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Looks like KS energy also in deep trouble now, hope it will not like swiber.
Why is this stock going down so much. Does anyone have any information on this?
Shares Investment &ndash Fri, Oct 3, 2014 10:24 AM SGT
KS Energy stopped drilling operations in Kurdistan due to the continuing unrest in the country which led to the restriction of access/no access to the work site for security reasons. The client has previously declared an event of Force Majeure (an unexpected event that prevents a party from abiding to the contract) in August and subsequently issued a notice of termination. The company&rsquo s rigs, KS Discoverer 1 and KS Discoverer 4 are insured in the event of a war or acts of terrorism. KS Energy will provide further updates pertaining to the announcement.
Thank you!
calvino ( Date: 02-Dec-2014 23:16) Posted:
I remember last Oct, this company faced some sort of terrorism incident on its Kurdist project. But didnt follow up the matter.
Anyway, this stock is seriously discounted at $0.41, even lower than its NCAV price.
But its debt is alittle too high for me to stomach, and its recent net income is seriously pathetic.
U still cn buy since the price is below its NCAV level, but u never know will it shed somemore.
stockeers ( Date: 03-Nov-2014 11:58) Posted:
Anyone still holding this counter? seems like this one has been long forgotten...
Please share some info if you have it...
Really appreciate !
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I remember last Oct, this company faced some sort of terrorism incident on its Kurdist project. But didnt follow up the matter.
Anyway, this stock is seriously discounted at $0.41, even lower than its NCAV price.
But its debt is alittle too high for me to stomach, and its recent net income is seriously pathetic.
U still cn buy since the price is below its NCAV level, but u never know will it shed somemore.
stockeers ( Date: 03-Nov-2014 11:58) Posted:
Anyone still holding this counter? seems like this one has been long forgotten...
Please share some info if you have it...
Really appreciate !
|
|
Anyone still holding this counter? seems like this one has been long forgotten...
Please share some info if you have it...
Really appreciate !
KS ENERGY TO SET UP JOINT VENTURE WITH PERTAMINA DRILLING
- KS Energy and PT Pertamina Drilling Services Indonesia (?PDSI?) to set up a new joint venture company to own and operate drilling rigs in Indonesia
- KS Energy and PDSI currently jointly operate two high specification land rigs for a major oil company under a contract worth approximately US$98million
- KS Energy and PDSI currently jointly operate an offshore jack-up rig in the West Madura oilfield under a contract worth US$87.6 million
- The new joint venture company intends to take over the contracts held by the existing joint operations and tender for new contracts in Indonesia
Commenting on its latest developments, Mr. Kris Wiluan ? Chairman of KS Energy said: ?The drilling activities in Indonesia, one of South East Asia?s large oil and gas markets, are picking up speed. The partnership between PDSI and KSDR will release many opportunities for us to participate in the drilling activities in the country. More importantly, the capabilities within both KS Energy and the Citra Tubindo Group will enable us to better serve the needs of Indonesia and help the country step up its oil and gas production efforts.?
KS Energy: S$1.6m net profit in 2Q13By Low Pei Han
KS Energy (KSE) reported a 29.4% YoY rise in revenue to S$196.2m and a net profit of S$1.6m in 2Q13 vs. S$0.7m in 2Q12, such that 1H13 revenue and net profit accounted for 54% and 42% of our full year estimates, respectively. Gross profit margin was lower at 22.8% in 2Q13 compared to 27.5% in 2Q12, as the distribution division had executed more larger-scale projects that had comparatively lower margins. Looking ahead, management believes that the distribution business will continue to be an important contributor the group?s overall performance this year. For next year, more jack-up rigs should join the fleet. We are positive on KSE?s strategy to focus on anchoring its business in Indonesia and other parts of SE Asia, from where it can continue to grow to the rest of Asia. However, the group remains in a mode of recovery and time will be needed for more significant leaps in earnings. Maintain HOLD with S$0.50 fair value estimate.
Still recovering
KS Energy reported a 29.4% YoY rise in revenue to S$196.2m and a net profit of S$1.6m in 2Q13 vs. S$0.7m in 2Q12, such that 1H13 revenue and net profit accounted for 54% and 42% of our full year estimates, respectively. Gross profit margin was lower at 22.8% in 2Q13 compared to 27.5% in 2Q12 and 23.3% in 1Q13, and this is because the distribution division had executed more larger-scale projects that had comparatively lower margins.
Update on assets
After the disposal of KS Titan 2 in 1Q13, KSE currently has three offshore jack-up rigs, seven land rigs and four workover rigs. In addition, it has two jack-ups under construction at Cosco and another jack-up rig under construction (announced 4 Jun 2013, delivery 1Q14). Work for the Atlantic Rotterdam will continue till end Sep or early Oct this year.
Distribution remains the mainstay
Looking ahead, management believes that the distribution business will continue to be an important contributor the group?s overall performance this year. Indeed, besides undertaking maintenance, repair and operations (MRO) work, the group is executing projects which are larger in scale. This division contributed to 78.7% of total revenue in 1H13. For next year, drilling should contribute more to the group?s earnings as more jack-up rigs join the fleet. No charter contracts have been announced for these assets yet.
Maintain HOLD
We are positive on KSE?s strategy to focus on anchoring its business in Indonesia and other parts of SE Asia, from where it can continue to grow to the rest of Asia. However, the group remains in a mode of recovery and time will be needed for more significant leaps in earnings.
Maintain HOLD with S$0.50 fair value estimate, based on 0.85x FY13/14F NTA. ...last: $0.465...
KS Energy's revenue climbed 29.4% to $196.2m
Thanks to ?improving demand? in Asia.
According to OCBC Investment Research, KS Energy reported a 29.4% YoY rise in revenue to S$196.2m and a net profit of S$1.6m in 2Q13 vs S$0.7m in 2Q12, such that 1H13 revenue and net profit accounted for 54% and 42% of OCBC's full year estimates, respectively.
Here's more:
Gross profit margin was 22.8% in 2Q13 compared to 27.5% in 2Q12 and 23.3% in 1Q13, while operating profit was S$9.7m vs a loss in 1Q13. The group mentioned that it continues to experience ?improving demand? from the oil and gas industry in Asia and believes that it is well positioned to tap into new opportunities in the oil and gas market.
...Last Done: $0.475,,,
... recent low was $0.345 (17 June) .... last done:$0.485...
...today close at $0.480 day high .... up $0.045 or 10.345% with good vol .... well done
...today last done: $0.410 +0.055 +15.493%...
...2, 19 moving average cross over ... good sign ....?...
...someone ask....
K S Energy seems profitable as reported but its share price keep rifting lower. It has dropped from above $1 to merely 40cents presently. Major shareholder is obviously depressing the price. Would it end up like one of those China stocks after all the cash has been siphoned from the company?
...Last Done: $0.36...
Why rig builders are shifting their funds from Norwegian market to Singapore
It has 13 units of rigs ordered.
Accordng to CIMB, they have noticed that high rollers from Singapore and second-tier offshore & marine companies are shifting their funds to speculate on rigs, driven by the tight regulatory and monetary control of properties in Singapore amid a low-yield environment.
CIMB also said that reflecting the global financial market trend, speculative rig-building is seeing a shift from the Norwegian market to Singapore, which currently has 13 units of rigs ordered or 15% of the newbuild market share.
" Swissco Holdings, Falcon Energy and KS Energy are the Singapore-listed O& M plays to watch for in the next two years, with a potential 33% increase in their BV from the sale of rigs. Keppel is the top pick in our coverage," CIMB said. ...
