Sapura Energy

Re: Sapura Energy

Postby winston » Fri Jun 22, 2018 11:01 am

Secures MYR1.8b worth of new contracts

Reiterate BUY and MYR1.20 TP

SAPE’s orderbook replenishment momentum is on the rise.

This MYR1.8b job win elevates SAPE’s jobs wins to MYR4.7b YTD, and improves visibility and its backlog orders to close to MYR20b.

Monetising its gas assets remains a key re-rating catalyst. Our TP is SOP-based.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/9 ... 7c6051.pdf
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Re: Sapura Energy

Postby winston » Mon Jun 25, 2018 3:00 pm

not vested

Sapura Energy seen among first to benefit from higher oil prices — TA

by Billy Toh

KUALA LUMPUR (June 25): Crude oil producers Sapura Energy Bhd and Dagang NeXchange Bhd are seen as among the first to benefit from an improved oil price environment. This is because higher prices of the commodity will catalyse production and accelerate monetisation of oil and gas reserves.

TA Securities Holdings Bhd wrote in a note today that Sapura Energy and Dagang NeXchange are expected to thrive on the back of higher oil prices at some US$70 a barrel in 2018, compared with US$53 and US$48 a barrel in 2017 and 2016 respectively.

According to TA, Sapura Energy and Dagang NeXchange are also expected to gain from a "dip in depreciation charges, following major asset impairments in 2016-17."

At 10:59am today, Sapura Energy shares were the most actively traded across Bursa Malaysia, with some 96 million shares traded. Sapura Energy rose 0.5 sen to 65 sen.

TA's note followed news that the Organization of the Petroleum Exporting Countries (OPEC) agreed to increase output from July by about one million barrels per day.

TA said it upgraded the Malaysian oil and gas sector to overweight due to firm oil prices, which leads to improved sentiment and accelerated exploration and production capital expenditure spend.

TA said: “OPEC’s move to increase production was well within expectations, as it was flagged to the market weeks earlier. However, we are positive that the quantum of production increase at 1 million barrels per day is significantly lower than 2017’s output cut of 1.8 million barrels per day. Furthermore, oil supply-demand equilibrium and inventory levels have improved substantially since 2017.”

Source: The Edge

http://www.theedgemarkets.com/article/s ... 2%80%94-ta
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Re: Sapura Energy

Postby winston » Sun Jul 01, 2018 8:16 am

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Sapura Energy aims to maximise value with listing of E&P asset

KUALA LUMPUR: Amidst the ongoing upturn in the oil and gas (O&G) industry, Sapura Energy Bhd
is evaluating plans to maximise value for shareholders including a potential listing of its exploration and production (E&P) business and undertaking a capital raising exercise.

According to a company statement announcing its results for the first quarter ended April 30, 2018 (Q1FY19) yesterday, Sapura Energy said it remained committed to strengthening its financial position, reflecting the O&G-related group's readiness to reassess and redefine its businesses and act ahead of time.

Commenting on the move, Sapura Energy president and group chief executive officer Tan Sri Shahril Shamsuddin said the group had always been progressive and dynamic in its strategy and business decisions.

“These initiatives are part of our overall strategy while we continue to refine our plans to be ready for the upturn and stay ahead of the competition.

Against the backdrop of increased investments in the O&G industry following the crude oil price upturn, market observers believe that it is now opportune for Sapura Energy to strengthen its financial position and list its E&P business to give better value to shareholders.

Crude oil prices have surged to around US$78 a barrel yesterday compared to US$67.78 at the end of Sapura Energy’s financial year ended Jan 31, 2018 and at below US$50 a year ago.

Sapura Energy also made significant milestones in the E&P business in Q1 FY19, including taking a final investment decision to develop the Gorek, Larak and Bakong blocks as phase 1 of its SK408 gas fields, which represents a critical milestone in unlocking the value and providing visibility of its long-term gas monetisation plans in Sarawak.

Source: Bernama

https://www.thestar.com.my/business/bus ... PVElBsz.99
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Re: Sapura Energy

Postby winston » Mon Jul 02, 2018 3:41 pm

1QFY19: Short-term Rig Setback But Long-Term Revenues Improving

SAPE’s 1QFY19 core loss was due to poor rig utilisation.

However, the all-time low revenue in 1QFY19 will improve in the coming quarters, based on orderbook visibility and rig recovery.

Despite a wider near-term loss forecast, we note that the orderbook guidance now closely matches our assumption.

SAPE’s new guidance for capital raising signals more mega contract wins, which is positive for future earnings.

Its energy reserves will also have long-term upside.

Maintain BUY. Target price: RM0.70.

Source: UOBKH

https://research.uobkayhian.com/content ... d668d9a0c0
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Re: Sapura Energy

Postby winston » Tue Jul 03, 2018 8:54 am

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1QFY19 results: capital-raising exercise in the works

SAPE’s 1QFY1/19 core loss of RM156m matched our previous FY19F loss estimate and was almost double consensus’s, significantly underperforming expectations.

We cut our SOP-based target price to RM0.64 as we now apply a 25% discount to SOP on the back of capital-raising plans, which may involve a dilutory rights issue.

We maintain our longer-term Add rating with re-rating catalysts from the potential recovery in E&C and drilling contract awards as oil prices continue firming.

Having said that, the share price could fall today after the weak results and with the potential threat of EPS dilution. Our core loss forecasts have been widened 72-157%

Source: CIMB

https://brokingrfs.cimb.com/lrd8fKePupD ... 6XVgA2.pdf
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Re: Sapura Energy

Postby winston » Sat Feb 02, 2019 4:48 pm

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Jan 31, 2019

Sapura Energy falls to record low at 25.5 sen, tops Bursa active list

by Justin Lim

KUALA LUMPUR (Jan 31): Sapura Energy Bhd's share price fell as much as 1.5 sen or 5.55% today to a record low at 25.5 sen this morning despite the rise in oil prices.

The oil and gas support services provider's rights shares, warrants (SAPNRG-WA) and Islamic redeemable, convertible preference shares (RCPS-i) had started trading on Bursa Malaysia on Jan 29.

At 10.26am, shares of Sapura Energy pared some of its loss to trade at 26.5 sen, its highest so far this morning. The counter saw some 132.22 million shares changing hands, and was most actively traded stock at Bursa Malaysia.

Meanwhile, SAPNRG-WA was unchanged at 10.5 sen, trading between 9.5 sen and 11 sen today. It saw some 34.72 million warrants traded.

Oil prices extended gains, with Brent crude futures at US$62.19 (RM254.39) per barrel, while US West Texas Intermediate (WTI) crude futures gained 0.7% at US$54.61.

Reuters reported that oil prices edged up on Thursday to extend gains into a third session, with widely watched data showing signs of tightening supply in the United States.

US crude oil stockpiles climbed less than expected last week due to a drop in imports, while gasoline and distillate inventories fell as refiners slowed production, the Energy Information Administration said on Wednesday, according to the newswire.

"Crude inventories rose 919,000 barrels in the week to Jan 25, compared with analyst expectations for an increase of 3.2 million barrels. Net US crude imports fell last week by 1 million barrels per day," it added.

Source: The Edge

http://www.theedgemarkets.com/article/s ... ctive-list
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Re: Sapura Energy

Postby winston » Sat Feb 02, 2019 4:54 pm

Sapura Energy up after successfully raising about RM4b from rights issue

by Justin Lim

January 23, 2019

"The group received 8.14 billion valid acceptances and excess applications for its rights shares with warrants, representing a subscription rate of 81.5%. For its Islamic redeemable convertible preference shares (RCPS-i), the group saw just above 100% of valid acceptances and excess applications.

"Proceeds from both the rights issue and the proposed strategic partnership with OMV, will be utilised to repay the group's borrowings and for working capital.

Upon the completion of both exercises, the group's borrowings will be reduced, and its gearing ratio is expected to drop significantly from 1.74x to 0.62x.

Subsequently, the group is expected to benefit from savings in finance cost of approximately RM314 million per annum. The stronger balance sheet will provide greater financial flexibility for the group to deliver its growth plans," Sapura Energy said.


Source: The Edge

http://www.theedgemarkets.com/article/s ... ctive-list
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Re: Sapura Energy

Postby winston » Sat Feb 02, 2019 5:03 pm

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Dec 7, 2018

Its international reputation propelled its orderbook to RM8.5b, close to pre-2014 levels.

Maintain HOLD and target price of RM0.34 (pre-rights: RM0.42). Entry price: RM0.36.

Source: UOBKH

https://research.uobkayhian.com/content ... 924de36edd
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Re: Sapura Energy

Postby winston » Sat Feb 02, 2019 5:05 pm

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9MFY1/19 results in line
Maintain BUY and MYR0.55 TP


9MFY1/19 results came within ours/ consensus estimates, on narrowing QoQ losses.

Two corporate exercises (sale of 50% energy biz and rights issue), pending completion by YE, are crucial to SAPE’s turnaround plan.

That aside, we sense rising optimism in SAPE’s businesses.

As it de-gears/ de-risks and starts delivering in operations/earnings, market confidence
on SAPE should return.

Our TP is SOP-based.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... 8d493e.pdf
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Re: Sapura Energy

Postby winston » Mon Feb 04, 2019 7:27 am

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Sapura Energy bags RM1.8b contracts for drilling, engineering services

21 Jun 2018

KUALA LUMPUR: Sapura Energy Bhd has secured contracts, including extensions to provide drilling and engineering services to several companies in Malaysia, India, Mexico and Australia totalling RM1.8bil.

Source: The Star

https://www.thestar.com.my/business/bus ... YdEQstc.99
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