Carimin

Carimin

Postby winston » Thu Oct 30, 2014 6:07 am

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Carimin fair value at RM1.35, says Maybank Research

KUALA LUMPUR: Maybank Investment Bank Research has an indicative fair value of RM1.35 for Carimin Petroleum, which is 25 sen above its IPO price of RM1.10.

The research house said on Wednesday the FV was based on CY15 earnings per share (EPS) of 11.3 sen. It had pegged it to a fair CY15 price-to-earnings ratio (PER) of 12 times.

Maybank Research said this was consistent with its valuations for mid-sized oil & gas service providers under coverage and having imputed a discount for Carimin considering its smaller fleet size and market capitalisation.

“This represents an upside potential of 23%. Positive earnings surprise would come from stronger-than-anticipated contribution from its manpower supply unit and chartering services,” it said.

Carimin will be listed on the Main Market on Nov 10, 2014. Its IPO application closes on Wednesday.

Under the listing exercise, it is issuing 60.7 million new shares at RM1.10 each to raise RM66.8mil. There is also an offer for sale of 5.9 million shares.

Maybank Research said Carimin is licenced by Petroliam Nasional Bhd (Petronas) to provide onshore and offshore hook up and commissioning (HUC) services. It also provides manpower supply and equipment rental services.

In November 2013, Carimin secured a RM899mil five-year contract from Petronas Carigali to provide offshore HUC as well as topside major maintenance for the production platforms offshore Peninsular Malaysia.

“We project a 26% two-year (FY6/14-16) EPSCAGR, underpinned by the five-year RM899mil Peninsular Malaysia HUC project and also margins expansion.

Hook up and commissioning - key earnings driver. Carimin owns an anchor handling tug supply vessel (AHTS), Carimin Airis, while its 14% investment in Synergy Kenyalang Offshore Sdn Bhd (SK Offshore) also owns an accommodation workboat, the SK Deep Sea, which is chartered for Carimin's Peninsular Malaysia HUC contract.

Source: The Star
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Re: Carimin

Postby winston » Tue Jan 08, 2019 8:06 am

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Carimin Petroleum

By Koon Yew Yin

Its IPO price was Rm 1.10 in 2014. It has a 5 years contract with 2 years extension to provide their service to Petronas.

Its share price has been dropping until it began to show profit.

Its 1st quarter ending Sept 2018 EPS was 5.01 sen.

Its projected annual EPS is about 20 sen.


With such a profitable long term contract from Petronas, it deserves to sell at least P/E 8 that Rm 1.60 when it announced its annual profit in Aug 2019.


http://koonyewyin.com/2019/01/06/carimin-petroleum/
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Re: Carimin

Postby winston » Tue Feb 05, 2019 9:28 am

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Carimin is doing what business

By Koon Yew Yin

Many of my followers wanted to know what kind of business is Carimin doing.

Carimin: Carimin is renowned for its highly dedicated group of professionals from our management to our highly trained on site personnel in a full array of oil and gas industry services.

The company provides skilled personnel to the oil and gas for both onshore and offshore projects and facilities from engineering and design, fabrication and construction installation and commission through to complete inspection and maintenance.

Petronas: Petronas has more than 200 oil rigs and the cost per oil rig ranges from US $ 200-600 million, depending on its location. Offshore oil rigs are more expensive. Each oil rig can produce an average of 500,000 barrels of oil per day. Assuming the oil cost is about US $ 50 per barrel, 1 oil rig can produce US$ 2.5 million per day.

All steel rust over time especially the offshore oil rig due to salty sea water. The company was awarded a Rm 1 billion service contract for 5 years from Petronas, average Rm 200 million a year. Besides this, it also has secured a 2 years construction contract valued at Rm 60 million from West Coast Express Highway.

Carimin reported its 1st quarter ending 31 September 2018, EPS 5.01 sen. It is safe to assume that the company can continue to report similar profit every quarter for the next 5 years. Based on the excellent performance, it is most likely Petronas will award more contracts to the company.

Based on the above facts, I believe Carimin will report similar EPS for the 2nd quarter before end of this month and the share price will continue to shoot higher and higher.

Most likely it can report 5X4= 20 sen EPS for the current financial year. It should deserve to sell at Rm 2.00 equal to P/E 10.

To be safe you can wait for its 2nd quarter announcement at the end of February. But you might miss the boat because there are many institutional investors with good foresight who are buying it aggressively. That is why the average daily traded volume exceeds 10 million shares.

http://koonyewyin.com/2019/02/01/carimi ... -business/
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Re: Carimin

Postby winston » Fri Feb 08, 2019 8:39 am

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Carimin-As I see it

By Koon Yew Yin

As you can see from the above chart, the price started to climb as soon as the company reported its 1st quarter EPS of 5.01 sen in late November last year. In 2.5 months, the price has shot up about 300%.

Schedule of rates contract

Petronas has about 220 pumping oil rigs scattered all over Peninsula Malaysia, Sabah and Sarawak. The average cost for offshore rigs can be as much as 15 to 20 times greater than the average cost for land rigs.

The least-expensive offshore rigs typically cost nearly US$200 million. The average price for offshore oil-drilling rigs is approximately US$650 million.

All these rigs are made of steel which rusts especially those subjected to salty sea water. All these rigs require constant maintenance and Petronas has given out maintenance contracts based on schedule of rates to 5 contractors of which Carimin is one of them.

Schedule of rates contract means there are fixed prices for various items of work such as painting, remove and replace rusted steel sections etc.

If you look at the prices of oil rigs, you can understand why Petronas had to spend large sum of money for maintenance contract and the contract awarded to Carimin is Rm 200 million per year for 5 years, totalling Rm 1 billion with an extension of 1 year.

Just based on its strong earning, the company must be very efficient and most likely the company can secure more contracts from Petronas.

As a result, the company will have a very good profit growth prospect which is the most powerful catalyst to move share price.


http://koonyewyin.com/2019/02/07/carimin-as-i-see-it/
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Re: Carimin

Postby winston » Wed Feb 27, 2019 9:42 pm

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Carimin-When did I start to buy and when will I sell

By Koon Yew Yin

When did I start to buy:

4th quarter of financial year ending June 2018 EPS -6.82 sen.

1st quarter of financial year 2019 EPS 5.01 sen which was announced on 29th Nov 2018.

I started to buy it on 30th Nov 2019 when the price was around 28 sen. It shot up to 93 sen, 330% increase within 3 months.


What is my target price for Carimin?

1st Quarter EPS 5.01 sen and 2 Quarter EPS 2.25, total 7.26 sen.

Bearing in mind that its 2nd Quarter from Sept to Dec, was N-E monsoon period during which the company did less work.

Assuming its earning for the 2nd half year is the same as the 1st half year, its annual EPS will be 7.26 X 2 = 14.52 sen.

Even if I based on P/E 10 which is very safe, my target price is Rm 1.42.


http://koonyewyin.com/2019/02/27/carimi ... ll-i-sell/
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