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Any comments on Sky Petrol?
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mic1838
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23-May-2010 13:53
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21c you already say its value play......... Now still say buying opportunity....... Selling medicine ar?? Oil will tank further....
See the number of posts he has in this page alone n u know its selling ointment liao.......
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grandmaster89
Veteran |
23-May-2010 13:10
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Price got whacked last week. Buying opportunity hmm ???? | ||
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grandmaster89
Veteran |
18-May-2010 18:21
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Price holding steady at 18 cents. Big volume but few trading done. Today is the Date Payable for FY 09 dividends of S$0.004/share :) | ||
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grandmaster89
Veteran |
15-May-2010 15:47
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Yea...the convertible bond is the main risk due to the S Chip stigma. But I am not too worried for the following reasons - a) The Company keeps US$3.5 million in a fixed deposit account in a Singapore bank. b) The Chairman is a Singaporean. c) The Company has spend close to $50 million last quarter in acquiring the shipping company and 9 new drilling facilities. If they can spend such sum of money, I am sure US$13.5 million is available. But the Chairman should hype up the stock a little. They used to give press releases and analyst presentations. They stopped in late 2008. And they should have announced their intentions to buy more rigs in a separate announcement for more hype haha ! But overall, quite happy with the Management. More rig means more profit haha !
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star-trader
Senior |
15-May-2010 13:50
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Short black candlestick implies relatively weak selling pressure on a very little price trend movement. The day's before candlestick showing umbrella which has the potential for bullish reversal as currently moving downward but this is only supported if the volume starting to come in or with accumulation basis. Thus, Bearish or bullish confirmation signal required to confirm this situation. Star-Trader |
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lawcheemeng
Master |
15-May-2010 12:29
Yells: "fly me to the mooon" |
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notice that too....only collect at 19 cts...not willing to push higher......can see also the contribution from the rental of drilling equipment is the most profitable and new LWD and MWD..will make contribution from 2nd qtr onwards.....hehehe.....look like it going to be a good run for this bugger if no un forsee happening.......only thing now is the covertible bond due this sept......US$13 mill......of course they have US $ 3mill....in singapore bank....but than......"S" stock...phobia......so still alot ppl got phobia....if not this one shld be 40 cts liao lor......just my view hor...... |
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grandmaster89
Veteran |
14-May-2010 13:24
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I agree. Q2 will have more rental income plus greater contribution from Xinghai Shipping (only acquired in Feb 2010). I noticed this counter is quite strange - few trading done but at large volumes. |
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lawcheemeng
Master |
14-May-2010 11:54
Yells: "fly me to the mooon" |
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Seem like trying very very hard to break the 19cts barrier.....for the pass few days liao......hopefully to day last hr can do that.....then it will try the 22cts level......though got good set of result but no movement .....sainz.......2nd qtr would be a much better one ....as more rental income liao......Long this bugger....hehehe.....just my tots..... | ||
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grandmaster89
Veteran |
04-May-2010 16:59
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Queuing to buy more at $0.21 haha ! Wish me luck ! | ||
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grandmaster89
Veteran |
29-Apr-2010 18:19
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Sky Petrol Reported a good set of results for Q1
and provided an unexpected acquisition plans to boost the revenue of its
oil drilling rig rental segments. Sky Petrol terminated its highly
lucrative Dagang Oilfield contract mutually in 3Q 09 and acquired an oil
tanker shipping company in Jan 2010 to replace the Dagang's revenue
stream.
Q1 2010 Financial Highlights Revenue: S$16.2 million (up 76%) Gross Profit: S$8.1 million (up 54%) Net Profit: S$3.18 million (up 48%) Profit due to Shareholders: S$1.63 million (down 26%) S$1.5 million net earnings is due to minority interest (primarily shareholders of the newly acquired shipping coy). Profits declined due to rollover interest expense for its US$13.5 million convertible bonds due in Sept 2010. After which, the company's interest expense will be greatly reduced hence possibly boosting Q4 earnings. Admin expenses also increased due to the acquisition of a new business division. Gross profit increased due to higher oil prices which positively impacted its Extraction segment and the chartering of the a second oil drilling rig in 2Q 09 (hence not visible in 1Q 09 results) and chartering of 2 newly acquired LWD drilling rigs in March 2010 (minimal impact in Q1 10). Extraction Segment Revenue Q1 09: S$0.91 million Q4 09: S$2.19 million Q1 10: S$2.67 million Increase in revenue is due primarily to the rise in oil prices. The company drilled and sold oil at US$45 per barrel in Q1 09, US$71 per barrel in Q4 09 and US$76 per barrel in Q1 10. Oil prices has remained above US$80 in Q2 10 so far hence we might see further upside in this segment. The amount of oil extracted remained consistent at 20,000 barrels. There was a slight improvement in gross margins from 10.2% in Q4 09 to 14.5% in Q1 10. This segment remains very weak and volatile due to the volatile oil prices and the inability to gain permission from the oil field owners to drill new oil wells in the field. The segment generated a gross profit of S$0.39 million in Q1 10. I expect a slight improvement in Q2 10 due to better oil prices. Hopefully in light of the recovering oil prices, the oil field owner will lift the drilling restriction on oil producers. Oil Drilling Rig Rental Services Q1 09: $2.33 million Q4 09: $5.43 million Q1 10: $4.88 million Sky Petrol owns 2 oil drilling rigs and charters it out at fixed rates to drilling companies on long term contract. The substantial increase in revenue is due to the chartering of the second rig in 2Q 09. One oil rig is chartered till 1H 2011 and another is chartered till the end of the year after expiring at the end of last year. The drop in revenue could be due to a reduced charter rates at the end of last year. Going forward, the company intends to expand this division by acquiring more rigs. It spend S$14.6 million to acquire 2 LWD drilling facilities and it has already been delivered and chartered out in late March 2010. Its impact in Q1 result was minimal but it will play a larger role in Q2 10 earnings. The company also paid $0.6 million deposit for another 6 sets of MWD drilling facilities and another set of LWD drilling facilities. It will be delivered in May 2010 and will have an impact in Q2 earnings. This segment has been producing consistent and steady earnings since the company diversified into it in 2008. Income has been increasing with the acquisition of more drilling facilities. It generated a gross profit of $3.8 million and a gross margin of 78.1% in Q1 10. Revenue from this segment will be stronger in the coming quarters due to recent acquisitions. Drilling Services Q1 09: $0.308 million Q4 09: $0.301 million Q1 10: $0.300 million No surprises from this small segment. This revenue is solely derived from the Co-operation contract signed with Botenaer to use their directional drilling technology to rework old wells. It continues to generate steady income for the Group as long as oil prices remain stable. The gross margin is around 90% since only labor cost is incurred. This contract will last till the end of 2011. It generated a gross profit of S$0.267 million in Q1 10 with a gross margin of 89%. I expect similar performances in the coming quarters. Xinghai Wenling Shipping Company (49% stake) FY 07: S$37.3 million FY 08: S$45.5 million Q1 10: S$8.37 million (FY 09 results were not released) The business scope of Xinghai includes that of transportation of petroleum product within the scope of domestic inshore and the middle and lower areas of Changjiang River, shipping intermediary service, and distribution of the products for ship and non-dangerous chemical fuel oil. Xinghai is currently engaged in the business of transportation of petroleum products for petrochemical companies through a fleet of 7 vessels. Xinghai chartered in 3 vessels in 2010 hence bringing its fleet size to 10 vessels. Sky Petrol acquired a 49% stake in the company for around RMB150 million or S$31.2 million in Feb 2010. It earned a gross profit of $3.7 million and a gross margin of 44.2%. The freight rates for coast shipping of crude oil has remained stable over the past 12 months. This could be a source of stable income for the Group. Acquisition of new vessels will boost potential earnings. Sky Petrol should benefit from greater share of the profit in Q2 onwards by benefiting from a full quarter worth of contribution. Balance Sheet Total assets increased substantially to $184 million due to acquisition of Xinghai Shipping and consolidating it into the Group's results. Equity attributable to shareholders rose slightly from $102.8 million to $105.6 million to Q1 10 earnings. Cash balance fell to $65.5 million due to cash out-flow for acquisition of Xinghai Shipping, acquisition of 2 LWD drilling facilities and a deposit for new drilling facilities. A further $16.1 million will be paid in the next quarter to settle the Xinghai transactions. I am not too certain what is the Company's capital commitment for the new drilling facilities due in May 2010. Debt level stands at S$27 million of which S$21 million are convertible bonds due in Sept 2010. The company keeps US$3.5 million as a fixed deposit in a Singapore bank. The net cash stands at S$37 million. Cash-Flow The company generated S$10.0 million cash from its operating activities. $14.6 million was used to purchase 2 LWD drilling facilities in March 2010 and a further $8.45 million was paid for Xinghai's acquisition. $5.7 million was used to pay the minority shareholder in pre-acquisition periods. I believe this refers to the dividend payout for Xinghai's shareholder based on their FY 09 results. As a result, the company had a cash out-flow of $21.9 million. Outlook I expect a stronger Q2 performance due to the following reasons - a) Oil prices have remained above US$80 so far in Q2 hence this will benefit the Extraction segment. b) It will benefit from a full quarter worth of contribution from Xinghai Shipping. Tanker freight rates are tied to oil prices hence it should remain stable. c) It will benefit from a full quarter worth of contribution from the 2 recently acquired LWD drilling facilities which has been chartered out in late May 2010 d) It would have received the 6 sets of MWD drilling facilities and another set of LWD drilling facility in late April or early May. This will positively impact in Q2 results when it charters it out. Cash position will decline further after paying for the Xinghai transactions and new drilling rigs. It should have sufficient cash to repay the convertible bond loans in Sept 2010. Management expects the Group to remain profitable in 2010. Share Price: $0.225 NAV: $0.3457 EPS: $0.0057 (1Q) Net Cash/Share: $0.071 (cash - debts - Xinghai payables) Please feel free to share your views. Note that this is my own personal views so buyers beware |
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grandmaster89
Veteran |
26-Apr-2010 22:37
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Sky Petrol Reported a 48% Increase in Q1 10 Net Profit I will analyze it further tonight. Good to see an excellent contribution from Xinhai Shipping Company. Oil extraction segment reported massive growth due to higher oil prices. Strong cash hoard of over S$65 million cash. Increase in NAV to S$125 million. Looks like a pretty decent performance. |
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grandmaster89
Veteran |
26-Apr-2010 14:22
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Sky Petrol is in play today with over 16 million shares traded. Can it breach the $0.23 wall today ? I wonder what news might be revealed ? Could Q1 results be out today ? | ||
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grandmaster89
Veteran |
19-Apr-2010 22:05
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Price held steady today with someone eating the
dumping queue. Over 8 million shares transacted today - twice the usual
trading volume.
Their IR department has confirmed that the Q1 results will be out prior 30th April and will most likely be released in the following week. Hoping to see some healthy contribution from their newly acquiring Xinghai Wenling Shipping Company which owns 7 small oil tankers. Results should be better than Q4 09. Hard to say whether will it improve from Q1 09 since Dagang contract has been terminated and Sky Petrol wouldn't enjoy the full quarter contribution from Xinghai Shipping since it was only acquired in Feb 10. Either way, I expect it to remain profitable and generate around S$2 million profit. |
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grandmaster89
Veteran |
16-Apr-2010 22:22
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Sky Petrol's Chairman Statement 2009 Dear Stakeholders, Since our IPO, the China petroleum industry has undergone significant changes. The huge growth in domestic demand for oil has required China to become much more dependent on international investment and oil import, whilst continuing to strengthen its domestic capacity and capability in exploration. In 2008, the Board decided that we needed to look for opportunities that this trend was giving rise to. After significant discussion and debate the Board decided to: enter the drilling rental market thereby exploiting the fact that so many rigs had gone abroad; and seek opportunities in oil transportation – most notably in seaborne oil transportation, the most economic form of transportation – thereby exploiting the fact that large oil tankers could only land in a number of limited places in China. Our focus in 2009 was to successfully execute our strategy of providing a wider spectrum of services to meet the needs of our customers and to upgrade our portfolio to strengthen the quality and robustness of our income. By year end, our profitability has improved. Our cash position is strong. Our portfolio is strengthened.
During 2009, we continue to deliver a predictable level of income
through provision of technical services and rental of equipment in oil
extraction and drilling. This is our core strength and we will continue
to pursue new opportunities in these areas. We expect performance in
Tian Xi to remain the most volatile of our income streams. To enter the oil transportation segment of the market and to strengthen our portfolio, we have acquired 49% of the equity interest in Wenling Xinghai Ocean Shipping Co. Ltd. in early 2010 to provide ships to transport petroleum products within China. We have terminated our agreement to provide extraction service to Dagang on 30 September 2009, as the income from this service was expected to deteriorate due to increases in maintenance costs. 2009 has been a good year. The company has emerged from the global economic downturn stronger and more resilient. We are pleased to recommend a final dividend of 0.4 cents per share. We owe it to the support and confidence of our business associates. The Board would also wish to thank our Chief Executive Officer, Mr. Liu Qingzeng, the management team and all employees for their dedication, commitment and cooperation. I also wish to thank my fellow Board members for their generous provision of talent and time. Wu Shen Kong Chairman Sky Petrol will extract oil in Jilin Oilfield (TianXi), provide drilling services, rent out its 2 oil rigs and transport oil products within China with its 7 oil tankers. Company still has $0.16 net cash/share. |
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grandmaster89
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12-Apr-2010 15:55
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Just received the Annual Report booklet today. Looks informative. Financially they are in good shape with a strong cash position. Net Cash per share is around $0.165. Looking forward to contribution from their oil tanker shipping company in 2010. | ||
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grandmaster89
Veteran |
05-Apr-2010 14:01
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If the price of crude oil keeps rising, its extraction segment will report even higher revenue. Hopefully, in light of the higher oil prices, the Jilin Oilfield owner will allow it to drill and open new wells. Tanker rates for crude oil should also hold steady so its new acquisition might give a boost to their 1Q profit. Their IR department has confirmed that they will release the Xinghai FY 09 results to shareholders once it is audited. While the results will have no impact on SP's financials since it is pre-acquisition, if it reports massive earnings, SP 2010 bottom line will look at lot stronger. |
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Sporeguy
Elite |
19-Mar-2010 16:02
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Resistance at 21c or 23c or 25c? | ||
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grandmaster89
Veteran |
19-Mar-2010 15:20
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21 CENTS !!! | ||
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grandmaster89
Veteran |
17-Mar-2010 15:18
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For the past 2 weeks, a certain BB is happily eating the 20 cent sell queue but refuse to advance any further. Accumulation going on ? I wonder when will they release Xinghai's result....if it is good, it will sky-rocket haha | ||
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laozhi
Member |
17-Mar-2010 14:58
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Look like the vol is keep on increasing, but it seems that the price is not much different leh. anyone know why the vol is increasing??? | ||
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