Sunday, March 17, 2019



While the group had posted strong 4Q18 results, which were lifted by lump-sum work orders, Streets believe such outperformance is unlikely to be repeated. Meanwhile, Streets also believe its upcoming corporate exercises could dampen sentiment.

Dayng posted an exceptionally stronger set of 4Q18 results – more than double QoQ from 3Q18, which is typically a stronger quarter, and rebounding from YoY losses in 4Q17. In fact, 4Q18 results were exceptionally strong that it contributed 57% of its full-year FY18 earnings.

Following this, its share price shooting up by 215% since its 4Q18 results announcement last month.

But, is 4Q18 earnings performance sustainable? All of the quarter’s topside maintenance revenue came from “lump-sum” billings, as compared to the more conventional “schedule of rates” billings.

The lump-sum work orders arises when (i) there is a specific or urgent work request from the client for packaged maintenance or overhaul services, as opposed to the more usual scheduled maintenance works, or (ii) successful billings of variation orders. That said, while there is still a possibility for lump-sum work orders in the coming quarters, observers believe it is unlikely that it will be at the record-high levels seen in 4Q18. 

In fact, Streets expect 1Q19 to post more “normalised” levels of profits, on the back of it also being a seasonally weaker quarter given the monsoon season.

Under the assistance of the CDRC of Bank Negara Malaysia, Dayang’s 60.5%-owned listed subsidiary Perdana has hinted of an impending comprehensive corporate exercise to be completed within the next 12 months from March 2019.

This is referring to its Proposed Debt Restructuring Scheme (PDRS) for the CDRC, which may include extension of borrowings, disposal of assets, special issues or placement of shares, and rights issue. Depending on the scheme, there may also be a need to further impair the group’s assets.

That said, it is believed that an upcoming comprehensive corporate restructuring may implicate shareholders of Dayang and as taking lessons from other oil and gas companies that had undergone corporate exercises in the past (e.g. SAPNRG, VELESTO), this also may not play well for the stock’s trading sentiment and share prices.

At RM1.20 is based on 1x PBV in-line with its mean valuations.

Wednesday, February 27, 2019


【星島日報報道】印度與巴基斯坦爆發自一九七一年戰爭以來最嚴重的軍事對立,巴國宣稱在其領空擊落兩架入侵的印度空軍戰機,俘虜一名飛行員。但印方說法不一,僅承認在與巴基斯坦的空戰中損失一架米格-21戰機,但擊落了一架巴方入侵戰機。 目前印巴政府都對邊境部隊下達「高度戒備令」,邊界戰爭一觸即發。國際社會呼籲兩國保持克制。


Sunday, February 24, 2019

*朱镕基* *谈退休生活,让多少人无地自容!*


Good read:

*朱镕基* *谈退休生活,让多少人无地自容!*

Zhu Rongji was premier of China over the period 1998-2003, serving when the president was Jiang Zemin. He has thus retired for around 15 years. He discussed post retirement life and offered 10 points that retirees should consider. These are very inspirational advices.
Point 1.
Advancing age is not a “credit”. Don’t go around setting rules on what ought/ought not; if you are addressed as “old man”, its ok. If you’re addressed as “Mr.”, that person is well mannered. When you’re offered a seat, you must respond with “thank you”, being lucky to meet a gracious man.
- My comment:White hair a lot, must admit old liao. I have 44 years old. I plan to work until 60. Another 16 years, can??
Point 2.
“Remember the past” are words not everybody likes to hear. The present era is not to regurgitate the sorrows or joys of the past. No one is willing to listen to your glorious or painful past, times have changed. The wild vegetable you ate in the past may have now become a delicacy. Your cultivation practices to prevent famine previously may be regarded as damaging to environment now. As such, any matters of the past are best be appropriately limited.
- My comment: Keep quiet.
Point 3
Stay out of trouble, don’t be busybody, grandchildren’s education is not your responsibility. If you stay with the children, never gossip. Be a moderator; be clear to stay within limits and not to be biased. In major issues, just state the broad perspectives, and don’t bother whether the parties concerned consider them or not.
- My comment: Don't busybody.
Point 4.
The younger generations will definitely be busier than you. If you miss your children, you can give them a call. On the other hand if children are thinking of you, they may not have the time to make a phone call. Don’t be too serious over this matter or else it will end up in lose-lose situation. If children pay you a visit don’t try to look for reasons to retain them longer. Accept it if they can spare the time to visit you. If you don’t give them such flexibility they may decide to have lesser visits in future.
- My comment: Don't disturb children, I have two Kids, one boy (7 yrs) and one girl (9 yrs). Hope they don't disturb me, ha ha ha, ask me take care of their future children.
Point 5
Do not expect reward in exchange of what you willingly gave away. Don’t always repeat what you have done for others. “Respect the seniors, love the juniors”, should be reset as “Love the junior” first, because sunrise is definitely more glorious than sunset. Remember, those things which you gave away, never ever think that you need to be rewarded, as this will cause unhappiness to others.
- My comment:Don't expect return, must do more charity.
Point 6
Don’t always think of changing others. If the neighbor’s children choose to wear short skirts and stockings in very cold weather, it is their liking. Your old spouse got the habit to mess up things or easily throw tantrums, which must have been brought about over the years, which is difficult for you to change now. It might just as well that you bear with each other, and not to show “spider fight” to amuse the neighbors!!!!
- My comment:I always want to change my wife, but failed tremendously, ha ha ha.
Point 7
Whatever the dealings be broad minded and somewhat generous. Whether the amount of money involved is large or small, the attitude must be joyful and generous. If children bought gifts to show respect, you have to thank them. It is wise to use the reserve fund for old age, of course not to deplete all but appropriate amount.

- My comment: Still learning how to broad minded, that day someone say want to slap me, forgive forgive.
Point 8
Unkempt and untidy is not a trivial matter. It is ok to laze slightly when old but not to slacken on proper attire, on healthy clean habits. Don’t let your shabby habits affect you family. You appearance and habits is not your individual matter, these also project the family image and reflection upon your children social status. Be mindful, if you don’t give a damn, many others may condemn!!!!!
- My comment:My wife always say I am like ah pek, I seldom buy clothes, live frugal, he he he.
Point 9
For goodness sake, don’t collect and keep everything in the house, like recycle shop. Some things have to be replaced with time. There may be things which may not be easily or cheaply rid off later.
- My comment: My wife don't allow me to collect things, If I buy 1 thing, must throw another thing.
Point 10
Don’t expect children to help you to rid off boredom. Better depend on own self. Live your own dream; strive on your own bravely against all odds. Build friendship so when you are unable to walk about, you can call your friends for chats.
- My comment: Must build more friend, else will be lonely.

Thank you