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Latest Forum Topics / MTQ    Last:0.225 --  Post Reply
MTQ - Fundamental Analysis
Newlearner
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07-Jun-2023 14:51     
 
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 Alert Admin 		Based on my rough calculation, mma offshore current share price at $1.10. Their stakes could worth about $3m now

sengkang      ( Date: 07-Jun-2023 09:42) Posted:

Pg 83 AR2021-2022

" The Group&rsquo s investment in quoted equity shares relates to its interest in equity shares of MMA Offshore Limited (&ldquo MMA&rdquo ) received as part of the purchase consideration for the sale of its operating businesses and assets of Blossomvale Holdings Ltd (&ldquo BLV&rdquo , previously known as Neptune Marine Services Limited) during the financial year ended 31 March 2020. The interest in equity shares of MMA was initially recorded in BLV, an 87.1% owned subsidiary of the Group, before the shares were distributed to Blossomvale Investments Pte Ltd (Parent of BLV and 100% wholly-owned subsidiary of the Group) and the non-controlling interest in the prior year. The disposal during the year relates to the disposal of the remaining shares in MMA held by BLV prior to the commencement of liquidation of BLV.

Management has assessed and is of the view that the Group does not retain significant influence over MMA. The investment was irrevocably designated at FVOCI due to the Group&rsquo s intention to hold these equity instruments for long-term appreciation. 

Fair value adjustment on investment security carried at FVOCI - Owners of the Company [note28] - $1,675m (My guess?) out of total $3,635m listed under " Other Investment"

Newlearner      ( Date: 07-Jun-2023 01:27) Posted:

Is in their annual report, page 83.

I can? t remember the actual number of shares own. The disposal was done in 2019, through part cash part shares deal.

https://links.sgx.com/1.0.0/corporate-announcements/Y66EO1H7YN7TGN8F/721794_MTQ_-_FY2021-2022_Annual_Report.pd
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sengkang
Master
07-Jun-2023 09:42     
 
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 Alert Admin 		Pg 83 AR2021-2022

" The Group&rsquo s investment in quoted equity shares relates to its interest in equity shares of MMA Offshore Limited (&ldquo MMA&rdquo ) received as part of the purchase consideration for the sale of its operating businesses and assets of Blossomvale Holdings Ltd (&ldquo BLV&rdquo , previously known as Neptune Marine Services Limited) during the financial year ended 31 March 2020. The interest in equity shares of MMA was initially recorded in BLV, an 87.1% owned subsidiary of the Group, before the shares were distributed to Blossomvale Investments Pte Ltd (Parent of BLV and 100% wholly-owned subsidiary of the Group) and the non-controlling interest in the prior year. The disposal during the year relates to the disposal of the remaining shares in MMA held by BLV prior to the commencement of liquidation of BLV.

Management has assessed and is of the view that the Group does not retain significant influence over MMA. The investment was irrevocably designated at FVOCI due to the Group&rsquo s intention to hold these equity instruments for long-term appreciation. 

Fair value adjustment on investment security carried at FVOCI - Owners of the Company [note28] - $1,675m (My guess?) out of total $3,635m listed under " Other Investment"

Newlearner      ( Date: 07-Jun-2023 01:27) Posted:

Is in their annual report, page 83.

I can? t remember the actual number of shares own. The disposal was done in 2019, through part cash part shares deal.

https://links.sgx.com/1.0.0/corporate-announcements/Y66EO1H7YN7TGN8F/721794_MTQ_-_FY2021-2022_Annual_Report.pdf

sengkang      ( Date: 06-Jun-2023 21:41) Posted:

MMA offshore? That' s interesting. When was that? Any mention in the Annual Reports?
Any idea of the book cost vs market valuation? Thank
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Newlearner
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07-Jun-2023 01:27     
 
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 Alert Admin 		Is in their annual report, page 83.

I can? t remember the actual number of shares own. The disposal was done in 2019, through part cash part shares deal.

https://links.sgx.com/1.0.0/corporate-announcements/Y66EO1H7YN7TGN8F/721794_MTQ_-_FY2021-2022_Annual_Report.pdf

sengkang      ( Date: 06-Jun-2023 21:41) Posted:

MMA offshore? That' s interesting. When was that? Any mention in the Annual Reports?
Any idea of the book cost vs market valuation? Thanks

Newlearner      ( Date: 06-Jun-2023 17:28) Posted:

They can also dispose their shares in MMA offshore, which they obtain from the disposal of their offshore business few years ag
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sengkang
Master
06-Jun-2023 21:41     
 
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 Alert Admin 		MMA offshore? That' s interesting. When was that? Any mention in the Annual Reports?
Any idea of the book cost vs market valuation? Thanks

Newlearner      ( Date: 06-Jun-2023 17:28) Posted:

They can also dispose their shares in MMA offshore, which they obtain from the disposal of their offshore business few years ago

Kandee      ( Date: 05-Jun-2023 20:30) Posted:

Glad to see MTQ expanding.  During the downturn,  MTQ Bahrain was the highest-income earner.  Good to see that the facility has hit it' s max capacity.    Expanding to UAE will be a good step. Might take a year or 2 to be fully operational,  I think this will be a good revenue and income stream. 

Don' t be surprised that MTQ will use the proceeds from the sale of the Pandan Loop facility to fund its expansion to UAE.  If it does so, I think it is a good move instead of bank borrowing. 


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Newlearner
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06-Jun-2023 17:28     
 
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 Alert Admin 		They can also dispose their shares in MMA offshore, which they obtain from the disposal of their offshore business few years ago

Kandee      ( Date: 05-Jun-2023 20:30) Posted:

Glad to see MTQ expanding.  During the downturn,  MTQ Bahrain was the highest-income earner.  Good to see that the facility has hit it' s max capacity.    Expanding to UAE will be a good step. Might take a year or 2 to be fully operational,  I think this will be a good revenue and income stream. 

Don' t be surprised that MTQ will use the proceeds from the sale of the Pandan Loop facility to fund its expansion to UAE.  If it does so, I think it is a good move instead of bank borrowing. 

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eric998
Supreme
06-Jun-2023 10:11     
 
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 Alert Admin 		Can aim 40?
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Kandee
Senior
05-Jun-2023 20:30     
 
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 Alert Admin 		Glad to see MTQ expanding.  During the downturn,  MTQ Bahrain was the highest-income earner.  Good to see that the facility has hit it' s max capacity.    Expanding to UAE will be a good step. Might take a year or 2 to be fully operational,  I think this will be a good revenue and income stream. 

Don' t be surprised that MTQ will use the proceeds from the sale of the Pandan Loop facility to fund its expansion to UAE.  If it does so, I think it is a good move instead of bank borrowing. 
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Newlearner
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05-Jun-2023 19:01     
 
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 Alert Admin 		I?m impressed!


https://links.sgx.com/FileOpen/MTQ_-_Incorporation_and_proposed_expansion_into_the_United_Arab_Emirates.ashx?App=Announcement&FileID=761564

EXPANSION INTO THE UNITED ARAB EMIRATES

When completed, MTQ UAE will provide engineering, fabrication, contract manufacturing and repairs services to a wide range of oilfield equipment. In this regards, MTQ UAE has also executed a Strategic Collaboration Agreement to explore potential areas of collaboration with Abu Dhabi National Oil Company as well as opportunities for expanding and developing further capabilities for manufacturing of oilfield equipment in the UAE.

Rationale:
While MTQ?s current facility in Bahrain experienced tremendous growth in recent years, it services mainly the Saudi Arabian market and its ability to tap into the UAE?s market, being the next biggest oil and gas market in the G.C.C. region, is limited by capacity constraints. By setting up a facility in Abu Dhabi, the Group will be able to take advantage of the growing sector in the UAE which presents an opportunity to MTQ to expand its core business by leveraging on its successful experiences in Bahrain and in the South East Asia, as well as its existing established relationships with the major OEMs and drilling contractors in the region.

sengkang      ( Date: 05-Jun-2023 11:50) Posted:

Firm buying today - range 27.0~27.5c
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sengkang
Master
05-Jun-2023 11:50     
 
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 Alert Admin 		Firm buying today - range 27.0~27.5c
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sengkang
Master
01-Jun-2023 12:00     
 
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 Alert Admin 		Coverage by Bryan Wu today (1 Jun 23)  Edge.sg premium article. 

" MTQ triples earnings, seeks ' steady growth' from the traditional energy business



Deep in the south of Tuas lies JTC Corp&rsquo s Offshore Marine Centre 1 (OMC1), a purpose-built fabrication yard facility for the specific use of the marine and offshore engineering industry.

Operated by JTC subsidiary Jurong Port since 2011, the common user facility serves as a &ldquo single stop&rdquo to provide companies with shared access to ready-built staging areas and berths for activities such as the fabrication, assembly, maintenance, repair and overhaul of offshore rigs, modules and equipment........."

Do check this out if interested.
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sengkang
Master
28-May-2023 16:19     
 
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 Alert Admin 		Correction - Five year is (2018-2022), not (2019-2022)

sengkang      ( Date: 28-May-2023 16:16) Posted:

FY2023' s revenue of $83.834m exceeds the 5-year high of $74.302m in 2020. (Beween 2019-2022)
FY2023' s attributable profit of $3.721m is ranked second to the 5-year high of $4.845m in 2020.
The past 3 years payout ratio range from 22% to 103% (except negative profit years in 2018/2019).
This coming reporting season should be a financial bonanza given the robust oilfield equipment and services demand globally esp in the MEast.
Aside there is an nice asset disposal gain once the Pandan Loop factory is completed by Dec 2023 or earlier.
Dyodd as usual. Just my thots.

Newlearner      ( Date: 27-May-2023 22:33) Posted:

https://www.businesstimes.com.sg/singapore/singapore-factory-output-down-69-april-7th-straight-month-contraction

​ Transport engineering was the only bright spot in April, recording year on year growth of 14.5%. This was lead by gains in  marine and offshore engineering segment, which expanded 24.2%, supported by higher activities in shipyards, as well as increases activites in oil and gas field equipment
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sengkang
Master
28-May-2023 16:16     
 
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 Alert Admin 		FY2023' s revenue of $83.834m exceeds the 5-year high of $74.302m in 2020. (Beween 2019-2022)
FY2023' s attributable profit of $3.721m is ranked second to the 5-year high of $4.845m in 2020.
The past 3 years payout ratio range from 22% to 103% (except negative profit years in 2018/2019).
This coming reporting season should be a financial bonanza given the robust oilfield equipment and services demand globally esp in the MEast.
Aside there is an nice asset disposal gain once the Pandan Loop factory is completed by Dec 2023 or earlier.
Dyodd as usual. Just my thots.

Newlearner      ( Date: 27-May-2023 22:33) Posted:

https://www.businesstimes.com.sg/singapore/singapore-factory-output-down-69-april-7th-straight-month-contraction

​ Transport engineering was the only bright spot in April, recording year on year growth of 14.5%. This was lead by gains in  marine and offshore engineering segment, which expanded 24.2%, supported by higher activities in shipyards, as well as increases activites in oil and gas field equipment
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Newlearner
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27-May-2023 22:33     
 
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 Alert Admin 		https://www.businesstimes.com.sg/singapore/singapore-factory-output-down-69-april-7th-straight-month-contraction

​ Transport engineering was the only bright spot in April, recording year on year growth of 14.5%. This was lead by gains in  marine and offshore engineering segment, which expanded 24.2%, supported by higher activities in shipyards, as well as increases activites in oil and gas field equipment
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Newlearner
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25-May-2023 17:57     
 
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 Alert Admin 		Rationalizing Tuas and pandan properties certainly make sense. Not forgetting those cost for FY2023 are 1 time cost  (relocation/ alteration/ financing cost for both properties).

With increasing  Oil and gas investments worldwide and  especially  higher activities in the middle east. MTQ Bahrain will benefit from these tailwinds!

Recently Atlantic Navigation reported result also benefited from POSITIVE activites in Middle East.

​
Take a look at the youtube video of their facilty, they even added new machine this year!
(World class state of art advanced facility approved by global OEM)
https://www.youtube.com/watch?v=4Za0UrMRmOAv
 
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Kandee
Senior
24-May-2023 15:51     
 
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 Alert Admin 		The cost of new facilities in Tuas was financed by internal sources and borrowings.  Depending on management discretion, they could use it to reduce borrowings or note it as a gain, which could result in an extra dividend.  I am hoping for the former or use it for an accretive acquisition. 

However, the reason for their move to a bigger facility in Tuas was due to the new long-term contract with Cameron USA (now part of Schlumberger) to service all their BOP equipment in the region.  This will be a good revenue stream as long there is oil and gas drilling activity, where servicing of BOP used by oil rigs will be constant,  which in turn will keep the facility busy. 

Newlearner      ( Date: 23-May-2023 17:17) Posted:

Bro, I won t hope for any div or payout from this disposal, they paid US$5.3m for the acquisition of Tuas and assets. They spend additional few millions on relocation/ alteration works/ financing cost etc. so this proceeds likely will go into repayment of debts/ working capital?

Saw light at the end of tunnel, question is how long lol! Anw, today closing not very nice?.

sengkang      ( Date: 23-May-2023 11:37) Posted:

Per their latest FY2023 report on 10/5/23:-

" On 1 September 2022, the Company granted an option (&ldquo Option&rdquo ) to an independent third party purchaser (&ldquo Purchaser&rdquo ) for the sale of the Company&rsquo s property located at 182 Pandan Loop Singapore 128373 (&ldquo Pandan Property&rdquo ) together with certain plant and equipment as particularised in the Option to the Purchaser for an aggregate consideration of $6,000,000 (&ldquo Sale Price&rdquo ). The Option was exercised on the same day. The Sale Price represents an excess of approximately $6,519,000 to the net carrying value of the Pandan Property (including lease accounting) and the plant and equipment as at 31 March 2023. The sale and purchase of the Pandan Property is subject to certain conditions of the Option including obtaining written approval from JTC for the assignment of lease of the Pandan Property from the Company to the Purchaser (&ldquo JTC Approval&rdquo ) by 31 December 2023. On 11 April 2023, subsequent to financial year end, the Company received the JTC Approval but subject to certain conditions. As at date of announcement, the Company is working with the Purchaser to fulfil these conditions and is looking to complete the sale as soon as possible."

This cookie jar will generate a financial gain of $6.519m or approx 2.97c per share.
 
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Newlearner
Veteran
23-May-2023 17:17     
 
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 Alert Admin 		Bro, I won t hope for any div or payout from this disposal, they paid US$5.3m for the acquisition of Tuas and assets. They spend additional few millions on relocation/ alteration works/ financing cost etc. so this proceeds likely will go into repayment of debts/ working capital?

Saw light at the end of tunnel, question is how long lol! Anw, today closing not very nice?.

sengkang      ( Date: 23-May-2023 11:37) Posted:

Per their latest FY2023 report on 10/5/23:-

" On 1 September 2022, the Company granted an option (&ldquo Option&rdquo ) to an independent third party purchaser (&ldquo Purchaser&rdquo ) for the sale of the Company&rsquo s property located at 182 Pandan Loop Singapore 128373 (&ldquo Pandan Property&rdquo ) together with certain plant and equipment as particularised in the Option to the Purchaser for an aggregate consideration of $6,000,000 (&ldquo Sale Price&rdquo ). The Option was exercised on the same day. The Sale Price represents an excess of approximately $6,519,000 to the net carrying value of the Pandan Property (including lease accounting) and the plant and equipment as at 31 March 2023. The sale and purchase of the Pandan Property is subject to certain conditions of the Option including obtaining written approval from JTC for the assignment of lease of the Pandan Property from the Company to the Purchaser (&ldquo JTC Approval&rdquo ) by 31 December 2023. On 11 April 2023, subsequent to financial year end, the Company received the JTC Approval but subject to certain conditions. As at date of announcement, the Company is working with the Purchaser to fulfil these conditions and is looking to complete the sale as soon as possible."

This cookie jar will generate a financial gain of $6.519m or approx 2.97c per share.
 

Newlearner      ( Date: 23-May-2023 11:10) Posted:

Management wanna say business very good!

&ldquo We are delighted to announce a strong financial year for the Group. Our full-year revenue increased by 61% compared to the previous year, driven by significant growth in drilling activities in the Middle East. This was reflected in our operating performances especially in Bahrain and Singapore. Looking ahead, we are committed to maintaining this momentum and to meet the needs of our customers. We will focus on investing in our people and our infrastructure to drive operational efficiencies. The Group will also accelerate its efforts to look for new areas of growth amid current high utilization levels. The Middle East is an important area in our future growth. The Group has recently announced that it received consent from JTC for the sale of the Pandan Property and is working towards completing the disposal as soon as we can. Having completed the relocation of operations to Tuas, our focus will be on consolidating operations at Tuas and maximizing efficiencies within the Group.&rdquo  


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sengkang
Master
23-May-2023 11:37     
 
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 Alert Admin 		Per their latest FY2023 report on 10/5/23:-

" On 1 September 2022, the Company granted an option (&ldquo Option&rdquo ) to an independent third party purchaser (&ldquo Purchaser&rdquo ) for the sale of the Company&rsquo s property located at 182 Pandan Loop Singapore 128373 (&ldquo Pandan Property&rdquo ) together with certain plant and equipment as particularised in the Option to the Purchaser for an aggregate consideration of $6,000,000 (&ldquo Sale Price&rdquo ). The Option was exercised on the same day. The Sale Price represents an excess of approximately $6,519,000 to the net carrying value of the Pandan Property (including lease accounting) and the plant and equipment as at 31 March 2023. The sale and purchase of the Pandan Property is subject to certain conditions of the Option including obtaining written approval from JTC for the assignment of lease of the Pandan Property from the Company to the Purchaser (&ldquo JTC Approval&rdquo ) by 31 December 2023. On 11 April 2023, subsequent to financial year end, the Company received the JTC Approval but subject to certain conditions. As at date of announcement, the Company is working with the Purchaser to fulfil these conditions and is looking to complete the sale as soon as possible."

This cookie jar will generate a financial gain of $6.519m or approx 2.97c per share.
 

Newlearner      ( Date: 23-May-2023 11:10) Posted:

Management wanna say business very good!

&ldquo We are delighted to announce a strong financial year for the Group. Our full-year revenue increased by 61% compared to the previous year, driven by significant growth in drilling activities in the Middle East. This was reflected in our operating performances especially in Bahrain and Singapore. Looking ahead, we are committed to maintaining this momentum and to meet the needs of our customers. We will focus on investing in our people and our infrastructure to drive operational efficiencies. The Group will also accelerate its efforts to look for new areas of growth amid current high utilization levels. The Middle East is an important area in our future growth. The Group has recently announced that it received consent from JTC for the sale of the Pandan Property and is working towards completing the disposal as soon as we can. Having completed the relocation of operations to Tuas, our focus will be on consolidating operations at Tuas and maximizing efficiencies within the Group.&rdquo  

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Newlearner
Veteran
23-May-2023 11:10     
 
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 Alert Admin 		Management wanna say business very good!

&ldquo We are delighted to announce a strong financial year for the Group. Our full-year revenue increased by 61% compared to the previous year, driven by significant growth in drilling activities in the Middle East. This was reflected in our operating performances especially in Bahrain and Singapore. Looking ahead, we are committed to maintaining this momentum and to meet the needs of our customers. We will focus on investing in our people and our infrastructure to drive operational efficiencies. The Group will also accelerate its efforts to look for new areas of growth amid current high utilization levels. The Middle East is an important area in our future growth. The Group has recently announced that it received consent from JTC for the sale of the Pandan Property and is working towards completing the disposal as soon as we can. Having completed the relocation of operations to Tuas, our focus will be on consolidating operations at Tuas and maximizing efficiencies within the Group.&rdquo  
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easywin
Supreme
23-May-2023 10:51     
 
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 Alert Admin 		Jeep liao no more waiting

sengkang      ( Date: 23-May-2023 10:12) Posted:

MTQ 1 year high at 26.5c break out at 27.5c this morning.
Daily volumes traded has been increasing. Good sign?
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sengkang
Master
23-May-2023 10:12     
 
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 Alert Admin 		MTQ 1 year high at 26.5c break out at 27.5c this morning.
Daily volumes traded has been increasing. Good sign?
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