nation. Other countries like China or other Qatar customers would not have to worry about anything if they wanted to import U.S. LNG.

Risk

- Political issues (Middle East and North Africa)

- Oil Price

Reference
http://www.malaysiastock.biz/Blog/BlogArticle.aspx?tid=8559

http://www.firstpost.com/world/gulf-diplomatic-crisis-how-natural-gas-wealth-reserves-ensure-qatar-remains-stable-3567927.html

http://www.malaysiastock.biz/Blog/BlogArticle.aspx?tid=5655

http://www.theedgemarkets.com/article/minimal-impact-low-oil-prices-serba-dinamik