Tuesday, August 9, 2011

Scomi ... Aug11

Things may be changing at the group as a whole. The strongest indication of this is group CEO Shah Hakim increasing his stake in Scomi Group.

It has been actively accumulating the company’s shares during late July 2011 to early Aug 2011. Currently his latest holding in Scomi Group is 14.9%. The prices he acquired were closed to 33 sen.

The company’s net tangible assets per share stood at rm0.70.

In 2010, the major shareholder Kaspadu Sdn Bhd was loosening its grip on Scomi and might even exit the company in the process. Currently the company holds about 7.23% stake in Scomi Group. Kaspadu was equally owned by Kamaludin Badawi and Shah Hakim.

However, it is understood that under the shareholding realignment, Shah Hakim kept his interest in Kaspadu intact while Kamaludin and Nazima Syed pared down their stakes. It is worth noting that Shah Hakim, via Kaspadu, has been accumulating shares in Scomi Engineering during late July 2011 till early Aug 2011.

Scomi Group owns 69.31% stake in Scomi Engineering. EPF holds more than 5% equity in Scomi Group. Scomi Group has a 42.71% stake in Scomi Marine.
While shareholding changes are in the works, rumors are rife that Scomi Group will dispose of some of its non performing assets overseas. Previous speculation of a group wide restructuring is making the rounds again as the value of the Group’s two listed entities – Scomi Eng and Scomi Marine are not reflected in the holding company.

Based on Scomi Group’s current market cap, Scomi Group’s stakes in the two units are worth rm284 million versus its own market cap of rm392 million. This means that Scomi Group’s existing businesses are reflected only to the tune of rm108 million.

Based on Scomi Engineering and Scomi Marine’s respective book values, Scomi’s stakes in the two units are collectively worth over rm850 million.

Any disposal within the group would so Scomi Group good. As at March 31, 2011, its short term and long term debt stood at some rm1.07 billion while its cash stood at rm49.86 million.

Scomi Group would need to reply on proceeds from the disposal of certain segments within its oilfields service businesses to help it repay debts. Given weaker financial numbers, MARC placed its AA rating on KMCOB Capital Bhd and Scomi Group’s respectively medium term notes on negative watch. KMCOB is a wholly owned subsidiary of Scomi Oiltools Bermudda Ltd, which in turn wholly owned by Scomi Oilfield Ltd.

SOL’s FY2010 pre tax losses widened to US$8.3 million before the company turned around with a pre tax profit of US$2.7 million in 1QFY2011. Scomi Group posted a net loss of rm205 million in FY2010, of which rm111.2 million was the share of impairment of goodwill in Scomi Marine, before turning around with a pre tax profit of rm16.8 million in 1QFy2011.

KMCOB had sough extension from note holders for payment due into its finance service reserve account by June 14, 2011. It is understood that KMCOB’s note holders have consented a three month extension to Sept 2011 for the funding vehicle to meet its deferred FSRA obligations totaling rm75 million.

It should be noted that Scomi Group has seen a rise in earnings and cash flow amid an improving business environment in 1QFY2011.

This may be sign that Scomi Group is on track for financial recovery.

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