Highlights
KLSE: ARMADA (5210)       BUMI ARMADA BERHAD MAIN : Energy
Last Price Today's Change   Day's Range   Trading Volume
0.59   -0.03 (4.84%)  0.58 - 0.62  39,537,200
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Financials


Market Cap: 3,494 Million

Market Cap 3,494 Million
NOSH 5,923 Million

Latest Audited Result:  31-Dec-2022

Latest Audited Result: 31-Dec-2022
Announcement Date 28-Apr-2023
Next Audited Result: 31-Dec-2023
Est. Ann. Date: 28-Apr-2024
Est. Ann. Due Date: 28-Jun-2024

Latest Quarter:  31-Dec-2023 [#4]

Latest Quarter: 31-Dec-2023 [#4]
Announcement Date 28-Feb-2024
Next Quarter: 31-Mar-2024
Est. Ann. Date: 25-May-2024
Est. Ann. Due Date: 30-May-2024
QoQ | YoY   -193.09%  |    -178.55%

Annual (Unaudited) ( EPS: 5.61, P/E: 10.52 )

Revenue | NP to SH 2,133,089  |  332,059
RPS | P/RPS 36.02 Cent  |  1.64
EPS | P/E | EY 5.61 Cent  |  10.52  |  9.50%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 0.94  |  0.63
YoY   -54.66%
NP Margin | ROE 13.74%  |  5.97%
F.Y. | Ann. Date 31-Dec-2023  |  28-Feb-2024

T4Q Result ( EPS: 5.61, P/E: 10.52 )

Revenue | NP to SH 2,133,089  |  332,059
RPS | P/RPS 36.02 Cent  |  1.64
EPS | P/E | EY 5.61 Cent  |  10.52  |  9.50%
DPS | DY | Payout % 0.00 Cent  |  0.00%  |  - %
NAPS | P/NAPS 0.94  |  0.63
QoQ | YoY   -53.11%  |    -54.66%
NP Margin | ROE 13.74%  |  5.97%
F.Y. | Ann. Date 31-Dec-2023  |  28-Feb-2024

Annualized Result ( EPS: 5.61, P/E: 10.52 )

Revenue | NP to SH 2,133,089  |  332,059
RPS | P/RPS 36.02 Cent  |  1.64
EPS | P/E | EY 5.61 Cent  |  10.52  |  9.50%
DPS | DY | Payout % -
NAPS | P/NAPS -
QoQ | YoY   -49.95%  |    -54.66%
NP Margin | ROE 13.74%  |  5.97%
F.Y. | Ann. Date 31-Dec-2023  |  28-Feb-2024


Hints :
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Date Financial Result Financial Ratio Per Share Item Performance Valuation (End of Quarter) Valuation (Ann. Date)
F.Y. Ann. Date Quarter # Revenue PBT NP NP to SH Div Net Worth Div Payout % NP Margin ROE NOSH RPS Adj. RPS EPS Adj. EPS DPS Adj. DPS NAPS Adj. NAPS QoQ YoY EOQ Date EOQ Price EOQ P/RPS EOQ P/EPS EOQ P/NAPS EOQ EY EOQ DY ANN Date ANN Price ANN P/RPS ANN P/EPS ANN P/NAPS ANN EY ANN DY
31-Dec-2023 28-Feb-2024 31-Dec-2023 4 2,133,089 296,142 293,037 332,059 0 5,565,351 - % 13.74% 5.97% 5,920,587 36.03 36.02 5.61 5.61 0.00 0.00 0.9400 0.94   -53.11%   -54.66% 29-Dec-2023 0.495 1.37 8.83 0.53 11.33% 0.00% 28-Feb-2024 0.52 1.44 9.27 0.55 10.79% 0.00%
31-Dec-2023 16-Nov-2023 30-Sep-2023 3 2,115,134 663,044 679,603 708,227 0 5,919,886 - % 32.13% 11.96% 5,919,886 35.73 35.71 11.96 11.96 0.00 0.00 1.0000 1.00   4.12%   10.71% 29-Sep-2023 0.565 1.58 4.72 0.57 21.17% 0.00% 16-Nov-2023 0.545 1.53 4.56 0.55 21.95% 0.00%
31-Dec-2023 25-Aug-2023 30-Jun-2023 2 2,243,412 636,409 654,036 680,184 0 5,740,918 - % 29.15% 11.85% 5,918,473 37.91 37.88 11.49 11.48 0.00 0.00 0.9700 0.97   -9.03%   5.71% 30-Jun-2023 0.47 1.24 4.09 0.48 24.45% 0.00% 25-Aug-2023 0.50 1.32 4.35 0.52 22.99% 0.00%
31-Dec-2023 25-May-2023 31-Mar-2023 1 2,420,519 717,343 734,290 747,664 0 5,267,061 - % 30.34% 14.20% 5,918,047 40.90 40.87 12.63 12.62 0.00 0.00 0.8900 0.89   2.08%   25.23% 31-Mar-2023 0.63 1.54 4.99 0.71 20.05% 0.00% 25-May-2023 0.655 1.60 5.18 0.74 19.29% 0.00%
31-Dec-2022 24-Feb-2023 31-Dec-2022 4 2,405,539 709,001 724,656 732,411 0 5,085,864 - % 30.12% 14.40% 5,913,796 40.68 40.62 12.38 12.37 0.00 0.00 0.8600 0.86   14.49%   27.58% 30-Dec-2022 0.48 1.18 3.88 0.56 25.80% 0.00% 24-Feb-2023 0.595 1.46 4.80 0.69 20.81% 0.00%
31-Dec-2022 24-Nov-2022 30-Sep-2022 3 2,313,565 656,718 625,515 639,731 0 5,144,072 - % 27.04% 12.44% 5,912,727 39.13 39.06 10.82 10.80 0.00 0.00 0.8700 0.87   -0.57%   6.58% 30-Sep-2022 0.385 0.98 3.56 0.44 28.10% 0.00% 24-Nov-2022 0.44 1.12 4.07 0.51 24.59% 0.00%
31-Dec-2022 26-Aug-2022 30-Jun-2022 2 2,206,195 683,687 647,852 643,422 0 4,668,484 - % 29.37% 13.78% 5,909,474 37.33 37.25 10.89 10.86 0.00 0.00 0.7900 0.79   7.77%   20.85% 30-Jun-2022 0.385 1.03 3.54 0.49 28.28% 0.00% 26-Aug-2022 0.405 1.08 3.72 0.51 26.88% 0.00%
31-Dec-2022 25-May-2022 31-Mar-2022 1 2,203,320 610,508 584,359 597,029 0 4,253,072 - % 26.52% 14.04% 5,907,044 37.30 37.20 10.11 10.08 0.00 0.00 0.7200 0.72   4.00%   16.53% 31-Mar-2022 0.41 1.10 4.06 0.57 24.65% 0.00% 25-May-2022 0.44 1.18 4.35 0.61 22.97% 0.00%
31-Dec-2021 25-Feb-2022 31-Dec-2021 4 2,237,016 602,784 557,678 574,066 0 3,892,596 - % 24.93% 14.75% 5,897,874 37.93 37.77 9.73 9.69 0.00 0.00 0.6600 0.66   -4.36%   357.17% 31-Dec-2021 0.47 1.24 4.83 0.71 20.71% 0.00% 25-Feb-2022 0.495 1.31 5.09 0.75 19.66% 0.00%
31-Dec-2021 19-Nov-2021 30-Sep-2021 3 2,340,000 601,344 580,120 600,208 0 3,772,661 - % 24.79% 15.91% 5,894,784 39.70 39.51 10.18 10.13 0.00 0.00 0.6400 0.64   12.73%   336.54% 30-Sep-2021 0.46 1.16 4.52 0.72 22.13% 0.00% 19-Nov-2021 0.49 1.23 4.81 0.77 20.78% 0.00%
31-Dec-2021 27-Aug-2021 30-Jun-2021 2 2,358,734 524,686 505,923 532,413 0 3,533,130 - % 21.45% 15.07% 5,888,551 40.06 39.83 9.04 8.99 0.00 0.00 0.6000 0.60   3.92%   386.25% 30-Jun-2021 0.45 1.12 4.98 0.75 20.09% 0.00% 27-Aug-2021 0.445 1.11 4.92 0.74 20.32% 0.00%
31-Dec-2021 25-May-2021 31-Mar-2021 1 2,349,974 525,788 491,391 512,330 0 3,413,819 - % 20.91% 15.01% 5,885,895 39.93 39.68 8.70 8.65 0.00 0.00 0.5800 0.58   308.01%   325.14% 31-Mar-2021 0.42 1.05 4.83 0.72 20.72% 0.00% 25-May-2021 0.45 1.13 5.17 0.78 19.34% 0.00%
31-Dec-2020 26-Feb-2021 31-Dec-2020 4 2,339,889 127,609 112,245 125,569 0 3,117,875 - % 4.80% 4.03% 5,882,784 39.78 39.51 2.13 2.12 0.00 0.00 0.5300 0.53   149.49%   114.22% 31-Dec-2020 0.35 0.88 16.40 0.66 6.10% 0.00% 26-Feb-2021 0.395 0.99 18.51 0.75 5.40% 0.00%
31-Dec-2020 19-Nov-2020 30-Sep-2020 3 2,239,494 -260,888 -279,664 -253,750 0 3,058,504 - % -12.49% -8.30% 5,881,740 38.08 37.81 -4.31 -4.28 0.00 0.00 0.5200 0.52   -36.43%   73.82% 30-Sep-2020 0.255 0.67 -5.91 0.49 -16.92% 0.00% 19-Nov-2020 0.265 0.70 -6.14 0.51 -16.28% 0.00%
31-Dec-2020 28-Aug-2020 30-Jun-2020 2 2,202,870 -189,599 -215,502 -185,996 0 2,998,615 - % -9.78% -6.20% 5,879,639 37.47 37.19 -3.16 -3.14 0.00 0.00 0.5100 0.51   18.27%   88.56% 30-Jun-2020 0.23 0.61 -7.27 0.45 -13.75% 0.00% 28-Aug-2020 0.27 0.72 -8.54 0.53 -11.72% 0.00%
31-Dec-2020 29-May-2020 31-Mar-2020 1 2,131,715 -201,802 -242,744 -227,562 0 2,997,027 - % -11.39% -7.59% 5,876,524 36.28 35.99 -3.87 -3.84 0.00 0.00 0.5100 0.51   -488.21%   90.06% 31-Mar-2020 0.135 0.37 -3.49 0.26 -28.68% 0.00% 29-May-2020 0.21 0.58 -5.42 0.41 -18.44% 0.00%
31-Dec-2019 27-Feb-2020 31-Dec-2019 4 2,070,705 82,191 38,158 58,618 0 3,231,092 - % 1.84% 1.81% 5,874,713 35.25 34.96 1.00 0.99 0.00 0.00 0.5500 0.55   106.05%   102.55% 31-Dec-2019 0.53 1.50 53.12 0.96 1.88% 0.00% 27-Feb-2020 0.335 0.95 33.57 0.61 2.98% 0.00%
31-Dec-2019 22-Nov-2019 30-Sep-2019 3 2,131,370 -931,108 -967,325 -969,085 0 3,465,720 - % -45.39% -27.96% 5,874,102 36.28 35.99 -16.50 -16.36 0.00 0.00 0.5900 0.59   40.37%   0.72% 30-Sep-2019 0.325 0.90 -1.97 0.55 -50.76% 0.00% 22-Nov-2019 0.505 1.39 -3.06 0.86 -32.67% 0.00%
31-Dec-2019 30-Aug-2019 30-Jun-2019 2 2,191,604 -1,605,308 -1,632,176 -1,625,285 0 3,347,536 - % -74.47% -48.55% 5,872,871 37.32 37.00 -27.67 -27.44 0.00 0.00 0.5700 0.57   29.00%   -365.01% 28-Jun-2019 0.215 0.58 -0.78 0.38 -128.72% 0.00% 30-Aug-2019 0.255 0.68 -0.92 0.45 -108.53% 0.00%
31-Dec-2019 27-May-2019 31-Mar-2019 1 2,310,005 -2,292,634 -2,306,507 -2,288,973 0 3,346,434 - % -99.85% -68.40% 5,870,937 39.35 39.00 -38.99 -38.65 0.00 0.00 0.5700 0.56   0.60%   -749.25% 29-Mar-2019 0.19 0.48 -0.49 0.33 -205.20% 0.00% 27-May-2019 0.195 0.50 -0.50 0.34 -199.94% 0.00%
31-Dec-2018 28-Feb-2019 31-Dec-2018 4 2,418,739 -2,296,872 -2,319,148 -2,302,769 0 3,346,434 - % -95.88% -68.81% 5,870,937 41.20 40.84 -39.22 -38.88 0.00 0.00 0.5700 0.56   -135.92%   -753.74% 31-Dec-2018 0.155 0.38 -0.40 0.27 -253.05% 0.00% 28-Feb-2019 0.18 0.44 -0.46 0.32 -217.91% 0.00%
31-Dec-2018 23-Nov-2018 30-Sep-2018 3 2,504,578 -953,124 -978,960 -976,074 0 4,755,459 - % -39.09% -20.53% 5,870,937 42.66 42.29 -16.63 -16.48 0.00 0.00 0.8100 0.80   -179.27%   3.08% 28-Sep-2018 0.53 1.24 -3.19 0.65 -31.37% 0.00% 23-Nov-2018 0.32 0.75 -1.92 0.40 -51.95% 0.00%
31-Dec-2018 29-Aug-2018 30-Jun-2018 2 2,557,922 -286,606 -341,220 -349,514 0 5,107,715 - % -13.34% -6.84% 5,870,937 43.57 43.19 -5.95 -5.90 0.00 0.00 0.8700 0.86   -199.14%   71.53% 29-Jun-2018 0.72 1.65 -12.09 0.83 -8.27% 0.00% 29-Aug-2018 0.525 1.20 -8.82 0.60 -11.34% 0.00%
31-Dec-2018 31-May-2018 31-Mar-2018 1 2,598,299 484,153 368,703 352,556 0 5,396,967 - % 14.19% 6.53% 5,866,269 44.29 43.87 6.01 5.95 0.00 0.00 0.9200 0.91   0.09%   118.15% 30-Mar-2018 0.835 1.89 13.89 0.91 7.20% 0.00% 31-May-2018 0.77 1.74 12.81 0.84 7.81% 0.00%
31-Dec-2017 26-Feb-2018 31-Dec-2017 4 2,402,130 492,230 376,407 352,247 0 5,514,293 - % 15.67% 6.39% 5,866,269 40.95 40.56 6.00 5.95 0.00 0.00 0.9400 0.93   134.97%   117.90% 29-Dec-2017 0.765 1.87 12.74 0.81 7.85% 0.00% 26-Feb-2018 0.87 2.12 14.49 0.93 6.90% 0.00%
31-Dec-2017 23-Nov-2017 30-Sep-2017 3 1,945,436 -880,395 -1,008,754 -1,007,144 0 5,631,618 - % -51.85% -17.88% 5,866,269 33.16 32.85 -17.17 -17.00 0.00 0.00 0.9600 0.95   17.96%   -48.83% 29-Sep-2017 0.73 2.20 -4.25 0.76 -23.52% 0.00% 23-Nov-2017 0.785 2.37 -4.57 0.82 -21.87% 0.00%
31-Dec-2017 25-Aug-2017 30-Jun-2017 2 1,681,551 -1,115,743 -1,236,662 -1,227,589 0 5,631,618 - % -73.54% -21.80% 5,866,269 28.66 28.39 -20.93 -20.73 0.00 0.00 0.9600 0.95   36.82%   -140.72% 30-Jun-2017 0.76 2.65 -3.63 0.79 -27.53% 0.00% 25-Aug-2017 0.75 2.62 -3.58 0.78 -27.90% 0.00%
31-Dec-2017 31-May-2017 31-Mar-2017 1 1,290,794 -1,926,584 -1,969,783 -1,942,973 0 5,631,618 - % -152.60% -34.50% 5,866,269 22.00 21.79 -33.12 -32.81 0.00 0.00 0.9600 0.95   1.25%   -586.12% 31-Mar-2017 0.75 3.41 -2.26 0.78 -44.16% 0.00% 31-May-2017 0.775 3.52 -2.34 0.81 -42.74% 0.00%
31-Dec-2016 28-Feb-2017 31-Dec-2016 4 1,317,389 -1,944,264 -2,005,036 -1,967,651 0 5,571,734 - % -152.20% -35.31% 5,864,984 22.46 22.24 -33.55 -33.22 0.00 0.00 0.9500 0.94   -190.78%   -738.85% 30-Dec-2016 0.605 2.69 -1.80 0.64 -55.45% 0.00% 28-Feb-2017 0.725 3.23 -2.16 0.76 -46.27% 0.00%
31-Dec-2016 23-Nov-2016 30-Sep-2016 3 1,800,185 -656,746 -685,432 -676,686 48,103 6,335,571 - % -38.08% -10.68% 5,866,269 30.69 30.39 -11.54 -11.43 0.82 0.81 1.0800 1.07   -32.69%   -234.92% 30-Sep-2016 0.70 2.28 -6.07 0.65 -16.48% 1.17% 23-Nov-2016 0.60 1.96 -5.20 0.56 -19.23% 1.37%
31-Dec-2016 26-Aug-2016 30-Jun-2016 2 1,982,143 -471,986 -510,924 -509,976 48,103 6,276,908 - % -25.78% -8.12% 5,866,269 33.79 33.47 -8.69 -8.61 0.82 0.81 1.0700 1.06   -80.09%   -211.05% 30-Jun-2016 0.725 2.15 -8.34 0.68 -11.99% 1.13% 26-Aug-2016 0.765 2.26 -8.80 0.71 -11.36% 1.07%
31-Dec-2016 31-May-2016 31-Mar-2016 1 2,038,351 -220,660 -293,657 -283,184 48,103 6,687,546 - % -14.41% -4.23% 5,866,269 34.75 34.42 -4.83 -4.78 0.82 0.81 1.1400 1.13   -20.73%   -225.32% 31-Mar-2016 0.79 2.27 -16.37 0.69 -6.11% 1.04% 31-May-2016 0.65 1.87 -13.47 0.57 -7.43% 1.26%
31-Dec-2015 26-Feb-2016 31-Dec-2015 4 2,179,734 -171,392 -241,777 -234,566 48,103 7,274,174 - % -11.09% -3.22% 5,866,269 37.16 36.80 -4.00 -3.96 0.82 0.81 1.2400 1.23   -16.10%   -207.26% 31-Dec-2015 1.02 2.75 -25.51 0.82 -3.92% 0.80% 26-Feb-2016 1.00 2.69 -25.01 0.81 -4.00% 0.82%
31-Dec-2015 19-Nov-2015 30-Sep-2015 3 2,292,524 -99,932 -209,881 -202,046 98,074 7,508,824 - % -9.16% -2.69% 5,866,269 39.08 38.71 -3.44 -3.41 1.67 1.66 1.2800 1.27   -23.24%   -156.19% 30-Sep-2015 0.925 2.37 -26.86 0.72 -3.72% 1.81% 19-Nov-2015 1.01 2.58 -29.32 0.79 -3.41% 1.66%
31-Dec-2015 27-Aug-2015 30-Jun-2015 2 2,369,569 -73,958 -169,771 -163,951 98,074 6,804,872 - % -7.16% -2.41% 5,866,269 40.39 40.01 -2.79 -2.77 1.67 1.66 1.1600 1.15   -172.56%   -143.99% 30-Jun-2015 1.14 2.82 -40.79 0.98 -2.45% 1.47% 27-Aug-2015 0.86 2.13 -30.77 0.74 -3.25% 1.94%
31-Dec-2015 26-May-2015 31-Mar-2015 1 2,500,573 327,997 230,680 225,960 98,074 7,039,523 43.40% 9.23% 3.21% 5,866,269 42.63 42.22 3.85 3.82 1.67 1.66 1.2000 1.19   3.32%   -41.51% 31-Mar-2015 1.03 2.42 26.74 0.86 3.74% 1.62% 26-May-2015 1.23 2.89 31.93 1.03 3.13% 1.36%
31-Dec-2014 26-Feb-2015 31-Dec-2014 4 2,397,339 309,182 224,365 218,690 98,074 6,919,331 44.85% 9.36% 3.16% 6,016,810 39.84 40.48 3.63 3.69 1.63 1.66 1.1500 1.17   -39.18%   -49.28% 31-Dec-2014 1.09 2.74 29.99 0.95 3.33% 1.50% 26-Feb-2015 1.16 2.91 31.92 1.01 3.13% 1.41%
31-Dec-2014 20-Nov-2014 30-Sep-2014 3 2,252,221 429,134 368,387 359,568 95,359 7,410,743 26.52% 16.36% 4.85% 4,720,218 47.71 38.03 7.62 6.07 2.02 1.61 1.5700 1.25   -3.53%   -20.45% 30-Sep-2014 1.90 3.98 24.94 1.21 4.01% 1.06% 20-Nov-2014 1.38 2.89 18.12 0.88 5.52% 1.46%
31-Dec-2014 20-Aug-2014 30-Jun-2014 2 2,162,017 440,230 378,823 372,713 95,359 4,463,763 25.59% 17.52% 8.35% 2,936,686 73.62 36.50 12.69 6.29 3.25 1.61 1.5200 0.75   -3.52%   -12.47% 30-Jun-2014 3.40 4.62 26.79 2.24 3.73% 0.96% 20-Aug-2014 3.33 4.52 26.24 2.19 3.81% 0.98%
31-Dec-2014 23-May-2014 31-Mar-2014 1 2,053,166 435,462 391,417 386,299 95,359 4,426,008 24.69% 19.06% 8.73% 2,931,131 70.05 34.67 13.18 6.52 3.25 1.61 1.5100 0.75   -10.41%   -4.80% 31-Mar-2014 3.91 5.58 29.67 2.59 3.37% 0.83% 23-May-2014 3.90 5.57 29.59 2.58 3.38% 0.83%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.


NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ Δ & YoY Δ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.


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  46 people like this.
 
nikicheong Thank you chartists and technical traders for doing the dirty work.
05/04/2024 9:58 AM
jacintateh too many sellers, esp' day traders, making the share drop back. when only can break 0.6 dessisively? longer we keep, the higher the risk.
05/04/2024 2:53 PM
rohank71 BA is not ready to move up. many short term traders have jumped in due to TA being strong. good support at 58.5 to 59.5...the earlier resistance has become a support. more long-term holders will move in. wait for Q1 results, which may be the highest profit. I still see the past high to be the next major resistance. breaking that 1.00 is a possibility.
06/04/2024 5:49 PM
rohank71 Bearish only if drops below 58.
07/04/2024 11:00 PM
nikicheong In the upcoming weeks/months, we can expect some wins from the current projects being worked on.

1. Shell FSIU
2. Bluestreak FCSIU
3. Madura FLNG
4. Mystery FSRU
5. Mystery Indonesian CCS project
6. Abadi Onshore Gas Plant
7. Pipelay Contract for SC Vessels in Caspian Sea
8. Multi-year extension for TGT FPSO
9. Multi-year extension for Sterling II FPSO

For items 1 to 6, we should hope to secure 2 to 3 contracts. If we hear nothing about these by the end of the year, assume we’ve failed to secure them.

Item 7 will be a huge win as the revenue will mostly translate to net profit gains, given that the vessels are cold stacked and costing the company every month (plus depreciation).

Item 8 and 9 are expected. Not getting either will be a big loss.

We won’t see a new FPSO win for the next year or so as Bumi Armada doesn’t have any serious prospects at the moment.
07/04/2024 11:14 PM
Cockcroach Thanks for update Nikicheong
08/04/2024 8:09 AM
Robert Waters Here are the catalysts from a year ago. I publish for long term investors to assess what was achieved.
____________________________________________
Potential Bumi Armada Re-rating catalysts:

0) Repair of the Kraken FPSO's HSP Charge Pump Transformers so the FPSO can return to full operational capacity (Kraken FPSO presently only running at 100% capacity). Without this pre-condition met there cannot be confidence in BA ability to deliver and operate facilities.

New wins (most significant items 1 - 5):

1) Award of Cameia FPSO project in Angola from Total Energies - This is only an EPCC contract that will sustain earnings for 2-3 years. This is NOT a long-term charter contract (BOO). However; it could be valued up to 1 bln myr.No financing / rights issue needed.

2) Major FPSO contract win (large scale FPSO, likely with a JV partner) - Unlikely to happen soon as there are no known large scale bids from Bumi Armada, but possibilities exist in West Africa / South America with market rather tight in terms of supply as many suppliers are overextended. Conoco Phillips at Salam Petawali, Kelidang in Brunai or Limbayong.

3) Minor FPSO contract win (either a small/medium scale FPSO, 100% owned) - Active bids in Tuna field (Indonesia) and Palok field (Mexico). In Malaysia, Bestari (Sabah) could be an option, building upon Limbayong negotiations.

4) Non-FPSO contract win (either 100% owned or JV) - e.g. FSRU, FSU, FSO - The Mumbai Port FSRU project has been deferred. No other publicly known bids for now. ESG funding at preferred rate may be available.

5) New contract win for the 2 SC vessels in the Caspian Sea and 1 JV-owned SC vessel in Indonesia. Potential for new wins for the Caspian Sea vessels is high as flurry of work in the region exists due to high oil price environment. Lukoil gave contract to BAB in 22, also paid OSV despice sanctions. All 3 vessels as of 31 Dec 2022 were laid up. Alternative to contract for the Caspian Sea work: sale, move assets home, contract elsewhere.

Other positive developments (items 6 - 10):

6) Green energy goals (leading to ESP score upgrades and ESG rerating up to 6% by IB):
a) "Green energy" initiatives for future FPSO/non-FPSO wins (e.g. zero flaring or fully electrified FPSO)
b) Decarbonisation for existing fleet of FPSO
c) Diversification into floating CCS and other "green" structures

7) Business as usual objecties:
a) Full acceptance of Armada Sterling V FPSO by ONGC at the 98/2 field in India
b) Confirmation of sale or scrapping of Armada Claire FPSO (Done)
c) Full divestment of the remaining offshore vessel (Done)

8) Contract extensions:
a) Positive development at the Kraken field, such as drilling of the Kraken Western flank or tieback to the nearby Bressay and Bentley fields - This would signal long-term contract extension for Armada Kraken FPSO which is due to expire in Q3 2025. For now, EnQuest has indefinitely deferred drilling due to commence in 2023 because of the newly introduced windfall tax in the UK. Also, excessive drilling may lead to adopting new solution by EnQuest. Existing setup satisfactory with 0.5 mln USD bare boat charter.
b) Confirmation of contract extension for Armada TGT FPSO in Vietnam - Might only be announced in Q4 2024, but it's all but certain the contract will be extended as new wells are still being pursued in the aged TGT field. (jPending).
c) Contract extension of Armada Sterling II (due in Q4 2024). Achieved for only 1 year at lower rate than original contract.

9) Positive Financials:
a) QR of 3+ sens
b) IB re-rating to RM 0.90
c) Gearing down to around 0.5
d) Counter price increase to > RM 1 (no more penny stock discount) causing institutional, foreign and private equity / family trust buying.

10) Improved distribution of the stock:
a) Involving more large / public investors, institutional buying by means of formal inclusion in KLSE index, sector index, ESG rating, pension fund committment, etc (other than just by not being a penny stock).
b) Company presentations to the investors overseas, e.g. USA, resulting in purchases by 'deep pocket' significant shareholders at > 5%.
c) Significant insider's buying as a sign of confidence. So far, only the president has been making steady investment.

Bonus general catalysts that can be included in the score as well, independent of BAB:

11) Positive oil and gas industry fundamentals
a) Oil price at > 100 USD per barrel
b) Commodities supercycle with basic commodity prices firming up overall, even if oil < 100 USD
c) China recovery
d) Strategic Petroleum Reserve buying in the US
e) Interest rates going down substantially, 2% for 10 year US Treasure Bond
08/04/2024 12:41 PM
nikicheong Walao last year's report card would've failed. They failed to achieve anything significant. Most important thing they achieved was stabilization of the Kraken FPSO.
08/04/2024 3:06 PM
Robert Waters Agree Niki. Those were your catalysts, with some comments by me and others put together in one post.
Many thanks for providing them and commenting.
There should not have been Kraken problem in the first place, but they still deserve credit.
09/04/2024 12:19 AM
Cockcroach Shall continue to hold. More upside to come
09/04/2024 5:45 AM
vespa just about three weeks ago net shorts was 55 million
it is now at at about half at 26 mil. ie positive. It is just another metric to consider
09/04/2024 6:52 AM
nikicheong Keep an eye out for this: https://www.upstreamonline.com/exclusive/singapore-player-kicks-off-bid-battle-for-prized-asian-gas-fpso/2-1-1623122

Singapore-headquartered Jadestone Energy has launched the bid process for a prized floating production, storage and offloading vessel required for its Nam Du and U Minh (NDUM) gas fields development offshore Vietnam.

The much-delayed shallow water development had been very close to sanction pre-Covid, but the operator is not expecting there to be much of a capex increase despite the passing years, Upstream has learned.
09/04/2024 11:48 AM
nikicheong For further reading:

1. www.jadestone-energy.com/wp-content/uploads/2024/01/20240126-Vietnam-NDUM-Project-Overview-vF.pdf

FID is expected in mid to late 2025. So still over a year to go.
09/04/2024 11:52 AM
nikicheong 2. www.jadestone-energy.com/gas-sales-heads-of-agreement-signed-for-nam-du-u-minh-fields-offshore-vietnam/
09/04/2024 11:52 AM
nikicheong This is a medium-sized gas FPSO that should be of strong interest to Bumi Armada. Might even drive cost synergies with their existing operations in Vietnam (i.e. TGT FPSO).
09/04/2024 12:09 PM
nikicheong Weird closing, someone bid 4+mil units at RM0.62 and above

09/04/2024 5:28 PM
Cockcroach The person bought such a big chunk. He wants to guarantee himself that hr got those 4+ mil lots before Raya
09/04/2024 6:48 PM
Gabriel Khoo https://www.telegraph.co.uk/business/2024/04/09/biggest-north-sea-oil-find-in-decades-drilled-first-time/
10/04/2024 2:16 PM
daretocutandchange hibiscus same situation too,last minute buying ordered at 2.8 suddenly up from 2.73
10/04/2024 4:49 PM
nikicheong Well it that case, might've been some last minute sector rotation in to O&G stocks, perhaps on a bet that crude price will continue rising over the Raya break.
10/04/2024 6:19 PM
rohank71 Hold BA ... only cut loss at 58... upside can be very good.... it has been gradually moving which is very good vs a spike which most traders prefer.
10/04/2024 11:00 PM
Cockcroach Why cutloss 0.58? If dropped till 0.575 then rebound, hati sakit.
11/04/2024 8:52 AM
rohank71 true #cockroach... but that's what TA is all about. if bounce back to 59.5 buy back at 60.

just like right now, the shorties need to cover the short positions as it has gone above long-term resistance of 58.
11/04/2024 10:57 AM
nikicheong New Indonesian FPSO tender: https://www.upstreamonline.com/field-development/feed-tenders-launched-for-platform-and-floater-for-indonesian-oilfield-development/2-1-1624929

Bumi Armada's experience with the Kraken heavy oil field might give them an advantage here. But it's possible that this project might not be financially sound.
11/04/2024 2:09 PM
steady31 UK EnQuest 's Bressay new oil discovery of up to 600m barrels of oil so near to Kraken that it is conceivable that Armada's kraken FPSO may be engaged to process and export its newfound oil
11/04/2024 5:16 PM
steady31 https://www.telegraph.co.uk/business/2024/04/09/biggest-north-sea-oil-find-in-decades-drilled-first-time/
11/04/2024 5:21 PM
nikicheong Bressay gas tieback to Kraken FPSO will cost GBP60mil. Some of this will go to Bumi Armada as they will play a key role in the tieback to the FPSO.
11/04/2024 9:11 PM
nikicheong Kraken diesel consumption to reduce by 80% with this measure. Currently, diesel spend at Kraken FPSO is around GBP30mil per annum.
11/04/2024 9:31 PM
nikicheong Enquest will consider purchasing the Kraken FPSO - depending on the situation at the time. But negotiations / discussions on this are ongoing.
11/04/2024 9:37 PM
nikicheong The Enquest's investor meet was very positive on the Kraken development, upcoming Bressay gas tieback, and future Bressay and Bently oil tie back to the Kraken production hub.
11/04/2024 10:16 PM
TimCoke Its time to tp and let go
12/04/2024 2:27 PM
nikicheong Tim quit smoking so much coke!
12/04/2024 3:31 PM
Gabriel Khoo https://www.ogv.energy/news-item/enquest-to-drill-biggest-north-sea-oil-field-in-20-years
13/04/2024 12:31 PM
bullrun168 If Iran attacks Israel, Middle East turmoil could lift oil past $100 a barrel
Published: April 12, 2024 at 1:22 p.m. ET
By Myra P. Saefong

https://www.marketwatch.com/amp/story/if-iran-attacks-israel-middle-east-turmoil-could-lift-oil-past-100-a-barrel-fd76ea09

Oil prices could rise by $15 a barrel if all of Iran’s output is interrupted: analyst

Oil traders know the all-too-familiar drill: Heightened tensions in the Middle East have led to a rally in prices — so far to the highest intraday levels in six months. If Iran, one of the world’s largest oil producers, gets directly involved, however, a return to prices of more than $100 a barrel may soon follow.
“Nobody wants to be short heading into the weekend,” said Manish Raj, managing director at Velandera Energy Partners. “If the conflicts escalate over the weekend, short sellers will lose their shirts when they wake up on Monday.”

What’s happened
An April 1 airstrike on Iran’s consulate in Syria, which Tehran has attributed to Israel, killed seven Iranian military officers and prompted a vow of retaliation from Tehran.

Since the start of the war in Gaza in early October, there has been a rise in clashes between Israel and Iran-backed Hezbollah militants based in Lebanon. Hamas, which governs Gaza and launched the Oct. 7 attack on southern Israel, is also backed by Iran.
News reports have said that an Iranian attack on Israel is believed to be imminent, with the Wall Street Journal reporting the possibility of an attack as soon as Friday or Saturday.
The U.S. Embassy in Jerusalem issued a travel advisory on Thursday, warning U.S. citizens in Israel against travel outside of major cities such as Tel Aviv.

John Kirby, the Biden White House’s adviser for national-security communications, told reporters Friday that the administration is “certainly mindful of a very public, and what we consider to be a very credible, threat made by Iran in terms of potential attacks on Israel,” and that it was watching developments “very, very, very closely.”
Oil rally
Prices for oil have climbed so far this month alongside the rising tensions in the Middle East, with U.S. benchmark crude futures trading 5% higher and global benchmark Brent crude gaining closer to 6%.
In Friday dealings, May West Texas Intermediate crude CL.1 CLK24 was up 76 cents, or 0.9%, to trade at $85.78 a barrel on the New York Mercantile Exchange after trading as high as $87.67, while June Brent crude BRN00 BRNM24 climbed 90 cents, or 1%, to $90.64 on ICE Futures Europe following a high at $92.18. Both touched their highest intraday levels since October.
14/04/2024 9:56 AM
nikicheong Might be good time to exit if Bumi Armada's share price spikes up in the coming week due to macro factors, namely MidEast tension and the ensuing spike in crude oil prices.

Note: This applies for those who've lost faith in the company's future potential. However, this might also be a pivotal moment as a contract award / extension or other key announcement (such as debt refinancing) might just be around the corner.
14/04/2024 2:32 PM
Felix888999 Queue sell one batch 0.69. 😎
14/04/2024 6:08 PM
marlboroman2 TASI Tadawul Saudi market index which reopened today on Sunday after the long Eid holidays was rather muted (dived down at the opening hour but had clawed back almost all points towards the closing)
14/04/2024 9:10 PM
Ninja _07 If there is a bull run, we are looking at 0.65 - 0.69 ...!
15/04/2024 12:54 PM
serpent100 Where bull….mari lehhh
15/04/2024 2:53 PM
vespa with socks,shoes and what not are headlines optimism is an empty promise
15/04/2024 4:25 PM
nikicheong Potentially negative news: https://www.upstreamonline.com/finance/uk-north-sea-producer-waldorf-facing-liquidity-concerns/2-1-1626872
15/04/2024 5:38 PM
Gabriel Khoo Nik. I think its still managable given that the JV only 1/4 even if the field is to be liquidated
15/04/2024 6:43 PM
Gabriel Khoo https://www.energyvoice.com/oilandgas/551730/waldorf-prodution-no-comment-on-liquidity-woes/
16/04/2024 12:20 AM
Gabriel Khoo https://www.energyvoice.com/oilandgas/551730/waldorf-prodution-no-comment-on-liquidity-woes/
16/04/2024 12:20 AM
nikicheong What now?!?!?!?
16/04/2024 9:55 AM
zonefinder Looks like its mostly the retail sellers. Large and institutionals are buying ie inflows. Wonder if its reaction to Iran lobbing drones and missiles into Israel and possible reaction from latter.
16/04/2024 11:27 AM
Ninja _07 Other O&G counters rebounded.

Armada's drop could be a mixture of:

(Geopolitical + Waldorf) = then must watch closely the price movement as most likely price will be shaken a bit;

(Geopolitical Only) = then the price will rebound back to 0.62



16/04/2024 2:06 PM
Ninja _07 Closed flat at 0.59
16/04/2024 5:11 PM
steady31 There is not going to be a problem from 29.5% owner Waldorf..EnQuest which holds 70,5% can easily pick up any shortfall as it has just struck 2 huge oilfields in Bressay and Bentley .Just buy low now and sell at 0.68
16/04/2024 5:12 PM
lloydlim Time to accumulate guys!
16/04/2024 8:15 PM