Destini

Destini

Postby winston » Mon Feb 26, 2018 9:02 am

not vested

Trading Buy: DESTINI - 7212
(Last price: RM0.635, Potential upside +19.7%)

Company Profile
• Destini is excels in being one of the leading maintenance, repair and overhaul (MRO) service provider within the aviation, marine, land transport.

Trading Catalyst
• In FY16, the marine division contributed 55% to the revenue, while the rest were from aviation (30%), O&G (10%) and land & transport (5%).
• Destini is viewed as a politically linked company as its single largest shareholder is Dato’ Rozabil Abdul Rahman (Group MD and UMNO Perlis treasurer) with a 25% stake. Meanwhile, Ministry of Finance has a 17% stake via its wholly owned subsidiary, Aroma Teraju.
• Currently, Destini is hovering above the SMA200 (LT moving average). With the recovering indicators, we believe that Destini could poise for a breakout over the near term.

Technical View
• Resistance: RM0.680 / RM0.700 / RM0.760
• Support: RM0.610 / RM0.600
• Cut loss: RM0.590

Source: Bloomberg, HLIB
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Re: Destini

Postby winston » Tue Apr 23, 2019 9:09 am

nogt vested

Trading Buy: DESTINI - 7212
(Last price: RM0.305, Potential upside +54.1%)

Company Profile
Destini is an integrated engineering solutions provider with diverse interest in the aviation, marine, land systems as well as O&G industries.

Trading Catalyst

We believe the worst is over for DESTINI as the share price is hovering above SMA200.

Also, the recovering sentiment following a series of projects reviving after the review by PH government, we opine that the downside risk would be limited, at least over the near term.

The timely expansion into the rail services could be a prelude in bidding of rail and track projects in the future.

DESTINI has formed a flag breakout, next target will be at RM0.35-0.40, followed by RM0.47. Support will be at RM0.27-0.28, with a cut loss set below RM0.265.

Technical View
Resistance: RM0.350 / RM0.400 / RM0.470
Support: RM0.280 / RM0.270
Cut loss: RM0.265

Key Financial Stats
P/B ratio: 0.69x

Source: Bloomberg, HLIB
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Re: Destini

Postby winston » Fri Feb 19, 2021 9:27 am

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The setbacks continue in 3Q20

Destini’s 9M20 net loss breached our full-year forecast by 41% as it continued to suffer from a lack of jobs during the Covid-19 outbreak.

We consequently widen our FY20F LPS by 40%. Still, we expect better numbers in FY21-22F with a pick-up in defence and oil and gas segments.

Destini remains a Hold. We lift our TP slightly as we roll forward our 23.5x P/E valuation to CY22F. More maintenance contract wins is an upside risk.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 557189E7DD
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Re: Destini

Postby winston » Fri Feb 19, 2021 9:31 am

not vested

September 12, 2019

Destini proposes private placement exercise to repay borrowings

by Ahmad Naqib Idris

Based on its filing with the bourse today, the engineering group intends to issue up to 231.05 million shares for the placement exercise, representing up to 20% of the total number of issued shares in Destini.

Based on an indicative issue price of 21.5 sen per placement share, the exercise is expected to raise RM49.67 million in proceeds, of which RM21 million will be used to repay bank borrowings.

"Barring any unforeseen circumstances, the proposed private placement is expected to be completed by the fourth quarter of 2019," it said.


Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... borrowings
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Re: Destini

Postby winston » Fri Feb 19, 2021 9:33 am

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The Board of Directors of Destini is pleased to announce that Destini Prima Sdn Bhd (“DPSB”), a wholly-owned subsidiary of Destini, had on 30 December 2020, received a letter of award (“Letter of Award”) from Ministry of Defence Malaysia for the extension of the existing contract to provide maintenance, repair and overhaul services and the supply of safety and survival equipment to the Royal Malaysian Air Force (“Contract”). The Contract ceiling is approximately RM30.37 million. The Letter of Award was accepted by DPSB on 4 January 2021.
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Re: Destini

Postby winston » Sun Feb 28, 2021 7:52 am

vested

Destini forms JV with KTMB for rail maintenance

Destini Bhd has entered into an agreement with Keretapi Tanah Melayu Bhd (KTMB) to establish a joint-venture (JV) company, ET Sdn Bhd (ETSB), to expand its capabilities in maintenance, repair and overhaul (MRO) services in the rail sector.

“The formation of the JV company would enable Destini to expand its capabilities to provide heavy maintenance work on rail assets in Malaysia and potential regional markets.

The company said the collaboration with KTMB would allow the group to enhance its potential of securing supply and MRO service contracts in the rail sector, both locally and internationally.

"The stake in ETSB would enable Destini to participate in the government’s National Railway Industry Development Programme, which is an ongoing initiative under the Transport Ministry to localise rail related products and services."


Source: Bernama

https://www.theedgemarkets.com/article/ ... aintenance
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Re: Destini

Postby winston » Sat Mar 27, 2021 11:41 am

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2020 results

Revenue: -54%
Losses: RM 190m vs RM 250m
NAV: RM 0.22

https://www.bursamalaysia.com/market_in ... id=3142678
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Re: Destini

Postby winston » Tue Mar 30, 2021 9:53 am

vested

CGS-CIMB downgrades Destini, slashes target price to 5 sen

by Surin Murugiah

KUALA LUMPUR (March 30): CGS-CIMB Research has downgraded Destini Bhd to Reduce at 25 sen and slashed its target price (TP) to 5 sen (from 28 sen) and said Destini’s FY20 core net loss of RM129 million was nearly 5 times the RM27.1 million the research house previously forecast, as the firm’s aviation revenue plunged amidst the pandemic.

In a note March 29, the research house said as the aviation industry is unlikely to return to normal operations in 2021, it now forecast Destini to be in a net loss in FY21F.

“FY22F EPS is cut by 51%.

“Destini’s new proposed 20% share placement is critical to replenish its working capital needs. Downgrade to Reduce with a lower TP of 5 sen,” it said.

Source: The Edge

https://www.theedgemarkets.com/article/ ... rice-5-sen
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Re: Destini

Postby winston » Tue Mar 30, 2021 10:49 am

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In need of another lifeline

Destini’s FY20 core net loss of RM129m was nearly 5x the RM27.1m we previously forecast, as its aviation revenue plunged amidst the pandemic.

As the aviation industry is unlikely to return to normal operations in 2021, we now forecast Destini to be in a net loss in FY21F. FY22F EPS is cut by 51%.

Destini’s new proposed 20% share placement is critical to replenish its working capital needs. Downgrade to Reduce with a lower TP of 5 sen.

The division handling the maintenance, repair, and overhaul (MRO) for commercial planes practically had zero revenue, in light of the prolonged border closures.

The oil and gas (O&G) unit, too, suffered from project deferments as
Petroliam Nasional Bhd (Petronas) rationalised its capital expenditure when the Covid-19 pandemic hurt oil prices.

The deficit in its operating cash flow prior to working capital rose by 30.6% yoy to RM63.7m.

The silver lining in all of this is perhaps Destini has finally delivered on its target to work with Keretapi Tanah Melayu (KTMB) to provide MRO services to the country’s oldest rail operator. However, Destini said its 70%-owned joint venture ET Sdn Bhd (Unlisted) is not expected to bring in any material earnings contribution in FY21F.


Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 5873095DF0
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Re: Destini

Postby winston » Wed Apr 07, 2021 9:44 am

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03 Sep 2015

Shot in the arm for Destini

By B.K. SIDHU

MoF unit emerges as second-largest shareholder of company.

PETALING JAYA: Minister of Finance Inc (MoF) unit Aroma Teraju Sdn Bhd has emerged as the second-largest shareholder of engineering specialist firm Destini Bhd, confirming a report by StarBiz on Monday entitled MoF courts Destini.

Stock-exchange filings showed that Aroma Teraju had acquired 200 million shares in Destini via a merit deal on Friday.

Based on the last closing price of 58 sen per share on Friday, the deal is said to be worth RM116mil.

This would give the MoF company a 24.75% stake in Destini, making it the second-largest shareholder after Datuk Rozabil Abdul Rahman, who has a 31.82% stake.

Aroma Teraju, which was once a major shareholder in Pos Malaysia Bhd, is owned by Piramid Pertama Sdn Bhd, which in turn is owned by MoF and Pesuruhjaya Tanah Persekutuan, a company search revealed. Rozabil is also the managing director of Destini.

Part of the sellers of the stake was Cayman Island-registered fund manager Harbour Asia Opportunity Master Fund, which had 11.41% in Destini as at Aug 12. Harbour had bought into Destini in June this year.

Rozabil, when contacted by StarBiz yesterday, said he was aware that a company from MoF had bought close to a 25% stake in Destini.

“We welcome them and we believe they have confidence in Destini to have bought into it,” he said.

Yesterday, Destini shed half a sen to close at 57.5 sen. As of yesterday, its market capitalisation stood at RM464.61mil, down from RM477mil on Friday.

Aroma Teraju’s rationale for emerging in Destini is not known, although it could be because of the defence contracts that this company has won.

Destini has a six-board member team and insiders reckon that Aroma Teraju will seek board representation.

Rozabil added: “As a major shareholder of Destini, I will be seeking a meeting with them. We welcome their representation at the board level and then will decide on the direction of the company going forward.”

Formerly known as Satang Holdings Bhd, Destini generally depends on contracts from the Government in relation to the defence industry. It also provides aircraft maintenance, repair and overhaul (MRO) services.

After Rozabil took over the company more than two years ago, the company expanded into the oil and gas sector via the RM80mil acquisition of Samudra Oil Services Sdn Bhd from Kejuruteraan Samudra Timur Bhd, but the move came just before the fall of global fuel prices.

Destini has a three-year contract worth RM8mil to provide MRO services to the Royal Malaysian Navy.

In July, it bought Everyday Success Sdn Bhd for RM90mil from paramilitary boat maker Destination Marine Services Sdn Bhd (DMS) and this allows the company to participate in a contract awarded to DMS by the Malaysian Maritime Enforcement Agency for the supply of six patrol boats worth RM381mil.

It is also expanding its MRO services with an agreement with AirAsia Bhd signed in July for the outsourcing of MRO services for the budget airline’s fleet of aircraft.

Destini’s net profit jumped three-fold to RM3.6mil in the second quarter ended June 30 from RM1.2mil a year ago. Revenue rose to RM50.9mil from RM36.8mil previously.

Source: The Star

https://www.thestar.com.my/business/bus ... or-destini
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