Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of May 2nd which has an aggregated short interest worth USD0.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of May 2nd which has an aggregated short interest worth USD0.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl.


Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">Mma Offshore (MRM AU)</a> has entered a scheme implementation deed with Seraya Partners at A$2.60 per share, a 10.6% premium to the undisturbed price (22 March).</li>
<li>While the offer is attractive compared to historical prices, it is light compared to peer and historical multiples. Some shareholders are supportive, while others are not. </li>
<li>The shares are trading at terms that suggest an expectation for a bump to get the vote up or a competing bidder. The offer has not been declared final.</li>
</ul>



Mma Offshore (MRM AU) has entered a scheme implementation deed with Seraya Partners at A$2.60 per share, a 10.6% premium to the undisturbed price (22 March).
While the offer is attractive compared to historical prices, it is light compared to peer and historical multiples. Some shareholders are supportive, while others are not. 
The shares are trading at terms that suggest an expectation for a bump to get the vote up or a competing bidder. The offer has not been declared final.


MMA Offshore (MRM AU): A Polarising Offer from Seraya Partners

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ARMADA announced that an additional hydraulic submersible pump (HSP) transformer on FPSO Armada Kraken has been reconditioned and reinstalled.</li><li>Following this, the vessel’s operations are now fully restored to pre-shutdown levels.</li><li>This is within our expectations as we had earlier factored in partial loss of charter income from Kraken in Jun−Aug CY23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ARMADA announced that an additional hydraulic submersible pump (HSP) transformer on FPSO Armada Kraken has been reconditioned and reinstalled.Following this, the vessel’s operations are now fully restored to pre-shutdown levels.This is within our expectations as we had earlier factored in partial loss of charter income from Kraken in Jun−Aug CY23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update - Bumi Armada - Kraken Fully Restored

External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Bumi Armada (BAB) secured a one-year contract extension for Armada Sterling II Floating Production Storage Offloading (FPSO), worth USD43m via its 49.99%- owned JV company SP Armada Oil Exploration Pte Ltd.</li><li>To recap, Armada Sterling II FPSO was originally signed on 13 March 2013 with a nine-year contract valued at USD740m with a seven-year extension option on yearly basis, with aggregate value of USD340m.</li><li>The original nine-year time-charter will expire on 7 March 2024.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bumi Armada (BAB) secured a one-year contract extension for Armada Sterling II Floating Production Storage Offloading (FPSO), worth USD43m via its 49.99%- owned JV company SP Armada Oil Exploration Pte Ltd.To recap, Armada Sterling II FPSO was originally signed on 13 March 2013 with a nine-year contract valued at USD740m with a seven-year extension option on yearly basis, with aggregate value of USD340m.The original nine-year time-charter will expire on 7 March 2024.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), JF Apex Securities Berhad

JF Apex Securities Bhd

<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia

Bumi Armada Bhd is an international offshore services provider to the oil and gas industry in Malaysia and other countries in Asia.  The Company owns and operates offshore support vessels to provide support for exploration, development and production activities in the offshore O&G industry.

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Bumi Armada (BAB MK)

Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Ctos Digital, Eco World Develop,...

Ke Yan, CFA, FRM

MMA Offshore (MRM AU): A Polarising Offer from Seraya Partners

The shares are trading at terms that suggest an expectation for a bump to get the vote up or a competing bidder. The offer has not been declared...

Arun George

Company Update - Bumi Armada - Kraken Fully Restored

ARMADA announced that an additional hydraulic submersible pump (HSP) transformer on FPSO Armada Kraken has been reconditioned and reinstalled.

Kenanga Investment Bank Bhd

Armada Sterling II Extension

Bumi Armada (BAB) secured a one-year contract extension for Armada Sterling II Floating Production Storage Offloading (FPSO), worth USD43m via its...

Public Investment Bank Bhd

Strong sales recorded

Buy Bumi Armada Berhad: Strong sales recorded. - By: JF Apex Securities Bhd

JF Apex Securities Bhd

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