Bumi Armada

issue price 3.15.....will go 3.50 by most investment house

hong leong may issue bb 0.15...exercise price rm3.00 to 3.05 [You must be registered and logged in to see this image.]

ratio 4 to 1...expiry 6 month to 8 month

maxims wrote:issue price 3.15.....will go 3.50 by most investment house

hong leong may issue bb 0.15...exercise price rm3.00 to 3.05 [You must be registered and logged in to see this image.]

ratio 4 to 1...expiry 6 month to 8 month

wah then d bb likely 2 chiong

hlk wrote:

maxims wrote:issue price 3.15.....will go 3.50 by most investment house

hong leong may issue bb 0.15...exercise price rm3.00 to 3.05 [You must be registered and logged in to see this image.]

ratio 4 to 1...expiry 6 month to 8 month

wah then d bb likely 2 chiong

this is insider news

Bumi Armada to raise RM2.029b, retail offer RM3.15 a share

KUALA LUMPUR: Bumi Armada Bhd is offering for sale of 644.26 million new shares under its listing exercise and which could see it raising RM2.029 billion.

According to its prospectus issued on Thursday, June 30, of the RM2.029 billion which it would raise, about RM775 million would be used to repay bank borrowings within six months while RM592 million would be for capital expenditure.

It added that RM562 million would be for working capital and the remaining RM100 million for estimated listing expenses.

The entire listing exercise would involve an offer for sale of 878.538 million shares of 20 sen each.

This would involve an offer for sale of up to 234.27 million existing shares of which there is an institutional offering of up to 234.277 million shares to approved Bumiputera investors at the institutional price to be determined by way of bookbuilding.

There will be a public issue of 644.261 million new shares, of which 564.40 million shares would be allocated to Malaysian and foreign institutional and selected investors, including approved Bumiputera investors at the institutional price.

The remaining 79.861 million shares (out of the 644.261 million new shares) will be offered to the public, the directors of Bumi Armada, and eligible employees at the retail price of RM3.15 per share.

It would be payable in full upon application and subject to a refund of the difference in the event that the final retail price is less than the retail price.

Bumi Armada order book at RM5.8b

KUALA LUMPUR: Bumi Armada Bhd, which is raising RM2.029 billion from its listing exercise, has an order book of RM5.8 billion as at June 1.

Its chief executive officer Hassan Assad Basmas said on Thursday, June 30 that the company had optional extension periods for the contracts valued at RM2.5 billion.

He was speaking to reporters at the launch of the prospectus.

According to the prospectus, for the year ended Dec 31, 2010 it recorded net profit of RM351 million and earnings before interest, tax, depreciation and amortization (EBITDA) of RM714 million.

For the three months ended March 31, 2011, net profit was RM82 million and EBITDA at RM185 million.

Its revenue for FY10 was RM1.241 billion while revenue for the 1Q ended March 31, 2011 was RM376 million.

It added that about 84.8% of its revenue for FY10 and 67.7% for 1Q ended March 31, 2011 was 67.7% were derived from outside Malaysia.

The company said its borrowing as at March 31, 2011 totalled RM3.479 billion and its gearing ratio was about 2.75 times, which was higher than the average gearing ratio of the industry players of 1.03 times.

It expected its gearing ratio to be reduced to 0.85 times post-IPO.

maxims wrote:

hlk wrote:

maxims wrote:issue price 3.15.....will go 3.50 by most investment house

hong leong may issue bb 0.15...exercise price rm3.00 to 3.05 [You must be registered and logged in to see this image.]

ratio 4 to 1...expiry 6 month to 8 month

wah then d bb likely 2 chiong

this is insider news

then if u wan 2 get some ipo wud b no sweat ?

hlk wrote:

maxims wrote:

hlk wrote:

maxims wrote:issue price 3.15.....will go 3.50 by most investment house

hong leong may issue bb 0.15...exercise price rm3.00 to 3.05 [You must be registered and logged in to see this image.]

ratio 4 to 1...expiry 6 month to 8 month

wah then d bb likely 2 chiong

this is insider news

then if u wan 2 get some ipo wud b no sweat ?

me...want some....can a?

not sure whether i miss reading any, may I knw when listing ar?

21st july

ejam77 wrote:21st july

thank you ejam... [You must be registered and logged in to see this image.]

ejam77 wrote:21st july

ejam where do u check 4 d date ?

i heard the company is listed, delisted and listed, with lots of debts, is it true? [You must be registered and logged in to see this image.]

hlk wrote:

ejam77 wrote:21st july

ejam where do u check 4 d date ? [You must be registered and logged in to see this image.]

osk website!...

ejam77 wrote:

hlk wrote:

ejam77 wrote:21st july

ejam where do u check 4 d date ? [You must be registered and logged in to see this image.]

osk website!...

tks ejam

Bumi Armada said sell shares at RM3.03

Bumi Armada Bhd, oil services company controlled by Malaysian billionaire T. Ananda Krishnan, sold shares to institutional investors at RM3.03 apiece in the country’s biggest initial public offering this year, said two people with familiar the matter who couldn’t be named as the information is still confidential.

This is said to be in the upper half of its indicative price range. The Kuala Lumpur-based company had marketed its IPO shares at between RM2.80 and RM3.15 per share, three other people familiar with the matter said on June 27.

At RM3.03, Bumi Armada would have raised RM2.66 billion (US$888 million), making this the Southeast Asian nation’s biggest share sale since Petronas Chemicals Group Bhd raised a record RM12.8 billion ringgit in November. CIMB Investment Bank Bhd, Maybank Investment Bank Bhd, RHB Investment Bank Bhd, Credit Suisse Group AG and CLSA Asia-Pacific Markets are arranged the share sale.

The company didn’t immediately respond to an e-mail seeking comment.

Bumi Armada said on June 30 that it has lined up so-called cornerstone investors including Great Eastern Life Assurance (Malaysia) Bhd and Prudential Fund Management Bhd who will buy a combined 10.2 per cent of the shares. -- Bloomberg

Bumi Armada IPO Share Price Target Fair Value

2010, 2011, 2012, 2013 Based on Bumi Armada IPO price of RM3.15
Bumi Armada EPS RM0.16, RM0.159, RM0.185, RM0.183
Growth negative 0.7% (2011), 16.1% (2012), negative 0.9% (2013)
Bumi Armada Gearing Net 0.53
Bumi Armada Dividend Yield minimal
Source: TA with Bumi Armada fair value at RM3.29

TA Securities
We acknowledge the fact that Bumi Armada has a strong business model backed by its diversification in vessel types. Nevertheless we are advising investors NOT TO SUBSCRIBE to the IPO due primarily to valuations and a high debt level.

We benchmark Bumi Armada against its global peers namely Modec, BW Offshore and SBM Offshore. We use a FY12 target PER of 17.8x, a 20% premium to its peer average which brings us to a target price of RM3.29. We believe the premium is justified as Bumi Aramada has managed a much higher
EBITDA margin than its closest peer, BW Offshore. Furthermore local vessel players such as Perisai, Petra Perdana, Tanjung Offshore and Alam Maritim only trade between an FY12E PER of 5.9x and 9.6x. At the indicative IPO price of RM3.15, the issuance can be regarded as fleecing investors as there is not much upside.

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2010, 2011, 2012, 2013 based on Bumi Armada share price of RM3.15
Bumi Armada EPS RM0.12, RM0.15, RM0.19, RM0.22
Bumi Armad PE ratio 26x, 21x, 16.6x, 14.3x
Growth 26% (2011), 21% (2012), 16% (2013)
Net gearing 0.5x
dividend n/a
Forecast by HwangDBS

HwangDBS
Fair value is RM4.05, based on 22x FY12 EPS, which is the average FY12 PE multiple for big-cap O&G stocks in Malaysia. We believe that the valuation is justified given that Bumi Armada is Malaysia's leading OSV player and sole FPSO player, and has an impressive track record with superior margins. Our projected 3-year earnings CAGR of 23% include potential contributions from FPSO projects in
India and Australia as well as from Acergy Hawk under its T&I business.

Re-rating catalyst for the industry. Bumi Armada's listing is set to be the biggest IPO this year, raising RM2.8bn in the capital market. At RM9.2bn market cap (based on RM3.15 offer price), Bumi Armada will be the second biggest O&G stock in Malaysia after MMHE (RM13.6bn market cap).

----------------------------------------

Please note that Bumi Armada IPO price of RM 3.15 is not the final price. It will be RM3.15, or the Institutional Price after bookbuilding, whichever is lower, subject to a refund of the difference between the Final Retail Price and RM3.15 per Share.

this one will fly one first day???

Bumi Armada institutional price fixed at RM3.03

KUALA LUMPUR: Bumi Armada Bhd’s institutional price has been fixed at RM3.03 per share after it had completed the bookbuilding process.

It said on Monday, July 11 the final retail price was fixed at RM3.03 per share, which was 12 sen below the retail offering of RM3.15. The retail offering closed on July 7. The difference of 12 sen would be refunded by the company within 10 market days.

The listing exercise involved an offer for sale of up to 234.277 million shares to Bumiputera investors approved by the Ministry of International Trade and Industry at the institutional price.

There was also a public issue of up to 644.26 million new shares comprising of 563.40 million shares to Malaysian and foreign institutions and approved Bumiputera investors.

The remaining 79.86 million shares were offered to the public, directors and eligible employees.

Based on the 644.26 million new shares at RM3.03 each, this would see RM1.95 billion raised from the listing exercise for the company.

Bright prospects for Bumi Armada: MIDF

MIDF Research has put a value of RM3.62 for Bumi Armada Bhd, based on 20.4 times the price earning ratio (PER) for 2012, representing a potential upside of 19.3 per cent to the final initial public offering (IPO) price.

"Our targeted 20.4 times multiple is derived from earnings weighted price earning ratio of Bumi Armada's four major business units," MIDF Research said in its latest notes.

It valued the company's floating production, storage and offloading and oilfield (FPSO) services business at 22.8 times PER, which was in line with the average domestic big-capitalisation oil and gas players.

"The valuation premium is justified by the company's better mid-to-long term earnings growth prospects and superior margin," MIDF Research said.

It valued Bumi Armada's offshore supply vessels (OSV) segment at 14 times, higher than the sub-sector average of 10 times as Bumi Armada's fleet size was the largest with a proven profit track record for the past two years when most domestic OSV players suffered losses.

It also imputed 21 times PER for Bumi Armada's transportation and installation division which was in sync with the offer price to Sapura Crest in the recent announced merger deal.

According to MIDF Research, Bumi Armada Bhd, which would be relisted on the main board of Bursa Malaysia on July 21, has bright prospects with a strong order book of RM5.8 billion and a potential contract extension worth RM2.5 billion.

The company's earnings visibility is expected to be sustained as its outstanding order book was equivalent to 4.6 times the revenue for financial year 2010.

On June 25, the company also secured a seven-year contract with a further six-year extension for its next FPSO project in India.

Factoring these new contracts, MIDF Research expected Bumi Armada's earnings before interest and tax contribution from this segment is anticipated to grow by 40.3 per cent, year-on-year, in the next financial year.

The company is also tendering six FPSO projects worldwide, two of which are in Malaysia and four in Angola, Nigeria and Indonesia.

"The management is targeting to secure at least one new FPSO contract, annually, over the next few years.

"Bumi Armada is ambitious of becoming the world's fourth largest FPSO player by fleet size by end-2013," MIDF Research added. -- Bernama

itchy hand comingggggggg [You must be registered and logged in to see this image.]

ini bb masih ada ke

phoenix wrote:ini bb masih ada ke

mayb in d pipeline not listing same day like msm abit later ?

hlk wrote:

phoenix wrote:ini bb masih ada ke

mayb in d pipeline not listing same day like msm abit later ?

if same day more chi kek lor.......low cap player like me can go in ma.....
cos i thk bumi mother share may open at 4 lor.......like tht susah main leh

phoenix wrote:

hlk wrote:

phoenix wrote:ini bb masih ada ke

mayb in d pipeline not listing same day like msm abit later ?

if same day more chi kek lor.......low cap player like me can go in ma.....
cos i thk bumi mother share may open at 4 lor.......like tht susah main leh

buy w all ur cap else can whack msm new bb ... cd ?

hlk wrote:

phoenix wrote:

hlk wrote:

phoenix wrote:ini bb masih ada ke

mayb in d pipeline not listing same day like msm abit later ?

if same day more chi kek lor.......low cap player like me can go in ma.....
cos i thk bumi mother share may open at 4 lor.......like tht susah main leh

buy w all ur cap else can whack msm new bb ... cd ?

apply for osk unlimited cap???[You must be registered and logged in to see this image.]