【WASCO 5142 交流专区】 （前名 WASEONG ）

股友

只是好奇。

WAH SEONG 是Tan ＆ Tan Bhd 的子公司，做oil ＆ gas 的，三天前就开始乱泻一通，近５０％的跌幅。去bursa 看也没什么特别的事。去年做audit的朋友说是好股，要大力投资，幸好没跟去荷兰。



[ 本帖最后由 Mr.Business 于 3-3-2008 03:00 PM 编辑 ]

chon

（吉隆坡20日訊）因回酬偏低而退出工程競標的華商機構（WASEONG，5142，主板工業），昨日慘遭賣壓，今日跌勢稍微收窄；分析界指出，該公司持有高達16億訂單，基本面強健，投資者可考慮趁低買進。
聯昌證券指出，雖然退出Nord Stream的競標，華商機構未進賬訂單高16億令吉，正競投總值約30億至40億令吉合約。

“我們相信，昨日股價遭賣壓的華商機構，是投資者進場的大好機會。”

該券商預料，華商機構將透過上市及發行附加股，籌措4億令吉，以融資旗下業務。

股價跌17仙

這包括融資2億2000萬令吉在沙巴和砂拉越天然氣運輸管（SSGP，簡稱沙砂運管）計劃、擴充新加坡GSI公司（1億令吉）及充做現有深海輸送管涂層廠房的興建資金，約8000萬令吉。

亞歐美證券指出，儘管購興受影響，惟華商機構基本面強健，並相信可成功競投沙砂運管計劃。

興業研究說，政府雖未公佈沙砂運管競標結果，惟相信已是華商機構的囊中物。

另外，興業研究指出，華商機構退出Nord Stream競標后，對輸送管涂層業者競爭力感質疑。

“我們擔心，有此先例下，Nord Stream或會在日后拖低合約賺幅。”

券商說，雖然GSI成長穩健，但公司輸送管涂層業務可見性盈利或因Nord Stream調低合約賺幅而收窄，加上攫取大型合約的能力或受質疑，且不明朗，進而調低目標價。

華商機構今早微揚報開后，盤中漲幅一度拉大至14仙，報3.20令吉，惟在11時16分后跌跌不休，宣告全軍覆沒。

閉市時，該股掛2.89令吉，跌17仙，全日成交量達584萬8900股。

Mr.Business

新闻。

Monday March 3, 2008

Wah Seong set to get RM800mil contracts

STORIES By ELAINE ANG

THINGS are still looking good for Wah Seong Corp Bhd despite the recent loss of the Nord Stream contract. The group is on the verge of clinching some RM700mil to RM800mil worth of oil and gas (O&G) contracts.

Deputy group managing director Giancarlo Maccagno said Wah Seong was in the midst of finalising a host of pipeline construction, manufacturing and coating contracts.



“We are confident the contracts would be signed within the next two to three weeks,” he told StarBiz.

The contracts that are seen to be already in the bag for Wah Seong are:

·Two pipeline construction contracts worth RM150mil and RM75mil each in Australia,

·Two pipe-coating contracts totalling RM140mil to RM150mil in Turkmenistan and Malaysia, and

·The RM400mil pipe manufacturing and coating contract for the Sabah Sarawak Gas Pipeline (Bintulu contract).  

The upcoming contracts would boost the group's order book, which stands at RM1.6bil to date, to more than RM2bil. Most of the contracts would also contribute to bottom line this year.

The group is currently bidding for RM4.5bil worth of contracts, of which 85% are in the O&G industry.  





Wah Seong shares took a beating on Feb 19 as investors sold down their shares after the group announced that it had pulled out of the race for a 650 million-euro pipe-coating contract in the Nord Stream AG pipeline project as the value of the contract to be awarded was “below the level required to successfully undertake the project and achieve financial viability.”  

Maccagno sees the decision to pull out of the Nord Stream contract as a logical and prudent one.

“Make no mistake, we are very disappointed as the project would have meant a quantum leap in terms of business and financial growth for Wah Seong.

“However, we would definitely not be able to make money at that particular contract price. It is a job that is better not to have,” he said.

The disappointment of not clinching the Nord Stream contract has not dimmed Maccagno's confidence that Wah Seong would continue to do well, as opportunities are aplenty in the robust O&G industry.

In fact, the group is expanding its plant in Kuantan and setting up two plants in Kota Kinabalu, Sabah, in anticipation of more contracts.

According to Maccagno, the group has taken steps to mobilise its manufacturing and pipe-coating plants in Kota Kinabalu in preparation for the Bintulu contract.

“We are investing RM150mil via internally generated funds into the two plants which are expected to be ready by June.  

“It will be the first integrated facility in the country to produce American Petroleum Institute (API)-certified spiral welded pipes for the O&G industry,” he said, adding that the pipe manufacturing plant would be able to produce 100,000 tonnes of pipes a year.  

The group is also looking at opportunities in deepwater pipe-coating and building a deepwater flow assurance coating plant – the first in Asia – at its main facility in Kuantan, Pahang.

The plant would provide Wah Seong with an edge in the tender for a RM200mil pipe-coating contract by Shell in Gumusut, Sabah.  

“There are two parts to the contract. The shallow water contract is expected to be awarded by the middle of the month and the deepwater portion by June,” Maccagno said.

On the global front, the acquisition of a 51% stake of Netherlands-based Turn Key Pipeline Services BV (TKPS), which was completed recently, would also provide Wah Seong with a platform to grow its pipe-coating business abroad, especially in Eastern Europe, Central Asia and Russia.  

TKPS is an engineering and manufacturing company providing pipe coating services to the O&G industry,

“TKPS enables us to have the best pipe-coating technology in the world. It also has a good network of customers.

“We secured our first contract in Russia worth 12 million euros via the company, and we are already negotiating for more contracts,” Maccagno said. He added that there would also be more pipeline contracts in China as China National Petroleum Corp had confirmed the construction of 8,000km of pipeline, of which 2,500km would be manufactured and coated this year.

In addition, Wah Seong's engineering, fabrication and rental of gas compressors division is expected to continue to do well.  

“There is not much fabrication capacity left – we are fully booked this year and in the first quarter of 2009. The utilisation rate of the rental fleet of gas compressors are 90%,” Maccagno said, adding that the division has an order book of close to RM700mil at present.

To expand the business, Wah Seong plans to invest US$20mil to fabricate more gas compressors and expand its rental fleet by 30%.

Maccagno believes the group may even be able to rent out all its additional gas compressors by as early as this month as it is now in negotiations for a five-year contract worth US$50mil, whose contribution to bottom-line would begin next year.

Wah Seong is in the midst of a rights issue to raise about RM200mil to finance its expansion plans, namely the setting up of the new deepwater facility in Kuantan, purchase of gas compressors from US-based Weatherford International Ltd and expansion of its rental fleet of gas compressors.  

The group recorded a 129.6% jump in net profit to RM85.9mil for the year ended Dec 31, 2007, versus RM37.4mil in 2006 while revenue rose 20.4% to RM1.96bil from RM1.62bil.

Mr.Business

新闻。

Monday March 3, 2008

Loss of Nord Stream project has no effect on group

Wah Seong Corp Bhd deputy group managing director Giancarlo Maccagno talks to StarBiz about the Nord Stream contract and the group's prospects going forward.


Giancarlo Maccagno

Why did Wah Seong pull out of the Nord Stream project?

Our skills in managing costs could be a reason why we lost the contract. We always ensure that our costs, especially the major ones such as for raw materials, are locked in 100% but it meant we had to pay a premium to the suppliers.  

Our raw materials costs for the Nord Stream contract were locked in for the next three years.

We have a stringent system when it comes to managing costs so that we do not have to worry about material costs escalation and be able to focus on the business. It is a prudent approach. We would definitely not be able to make money at that particular contract price.  

Our bid was 770 million euros while the Nord Stream contract was clinched at 650 million euros. Bredero Shaw also could not do it. Furthermore, we would have to invest in additional capacity and people as it is a greenfield project for us.  

How would the loss of the Nord Stream project affect Wah Seong's business?

It has not affected the group in any way. Our roadmap is still the same since our corporate transformation plan was put in place in 2002. Our aim to become a major Asian oil and gas service infrastructure group by 2007 and to grow revenue to RM1.5bil, of which 60% is from overseas, was achieved one year earlier in 2006. We are on track to achieve our target of becoming a global player by 2012 with revenue of US$1bil consisting of 80% from overseas.  



How has this affected your plans to penetrate the European market?

The Nord Stream contract would have been our platform to enter the European market. However, losing the job does not mean we cannot penetrate Europe. We will eventually do it. There are plenty of opportunities in Europe, Central Asia and Russia so other contracts will come up. We are tendering for more contracts in Europe this year and hope to be awarded some by year-end or early next year.  

What are the prospects for Wah Seong in the next few years?

Our prospects are good as the opportunities in the oil and gas industry are still excellent. I expect business to grow at more than 25% for the next three to five years at least. It is up to us to deliver.



How well known is Wah Seong among the global oil and gas community?

We are one of the top three largest oil and gas pipe-coating players in the world in terms of market share. We are a reputable contractor and well known by many of the oil and gas players globally. Our weakness is Europe, but I believe many companies there will know us now after we bid for the Nord Stream contract.



How is the plan to list the group's industrial services division progressing?

The listing of Wah Seong Industrial Holdings is progressing well. We are in the midst of negotiating the appointment of a merchant bank.  

We believe the company should be able to sustain a main board listing and aim to list it before year-end. Prospects are good, especially with the ongoing Ninth Malaysia Plan. Wah Seong will then be a pure oil and gas group.

Mr.Business

新闻。

Monday March 3, 2008

Analysts still upbeat about Wah Seong’s prospects

ANALYSTS are still upbeat about Wah Seong Corp Bhd's prospects despite the loss of the Nord Stream contract.

Many have buy calls on the stock and remain bullish about the group's long-term outlook.



AmResearch remains optimistic of strong contract flows from Wah Seong's pipe-coating division and fabrication and rental of gas compressors and process equipment division.

It is projecting that Wah Seong will post net earnings of RM105mil for the year ending Dec 31, 2008 (FY08) and RM129mil for FY2009.  

“Our earnings forecast did not factor contributions from the Nord Stream project; hence there is no revision to the forecast at this juncture.

“With the Sabah Sarawak gas pipeline project likely to be secured (estimated to be worth about RM400mil) and various pipe-coating projects up for grabs, we forecast Wah Seong’s pipe-coating revenue to grow 40% to 45% year-on-year to RM422mil in FY08 and RM616mil in FY09,” it said.

AmResearch added that Wah Seong's annual recurring small pipe-coating projects provided a decent RM200mil to RM250mil revenue base.

The research house noted that Wah Seong’s fabrication and rental of gas compressors division was also a key earnings driver for the group.  

“We have forecast the division’s revenue to expand 10% to 15% per annum to RM356mil for FY08and to RM397mil for FY09. This is on the back of rental capacity expansion of 10% to 15% per annum and mounting fabrication contracts,” it said.

AmResearch is of the view that shareholders should subscribe for the group's rights issue, being an opportunity to continue their participation in the regional oil and gas group that is poised to deliver a 23% compounded annual growth rate in net profit from FY08 to FY10.

“Based on our target price of RM2.53, potential upside from the rights issue price of RM2.23 is about 13%,” it said. Wah Seong expects to raise RM203.0mil from issuing 91.1 million rights shares.  

K&N Kenanga has upgraded Wah Seong from a hold to a trading buy.  

“We deem the recent sell-down in Wah Seong on news of its failure to secure the Nord Stream pipe-coating contract as grossly overdone. We believe that its underlying fundamentals remain sound and the other re-rating catalysts intact,” it said.

OSK is maintaining a trading buy on Wah Seong.  

“Our ex-rights and bonus issue target is only RM3.04, which gives limited upside due to the lower-than-expected cash to be raised. We advise investors to buy into weakness and exercise the rights which give a good discount,” it said.

Meanwhile, RAM Ratings has reaffirmed the AA3/P1 ratings of Wah Seong's Murabahah and Ijarah Commercial Papers/Medium-Term Notes Facilities (2004/2011) of up to RM200mil.  

At the same time, the outlook on the long-term rating has been revised from stable to positive.  

“The positive outlook on Wah Seong’s long-term rating is premised on the group’s stronger balance sheet and debt-servicing ability,” it said.

cari288

H－Display 也掉到不清不除。。。
可能 是股价太高了。

Mr.Business

氣體業務盈利標青　華商控股前景看好
-4th Mar 2008
※報導 : 杜佩詩
華商控股07年全年淨利表現良好，尤其是旗下氣體服務國際集團（GSI）的盈利極為標青，分析員因此調高該公司的盈利預測，並看好其未來發展。

華商控股的07年末季淨利揚升至2600萬令吉，在其07財政年交出8600萬令吉淨利的亮眼成績單，這比市場平均預測高13%，此出色表現主要是來自氣體服務國際集團（GSI）的貢獻。

該集團也宣布派發4仙的終期股息。此外，華商控股07財政年的營業額躍升20%，核心淨利也飆升31%，分析員指出，該集團旗下的氣體服務國際集團，貢獻該集團的18%營業額和38%的稅前盈利。此業務的賺幅也明顯較優越。

氣體服務國際集團的營業額，也來自各佔40及60比重的出租和銷售業務，該公司希望這兩項業務在短期可達到各佔50比重的目標。

該集團旗下PPSC工業控股的管線塗層業務，也是支撐其淨利增長的主因之一。

手握16億訂單

該集團將撥出25%的資本開銷，用以展開氣體服務國際集團的擴展計劃。

至于其余75%的的資本開銷，55%將用在沙巴和砂拉越水管工程以及20%用于關丹工廠進行的深海管線工程。

目前，華商控股擁有16億令吉的強勁訂單，其中49%來自非石油與天然氣管線塗層工程。

此外，該集團也積極競標價值30億至40億令吉的合約，大部份是位于亞洲地區。

目前，該集團的全球市占率為8%至10%比重。該集團已決定打進歐洲市場，以提升市占率。

華商控股自從宣佈不會參與NORD STREAM輸送管塗層工程計劃后，該股被拋售和股價重挫20%，令其價值開始顯現。分析員認為，這項消息不會對其長期走勢帶來影響，其基本面也維持穩定。

在氣體服務國際集團更高盈利貢獻的推動下，聯昌國際投行分析員將華商控股08至09財政年的盈利預測上調2%至4%，並重申「超越大市」的投資評級，目標價格也從3.00令吉，上調至3.35令吉。

亞歐美投行分析員則表示， 該股的潛在催化劑，主要來自于取得沙巴-砂拉越氣體運輸管計劃（SSGP）、計劃將其非石油與天然氣業務上市，以及將其管線塗層發展成為區域中心。

他維持「買進」該股的投資評級，目標價格為2.65令吉。

http://www.orientaldaily.com.my/#top

小巴菲

華商獲1.47億澳洲合約 -5th Mar 2008

(吉隆坡4日訊) 華商控股( WASEONG，5142，主板工業股)宣佈，其子公司Delco Australia私人有限公司，獲頒價值4950萬澳幣，相等于1億4700萬令吉的合約，以為Newgen Braemar2私人有限公司裝配兩條氣體輸送管。 該工程位于澳洲昆士蘭，為Braemer2能源計劃的部份建設工程，而工程將在本月開始，預計會在明年1月份完成。 Delco將負責運送100千米長的氣體運輸管，而在接獲此合約后，該公司的訂單總數將達7500萬澳幣，或2億2300萬令吉。 因此，預計將為華商控股的08和09財政年帶來正面貢獻。

king1892

先留個腳印，有相關分析要發表。

科恩马

原帖由 小巴菲 于 5-3-2008 08:43 AM 发表
華商獲1.47億澳洲合約-5th Mar 2008
(吉隆坡4日訊) 華商控股( WASEONG，5142，主板工業股)宣佈，其子公司Delco Australia私人有限公司，獲頒價值4950萬澳幣，相等于1億4700萬令吉的合約，以為Newgen Braemar2私人有 ...

对 WASEONG－WA 有何见解？

elvingan

益价太高,不值得...
炒家通常炒高出货...

king1892

waseong旗下的公司petro-pipe在沙巴州獲取總值RM3億9千萬的油管工程合約(從沙巴到砂勞越的油管)。

嘿嘿...要上RM2.20了。

[ 本帖最后由 king1892 于 10-4-2008 01:06 PM 编辑 ]

king1892

原帖由 king1892 于 10-4-2008 01:01 PM 发表
waseong旗下的公司petro-pipe在沙巴州獲取總值RM3億9千萬的油管工程合約(從沙巴到砂勞越的油管)。

嘿嘿...要上RM2.20了。   

很好...果然RM2.24。:@ :@ :@

钱在手

目标价多少？

加力仔＿FIPF

更新: April 11, 2008 01:49

（吉隆坡10日訊）管塗層領導業者華商機構（WASEONG，5142，主板工業產品組），獲馬石油探勘（Petronas Carigali）頒發總值3億9000萬令吉的工程合約。

華商機構向馬證交所報備說，子公司Petro-Pipe將為馬石油探勘在沙巴-砂拉越的天然氣管計劃，提供天然氣管製造、供應、塗層及儲存。

“合約工程價值為3億9000萬令吉，將在2008年9月開始供應馬石油天然氣管。”

該公司指出，上述工程將在2008和2009財年，為集團貢獻顯著盈利。

華商機構3月份說，公司擁有總值17億令吉工程，海外佔據80%至90%，同時正在競標40億令吉合約。

已是亞洲管塗層老大的華商機構，接著將瞄向歐洲、中亞等市場。

華商機構曾在2月中，因回酬偏低退出總值6億5000萬歐元（約32億3751萬令吉）、Nord Stream AG的輸送管塗層工程競標，失去進軍歐洲市場的機會。

截至今日閉市，華商機構報2.23仙，升8仙。

king1892

原帖由 king1892 于 10-4-2008 01:01 PM 发表
waseong旗下的公司petro-pipe在沙巴州獲取總值RM3億9千萬的油管工程合約(從沙巴到砂勞越的油管)。

原帖由 加力仔＿FIPF 于 11-4-2008 07:16 AM 发表
更新: April 11, 2008 01:49
（吉隆坡10日訊）管塗層領導業者華商機構（WASEONG，5142，主板工業產品組），獲馬石油探勘（Petronas Carigali）頒發總值3億9000萬令吉的工程合約。

怎麼報館的新聞好像有點慢？

GODmother

嘿嘿。。。你是想说你的消息比较快吧。。


你是怎么收到的？？每次都很准叻！！

king1892

Perisai這一隻石油股沒有人在討論嗎？

有沒有人幫我把perisai的貼頂上來？有文章要發表。謝謝~~

Mr.Business

好象没有perisai的貼，你可以开个新帖。

cct2048

Perisai 好事 ？ 坏事 ？