Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 1.55 |
Showing posts with label ALAM. Show all posts
Showing posts with label ALAM. Show all posts
November 20, 2013
Alam Maritim - 3QFY13 RESULTS - Do the wave dance!
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 1.51 |
August 21, 2013
Alam Maritim - Mast-erful navigation
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 1.49 |
May 28, 2013
Mast-erful performance
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 1.90 |
April 9, 2013
All deck-ed out
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 1.53 |
March 26, 2013
One hull of a boat
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 1.53 |
March 18, 2013
RHB raises oil and gas to 'overweight'
Stock Name: SKPETRO
Company Name: SAPURAKENCANA PETROLEUM BHD
Stock Name: ARMADA
Company Name: BUMI ARMADA BERHAD
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Stock Name: PERDANA
Company Name: PERDANA PETROLEUM BERHAD
RHB Research upgraded Malaysia's oil and gas sector to 'overweight' from 'neutral', citing an improvement in jobs visibility as state-owned Petroliam Nasional Bhd pushes for domestic production growth.
"Petronas' focus on domestic production will benefit local service providers," the research house said in a note on Monday.
In anticipation of multiple contract awards, RHB said SapuraKencana Petroleum Bhd and Bumi Armada Bhd were its large-cap top picks while Alam Maritim Resources Bhd and Perdana Petroleum Bhd were its picks among the small caps.
"Production aside, exploration activities are also expected to be robust," RHB said.
RHB had a fair value of RM3.76 per share on SapuraKencana, RM4.35 on Bumi Armada, RM1.25 on Alam Maritim and RM1.40 on Perdana Petroleum.
As of 0156 GMT, SapuraKenanca dropped 0.98 per cent to RM3.03, Bumi Armada declined 1.06 per cent to RM3.72 while Alam Maritim dropped 0.57 per cent to 88 sen. Perdana Petroleum rose 0.79 per cent to RM1.27.
The benchmark stock index dropped 0.57 per cent. -- Reuters
Company Name: SAPURAKENCANA PETROLEUM BHD
| Research House: RHB | Price Call: BUY | Target Price: 3.76 |
Stock Name: ARMADA
Company Name: BUMI ARMADA BERHAD
| Research House: RHB | Price Call: BUY | Target Price: 4.35 |
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: RHB | Price Call: BUY | Target Price: 1.25 |
Stock Name: PERDANA
Company Name: PERDANA PETROLEUM BERHAD
| Research House: RHB | Price Call: BUY | Target Price: 1.40 |
RHB Research upgraded Malaysia's oil and gas sector to 'overweight' from 'neutral', citing an improvement in jobs visibility as state-owned Petroliam Nasional Bhd pushes for domestic production growth.
"Petronas' focus on domestic production will benefit local service providers," the research house said in a note on Monday.
In anticipation of multiple contract awards, RHB said SapuraKencana Petroleum Bhd and Bumi Armada Bhd were its large-cap top picks while Alam Maritim Resources Bhd and Perdana Petroleum Bhd were its picks among the small caps.
"Production aside, exploration activities are also expected to be robust," RHB said.
RHB had a fair value of RM3.76 per share on SapuraKencana, RM4.35 on Bumi Armada, RM1.25 on Alam Maritim and RM1.40 on Perdana Petroleum.
As of 0156 GMT, SapuraKenanca dropped 0.98 per cent to RM3.03, Bumi Armada declined 1.06 per cent to RM3.72 while Alam Maritim dropped 0.57 per cent to 88 sen. Perdana Petroleum rose 0.79 per cent to RM1.27.
The benchmark stock index dropped 0.57 per cent. -- Reuters
February 5, 2013
Alam Maritim share prices unchanged
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
An extension contract worth RM70.8 million awarded to Alam Maritim Resources Bhd yesterday failed to give impetus to the
company's share price today.
Alam Maritim share prices ended unchanged at 82 sen at lunch-break after the counter moved between 81.5 sen and 83.5 sen throughout the morning session with 1.651 million units traded.
The contract, awarded by Petronas Carigali Sdn Bhd Peninsular Malaysia Operations, through its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd for the purpose of providing two work boats to support the latter's painting activities.
Maybank Investment Bank, in a note today, said the successful extension of workboat contracts with was an increased estimated daily charter rate (DCR) of RM98,000, was three per cent higher than a recent contract announced in Oct 2012.
"This also was 15 per cent higher than the original contract in May 2012 and 31 per cent higher than for a similar work boat contract secured in Sept 2011, it said.
It added: "We understand that two of Alam's workboats, Setia Ulung and Setia Sakti, are chartered out for this contract and hence we make no changes to our forecast as we have already factored in the extension time frame.
"We reiterate our "buy" call on Alam with a target price of RM1.05," it added. The investment bank viewed this development positively.
"While this was just the exercise of a one-year extension option, the 15 per cent higher DCR Alam obtained for the contract extension emphasised the increasing strength in the offshore support vessel market, especially for workboats and barges," it added. -- Bernama
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 1.05 |
An extension contract worth RM70.8 million awarded to Alam Maritim Resources Bhd yesterday failed to give impetus to the
company's share price today.
Alam Maritim share prices ended unchanged at 82 sen at lunch-break after the counter moved between 81.5 sen and 83.5 sen throughout the morning session with 1.651 million units traded.
The contract, awarded by Petronas Carigali Sdn Bhd Peninsular Malaysia Operations, through its wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd for the purpose of providing two work boats to support the latter's painting activities.
Maybank Investment Bank, in a note today, said the successful extension of workboat contracts with was an increased estimated daily charter rate (DCR) of RM98,000, was three per cent higher than a recent contract announced in Oct 2012.
"This also was 15 per cent higher than the original contract in May 2012 and 31 per cent higher than for a similar work boat contract secured in Sept 2011, it said.
It added: "We understand that two of Alam's workboats, Setia Ulung and Setia Sakti, are chartered out for this contract and hence we make no changes to our forecast as we have already factored in the extension time frame.
"We reiterate our "buy" call on Alam with a target price of RM1.05," it added. The investment bank viewed this development positively.
"While this was just the exercise of a one-year extension option, the 15 per cent higher DCR Alam obtained for the contract extension emphasised the increasing strength in the offshore support vessel market, especially for workboats and barges," it added. -- Bernama
January 16, 2013
Alam Maritim - It's a-boat time - 16 January 2013
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 0.855 |
December 3, 2012
No muddy waters here
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 1.42 |
August 14, 2012
Alam Maritim - 2QFY12 RESULTS - Sailing into the wind
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 1.26 |
May 23, 2012
Alam Maritim - 1QFY12 RESULTS - Yet to pipe up
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 1.23 |
February 29, 2012
Alam Maritim Resources: Maintain Hold - Earnings in line; look to 2012
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Results met expectations. Alam Maritim's 4Q11 and 2011 core earnings were in line. We are maintaining our earnings forecasts as we expect 2012 profits to be stronger on higher offshore supply vessel (OSV) utilisation and better offshore installation and construction (OIC) earnings. Nevertheless, Alam's net gearing (1x) coupled with its off-balance sheet obligations remain concerns. Alam remains a Hold with a raised target price of RM0.92 (+8%) as we roll forward valuations to 2013, on an unchanged PER target of 9x.
Maybank Research 29 Feb 2012
Click here for full report
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 0.92 |
Results met expectations. Alam Maritim's 4Q11 and 2011 core earnings were in line. We are maintaining our earnings forecasts as we expect 2012 profits to be stronger on higher offshore supply vessel (OSV) utilisation and better offshore installation and construction (OIC) earnings. Nevertheless, Alam's net gearing (1x) coupled with its off-balance sheet obligations remain concerns. Alam remains a Hold with a raised target price of RM0.92 (+8%) as we roll forward valuations to 2013, on an unchanged PER target of 9x.
Maybank Research 29 Feb 2012
Click here for full report
Alam Maritim - 4QFY11 results - Cruising to profitability
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 1.20 |
Alam Maritim - Dampened by JV write-off, offshore construction delay BUY
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
As such, we maintain our view that the company'searnings recovery is intact with undemanding valuations of FY12F PE of 9x ' atthe lower end of its historical PE band. This is underpinned by improvingvessel utilisation rates with its recent charters, coupled with a likely turnaroundin its offshore construction division.
Source: AmeSecurities
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: AMMB | Price Call: BUY | Target Price: 1.00 |
We reiterate our BUY rating on Alam Maritim Resources, withan unchanged fair value of RM1.00/share, pegged to an FY12F PE of 12x ' at a25% discount to the oil & gas sector's 16x.
Alam's FY11 result was 54% below our earlier FY11F net profitof RM28mil and 64% of street's RM36mil. Thisstemmed largely from:
1) a RM15mil expense for capitalised interest on two 12,000 brakehorse power vessels, currently being built in China, which will be injectedinto the 50:50 joint venture (JV) with Tabung Haji (TH). The sale and leasebackagreement was signed in 4QFY11, while the vessels will be completed by the endof 2012.
2) a RM5miladditional interest charge for the 50:50 JV for the Alam-Swiber derrick laybarge as the commencement of the RM230mil offshore installation construction(OIC) contracts in East Malaysia has been delayed from September last year toMarch-April this year.
Alam registered a 4QFY11 net loss of RM1mil vs. a net profitof RM13mil in 3QFY11, largely due to the Alam-TH JV one-off capitalisedinterest expense, delay in OIC construction work and 27% QoQ seasonal drop inmarine charter revenue. Although FY11 net profit came in way short ofexpectations, we expect a significant recovery in 1QFY12 as the group's vesselutilisation has remained firm at over 80%. Hence, we maintain FY12F-FY13F netprofits, based on vessel utilisation rates of 80%-90% and EBIT margins of 55%.We introduce FY14F net profit with a growthof 7% based on a 5ppt- improvement in vessel utilisation rate.
We expect the turnaround in the OIC division to be a strong re-rating catalyst as this divisionhad been a significant drag to earnings since 4QFY10. This recovery should besustainable as Alam is also aggressively bidding for more OIC jobs and could beawarded another sizeable contract early next year. Recall that Alam secured itsmaiden major OIC contract with Samsung worth US$18mil for Sabah Oil & GasTerminal (SOGT).
We also expect Alam to be awarded fresh charters for its idlingand spot-chartered vessels as utilisation in the sector has tightened. We notethat day rates have been slowly rising on tightening global vesselutilisation.
Source: AmeSecurities
ALAM (FV RM0.85 - NEUTRAL) FY11 Results Review: A Quarter to Forget
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: OSK | Price Call: HOLD | Target Price: 0.85 |
Alam's FY11 results came in below expectations, largely due to the lower contribution from its offshore support vessels as a result ofthe monsoon season, higher other operating expenses and inferior contribution from its underwaterservices/offshore installation and construction. Nevertheless, we are expectingAlam's business prospects to improve in FY12 on the back of higher demand for vesselservices from marginal oilfield and brownfield services. Maintain Neutral with an unchanged FV ofRM0.85 based on existing PER of 12x FY12 EPS.
Underperformance.The FY11 results were below consensus and our expectations making up 30% and50% of the respective FY11 forecasts.Overall, the disappointment arose from lower ontribution from its offshoresupport vessels which were affected by the monsoon season, higher otheroperating expenses and lower contribution from its underwater services/offshoreinstallation and construction. All these factors caused its 4QFY11 bottomline to sink into anet loss of RM0.7m, a significant drop from a net profit of RM13.4m in 3QFY11.Nevertheless, on a y-o-y comparison, the full-year FY11 performance turned out to bebetter, lifted by a stronger 2Q and 3Q, while its FY10 performance was affectedby the one-off Vastalux provision in 4QFY10.
Better prospectsexpected in FY12 onwards. Given that marginal oilfield and brownfield servicesshould start to see heightenedactivities in FY12 onwards consideringthe planned capex to be rolled out by Petronas and its PSC contractors, we areexpecting the demand for offshore support vessels to improve moving forward andthis would definitely benefit Alam's vessels from the standpoint of moreattractive charter rates and longerterm contracts. We are expecting its utilization rate toprogressively improve and be consistent at 70%-80% compared to the situation inFY11, during which its utilization rate swung from 50% to 80% within weeks dueto the spot charter for some of its vessels.
Maintain Neutral. Our fair value for Alam remains unchanged atRM0.85 based on existing PER of 12x FY12 EPS. Although we are positive of the company's future prospects,we are keeping our call and PE valuation unchanged for now until we see the positive industry developments filter down to Alam's earnings. Hence, we maintain our Neutral call fornow.
Source: OSK188
ALAM - Disappointing 4Q11 earnings
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
Alam Maritim; Hold; RM0.78
Price Target: RM0.85 (Prev RM0.90); AMRB MK
4Q11 earnings way below expectations. Cut FY12-13 earnings by 11-12%. Downgrade to Hold with revised TP of RM0.85.
Source: HwangDBS Research 29 Feb 2012
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: HWANGDBS | Price Call: HOLD | Target Price: 0.85 |
Alam Maritim; Hold; RM0.78
Price Target: RM0.85 (Prev RM0.90); AMRB MK
4Q11 earnings way below expectations. Cut FY12-13 earnings by 11-12%. Downgrade to Hold with revised TP of RM0.85.
Source: HwangDBS Research 29 Feb 2012
February 21, 2012
Alam Maritim Resources: Maintain Hold - A quiet quarter expected
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
A quiet 2011 end, looking to a better 2012. Alam will announce its 4Q11 results in the next few days, and we expect earnings to be largely within our expectations. While 2011 was a lacklustre year largely due to contract delays in the OIC segment and lower vessel utilisation, 2012 earnings should be stronger as existing OIC contract wins will be fully recognised this year. OSV will be stronger too, as it will enjoy higher utilisation rates throughout the year. Nevertheless, Alam's net gearing remains our main concern, and is its Achilles heel, in our view. Alam therefore remains a Hold with a RM0.85 target price (9x 2012 EPS).
Maybank Research 21 Feb 2012
Click here for full report
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 0.85 |
A quiet 2011 end, looking to a better 2012. Alam will announce its 4Q11 results in the next few days, and we expect earnings to be largely within our expectations. While 2011 was a lacklustre year largely due to contract delays in the OIC segment and lower vessel utilisation, 2012 earnings should be stronger as existing OIC contract wins will be fully recognised this year. OSV will be stronger too, as it will enjoy higher utilisation rates throughout the year. Nevertheless, Alam's net gearing remains our main concern, and is its Achilles heel, in our view. Alam therefore remains a Hold with a RM0.85 target price (9x 2012 EPS).
Maybank Research 21 Feb 2012
Click here for full report
December 29, 2011
Alam Maritim edges up on contract from S'wak Shell
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
KUALA LUMPUR (Dec 29): ALAM MARITIM RESOURCES BHD [] shares edged up on Thursday after its unit Alam Maritim (M) Sdn Bhd received a letter of award from Sarawak Shell Bhd for the modules offshore transportation and installation contract valued at RM29.80 million.
At 9.15am, Alam added 1.5 sen to 75.5 sen with 142,100 shares done.
The nine-month contract started the current fourth quarter and the expected date of completion was May 2012.
Affin Investment Bank Bhd Research said in a note Dec 29 said it was positive on the contract win, which was inline with management's intention to move up the O&G value chain into the transportation and installation segment.
However, the research house maintained its FY11-13 net earnings forecasts as it had imputed RM50 million of transportation and installation contract win for FY11.
'Maintain ADD on Alam Maritim with an unchanged TP of RM0.87, based on 12x CY12 earnings.
'Key re-rating catalysts are winning of long-term OSV charter contracts, award of SOGT pipelaying work and/or other major offshore installation & CONSTRUCTION [] (OIC) contracts,' it said.
''
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: AFFIN | Price Call: BUY | Target Price: 0.87 |
KUALA LUMPUR (Dec 29): ALAM MARITIM RESOURCES BHD [] shares edged up on Thursday after its unit Alam Maritim (M) Sdn Bhd received a letter of award from Sarawak Shell Bhd for the modules offshore transportation and installation contract valued at RM29.80 million.
At 9.15am, Alam added 1.5 sen to 75.5 sen with 142,100 shares done.
The nine-month contract started the current fourth quarter and the expected date of completion was May 2012.
Affin Investment Bank Bhd Research said in a note Dec 29 said it was positive on the contract win, which was inline with management's intention to move up the O&G value chain into the transportation and installation segment.
However, the research house maintained its FY11-13 net earnings forecasts as it had imputed RM50 million of transportation and installation contract win for FY11.
'Maintain ADD on Alam Maritim with an unchanged TP of RM0.87, based on 12x CY12 earnings.
'Key re-rating catalysts are winning of long-term OSV charter contracts, award of SOGT pipelaying work and/or other major offshore installation & CONSTRUCTION [] (OIC) contracts,' it said.
''
'Neutral' call on Alam Maritim stays
Stock Name: ALAM
Company Name: ALAM MARITIM RESOURCES BHD
OSK Research Sdn Bhd has maintained a 'neutral' call on investment holding company, Alam Maritim Resources Bhd, at an
unchanged price of 85 sen.
In a research note today, OSK said in comparison with other listed vessel operators like Perdana Petroleum, Petra Energy and Tanjung Offshore, Alam Maritim has outperformed its peers in terms of new contracts and quarterly earnings performance.
"The results of its peers were mostly flat or were in red ink quarter after quarter as a result of poor vessels utilisation and dearth of new contracts.
"Although we think Alam Maritim is out-performing its peers, this
development has been partly factored into its share price valuation," it said.
OSK said it was positive on the company but maintained its forecast for financial year 2011-12 results.
It said Alam Maritim was expected to clinch more long-term vessel charters in the future.
"About 50 per cent of its vessels are now on long-term charters averaging about a year while the balance 50 per cent are on spot charter.
"Hence, although its utilisation rate fluctuates monthly, we understand that on average it is still hovering at 60 to 80 per cent," it said.
OSK said judging from the industry's current operating environment, the rate was reasonable in view of the fact that Petroliam Nasional Bhd and its production-sharing contractors were still handing out minimal new vessel contracts. -- BERNAMA
Company Name: ALAM MARITIM RESOURCES BHD
| Research House: OSK | Price Call: HOLD | Target Price: 0.85 |
OSK Research Sdn Bhd has maintained a 'neutral' call on investment holding company, Alam Maritim Resources Bhd, at an
unchanged price of 85 sen.
In a research note today, OSK said in comparison with other listed vessel operators like Perdana Petroleum, Petra Energy and Tanjung Offshore, Alam Maritim has outperformed its peers in terms of new contracts and quarterly earnings performance.
"The results of its peers were mostly flat or were in red ink quarter after quarter as a result of poor vessels utilisation and dearth of new contracts.
"Although we think Alam Maritim is out-performing its peers, this
development has been partly factored into its share price valuation," it said.
OSK said it was positive on the company but maintained its forecast for financial year 2011-12 results.
It said Alam Maritim was expected to clinch more long-term vessel charters in the future.
"About 50 per cent of its vessels are now on long-term charters averaging about a year while the balance 50 per cent are on spot charter.
"Hence, although its utilisation rate fluctuates monthly, we understand that on average it is still hovering at 60 to 80 per cent," it said.
OSK said judging from the industry's current operating environment, the rate was reasonable in view of the fact that Petroliam Nasional Bhd and its production-sharing contractors were still handing out minimal new vessel contracts. -- BERNAMA
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