♦ In line. 6MFY11 net profit of RM103.9m was comfortably within our
expectation, accounting for 48.2% and 47.7% of our and consensus fullyear
estimates respectively.
SapuraCrest Petroleum Berhad : 2QFY11 Results Within Expectations - 30/09/2010
Showing posts with label SapuraCrest Petroleum. Show all posts
Showing posts with label SapuraCrest Petroleum. Show all posts
Thursday, September 30, 2010
Thursday, September 2, 2010
SapuraCrest Petroleum Berhad : Charters For T-6 And T-10 Drilling Rigs - 02/09/2010
♦ New contracts for both rigs. Sapuracrest announced yesterday that two of
its drilling rigs, the T-6 and T-10 that faced expiring contracts in FY10, have
been awarded new contracts. The T-6 was awarded a US$85m (RM269.5m)
28-month contract from existing client CPOC; while the T-10 was chartered
by Seadrill UK on bareboat basis for the duration of 24 months at a contract
value of US$49m (RM155.3m).
SapuraCrest Petroleum Berhad : Charters For T-6 And T-10 Drilling Rigs - 02/09/2010
its drilling rigs, the T-6 and T-10 that faced expiring contracts in FY10, have
been awarded new contracts. The T-6 was awarded a US$85m (RM269.5m)
28-month contract from existing client CPOC; while the T-10 was chartered
by Seadrill UK on bareboat basis for the duration of 24 months at a contract
value of US$49m (RM155.3m).
SapuraCrest Petroleum Berhad : Charters For T-6 And T-10 Drilling Rigs - 02/09/2010
Friday, June 25, 2010
SapuraCrest Petroleum Berhad : Lower Marine Division Losses Boosted Earnings - 25/6/2010
In line. 1QFY01/11 core net profit of RM50.7m accounted for 22% and 24% of our and consensus full-year estimates respectively, comfortably within expectations. 1Q IPF revenue was significantly better both on a yoy and qoq basis, but this was offset by lower revenue from the drilling and marine divisions as charter rates and utilisation rates remained soft. We note that 1Q EBIT was boosted by lower losses from the marine division, but if we strip this out, EBIT for the IPF, drilling and O&M divisions would have been flat despite higher revenue. In our view, 1QFY01/11 EBIT margins are more normal in the absence of higher-margin deepwater jobs that were completed in FY01/10.
SapuraCrest Petroleum Berhad : Lower Marine Division Losses Boosted Earnings - 25/6/2010
SapuraCrest Petroleum Berhad : Lower Marine Division Losses Boosted Earnings - 25/6/2010
RHB Equity 360° - 25 June 2010 (JCY, Top Glove, IJM Land, QSR, Gamuda, SapuraCrest; Technical: HL Bank)
New Coverage
- JCY International is principally involved in precision engineering for hard disk drive mechanical components, with plants in Malaysia, Thailand and China. The company is one of the largest HDD component manufacturers in the world with an estimated monthly capacity of 32m pieces.
- JCY’s main customers are the world’s top HDD vendors i.e. Western Digital and Seagate. Together, they combine a market share of 59%. JCY is estimated to command a global market share of 25% for the base plate, 16% of the top cover, and 12% of the APFA.
- We like JCY given: 1) its proven track record of manufacturing capability; 2) it is a leading HDD component manufacturer; and 3) its ability to diversify into various HDD components.
- We estimate FY09-12 EPS CAGR of 28.4% on good earnings visibility given the strong demand outlook for hard disk drives. We have assumed a target PER of 12x for JCY after imputing a discount to the peers’ weighted average FY11 PER of 13.6x to reflect its mid-range market cap.
- We initiate coverage on JCY with an Outperform call and a fair value of RM2.16 based on 12x FY11 PER.
RHB Equity 360° - 25 June 2010 (JCY, Top Glove, IJM Land, QSR, Gamuda, SapuraCrest; Technical: HL Bank)
- JCY International is principally involved in precision engineering for hard disk drive mechanical components, with plants in Malaysia, Thailand and China. The company is one of the largest HDD component manufacturers in the world with an estimated monthly capacity of 32m pieces.
- JCY’s main customers are the world’s top HDD vendors i.e. Western Digital and Seagate. Together, they combine a market share of 59%. JCY is estimated to command a global market share of 25% for the base plate, 16% of the top cover, and 12% of the APFA.
- We like JCY given: 1) its proven track record of manufacturing capability; 2) it is a leading HDD component manufacturer; and 3) its ability to diversify into various HDD components.
- We estimate FY09-12 EPS CAGR of 28.4% on good earnings visibility given the strong demand outlook for hard disk drives. We have assumed a target PER of 12x for JCY after imputing a discount to the peers’ weighted average FY11 PER of 13.6x to reflect its mid-range market cap.
- We initiate coverage on JCY with an Outperform call and a fair value of RM2.16 based on 12x FY11 PER.
RHB Equity 360° - 25 June 2010 (JCY, Top Glove, IJM Land, QSR, Gamuda, SapuraCrest; Technical: HL Bank)
Wednesday, June 2, 2010
Corporate Highlights - 2/6/2010
♦ Evergreen Fibreboard
Visit Note : Higher Dividend Payout, Outlook Remains Favourable
♦ Semiconductor
Sector Update : Chip Sales Up 50.4% Yoy And 2.2% Mom
♦ AFG
Briefing Note : Setting the tone ahead
♦ SapuraCrest
News Update : Tapping the IPF market in Middle East
Corporate Highlights - 2/6/2010
Visit Note : Higher Dividend Payout, Outlook Remains Favourable
♦ Semiconductor
Sector Update : Chip Sales Up 50.4% Yoy And 2.2% Mom
♦ AFG
Briefing Note : Setting the tone ahead
♦ SapuraCrest
News Update : Tapping the IPF market in Middle East
Corporate Highlights - 2/6/2010
SapuraCrest Petroleum Berhad : Tapping The IPF Market In Middle East - 2/6/2010
Entered into 49:51 JV with ARI. SapuraCrest announced that it had entered into JV with Al Rayan Investment (ARI) with an initial investmentof RM308.7k. We understand that SapuraCrest will have a 49% stake in this JV while ARI will own the remaining 51%. Note that ARI was incorporated in the State of Qatar in 2007 as a limited liability company and is a wholly-owned subsidiary of Masraf Al-Rayan (Qatar’s fourthbiggest lender by market-cap). The businesses of ARI include real estate investment, private equity and investments and financial advisory services.
SapuraCrest Petroleum Berhad : Tapping The IPF Market In Middle East - 2/6/2010
SapuraCrest Petroleum Berhad : Tapping The IPF Market In Middle East - 2/6/2010
RHB Equity 360° - 2 June 2010 (Evergreen, Semicon, AFG, SapuraCrest; Technical: AMMB) - 2/6/2010
Visit Note
♦ 2Q10 results expected to be stronger by around 5% qoq, from higher sales volume coupled with higher ASP. Current capacity utilisation rate is >80% while ASP strengthened by 3% in 2Q10 vs. 1Q10. Total cost of production has dropped by 2.5% in 2Q10 vs. 1Q10.
♦ Indonesia operations to be commissioned in 2H10. To be conservative, we have only assumed contributions to start from FY11 onwards. However, if the plant is commissioned on time, this could potentially raise our FY10 EPS forecast by 5%.
♦ Growth is expected to mainly come from an improvement of market share and reduction in cost of production. Plans to grow both its Thailand and Indonesia market shares to 5% (from <2%) and 10% (from 6%), respectively in the near term. May try to further reduce cost of production through the securing of rubberwood log supply (by acquisition) and ownership of third glue plant. Any acquisitions of existing MDF players would only take place earliest in 2012.
♦ FY10-11 net dividend payout assumptions of 40-45% translate to an attractive net yield of 6-7% p.a..
♦ FY10-12 earnings forecasts reduced by 1.4-3.2% p.a. after updating US$/MYR assumptions, FY09 numbers, and increasing dividend payout assumptions.
♦ Fair value of RM2.30 (from RM2.35) based on unchanged target PER of 11x FY12/10 earnings.
RHB Equity 360° - 2 June 2010 (Evergreen, Semicon, AFG, SapuraCrest; Technical: AMMB) - 2/6/2010
♦ 2Q10 results expected to be stronger by around 5% qoq, from higher sales volume coupled with higher ASP. Current capacity utilisation rate is >80% while ASP strengthened by 3% in 2Q10 vs. 1Q10. Total cost of production has dropped by 2.5% in 2Q10 vs. 1Q10.
♦ Indonesia operations to be commissioned in 2H10. To be conservative, we have only assumed contributions to start from FY11 onwards. However, if the plant is commissioned on time, this could potentially raise our FY10 EPS forecast by 5%.
♦ Growth is expected to mainly come from an improvement of market share and reduction in cost of production. Plans to grow both its Thailand and Indonesia market shares to 5% (from <2%) and 10% (from 6%), respectively in the near term. May try to further reduce cost of production through the securing of rubberwood log supply (by acquisition) and ownership of third glue plant. Any acquisitions of existing MDF players would only take place earliest in 2012.
♦ FY10-11 net dividend payout assumptions of 40-45% translate to an attractive net yield of 6-7% p.a..
♦ FY10-12 earnings forecasts reduced by 1.4-3.2% p.a. after updating US$/MYR assumptions, FY09 numbers, and increasing dividend payout assumptions.
♦ Fair value of RM2.30 (from RM2.35) based on unchanged target PER of 11x FY12/10 earnings.
RHB Equity 360° - 2 June 2010 (Evergreen, Semicon, AFG, SapuraCrest; Technical: AMMB) - 2/6/2010
Wednesday, May 19, 2010
RHB Equity 360° - 19 May 2010 (HSL, Motor, MISC, Parkson, MRCB, AEON; Technical: SapuraCrest)
Visit Note:
- HSL has secured RM310m worth of new jobs YTD and is poised to top its full-year target of RM500m.
- HSL is cool about dropping out of the race for the Murum access road work packages as it believes it could always deploy its resources elsewhere for much higher returns.
- HSL plans to oursource more work to sub-contractors over time but will fully retain land reclamation work.
- We are raising FY12/10-12 net profit forecasts by 3-12% largely to reflect higher annual orderbook targets of RM600m (from RM500m previously).
- Fair value is from RM1.56 to RM1.61. Maintain Market Perform.
RHB Equity 360° - 19 May 2010 (HSL, Motor, MISC, Parkson, MRCB, AEON; Technical: SapuraCrest)
- HSL has secured RM310m worth of new jobs YTD and is poised to top its full-year target of RM500m.
- HSL is cool about dropping out of the race for the Murum access road work packages as it believes it could always deploy its resources elsewhere for much higher returns.
- HSL plans to oursource more work to sub-contractors over time but will fully retain land reclamation work.
- We are raising FY12/10-12 net profit forecasts by 3-12% largely to reflect higher annual orderbook targets of RM600m (from RM500m previously).
- Fair value is from RM1.56 to RM1.61. Maintain Market Perform.
RHB Equity 360° - 19 May 2010 (HSL, Motor, MISC, Parkson, MRCB, AEON; Technical: SapuraCrest)
Thursday, March 25, 2010
Corporate Highlights...- 25/03/2010
♦ Kuala Lumpur Kepong
Visit Note : Benefitting From Its Young Age Profile
♦ Plantation
Sector Update : Closer To B5 Biodiesel Mandate Implementation
♦ Insurance
Sector Update : Capping 3rd Party Claims
♦ Infrastructure
Sector Update : SPLASH Offers To Acquire Water Assets In Selangor
♦ Gamuda
News Update : Splash Offers To Take Over Klang Valley Water Assets For RM10.75bn
♦ Tanjong plc
Results Note : 4Q Hampered By Poor Luck Factor But Dividend Surprise
Mandarin Version : Market Technical Reading : Short-term Volatility Likely To Persist...-25/03/2010
Visit Note : Benefitting From Its Young Age Profile
♦ Plantation
Sector Update : Closer To B5 Biodiesel Mandate Implementation
♦ Insurance
Sector Update : Capping 3rd Party Claims
♦ Infrastructure
Sector Update : SPLASH Offers To Acquire Water Assets In Selangor
♦ Gamuda
News Update : Splash Offers To Take Over Klang Valley Water Assets For RM10.75bn
♦ Tanjong plc
Results Note : 4Q Hampered By Poor Luck Factor But Dividend Surprise
Mandarin Version : Market Technical Reading : Short-term Volatility Likely To Persist...-25/03/2010
SapuraCrest Petroleum Berhad : Looking Forward To FY11- 25/03/2010
No surprises. FY01/10 core net profit was largely in line, accounting for 103% and 95% of our full-year forecast and market consensus respectively. 4Q revenue was down 53% qoq, mainly due to lower revenue from marine division (-47% qoq) on account of declining charter rates and lower utilisation rates as well lower contribution from IPF division (-71% qoq) due to seasonal factors. Despite higher margins for IPF (+20.8%-pts qoq), overall margins were dragged down by an operating loss of RM43.7m for themarine division (vs. 3Q operating loss of RM20.8m) as well as declining drilling margin (-3.4%-pts qoq) stemming from lower utilisation rates.
SapuraCrest Petroleum Berhad : Looking Forward To FY11- 25/03/2010
SapuraCrest Petroleum Berhad : Looking Forward To FY11- 25/03/2010
RHB Equity 360° (Infra, Plantation, Insurance, Gamuda, Tanjong, SapCrest, Jaya Tiasa; Technical: TDC) - 24/03/2010
Top Story :
KLK – Benefitting from its young age profile Outperform Visit Note
♦ Six key points:
1) Strong FFB growth so far in FY09/10, but this may moderate if affected by El Nino;
2) Better CPO prices to come in next few quarters as we believe KLK has already sold some of its FY10 production forward earlier, at more attractive prices;
3) No labour shortage problems yet, although this may materialise in the medium term, once labour permits start expiring;
4) Delay in new methyl ester sulfonate plant completion by 6-9 months to either 3Q/4Q FY09/10;
5) Good news from the retail division - coming from lower provisions to be made for its US store closures, and from the property division - coming from approval to start development for a new township development; and
6) Higher new land planting targets of 15,000ha p.a. (from 10,000ha)
♦ All in, we revised our forecasts down by 7.1% for FY10, 1.5% for FY11 and 18.7% for FY12.
♦ Post-earnings revision, we lower our SOP-based fair value for KLK to RM18.40 (from RM19.50) and maintain our Outperform rating. We continue to like KLK for its inexpensive valuations (as it remains the cheapest amongst the big-cap plantation stocks currently) and for its strong management with a good track record. Further catalysts could come from better-than-expected FFB production growth as well as potential return to profitability of the retail division.
RHB Equity 360°( Infra, Plantation, Insurance, Gamuda, Tanjong, SapCrest, Jaya Tiasa; Technical:TDC) - 24/0...
KLK – Benefitting from its young age profile Outperform Visit Note
♦ Six key points:
1) Strong FFB growth so far in FY09/10, but this may moderate if affected by El Nino;
2) Better CPO prices to come in next few quarters as we believe KLK has already sold some of its FY10 production forward earlier, at more attractive prices;
3) No labour shortage problems yet, although this may materialise in the medium term, once labour permits start expiring;
4) Delay in new methyl ester sulfonate plant completion by 6-9 months to either 3Q/4Q FY09/10;
5) Good news from the retail division - coming from lower provisions to be made for its US store closures, and from the property division - coming from approval to start development for a new township development; and
6) Higher new land planting targets of 15,000ha p.a. (from 10,000ha)
♦ All in, we revised our forecasts down by 7.1% for FY10, 1.5% for FY11 and 18.7% for FY12.
♦ Post-earnings revision, we lower our SOP-based fair value for KLK to RM18.40 (from RM19.50) and maintain our Outperform rating. We continue to like KLK for its inexpensive valuations (as it remains the cheapest amongst the big-cap plantation stocks currently) and for its strong management with a good track record. Further catalysts could come from better-than-expected FFB production growth as well as potential return to profitability of the retail division.
RHB Equity 360°( Infra, Plantation, Insurance, Gamuda, Tanjong, SapCrest, Jaya Tiasa; Technical:TDC) - 24/0...