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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. ...
| Date |
Stock Name |
Last Price |
Price Target |
Upside/Downside |
Price Call |
Source |
| 16/05/2013 |
KS Energy
|
0.435 |
0.700 |
+0.265 (60.92%) |
HOLD |
OCBC |
KS ENERGY TURNS IN PROFITABLE 1Q FY2013
- Revenue rose by 27.6% to $153.4 million
- Net profit totalled $1.8 million
- Group has cash and cash equivalents of $77.6 million
SINGAPORE, 15 May 2013 – Main board listed KS Energy Ltd (“KS Energy” or the “Group”) today announced net profit after tax of $1.8 million and revenue of $153.4 million for the quarter ended 31 March 2013.Both the Distribution and Drilling subsidiaries delivered improved performance this quarter. By revenue, the Distribution business remains the larger contributor accounting for about 78.5% of the group’s total revenue. The Drilling business contributed about 20.2% of the Group’s revenue and the balance comprises contributions from the Engineering business and the Corporate segment.
Net profit after tax improved from a loss of $0.2 million in 1Q FY2012 to a profit of $1.8 million in this quarter due to a better result from the Drilling business.
The Group’s balance sheet grew with net assets of $432.1 million compared to $419.2 million as at 31 December 2012. This is attributable to increases in cash, inventories, and property, plant and equipment lower trade and other payables and short term borrowings and higher long term trade and other payables and long term bank borrowings.
At the close of the quarter, the Group has a balance of $77.6 million in cash and cash equivalents (31 December 2012: $60.7 million) and its net gearing stood at 0.71 times as at 31 March 2013 compared to 0.75 as at 31 December 2012.
Commenting on the Group’s performance, Mr. Kris Wiluan, Chairman and CEO said: “Both our Distribution and Drilling subsidiaries delivered higher revenue contributions ultimately enabling us to return to profitability. With both subsidiaries now on track, we look forward to further enhancing our results. Going forward, the Distribution subsidiary continues to be a significant contributor to the Group’s performance. The Drilling subsidiary has secured new assets that commenced work in Indonesia recently. “
so seem like it will stay around 47
...KS Energy has successfully defense and establish a strong support level @ $0.470...
Undersubscribed seems like alot are really loss interest on the counter, as it performance is not good at all, excess application is due to alot of people hope to get away from the counter thus subscrip more so that they can sell all away with more money, as once the credit on 4 apr 2013, the volume surge and price drop significantly.
mcking ( Date: 05-Apr-2013 19:47) Posted:
| For some reason, the rights issue was ridiculously undersubscribed by a huge percentage (excluding excess application) even though the rights price was only 0.47. Needless to say, the share was sold down once the allocation of excess rights shares was known (from 0.65 to 0.51 in 2 days). This is really stupid. |
|
| KS Energy |
31-Dec-09 |
31-Dec-10 |
31-Dec-11 |
31-Dec-12 |
| TOTAL REVENUES (S$m) |
646.5 |
509.5 |
492.7 |
698.1 |
| NET INCOME (S$m) |
40 |
-98.4 |
-78.8 |
1.3 |
| Profit Margin |
6.19% |
-19.31% |
-15.99% |
0.19% |
Seems nothing much interesting, only that last year there is slight improvement in the income.
The rights was issue at $0.41, which is almost 1/2 the initial share price.
| 4 share to 1 rights |
0.41 |
| Adjustment price after rights |
0.698 |
| Right Announce |
27-Feb-13 |
0.77 |
| Right Closure |
7-Mar-13 |
0.67 |
| Rights Credit |
4-Apr-13 |
0.55 |
This rights will only credit into the account on 4 apr 2013, but seems like those over subscrip one sell away to make a quick earning so that they will be earning and get away from the counter.
will do some personal research on this counter.
shuncheng ( Date: 05-Apr-2013 16:39) Posted:
|
anyone got news about this stock? |
|
For some reason, the rights issue was ridiculously undersubscribed by a huge percentage (excluding excess application) even though the rights price was only 0.47. Needless to say, the share was sold down once the allocation of excess rights shares was known (from 0.65 to 0.51 in 2 days). This is really stupid.
anyone got news about this stock?
Anyone vest in this counter, and have any information to share? As the recent Rights is over subscript, and also before the right issue, there is also picking up of share from the substantial share holder from the market. Seems that there is some anticipation of something.
