Is the buying interest back for CARIMIN 5257 CARIMIN PETROLEUM BERHAD?
Carimin Petroleum Bhd have had its fair share of ups and downs in terms of its share price.
Over the past year, it has risen 26.8% to close at 71 sen on June 16.
The counter touched its new 52-week high of 72 sen two days ago.
It was at a year low of 51 sen sometime in October last year.
Does this signal renewed buying interest on Carimin after its breakout above the 69 sen resistance level?
RHB Research believes with the new high coupled with its rising EMAs, additional upside strength may present in the near term.
Investors are probably excited over the prospects of the oil and gas technical and engineering support services provider.
In March, the company secured a work order to provide an anchor-handling tugboat for Petronas Carigali for a period of about six months, with a one-month extension option.
Another catalyst for the optimism on Carimin is the rising oil prices, which could translate into more O&G activities and demand for its services.
The O&G industry will likely enter 2023 with its healthiest balance sheet yet and with continued capital discipline.
Financially, it appears to be making a strong recovery.
In its 3QFY23 ended Mar 31, Carimin returned to the black with a net profit of RM5.1 million from a net loss of RM2.9 million a year ago.
This was on the back of increased revenue of RM44.5 million from RM34.6 million.
Its better revenue was mainly due to commencement of work orders under the Maintenance, Construction and Modification (MCM) services gas cluster contract.
Carimin alsa saw the final completion of its B11 compressor changeout project under its Integrated Hook up and Commissioning (iHUC) projects.
On a 9-month basis, the company’s net profit surged to RM17.2 million from RM3.2 million a year earlier.
It is also heartening to see that its operational cashflow has improved.
Cashflow from operations has turned positive at RM5.4 million in the 3QFY23 versus the deficit of RM17.5 million in 2QFY23.
Moving forward, Carimin believes the positive oil & gas industry outlook and oil price stability provides business and growth opportunities for the group.
Such positive sentiment is reflected with term charters for both the Group’s vessels.
It has also embarked on growing its presence in East Malaysia with land acquisition for yard development whilst continuing to enhance its core competent capabilities.
Premise on the Group’s financial strength, low gearing and capabilities, the Group would actively pursue business and investment opportunities.
Indeed, the outlook looks bright for Carimin, which is slowly gaining ground, as it continues to display improving numbers.
#CARIMIN
https://xifu.my/OpinionsComment.aspx?BID=B03192757P1AB0C1
Singapore Investment
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
QAF #80 - 2024 Annual Report1 day ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Quick Updates4 days ago
-
-
-
-
-
Net Worth Update Apr 20251 week ago
-
-
-
Gold on bullet train!1 week ago
-
-
-
Finance Investment Movement 561 week ago
-
-
-
-
-
-
-
FAQ on Quantitative Investing Part 22 weeks ago
-
-
-
-
-
-
-
-
US/China/SG stocks all crashed?2 weeks ago
-
Investing vs. Speculating2 weeks ago
-
-
-
-
-
-
-
Record Breaking Day of Loss3 weeks ago
-
-
-
-
Mar 2025 Portfolio3 weeks ago
-
Portfolio Summary for March 20253 weeks ago
-
-
-
Who am I?4 weeks ago
-
-
-
Portfolio (Mar 31, 2025)4 weeks ago
-
Portfolio (Mar 31, 2025)4 weeks ago
-
-
March 2025 Updates4 weeks ago
-
-
-
-
-
-
-
-
-
-
The Ultimate SG-JB Geo Arbitrage: Petrol2 months ago
-
-
-
-
-
-
-
ETF vs Mutual Fund: Which is Better?2 months ago
-
-
-
-
-
-
-
-
-
-
Arigato Everyone! A Decade of Blogging!3 months ago
-
Top 10 Highlights of 20243 months ago
-
-
2023 Trading Recap – $11,000 in profit!5 months ago
-
-
Union Square Residences6 months ago
-
-
-
-
STI ETF7 months ago
-
-
-
Unibet Casino Bonus Codes 20247 months ago
-
-
-
-
-
-
Monthly IBKR Update – June 20249 months ago
-
-
Portfolio Transactions (May 2024)10 months ago
-
-
-
-
-
Breakthroughs in portfolio :)11 months ago
-
-
-
Feb 2024 Expenditure1 year ago
-
-
-
-
-
-
-
Monthly Summary of November 20231 year ago
-
Migration of website1 year ago
-
-
-
-
-
-
-
-
-
A New Light1 year ago
-
-
-
-
-
-
2022 Thoughts, Hello 2023!2 years ago
-
Series of Defaults for Maple Finance2 years ago
-
Takeaways from “Sea Change”2 years ago
-
Greed is Coming Back2 years ago
-
-
-
-
-
-
-
-
What is Overemployment2 years ago
-
Terra Hill Condo (former Flynn Park)2 years ago
-
Alibaba VS Tencent: The Battle Royale2 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-