小资女向前冲（大马股市）

Company background

- Provides offshore services via two business units – Floating Production and Operation (“FPO”)* of oil and gas solutions and Offshore Marine Services (“OMS”) which comprises of Offshore Support Vessel (“OSV”) and Subsea Construction (“SC”) services.

Major Shareholders

- Chairman/Independent Non-Executive Director:Tunku Ali Redhauddin ibni Tuanku Muhriz

- Executive Director/ Chief Executive Officer:Leon Andre Harland

Revenue Segment

- Floating Production and Operation (“FPO”): 29% of revenue

- Offshore Marine Services (“OMS”)： 70% of revenue

Geography Segment (Annual Report)

- Malaysia (mainly charter hire of vessels, marine engineering and consultancy services) 11.8% of revenue

- Asia and Australiaa (mainly charter hire of vessels and construction/conversion works) 65% of revenue

- Africa and Latin Americ

Major customers

N/A

Summary of result

- Armada recorded 3QFY17 results with revenue of RM641mn(QoQ:-7.6%: YoY:+69.9%) and core net profit of RM12.733mn(QoQ:+6.1%; YoY:+227%)

Highlights

- 浮式生产营运业务第三季营收急升超过2倍，达4亿零270万令吉，抵销岸外海事服务营收减少8.7%的影响

Quarterly Results Comparison

Risks

- Delay of Contracts

- Oil price

Rating

- Current share price RM0.76 

- Assuming next quarter EPS2.5cents

- Given PE12, estimated share price: RM0.89

Valuation

-In long term, assuming Brent oil continue rise, target price is RM0.89

- BUY

Technical

- Acceptable share price adjustment: RM0.75

- Resistance:RM0.80

News

23/11/17

-截至第三季为止，该公司的确认订单增至227亿令吉，选项订单也有131亿令吉

20/10/17

- 旗下两艘浮式生产储油卸油船料从2017年财政年次季起获得全面租用，从而改善盈利表现，惟受岸外支援船只的疲弱租费影响

- 下游业务现为国油最大净利来源，占35.32%比重，同时沙布拉能源（SENERGY，5218，主板贸服组）、阿玛达（ARMADA，5210，主板贸服组）和戴乐集团（DIALOG，7277，主板贸服组）等油气公司也在国油开拓下游领域下应运而生。

5/9/17

- 看好拥有国际竞争力及没有仅依靠国油合约的油气股，它们估值重新评估的机会较高，包括阿玛达（ARMADA,5210,主板贸服组）及戴乐集团（DIALOG,7277,主板贸服组）。

Reference:

http://www.sinchew.com.my/node/1704086/%E6%B5%AE%E5%BC%8F%E7%94%9F%E4%BA%A7%E8%90%A5%E8%BF%90%E8%BD%AC%E5%BC%BA%EF%BC%8E%E9%98%BF%E7%8E%9B%E8%BE%BE%E7%AC%AC%E4%B8%89%E5%AD%A3%E8%B5%9A12%E4%BA%BF?PageSpeed=noscript

http://www.sinchew.com.my/node/1693262?PageSpeed=noscript

http://www.sinchew.com.my/node/1684953?PageSpeed=noscript

http://www.sinchew.com.my/node/1679142?PageSpeed=noscript