Alam Maritim Resources Bhd, is an integrated offshore service provider mainly involve in provision of marine transportation support services, offshore facilities construction and installation, underwater and sub-sea engineering services to the upstream activities in the oil and gas industry.
It lastest quarter result, 31/3/2010, showed that the revenue is down to 66.78 million from 93.73 million due to lower revenue registered by underwater services & offshore installation construction segment. However PBT increase due to higher margin.
Its major client is PETRONAS which contribute 60% revenue of Alam.
Pros: Oil & Gas future, relationship with PETRONAS
Cons: 7 years companies (5 years listed in Bursa), relationship with PETRONAS, debt very high (always borrow money to extend its business), market price is not attractive yet.
Things to look on: Cash Flow, debt
3 years ROE 22%
Current share price RM 1.25
PE 7.27 based on last quarter
PE around 6 based on EPS 20.8 (5.2 x 4)
Next quarter result will be announced on 19/8/2010.
Remarks: wait for next quarter result first.
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