Serba Dinamik

Serba Dinamik

Postby winston » Mon Jun 11, 2018 1:53 pm

not vested

Trading Buy: SERBADK - 5279
(Last price: RM3.31, Potential upside +20.8%)

Company Profile
• Listed in Feb 2017, Serbadk is an international energy services group involved in the provision of engineering solutions to the oil & gas and power generation industries. It has a presence in Malaysia, Indonesia, United Arab Emirates, Bahrain and the UK. The group provides O&M as well as EPCC works for static equipment and structures.

Trading Catalyst
• Serbadk is an established O&M and EPCC services provider with several assets’ ownership, providing resilient and recurring income streams.
• Valuation remains undemanding at 10.8x FY19 P/E vs its closest peer, Deleum (significantly lower market cap and ROE coupled with domestic-centric customers profile), supported by a strong FY18-20 earnings CAGR of 14%.
• Imminent triangle breakout with medium to LT upside targets at RM3.68-4.00.

Technical View
• Resistance: RM3.47 / RM3.68 / RM4.00
• Support: RM3.22 / RM3.11
• Cut loss: RM3.05

Key Financial Stats
• Trading at 10.8x FY19E with 14% FY18-20 EPS CAGR.

Source: HLIB
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Re: Serba Dinamik

Postby winston » Sun Jan 05, 2020 2:21 pm

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Serba Dinamik Holdings Bhd
Price: RM2.33

Among the large oil and gas companies, Serba Dinamik is said to be the cheapest large market-capitalised oil and gas stock.

While other large market-capitalised stocks trade at price earnings multiple of more than 20 times, Serba Dinamik is trading at midteens.

Ang likes the company for its aggressiveness in bidding for contracts and its business model that is aimed at providing engineering services to companies with operations within the country and overseas.

In Malaysia, Serba Dinamik has, among others, secured more than RM1.5bil worth of jobs in Pengerang from building office spaces to the provision of maintenance, repair and overhaul (MRO) services to oil and gas companies there. The bulk of its revenue comes from MRO as well as the inspection, repair and maintenance works.

Ang says Serba Dinamik’s is looking at an additional RM8bil for its order book this year.

“‘Even if it secures half of it, it will be a big increment from the current order book of RM10bil,” says Ang.

Serba Dinamik is largely managed by its major shareholder Datuk Mohd Abdul Karim Abdullah who holds a 24% stake in the company.

Last year, Abdul Karim made headlines in the corporate world by taking up major stakes in Sarawak Concrete Industries Bhd (SCIB) and Kumpulan Powernet Bhd.

His foray into the two other listed companies raised concerns on his expansion outside the oil and gas industry.

But a fund manager says Mohd Karim has some non-oil and gas related projects from Pengerang that he had wanted to inject into Serba Dinamik. But the funds did not like the idea.

These projects may be injected into Kumpulan Powernet and SCIB.

Source: Phillips
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Re: Serba Dinamik

Postby winston » Wed Jul 01, 2020 3:34 pm

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Serba Dinamik Holdings (SDH MK): BUY
Market Cap: US$1,298m | Average Daily Value: US$7.82m
Last Traded Price: RM1.65; Price Target: RM2.80 (Upside 69.7%)

Maintains winning streak amid headwinds

Clinched three contracts worth RM544m and another seven contracts on “call-out” basis

Lifts outstanding order book by c.3% to RM17.5bn

Relatively more resilient with O&M business

Maintain BUY with unchanged TP of RM2.80

Source: DBS

https://researchwise.dbsvresearch.com/R ... =ffceikhab
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Re: Serba Dinamik

Postby winston » Wed Sep 02, 2020 2:29 pm

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On stock selection, after tumbling 29% from a 52-week high of RM2.52 (6 Jan) to RM1.79 yesterday, SERBADK (RM1.79, Not-rated) will be attractive to bargain on any price weakness towards the RM1.71 (20D SMA) and RM1.67 (100D SMA) supports levels.

To recap, SERBADK is an international energy services group providing integrated engineering solutions to the Oil & Gas, petrochemical, power generation industries, water & wastewater, and utilities industries.

Its main business is in operations and maintenance (O&M), and engineering, procurement, construction and commissioning (EPCC), IT Solutions, and Education & Training.

The stock is currently trading at 9.9x FY21E P/E, backed by a strong earnings CAGR of 11% and a sturdy RM18.5bn order book (anchoring the next 3-year growth).

Based on the Bloomberg consensus rating, there are 9 BUYs and 2 HOLDs, with an average 12M target price at RM2.29 (implying 27.9% upside).

Source: HLIB
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Re: Serba Dinamik

Postby winston » Sat Dec 05, 2020 1:19 pm

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Kenanga Research raises target price for Serba Dinamik to RM2.75

by Syafiqah Salim

KUALA LUMPUR (Dec 4): Kenanga Research has maintained its "outperform" call for Serba Dinamik Holdings Bhd, with a higher target price (TP) of RM2.75 from RM2.70, pegged at 15 times price-earnings ratio (PER) forecasted for the financial year ending Dec 31, 2021 (FY21).

The research house said it continues to like the group given its superb record earnings delivery, and with it having one of the best returns on equity (ROEs) within the sector.

To recap, Serba Dinamik announced yesterday it had secured a total of nine new contracts, consisting of five jobs from overseas and four others from locals, with a combined estimated contract value of RM465.9 million.

“Post the announcement, we raised our FY21E earnings (estimate) by 1% as we slightly bumped our order-book replenishment assumption to RM11 billion (from RM10 billion),” said Kenanga Research analyst Steven Chan.

“We expect these contracts to fetch gross margins of about 15%, in line with the group’s historical average,” said Chan in a note.

More particularly, Chan said Kenanga is also positive on the two information and communications technology (ICT) contracts won in Indonesia and Guinea, seeing this as the continued fruition of Serba Dinamik’s efforts to expand into the sector.

“We guesstimate these two contract wins to be worth up to about US$45 million (about RM182.83 million). The segment is beginning to see meaningful contributions towards its bottom line for the past one to two quarters, and with continued initiatives of expanding into the sector, we are likely to see this trend continuing and further improve,” added Chan.

At the time of writing today, shares in Serba Dinamik had risen eight sen or 4.82% to RM1.74, giving the stock a market value of RM5.9 billion.

Source: The Edge

https://www.theedgemarkets.com/article/ ... amik-rm275
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Re: Serba Dinamik

Postby winston » Wed Dec 23, 2020 6:11 am

Serba Dinamik's order book at RM18.5b, looking ahead to exciting 2021

KUALA LUMPUR (Dec 22): Serba Dinamik Holdings Bhd has won contracts with a total value of RM10.87 billion year-to-date, triple the value of contracts won in 2019 of RM3.5 billion, bringing the group’s current order book to RM18.5 billion.

Managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah said despite the tough times in 2020, the group still holds a strong presence in six regions and 24 countries.

"We are looking forward to 2021 as we have many plans in the pipeline. Our information and communications technology (ICT) segment saw a significant rise in contribution to our revenue, demonstrating our commitment to expand this segment to provide a brighter future for the Group, which is in line with the world’s rapid shift towards digitalisation.

"Besides our ICT segment, we will also continue to seek opportunities in oil and gas (O&G), utilities and space technology in 2021," he said in a statement.

Abdul Karim said Serba Dinamik, via its ICT-tech arm, SDIT AI Inc (SDIT), has decided to roll out its operations largely in California, United States, known as the birthplace of Silicon Valley tech companies, thus creating opportunities for business fortune.

Meanwhile, SDIT will continue its collaboration with Stanford University in enhancing its artificial intelligence (AI) capabilities in robotics.

"Our local experts will focus mainly on cybersecurity, AI, financial technology, and mixed reality capabilities integrated solutions with target customers from institutional and the mass consumers,” he said, adding the group is set to expand largely in 2021 with its existing affiliation programme with Stanford University for technological expansion," he said.

Abdul Karim said the group had identified 23 partners in the African continent with potential in telecommunications, smart city, e-Governance and various customisable solutions to the countries.

"Serba Dinamik is also aggressively eyeing for more projects in Africa and Central Asia by riding on the group’s four key capabilities — operations and maintenance; engineering, procurement, construction, and commissioning; ICT- tech; and education and training," he added.

Source: Bernama

https://www.theedgemarkets.com/article/ ... iting-2021
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Re: Serba Dinamik

Postby winston » Tue Mar 02, 2021 11:13 am

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Serba Dinamik Holdings (SDH MK)
2021 Will Be A Period Of Consolidation, Moderate Growth


Management’s key message from the briefing is that 2021 will be a period of
consolidation and moderate orderbook growth, as Serba is mindful of investor
concerns and debt thresholds.

O&G revenue will still grow, but its mix is set to decline given Serba’s diversification into EPCC and IT.

Our unchanged forecasts already assume the limited debt headroom will prevent aggressive orderbook growth in the near term.

Retain HOLD and target price of RM1.78. Entry: RM1.58.

Source: UOBKH

https://research.uobkayhian.com/content ... 886748dbf3
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Re: Serba Dinamik

Postby winston » Mon May 31, 2021 10:04 am

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Serba Dinamik board wanted KPMG to resign, but auditor refused to do so, says executive director Syed Nazim

by Adam Aziz

In a filing with Bursa, Serba Dinamik said KPMG had raised issues relating to sales, trade payables and material on site balances involving 11 parties, which accounted for total sales transactions of RM2.32 billion, a trade receivables balance of RM652 million and materials on site balance of RM569 million.

Based on the unaudited accounts, Serba Dinamik’s receivables had ballooned to RM1.865 billion as at end-2020 from RM880 million at end-2017.

Coincidentally, Serba Dinamik has changed its financial year end to June 30, 2021 from Dec 31, 2020. This raised some eyebrows, particularly after news of KPMG having problems verifying some suppliers and customers, as well as certain contracts.

The current audit process by KPMG “has been stopped to complete the independent review”.

KPMG has raised five pertinent issues in relation to Serba Dinamik’s FY20 audit sales transactions, trade receivables and payables, as well as material on site balances of over RM3 billion locally and overseas.


Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... ector-syed
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Re: Serba Dinamik

Postby winston » Mon May 31, 2021 2:05 pm

Stocks linked to Serba Dinamik's Karim plunge as counter hits limit down

by Sulhi Khalid

Among them was KPower Bhd (formerly known as Kumpulan Powernet Bhd).

Another counter related to Mohd Karim is Sarawak Consolidated Industries Bhd (SCIB).

Mohd Karim is also the largest shareholder of Serba Dinamik, with a 26.93% stake in the company.


Source: theedgemarkets.com

https://www.theedgemarkets.com/node/570133
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Re: Serba Dinamik

Postby winston » Tue Jun 01, 2021 9:56 am

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Serba Dinamik (SERB.KL) - D/G to Sell: Uncertainty Abounds; Pending
Resolution of Audit


Asia | Oil & Gas Equipment & Services | Sell

SDH has revealed that audit issues have been raised by external auditors
KPMG.

Mgmt. strongly maintain the legitimacy of the contracts in dispute.

We believe the stock is likely to remain under pressure until the outcome of an
independent review.

We downgrade SDH from Buy to Sell, lowering our TP to RM1.27/shr (from RM2.35), based on ~7x fwd PER (from 13x) at ~1.5SD below historical mean.

In our view, such a discount is warranted due to the near-term uncertainty over the audit process.

A positive conclusion from the independent review, followed by an unqualified audit opinion, would allow us to consider turning positive again.

Source: Citi
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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