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And they didn't read annoucement carefully, the price will adjust frm VMAP of 1.10-1.14 to post bonus issue of about 0.82-0.85, ur % ownership doesn't change, just that ur slice of the cake got cut smaller, that's all, overall it's neutral, I dunno why management went for bonus issue cos it only make sense if u share price is >10 or 20, cos it becomes very illiquid
The comments here on bonus issue shows why most retailers lose money cos they dun understand basics, bonus issue is not free shares, it's just making the unit price smaller, it's like the cake size doesnt change, but the pieces got cut smaller, the amount of share u own post bonus issue will increase, but the share price will adjust down accordingly
The Board of Directors of Bumi Armada wishes to announce that its discussions with MISC are on-going with no further material development pertaining to the MOU since the Announcement.
Merger not mentioned in QR, but they have till Aug 2025, mou is 9 month frm Nov 2024, also if u think armada has a lot of debt, pls look at yinson, even more debt, at least armada is slowly paying back, so future can borrow for new projects
Loss making is due to impairment of assets, basically accounting treatment, cash flow still strong up 300m vs last qr, debt paid down 300m this qr so fcf for q4 is almost 600m, despite big impairment NAV still up frm 96 to 1.02 in q4, now it down to what price will misc willing to pay for armada
hard to say for sure, most auto parts business dun really have very good margin, if u noticed, most are single digit margin, indicating no pricing power, only special cases like pecca and feytech have like >20% margin, nhfatt is another 1 but they are tier 2 supplier, hence i passed on them, for me mce thesis is expansion both local and overseas (US and India), as for jhm, read a bit abt jhm, seems like the contract is supply lights, prob not a high margin contract, i wud prefer if MCE be more selective of their contracts that have better margins
