INARI @ 4TH Jan 2019
Showing posts with label KLSE. Show all posts
Showing posts with label KLSE. Show all posts
Friday, January 4, 2019
Thursday, December 27, 2018
Glove Sector - HARTA, TOPGLOVE, KOSSAN, SUPERMX - Peer-Peer Comparison @ 27 Dec 2018
Glove Sector
HARTA, TOPGLOVE, KOSSAN, SUPERMX
Peer-Peer Comparison @ 27 Dec 2018
Saturday, November 10, 2018
Sunday, November 4, 2018
Sunday, August 19, 2018
Saturday, August 18, 2018
Monday, June 11, 2018
Saturday, June 9, 2018
Wednesday, May 30, 2018
HIBISCS Q3 FY18 Analysis - Part 2 @ 29 MAY 2018
HIBISCS Q3 FY18 Analysis - Part 2 @ 29 MAY 2018
Part 1:
HISBISCS Q3 FY18 Analysis - Part 2
Future outlook forecasting
North Sabah
Jan -March 2018
Uptime =96%
Net oil production = 5674 bbl/day
Total oil sold = 287019 bbl
Average realised oil price = 73.51USD/bbl
Average OPEX per boe = 12.47 USD
Net oil production = 5674 bbl/day
Total oil sold = 287019 bbl
Average realised oil price = 73.51USD/bbl
Average OPEX per boe = 12.47 USD
Total Revenue = 287019 x 73.51 = USD21,098,766 = RM82,285,190
Since the OPEX is so low vs oil price. I assume the next profit margin would be 40-50%. Let assume 45%.
Therefore the estimated net profit margin = RM82,285,190 x 0.45 = RM37,028,335
Total outstanding share = 1,588,228,691
EPS from North Sabah alone = 2.33 sen per quarter.
HIBISCS owns 50% = 1.17 sen per quarter
HIBISCS owns 50% = 1.17 sen per quarter
HIBISCS current EPS ( excluded North Sabah) =0.7 sen per quarter.
Annualized: total EPS = (1.17+0.7) x 4 = 7.48 sens
PE= 25, the fair value share price should be RM1.87
Margin of safety 25% = RM1.40
PE 20, fair value RM1.49
PE 15, fair value RM1.12
PE 15, fair value RM1.12
These estimation based on Brent crude oil price average USD65 per barrel. North Sabah produces premium oil, and can sell higher price.
Future positive outlook:
HIBISCS going to complete another drill on June 2018 in Anarusia. After completion of this project, expected to boost Anarusia production double. I.e. 6000 bbl per day.
HIBISCS to improve operational efficieny in Norrth Sabah 6000 bbl per day
By 2019 total 12,000 bbl per day
Higher BRENT ride oil price around 70USD
HIBISCS going to complete another drill on June 2018 in Anarusia. After completion of this project, expected to boost Anarusia production double. I.e. 6000 bbl per day.
HIBISCS to improve operational efficieny in Norrth Sabah 6000 bbl per day
By 2019 total 12,000 bbl per day
Higher BRENT ride oil price around 70USD
p/s:
Oil and Gas Drilling P/E Ratios
As of January 2015, the average P/E ratio for the oil and gas drilling sector is 25.4. The industry average includes the metrics of large-, mid- and small-cap companies including Canadian Energy Services (CEU) with a P/E ratio of 20.98, Hugoton Royalty Trust (HGT) with a P/E ratio of 7.54 and Pioneer Energy Services Corp (PES) with a P/E ratio of 38.84.
As of January 2015, the average P/E ratio for the oil and gas drilling sector is 25.4. The industry average includes the metrics of large-, mid- and small-cap companies including Canadian Energy Services (CEU) with a P/E ratio of 20.98, Hugoton Royalty Trust (HGT) with a P/E ratio of 7.54 and Pioneer Energy Services Corp (PES) with a P/E ratio of 38.84.
Disclaimers:
This is not a buy/sell call. Trade at your own risks.
This is not a buy/sell call. Trade at your own risks.
Tuesday, May 29, 2018
HIBISCS Q3 FY18 Analysis - Part 1@ 29 MAY 2018
HIBISCS Q3 FY18 Analysis - Part 1@ 29 MAY 2018
重点:
Anarusia 净利有进步
但是 Segment Investment Holding and group activities 亏损25,891,000
Anarusia 净利有进步
但是 Segment Investment Holding and group activities 亏损25,891,000
为什么会有亏损?
因为公司在有negative goodwill 的情况下， 趁机做clean-up.
把一次性的imparing loss, write off, deprecation 整理掉。好处是，这是一次性，长期不会再出现.
这是accounting 惯用手法，虽然write off 很多，但是有negative goodwill 加持,所以整体财报还是很漂亮。另外要说的是这样writeoff， deprecation 是对cash flow 没有影响的。只是accounting 的数字。
因为公司在有negative goodwill 的情况下， 趁机做clean-up.
把一次性的imparing loss, write off, deprecation 整理掉。好处是，这是一次性，长期不会再出现.
这是accounting 惯用手法，虽然write off 很多，但是有negative goodwill 加持,所以整体财报还是很漂亮。另外要说的是这样writeoff， deprecation 是对cash flow 没有影响的。只是accounting 的数字。
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