What is Maybulk? Maybulk is Bursa Malaysia's only listed dry bulk shipping player. Dry bulk shipping largely involves the transport of unpackaged bulk cargo such as grains, coal and iron ore. Maybulk has 16 or 17 bulk carriers in three different sizes namely Handysize, Supramax and Post-Panamax. Maybulk used to have a 21% stake in … Continue reading Trading BUY – Maybulk
4Q19 core earnings 30% ahead of our forecasts Carimin recorded headline earnings of RM9.7m which reversed a loss of RM15.9m in the same period last year. On a qoq basis, headline earnings were up nearly 356% from a RM2.1m base. But to get a better understanding of the numbers, lets strip out the one-offs and … Continue reading Carimin – 4Q19 results review
Conventional wisdom holds that corporate insiders have private information about the future prospects of their firms that outsiders do not have. A large literature about the trading of corporate insiders has provided robust evidence that insiders exploit their informational advantage and earn abnormal returns on their trades. Read Jaffe, 1974; Finnerty, 1976; Seyhun, 1986; Rozeff … Continue reading Carimin Petroleum – Who knows best? (public release)
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We at Abath would like to thank our followers and subscribers for an amazing start to the blog. We truly appreciate the support and belief afforded to us in the past week or so. Our mission is simply to make the market more efficient by identifying companies that are worth more than what is reflected … Continue reading Woah, thanks for the belief!
Forecasts Admittedly, it is difficult to forecast Carimin's financials accurately as it depends on the work schedule permitted by PETRONAS, additional work orders, weather, unplanned delays, etc which is not readily available. However, we can formulate guestimates by deriving the relative growth between PETRONAS' forecast TMM/MCM and HUC man hours between 2018 and 2019. For … Continue reading Carimin Petroleum – Cari-cari minyak, minyak sudah jumpa (Part 3)
Investment thesis Major contract underpins earnings prospects On 2nd October 2017, Carimin secured a contract from PETRONAS Carigali for the provision of maintenance, construction and modification (MCM) services (Package C Offshore Peninsular Malaysia Oil) for a period of five years with an option to extend for one year. Other local contractors that won an MCM … Continue reading Carimin Petroleum – Cari-cari minyak, minyak sudah jumpa (Part 2)
Business description Carimin is primarily a domestic oil & gas service provider specialising in: 1) Construction, Hook Up, Commissioning (HUC) and Top Side Major Maintenance (TMM), 2) Manpower Services (MPS) and 3) Marine Services (MS). Following the prolonged downturn in crude oil prices, Carimin also diversified into civil construction (CC) in 2017. Financial history In … Continue reading Carimin Petroleum – Cari-cari minyak, minyak sudah jumpa (Part 1)
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