BUMI ARMADA BERHAD
Company Description
Company Info
My Analysis
Research House
Accounting Ratio
Technical Analysis
My notes based on 2012 quarter 1 report (number in '000):-
- Higher pbt than FY11Q1 due to:
i) The FPSO segment secured two new FPSO contracts towards the end of the second quarter 2011 - Apache in Australia for the Balnaves field and ONGC in India for the D1 field. The ONGC contract is accounted under share of results of a jointly controlled entity
ii) The OSV segment revenue increased as a result of improved average fleet utilisation
iii) The T&I segment revenue mainly comprises guaranteed days only in the current year to date from the Group’s Armada Installer in Turkmenistan
iv) The OFS segment revenue relates to variation orders from the completed Sepat FSO project comprised conversion and sale of an FSO to Petrofac on a percentage of completion basis
- Estimate next 4Q eps after 2012 Q1 result announced = 3548897*0.12/2930704 = 0.1453, estimate PE on current price 4.02 = 25.4(DPS 0.025)
- Estimate next 4Q eps after 2011 Q4 result announced = 3542715*0.13/2928462 = 0.1573, estimate highest/lowest PE = 28.64/24.13 (DPS 0.025)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0332*4*1.15 = 0.1527, estimate highest/lowest PE = 27.47/25.05
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0264*4*1.15 = 0.1214, estimate highest/lowest PE = 33.11/26.69
ARMADA latest news (English)
ARMADA latest news (Chinese)
Financial Quarter Summary
Financial Quarter Balance Sheet
Financial Quarter Income Statement
Financial Quarter Segments Revenue
Financial Quarter Segments Profit
Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables
Company Description
BUMI ARMADA BERHAD engages in the ownership and operation of offshore support vessels in Malaysia. It owns/operates accommodation workbarges/workboats and mooring launches, as well as safety standby/utility, topographic survey, oil terminal support, anchor handling towing support, and platform support vessels to provide logistic support, anchor handling, towing, mooring, rig moving, emergency response, and rescue, as well as fire fighting operations in Malaysia, Brunei, Congo, Nigeria, Mexico, Venezuela, and Caspian. The company also operates floating, production, storage, and offloading (FPSO) systems that offer solutions in remote or deepwater locations in Nigeria and Vietnam. In addition, Bumi Armada provides pipe laying, FPSO/FSO hook up, EPIC contract management, and heavy lifting, as well as flexible, umbilical, structure, mooring, subsea, and floater installation services; and seismic services and light well intervention vessels. Further, the company designs and manages new builds and conversions, such as FPSOs and drill barges; and offers project, safety, and environmental management, as well as quality assurance, quality control, project control, engineering, procurement, construction, commissioning, installation, and start-up services. It also serves clients in South East Asia, India, and Africa. Bumi Armada was incorporated in 1995 and is based in Kuala Lumpur, Malaysia with shore-bases around the globe.
Company Info
| Listing Date | 2011-07-21 |
| IPO Price | 3.03 |
| Market Capital (Capital Size) | 11,772,415,632 (Very Large) |
| Par Value | RM 0.20 |
| Board | Main |
| Sector | Trading/Services |
| Major Industry | Floating Production Storage Offloading |
| Sub Industry | Offshore Support Vessels |
| Website | http://www.bumiarmada.com/ |
My Analysis
| Forecast P/E now | (4.02-0.025)/0.1573 = 25.40 (Moderate) |
| Target Price | 4.33+0.025 = 4.35 (PE 27.5, EPS 0.1573, DPS 0.025) |
| Decision | BUY if stock price strong sustain above 4.03 |
| Comment | Revenue decreased 8.2% and also lower than preceding year corresponding quarter 0.1%, eps increased 28.8% and was second consecutive quarter increasing but still lower than preceding year corresponding quarter 15.3%, cash generated from operating not enough to cover financing expenses hence got generated more cash from financing activities to cover other expenses, very high margin, stronger liquidity ratio from low to moderate level now, slightly higher gearing ratio at above moderate level now, strong cash, benefit from strengthening of USD against RM, most segment business got high profit |
| First Support Price | 4.0 |
| Second Support Price | 3.7 |
| Risk Rating | MODERATE |
Research House
| MIDF Target Price | 3.7 (2012-02-28) |
| Alliance Target Price | 5.3 (2012-05-29) |
| HwangDBS Target Price | 4 (2012-05-29) |
| AMMB Target Price | 4.65 (2012-06-21) |
| ECM Target Price | 5.1 (2012-06-21) |
| Maybank Target Price | 4.88 (2012-06-21) |
| OSK Target Price | 4.16 (2012-06-21) |
| CIMB Target Price | 4.8 (2012-07-02) |
Accounting Ratio
| Return on Equity | 34.26% |
| Dividend Yield | 0.62% |
| Gross Profit Margin | 49.14% |
| Operating Profit Margin | 38.16% |
| Net Profit Margin | 32.22% |
| Tax Rate | 16.62% |
| Asset Turnover | 0.2211 |
| Net Asset Value Per Share | 1.21 |
| Net Tangible Asset per share | 1.21 |
| Price/Net Tangible Asset Per Share | 3.3 |
| Cash Per Share | 0.37 |
| Liquidity Current Ratio | 2.4775 |
| Liquidity Quick Ratio | 2.4751 |
| Liquidity Cash Ratio | 1.3884 |
| Gearing Debt to Equity Ratio | 0.9197 |
| Gearing Debt to Asset Ratio | 0.478 |
| Working capital per thousand Ringgit sale | 77.0% |
| Days to sell the inventory | 1 |
| Days to collect the receivables | 204 |
| Days to pay the payables | 132 |
Technical Analysis
| SMA 20 | 4.009 (Uptrend 2 days) |
| SMA 50 | 3.969 (Uptrend) |
| SMA 100 | 4.103 (Uptrend) |
| SMA 200 | 3.948 (Uptrend) |
| MACD (26d/12d) | -0.001672 ( 0.002569 ) |
| Signal (9) | 0.000396 ( 0.000517 ) |
| MACD Histogram | 0.002068 (Bearish trend 4 days) |
| Bolinger Upper Band | 4.114 |
| Bolinger Lower Band | 3.904 |
My notes based on 2012 quarter 1 report (number in '000):-
- Higher pbt than FY11Q1 due to:
i) The FPSO segment secured two new FPSO contracts towards the end of the second quarter 2011 - Apache in Australia for the Balnaves field and ONGC in India for the D1 field. The ONGC contract is accounted under share of results of a jointly controlled entity
ii) The OSV segment revenue increased as a result of improved average fleet utilisation
iii) The T&I segment revenue mainly comprises guaranteed days only in the current year to date from the Group’s Armada Installer in Turkmenistan
iv) The OFS segment revenue relates to variation orders from the completed Sepat FSO project comprised conversion and sale of an FSO to Petrofac on a percentage of completion basis
- Estimate next 4Q eps after 2012 Q1 result announced = 3548897*0.12/2930704 = 0.1453, estimate PE on current price 4.02 = 25.4(DPS 0.025)
- Estimate next 4Q eps after 2011 Q4 result announced = 3542715*0.13/2928462 = 0.1573, estimate highest/lowest PE = 28.64/24.13 (DPS 0.025)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0332*4*1.15 = 0.1527, estimate highest/lowest PE = 27.47/25.05
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0264*4*1.15 = 0.1214, estimate highest/lowest PE = 33.11/26.69
ARMADA latest news (English)
ARMADA latest news (Chinese)
Financial Quarter Summary
| a_date | year | qrt | h_price | l_price | div | roe | c_roe | rev | c_rev | pbt | c_pbt | prof | c_prof | eps | c_eps | asset | liab | mino | equi | cfo | cfi | cff | cash | fcf | net | final | share | c_share | m_cap | date | gros_m | oper_m | prof_m | vat | asset_t | pe | navps | ntaps | p/ntaps | cps | l_cur | l_qui | l_cash | g_de | g_da | avg_w | inv_d | rec_d | pay_d |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012-05-28 | 2012 | 1 | N/A | N/A | - | 2.53% | 2.53% | 335112 | 335112 | 107978 | 107978 | 89709 | 89709 | 0.0306 | 0.0306 | 6798599 | 3249702 | 15361 | 3548897 | 108351 | 209966 | 46309 | 1234974 | 101615 | 147924 | 1087050 | 2930704 | 2930704 | 11693508 | 2012-03-31 | 49.14% | 38.16% | 32.22% | 16.62% | 0.2211 | - | 1.21 | 1.21 | 3.3 | 0.37 | 2.4775 | 2.4751 | 1.3884 | 0.9197 | 0.478 | 77.0% | 1 | 204 | 132 |
| 2012-02-27 | 2011 | 4 | 4.53 | 3.82 | 0.025 | 14.26% | 41.10% | 370854 | 1543896 | 153505 | 435890 | 124761 | 359672 | 0.0426 | 0.1463 | 6936242 | 3393527 | 14697 | 3542715 | 330246 | 1167615 | 1832163 | 248257 | 837369 | 994794 | 1243051 | 2928462 | 2457973 | 11743132 | 2011-12-31 | 49.95% | 45.12% | 41.39% | 17.30% | 0.2226 | 27.4041 | 1.44 | 1.43 | 2.8 | 0.43 | 2.6989 | 2.6969 | 1.5583 | 0.9619 | 0.4892 | 88.1% | 1 | 213 | 135 |
| 2011-11-21 | 2011 | 3 | 4.22 | 3.85 | - | 10.58% | 26.84% | 403921 | 1173042 | 111249 | 282385 | 92578 | 234911 | 0.0332 | 0.1026 | 6581988 | 3154936 | 13208 | 3427052 | 181001 | 953555 | 1507692 | 250401 | 772554 | 735138 | 985539 | 2788404 | 2288694 | 11069963 | 2011-09-30 | 44.43% | 31.77% | 27.54% | 14.37% | 0.2346 | - | 1.49 | 1.49 | 2.66 | 0.36 | 1.4674 | 1.4652 | 0.7596 | 0.9242 | 0.4793 | 39.6% | 1 | 215 | 180 |
| 2011-08-25 | 2011 | 2 | 4.02 | 3.24 | - | 6.89% | 16.26% | 392962 | 769121 | 75663 | 171136 | 60259 | 142333 | 0.0264 | 0.0623 | 5376711 | 4025253 | 10523 | 1351458 | 187982 | 701156 | 583236 | 241347 | 513174 | 70062 | 311409 | 2284200 | 2284200 | 8679960 | 2011-06-30 | 36.38% | 27.78% | 19.25% | 19.33% | 0.2733 | - | 0.59 | 0.59 | 6.44 | 0.14 | 0.4447 | 0.4428 | 0.1447 | 3.0018 | 0.7486 | -83.2% | 2 | 157 | 171 |
| N/A | 2011 | 1 | N/A | N/A | - | 9.38% | 9.38% | 376159 | 376159 | 95473 | 95473 | 82074 | 82074 | 0.0364 | 0.0364 | N/A | N/A | - | N/A | 103423 | 361295 | 460677 | 241052 | 257872 | 202805 | 443857 | 2254795 | 2254795 | N/A | 2011-03-31 | 40.70% | 30.16% | 25.38% | 14.03% | N/A | - | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | - | N/A | N/A |
| N/A | 2010 | 4 | N/A | N/A | - | N/A | N/A | 371167 | 1241383 | 121377 | 387474 | 111428 | 354963 | 0.0503 | 0.1602 | 4795467 | 3920365 | 567 | 875102 | 255367 | 988384 | 734834 | 243081 | 733017 | 1817 | 244898 | 2215230 | 2215230 | N/A | 2010-12-31 | 45.46% | 35.65% | 32.70% | 8.20% | 0.2041 | - | 0.39 | 0.39 | N/A | 0.13 | 0.4052 | 0.4046 | 0.1463 | 4.4828 | 0.8175 | -115.3% | 1 | 175 | 339 |
| N/A | 2010 | 3 | N/A | N/A | - | N/A | N/A | 328901 | 870216 | 110407 | 266097 | 101131 | 243535 | 0.0498 | 0.1199 | N/A | N/A | - | N/A | 146868 | 770521 | 509067 | 262852 | 623653 | 114586 | 148266 | 2030730 | 2030730 | N/A | 2010-09-30 | 56.46% | 40.98% | 33.57% | 8.40% | N/A | - | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | - | N/A | N/A |
| N/A | 2010 | 2 | N/A | N/A | - | N/A | N/A | 278854 | 541315 | 81819 | 155690 | 74710 | 142404 | 0.0367 | 0.0701 | N/A | N/A | - | N/A | 115694 | 541875 | 300287 | 256282 | 426181 | 125894 | 130388 | 2034164 | 2030723 | N/A | 2010-06-30 | 46.66% | 38.40% | 29.34% | 8.69% | N/A | - | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | - | N/A | N/A |
Financial Quarter Balance Sheet
| year | qrt | Accrued lease rentals (A-0) | Deferred tax assets (A-0) | Derivative financial assets (A-0) | Goodwill on consolidation (A-0) | Investment in jointly controlled entity (A-0) | Other investments (A-0) | Property, plant and equipment (A-0) | Accrued lease rentals (A-1) | Amount due from customers (A-1) | Amount due from jointly controlled entity (A-1) | Cash and cash equivalents (A-1) | Current asset classified as held for sales (A-1) | Current tax assets (A-1) | Derivative financial assets (A-1) | Inventories (A-1) | Other receivables, deposits and prepayments (A-1) | Trade receivables (A-1) | Deferred tax liabilities (L-0) | Derivative financial liabilities (L-0) | Hire purchase liabilities (L-0) | Loans & borrowings (L-0) | Amount due to customers (L-1) | Amounts due to Jointly Controlled Entities (L-1) | Current tax liabilities (L-1) | Derivative financial liabilities (L-1) | Hire purchase liabilities (L-1) | Loans & borrowings (L-1) | Payables and accruals (L-1) | Trade and other payables (L-1) | Minority interest (M-1) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | 1 | 427909 | 4251 | 5592 | 1411 | 157210 | 7427 | 4253382 | 398505 | 52793 | 46697 | 1087950 | 1640 | 7468 | 2266 | 1914 | 79374 | 262810 | 22324 | 8441 | 333 | 2434994 | - | - | 7377 | 12318 | 372 | 476983 | 153246 | 133314 | 15361 |
| 2011 | 4 | 409458 | 3811 | 1240 | 1411 | 151258 | 7427 | 4201167 | 415898 | 53205 | 27682 | 1247416 | 1640 | 8948 | 1102 | 1550 | 82392 | 320637 | 17415 | 15774 | - | 2559826 | - | - | 27644 | 10749 | 804 | 447404 | 193843 | 120068 | 14697 |
| 2011 | 3 | 345185 | 5725 | - | 1411 | 92749 | 5586 | 4213436 | 432624 | 63097 | 94202 | 992827 | 3065 | 7502 | 2875 | 2957 | 57119 | 261628 | 11400 | - | 4 | 1836544 | - | 17789 | 16596 | 25042 | 898 | 846263 | 263905 | 136495 | 13208 |
| 2011 | 2 | 300953 | 2995 | - | 1411 | 10418 | 5585 | 4075685 | 337582 | - | 30916 | 318774 | 3065 | 7502 | 14290 | 4348 | 55171 | 208016 | 3253 | - | 11 | 1819248 | 27231 | 5290 | 12001 | 9511 | 989 | 1780424 | 262224 | 105071 | 10523 |
| 2010 | 4 | 292256 | 4190 | - | 1411 | 9799 | 3778 | 3714989 | 218017 | - | 25123 | 277684 | - | 9135 | 12126 | 1123 | 36193 | 189643 | 1786 | - | 819 | 2019890 | 30377 | - | 10825 | 8699 | 402 | 1397746 | 222445 | 227376 | 567 |
Financial Quarter Income Statement
| year | qrt | Revenue | Income tax expense | Cost of sales | Finance/interest costs | Other income | Administrative/Operating expenses | Minority interest | Share of profit/ (loss) of associates | Selling and distribution costs | After tax effect | Share of net profit of jointly controlled entity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | 1 | 335112 | 17941 | 170451 | 31665 | 16060 | 26356 | 328 | - | 26492 | - | 11770 |
| 2011 | 4 | 370854 | 26549 | 185599 | 25606 | 18946 | 22748 | 2195 | - | 14129 | - | 11787 |
| 2011 | 3 | 403921 | 15986 | 224441 | 33260 | 5718 | 31409 | 2685 | - | 25456 | - | 16176 |
| 2011 | 2 | 392962 | 14625 | 249997 | 33179 | 8309 | 20237 | 779 | - | 21885 | - | 310 |
| 2011 | 1 | 376159 | 13399 | 223058 | 17141 | 4620 | 17535 | - | - | 26739 | - | 833 |
| 2010 | 4 | 371167 | 9949 | 202423 | 11642 | 16579 | 44101 | - | 357 | 8893 | 1052 | 5 |
| 2010 | 3 | 328901 | 9276 | 143212 | 25077 | 3192 | 21894 | - | 357 | 32194 | 1052 | 4 |
| 2010 | 2 | 278854 | 7109 | 148747 | 25955 | 13248 | 17061 | - | 357 | 19211 | 1052 | 4 |
Financial Quarter Segments Revenue
| year | qrt | Offshore Support Vessels | Floating Production Storage Offloading system | Transport and Installation |
|---|---|---|---|---|
| 2012 | 1 | 114229 | 165910 | 51295 |
| 2011 | 4 | 134402 | 176219 | 53107 |
| 2011 | 3 | 133566 | 177529 | 47517 |
| 2011 | 2 | 117138 | 129084 | 67844 |
| 2011 | 1 | 97876 | 125296 | 73850 |
| 2010 | 4 | 104812 | 120328 | 146027 |
| 2010 | 3 | 101648 | 142587 | 84666 |
| 2010 | 2 | 110170 | 131112 | 37572 |
Financial Quarter Segments Profit
| year | qrt | Offshore Support Vessels | Floating Production Storage Offloading system | Transport and Installation |
|---|---|---|---|---|
| 2012 | 1 | 19938 | 53879 | 35019 |
| 2011 | 4 | 45166 | 65042 | 33156 |
| 2011 | 3 | 39575 | 64852 | 8164 |
| 2011 | 2 | 20213 | 33820 | 41409 |
| 2011 | 1 | 12163 | 38136 | 53144 |
| 2010 | 4 | 10016 | 39332 | 66402 |
| 2010 | 3 | 35079 | 39423 | 57099 |
| 2010 | 2 | 22557 | 46307 | 24971 |
Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables
