Carimin Petroleum Berhad

$CARIMIN / 5257 (CARIMIN PETROLEUM BERHAD) is moving

@LittleShare @weiwenn928 @boncos @zhexiangxd it's sad to see weakness in oil n gas names. Sector was supposed to be a bright spark this year onwards but due to squabble between Sarawak and Petronas, it got dragged down.

Additionally - now that Trump had won, there's pressure on oil price.

Regardless, opex spending will continue and capex too (despite what could be a lower amount), both leading to continuous earnings potential from the companies within the sector. Hopefully fundamentals will eventually prevail.

$CARIMIN / 5257 (CARIMIN PETROLEUM BERHAD) $DAYANG / 5141 (DAYANG ENTERPRISE HOLDINGS BERHAD) $PERDANA / 7108 (PERDANA PETROLEUM BERHAD) $UZMA / 7250 (UZMA BERHAD) $DELEUM / 5132 (DELEUM BERHAD)

$CARIMIN / 5257 (CARIMIN PETROLEUM BERHAD) recently won 2 Pan Malaysia tender, Package B5 and B9. Assuming that these packages are similar o those won by $DAYANG / 5141 (DAYANG ENTERPRISE HOLDINGS BERHAD), then the details of these contracts can be extracted by the many professional coverage from its peers, which are:

- Duration of 5 years plus 3 and 2 years extension options
- No contract value as it is based on call-out work order
- Estimate of RM1b each package for its firm period hence RM2b in total
- Intense competition for the bidding process, winning it is a testament of track record
- Projected margin of around 20%
- Potential of RM400m profit up for grabs in the next 5 years.

Will be attending its AGM next week to confirm these details. Anyone else going? hehe

@weiwenn928 @zhexiangxd @terence775 @LittleShare @boncos @ubaidahlifestylez @LaoLang

$CARIMIN / 5257 (CARIMIN PETROLEUM BERHAD)
Fundamentally healthy and strong chart technically.

Huge pressure point created from MCO 2020, gapped down from 1.00 to 0.890.

Used 3-4 years to consolidate sideways. Last year Sept 2023 broke free of the 0.890 resistance

This year attempted to fill the gap 3 times (Jan, May, July), each time faced with resistance but didn’t break previous low, forming a abcde corrective pattern.

Things looking pretty for this curry mee if it can break out from this short term, healthy correction after absorbing all the pressure.

@terence775 I'm personally still bullish on $CARIMIN / 5257 (CARIMIN PETROLEUM BERHAD) and find it a potential laggard play for 2nd half of the year.

For one, its share price have not moved as much as its main peers in its main business - like $DAYANG / 5141 (DAYANG ENTERPRISE HOLDINGS BERHAD) and $PENERGY / 5133 (PETRA ENERGY BERHAD), or even if compared to the likes of other marine services players like $PERDANA / 7108 (PERDANA PETROLEUM BERHAD) or the newly listed KEYFIELD.

The reason could be due to a pretty disappointing past 2 quarter results which can be expected due to low season (monsoon) leading to low utilisation of vessels, as well as - according to channel checks - a dry docking in the December quarter which caused them to incur cost plus revenue loss.

But a combination of better full swing utilisation at high DCR RM150k per day should bode well for CARIMIN (calculate yourself and use a % as a margin). Historically Q1 and Q4 is also the strongest for the company.

Lastly, the impairement write back - despite being a non cash item - will help to make FY24 a record year for the company, and as you pointed out - they're also one of the few NET CASH oil n gas companies in Malaysia.

$CARIMIN / 5257 (CARIMIN PETROLEUM BERHAD) – Riding the O&G Upswing

Recently I read a report (well, it was about a month ago), issued by CGS which highlighted a trading idea on Carimin. Unlike other trading idea reports, this one delved a little bit deeper onto the business side of things, which was a pleasant surprise, and supported their bullish technical view with a fundamental view as well.

I think the report highlighted one very interesting, and important, point for CARIMIN as well as peers in the space, so let’s just go through some key points from the report.

1. Carimin is involved in the integrated maintenance and rejuvenation, Hook-up Commissioning or onshore/offshore O&G facilities via 3 segments: Manpower services segment ( providing skilled manpower to handle certain works), marine services segment (chartering of vessels), and the Construction, HUC, Topside major maintenance segment. They have been in operation for over 35 years and have completed over RM 3b worth of works so far.

2. It is worth noting that, unlike many of their O&G peers, Carimin is in a net cash position and does pay out some dividend although they do not have a formal policy.

3. Carimin relies a lot on capex spending by O&G asset owners for their business. Good news, is that the Petronas activity outlook has increased substantially compared to previous years, which implies that people like Carimin (as well as other mid stream players) should see healthy job rollouts. In fact, Carimin has already signed various contracts with Petronas in the recent months.

4. They had just completed their Kemaman yard not long ago which had been in development/talks since about 10 years ago, to cater to increasing demand for their EPCC works. Interestingly, they can handle EPCC for onshore pipelines works. They have another smaller yard in Labuan in the pipeline which will cater for East Malaysia works.

5. Carimin generally experiences seasonality in their reports, with the low season coinciding with the monsoon periods around q4 and q1 of a calendar year. This year, the low period was “masked” by various one off gains and reversals. So remember to take that into account.

6. CGS expects higher charter rates and utilization rates this year—with DCR as high as double up YoY. Last year, Carimin had a utilization of 66%.

7. Carimin had also recently acquired a new vessel which they will receive somewhere around this month, which is timely considering the high demand for vessel charters.

Their MS in 2023 recorded around RM 90mil of revenue (of which RM 35m was inter segment) and a pbt of about RM 20.5mil. This gives them a PBT margin of roughly 22%.

If what CGS said is true, we could be seeing MS overtaking the C,HUC,TMM segment in terms of revenue and profit, and leading carimin into having a record high year, excluding the addition of their new vessel. How much profit? Well, the numbers are there, and you can make your own calculations and assumptions. It looks like a very interesting preposition, at any rate, and carimin is rather undercovered in the market compared to larger, more well known peers.

This is just a quick few hour reading and digging around, and of course does not constitute any investment advice. However, I’m curious to know what you all might think on this @boncos @ryunanda @growthcapitalist @wsk20 @Lionelllleong

CARIMIN - Notice of Book Closure

First Interim Dividend

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

$CARIMIN / 5257 (CARIMIN PETROLEUM BERHAD)

Carimin Petroleum Bhd (CPB) is proposing to acquire an unregistered newbuild crew boat, named “Hull 460,” from Singapore-listed Penguin Shipyard Asia Pte Ltd for RM23.39mil.

KUALA LUMPUR: Carimin Petroleum Bhd’s unit today agreed to acquire an unregistered new build crew boat from Penguin Shipyard Asia Pte Ltd for US$4.96 million (RM23.4 million).

© New Straits Times Press (M) Bhd

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSCARIMIN PETROLEUM BERHAD ("CPB" OR "THE COMPANY")
- PROPOSED ACQUISITION OF A VESSEL BY CARIMIN RESOURCES SERVICES SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY FOR A TOTAL CASH CONSIDERATION OF USD4,960,000.00 (EQUIVALENT TO APPROXIMATELY RM23,388,880.00) ONLY

Change in Audit Committee - TAN SRI DATO' KAMARUZZAMAN BIN SHARIFF

Changes in Director's Interest (Section 219 of CA 2016) - MR WONG KONG FOO

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - CIPTA PANTAS SDN. BHD.

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MR WONG KONG FOO

Change in Boardroom - ENCIK WAN MUHAMAD HATTA BIN WAN MOS

Change in Audit Committee - ENCIK WAN MUHAMAD HATTA BIN WAN MOS

Change in Nomination and Remuneration Committee - ENCIK WAN MUHAMAD HATTA BIN WAN MOS

Change in Risk Committee - ENCIK WAN MUHAMAD HATTA BIN WAN MOS

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

KUALA LUMPUR: Carimin Petroleum Bhd's wholly-owned subsidiary Carimin Engineering Services Sdn Bhd has accepted an extension of a contract for the privision of integrated hook-up and commissioning services for PETRONAS Carigali Sdn Bhd.

OTHERSCARIMIN PETROLEUM BERHAD ("CPB" OR "THE COMPANY")
- LETTER OF CONTRACT EXTENSION AND AMENDMENT NO. 2 ("LETTER NO. 2") FROM PETRONAS CARIGALI SDN. BHD. ("PCSB") TO CARIMIN ENGINEERING SERVICES SDN. BHD. ("CESSB") FOR THE PROVISION OF INTEGRATED HOOK-UP AND COMMISSIONING (iHUC) SERVICES FOR PCSB (PACKAGE C: SKG)

@purebullanalytics many hsr and cons stock taking a break, maybe will resume soon

O&G also got chance like $CARIMIN / 5257 (CARIMIN PETROLEUM BERHAD) $UZMA / 7250 (UZMA BERHAD) $DAYANG / 5141 (DAYANG ENTERPRISE HOLDINGS BERHAD) etc

OTHERSCARIMIN PETROLEUM BERHAD ("CPB" OR THE "COMPANY")
- AGENCY AGREEMENT BETWEEN CARIMIN MARINE SERVICES SDN. BHD. ("CMS"), A WHOLLY-OWNED SUBSIDIARY OF CPB AND DOF SUBSEA ASIA PACIFIC PTE. LTD. ("DOF")

OTHERSCARIMIN PETROLEUM BERHAD ("CPB" OR "THE COMPANY")
- LETTER OF CONTRACT AMENDMENT AND EXTENSION NO.2 ("CONTRACT EXTENSION NO.2") FROM PETRONAS CARIGALI SDN. BHD. ("PCSB") TO CARIMIN ENGINEERING SERVICES SDN. BHD. ("CESSB") FOR THE PROVISION OF OFFSHORE MAINTENANCE, CONSTRUCTION AND MODIFICATION ("MCM") SERVICES

@GrowthCapitalist personally still bullish on oil n gas stocks in Malaysia.

I like $CARIMIN / 5257 (CARIMIN PETROLEUM BERHAD) cos of its strong balance sheet, often overlooked by investors despite being in the same arena as $DAYANG / 5141 (DAYANG ENTERPRISE HOLDINGS BERHAD) for HUC works and the fact that Petronas Activity Outlook is pointing brightly towards maintenance jobs. Carimin also has 2 OSVs under its marine services segment.

Also like $UZMA / 7250 (UZMA BERHAD) and $YINSON / 7293 (YINSON HOLDINGS BERHAD)

@portoftheyear

2024 picks

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$CARIMIN / 5257 (CARIMIN PETROLEUM BERHAD) 18%
UZMA 10%

$YTL / 4677 (YTL CORPORATION BERHAD) 15%
$YTLPOWR / 6742 (YTL POWER INTERNATIONAL BHD) 12%

$MNHLDG / 0245 (MN HOLDINGS BERHAD) 15%
$CLOUDPT / 0277 (CLOUDPOINT TECHNOLOGY BERHAD) 10%

MFCB 10%

MSM 10%
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