[unchanged] fpso: current status & outlook · petrobras placed 45 fpso orders between 2003 and...

November 7, 2016

Oil &

Gas

Regio

nal

THIS REPORT HAS BEEN PREPARED BY MAYBANK KIM ENG RESEARCH PTE LTD

SEE PAGE 20 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

PP16832/01/2013 (031128)

Regional Oil & Gas Services

FPSO: Current status & outlook

Opportunities abound

We remain positive on the FPSO segment despite the setbacks (i.e. lower

utilization, reduced new orders) faced during this cyclical downturn.

Cost optimization is high on the agenda. Redeployment opportunities and

JVs are practical solutions. Two out of three tenders are redeployments

and companies with such asset and stronger financials will benefit. We

remain BUYers of Yinson (YNS MK; TP: MYR4.35) and Bumi Armada

(BAB MK; TP: MYR1.05) in this space.

Utilization level declining

While the numbers of FPSOs on active charter remain relatively

unchanged at 165 units now (vs. 166 units a year ago), utilization level is

at its historical low since 1990, at 87% (-4-ppts YoY) due to the rise in the

idling units. The number of FPSOs presently idle, being decommissioned

from charter, has increased by 41% YoY to 24 units.

3-4 new awards expected for 2016-17

Corresponding to the lower oil price and reduced capex globally, new

awards have turned soft and most planned projects have been pushed

back. No new order was transacted in 1H16 (vs. 4 units in 2015 and 11-14

units p.a. in 2011-2014). Up to 3 orders (Ca Rong Do in Vietnam, Ophir in

Malaysia and Yombo in Mozambique with an aggregated capex of ~USD1b)

are expected to be awarded in the remaining of 2016. 16 FPSO awards

are estimated to be rolled out in 2017-18.

Redeployment and JV opportunities rising

With cost cuts prevalent in this cyclical downturn, redeployment is a

viable and realistic alternative compared to newbuilds and conversions.

Redeployment offers a much economical solution (to both parties) with a

faster delivery of assets to a field project, provided these assets fit the

field requirement. Two out of the three tender/award pipeline for 2016

will likely be redeployed assets (Ca Rong Do and Ophir) with another two

redeployment targeted for the 16 tenders for 2017-18. 18 FPSO operators

(including Bumi Armada and Yinson) with such assets will benefit, as they

have an edge in the tender process.

Prefer FPSO over others in the O&G segment

Overall, FPSO operations are considered to be steadier vs. rigs and

fabrication due to their business nature, with FPSO being less sensitive to

the fluctuation in oil price movement and capex cuts due to its steady,

bankable long-term contract exposures. FPSO is a cash flow business,

proven to be resilient, if managed well, with visible growth prospects.

Analysts

[Unchanged]NEUTRAL

Stock Bloomberg Mkt cap Rating Price TP Upside

code (USD'm) (LC) (LC) (%) 16E 17E 16E 17E 16E 17E

Bumi Armada BAB MK 971 Buy 0.70 1.05 51 18.9 6.9 0.6 0.5 0.0 0.0

Yinson Holdings YNS MK 781 Buy 3.00 4.35 45 18.5 17.4 1.4 1.3 0.6 0.7

PVS PVS VN 358 Hold 17,900 21,800 22 6.4 6.7 0.7 0.7 6.7 6.7

P/E (x) P/B (x) Div yld (%)

Liaw Thong Jung (603) 2297 8688 [email protected]

Le Nguyen Nhat Chuyen (84) 844 55 58 88 x 8082 [email protected]

November 7, 2016 2


The state of FPSO activities globally

165 FPSOs are currently on charter

The numbers are relatively unchanged, on a YoY basis, steadying at 165 units

compared to 166 in 2015. Brazil (40 units; unchanged YoY), Africa (39 units; +5%

YoY), South East Asia (SEA; 24 units; -4% YoY) and North Sea (22 units; -8% YoY)

are the epicenter of FPSO activities, hosting 76% of the global fleet deployment.

FPSO: Fleet size worldwide

Source: Emerging Maritime Associates (EMA), Maybank KE

FPSO: Current deployment of global FPSO fleet, with 165 units in the field


172021232729334348626763

798390104

108117

139144

146148

155

166162

166165

2 1 1 1 1 2 33 5

5 3 46

67 1 3

5

511 9 11 6 8 1617 24

10

40

70

100

130

160

190

90 92 94 96 98 00 02 04 06 08 10 12 14 16

Units in service (LHS) Idle units (LHS)(FPSO units)

LegendNumber of FPSOs

deployed

in the region

Gulf of

Mexico

Australia/

NZ

Brazil

9

2Canada

North

Sea

22

Africa

10

Mideast/

SW Asia

Mediterranean

40

24

South East

Asia39

24 Units offhire

3

3

13

China

November 7, 2016 3


Utilization on the decline as idle units is on the rise

The number of FPSO units lying idle has risen considerably. As at Oct 2016, 24

FPSOs are off-hire, which are available for charter / redeployment. The 24 units

represent a 41% YoY rise in idle units from a year ago (17 units).

Overall, utilization level has fallen to below 90% since 1990, at 87% (-4-ppts YoY),

a historical low to-date. It is estimated that more FPSOs are likely to be

decommissioned and available for redeployment in the near term.

7 active units have been identified as potential demobilization /

decommissioning candidates due to low field production, non-extension of

charter beyond the fixed term period and / or due to damages.

They are: (i) Yinson’s FPSO Knock Allan, (ii) BW Offshore’s FPSO Umuroa, (iii) BW

Offshore’s FPSO Cidade de Sao Mateus, (iv) BW Offshore’s FPSO Peregrino, (v)

Teekay’s FPSO Hummingbird Spirit, (vi) FPSO Nautica Muar and (vii) Perisai’s

FPSO Kamelia.

FPSO: Fleet utilization rate and idle units


FPSOs order backlog at 27 units

27 units are on order, of which 52% (14 FPSOs) is scheduled for rollouts by end-

2017. Putting that into perspective, the number of FPSOs (active and inactive) in

the market will increase to 203 units by end-2017.

27 FPSOs order backlog (8 of 27)

Country Field FPSO owner Field operator New/ conversion/ redeployment

Lease/ own

Installation date

Angola Block 15/06 – East Hub Bumi Armada Eni Conversion Lease 4Q16

Angola Block 32 - Kaombi 2 units - Total Total Conversion Own 2017-18

Ghana Block Offshore Cape Three Points –Sankofa/ Gye Nyame

Yinson Eni Conversion Lease 3Q17

Nigeria Block OML 130 – Egina Total Total New Own 2018

Australia Ichthys Inpex Inpex New Own 4Q16

Brazil Libra Teekay/ Odebrecht Petrobras Conversion Lease 1Q17

Brazil P 66 – Lula Sul Petrobras Petrobras New Own 2H17


21 1 1 1

23 3

5 5

34

6 67

1

3

5 5

11

9

11

6

8

1617

24

80

82

84

86

88

90

92

94

96

98

100

0

2

4

6

8

10

12

14

16

18

20

22

24

90 92 94 96 98 00 02 04 06 08 10 12 14 16

Idle units (LHS) Utilisation rate (RHS)(FPSO units)

Average utilisation rate: 94%

(%)

November 7, 2016 4


27 FPSOs order backlog (19 of 27)

Country Field FPSO owner Field operator New/ conversion/ redeployment

Lease/ own

Installation date

Brazil P 67 – Lula Norte Petrobras Petrobras New Own 2017

Brazil P 68 – Lula Ext. Sul/ Sul de Lula Petrobras Petrobras New Own 2018

Brazil P 69 - Itapu Petrobras Petrobras New Own 2021

Brazil P 70 – Atapu Sul Petrobras Petrobras New Own 2019

Brazil P 71 – Berbigao/ Sururu Petrobras Petrobras New Own 2018

Brazil P 72 – Transfer of Rights Petrobras Petrobras New Own 2022

Brazil P 73 – Buzios 6 Petrobras Petrobras New Own 2022

Brazil P 74 – Buzios (ex-Franco 1) Petrobras Petrobras Conversion Own 2018

Brazil P 75 – Buzios (ex-Franco SW) Petrobras Petrobras Conversion Own 2018

Brazil P 76 – Buzios (ex-Franco Sul) Petrobras Petrobras Conversion Own 2018

Brazil P 77 – Buzios (ex-Franco NW) Petrobras Petrobras Conversion Own 2019

Brazil Block BM-C-36 - Tartaruga Verde/ Mestica

Modec Petrobras Conversion Lease 3Q17

Brazil Block BS-4 - Atlanta Teekay Queiroz Galvao Conversion Lease 1Q17

UK Kraken Bumi Armada EnQuest Conversion Lease 1H17

UK Block 210/ 24A – Western Isles Dana Dana New Own 2H17

UK Block 28-9 - Catcher BW Offshore Premier New Lease 2H17

Indonesia Madura BD Bumi Armada Husky/ CNOOC Conversion Lease 4Q16

Malaysia Block SK310 - Layang TH Heavy Engineering JX Nippon Conversion Lease 2018

Iran South Pars Petroleum Iran Petroleum Iran Conversion Own 2017


New orders pipelines softening

No new order was forthcoming in 1H16 vs. 4 in 2015 and 11 in 2014. This was not

unexpected, reflecting the setbacks faced in the O&G market due to the soft

crude oil price and cuts in capex across the board.

Many proposed FPSO deployments have been delayed. We estimate about 11

FPSO-related projects have faced setbacks:

Jan 2016: Gehem and Gendalo 1st gas postponed.

Premier Oil delayed Sea Lion FID to 2017.

Vaalco slowing down Venus development plans.

Feb 2016: Bonga SouthWest FID delayed.

Mar 2016: Det Norske suspended work on Vette.

Apr 2016: CNOOC undecided on Liuhua 16-2 concept.

Aug 2016: Petrobras retenders Libra and Sepia.

Shell postponed FID for Penguins redevelopment to 2017.

Cameia FID delayed as sale of Block 20 & 21 to Sonancol

canceled.

No funding for Gau Cua development.

Santos postponed Ande Ande FID to 2017.

November 7, 2016 5


FPSO: New orders (1997-1H16)


Expect 3 orders in 2H16, 16 awards in 2017-18

According to Emerging Market Associates (EMA) estimates, only up to 3 new

orders are expected in 2H16 with a combined capex of ~USD1b. The possible

awards are the:

(i) Ca Rong Do / Red Emperor project in Vietnam,

(ii) Ophir project in Malaysia and;

(iii) Yombo project in Mozambique.

2H16 to-date, none of the three has yet to be awarded, we understand.

3 potential new FPSOs orders expected for 2016

Location Project Operator New/ conversion/ redeployment

Est. capex (USD’m)

Congo Yombo Perenco Conversion 350

Malaysia Ophir Octanex Redeployment 100

Vietnam Ca Rong Do/ Red Emperor Repsol Redeployment 500


The pace of awards is expected to improve, albeit gradually in 2017, with up to

16 new awards between 2017 and 2018. Brazil and North Sea region have the

highest number of bids, for 12 units on a combined basis.

Pipeline of new FPSOs orders by region/ country

Region (country) Total 2016 2017 2018

Latin America (Brazil) 7 - 4 3

North Sea 5 - 3 2

South East Asia 3 2 - 1

Africa 2 1 - 1

Gulf Of Mexico 1 - - 1

Latin America (ex-Brazil) 1 - - 1


21 14

19

30 26 26

31

41

57

66 73

100

62

80

95 94 98

93

49

39

0

20

40

60

80

100

0

5

10

15

20

25

30

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

1H

16

2H

16

(Unit order) (USD/ bbl) FPSO order (LHS) WTI Spot price (RHS)

November 7, 2016 6


Petrobras to award up to 7 FPSOs by 2018?

Petrobras placed 45 FPSO orders between 2003 and 2014, with the last order

placed in Dec 2014 when it awarded Modec a 20-year lease for the Tartaruga

Verde y Mestica development.

No new order came in 2015 and it seems unlikely that any will be awarded before

the end of this year. It is estimated that up to 7 new FPSOs are expected to be

rolled out in 2017 (4 units) and 2018 (3 units). Tenders are underway for 2 units –

Sephia and Libra Pilot, with awards expected by 1H17.

Petrobras’ FPSO awards & potentials


Petrobras’ units to be installed (2017-2021)

Year of award Field Installation date

2017 2018 2019 2020

2010 P 66 – Lula Sul On order

P 67 – Lula Norte On order

P 68 – Lula Ext. Sul/ Sul de Lula On order

P 71 – Berbigao/ Sururu On order

P 70 – Atapu Sul On order

P 69 - Itapu

2012 P 74 – Buzios 1 (ex- Franco 1) On order

P 75 – Buzios 1 (ex- Franco SQ) On order

P 76 – Buzios 1 (ex- Franco Sul) On order

P 77 – Buzios 1 (ex- Franco NW) On order

2014 Libra – EWT On order

Tartaruga Verde/ Mestica On order

2017 Libra Pilot Bidding

Sepia 9ex-NE de Tupi) Bidding

Buzios V To bid

Marlim Revitalization 1 To bid

2018 Libra 2

Marlim Revitalization 2

Parquet Das baleias (Caxareu/ Pirambu)

Note: Blue highlight – owned asset, red highlight – leased asset Source: Petrobras, Maybank KE

1 1

6

3

1

5

4

12

2

5

3

2

0 0

4

3

0

2

4

6

8

10

12

2003 2005 2007 2009 2011 2013 2015 2017

Num

ber

of

FPSO

s

November 7, 2016 7


Redeployment and JV opportunities

In light of the cost cutting measures and increasing numbers of idling assets

available, redeployment of assets would be the route most likely to be taken by

operators, from economic and financial perspectives, provided the fit is good.

Of the 24 units which are presently on off-hire, 6 units are being identified for

redeployment works. They are:

(i) FPSOs OSX-2 or OSX-3 FPSOs for Karoon’s Kangaroo/ Echidna field in

Brazil,

(ii) Bluewater’s FPSO Munin for Pemex EWT’s field in Mexico,

(iii) EA Technique’s FPSO Muar for Octanex’s Ophir field in Malaysia,

(iv) OSX-1 or Bumi Armada’s Interpid for the Ca Rong Do field, Vietnam.

Redeployment of assets allows operators to:

(i) reduce costs & improve client’s economics (vs. new building or

conversion of assets) and

(ii) cut down on project execution leadtime, which leads to faster

delivery of asset to field.

A successful redeployed FPSO could lead to a 15-30% reduction in costs: (i) 5-15%

on standardization, (ii) 5-10% from procurement, (iii) 4-8% from support

functions, (iv) 1-2% in delayering and (v) 2-4% from others.

24 FPSOs available for charter

Name Lease/ own/ for sale

Owner Storage (000’ bbl)

Oil process (bpd)

Gas handling (mmcfd)

Water depth (m)

Current lease (End)

Aoka Mizu Lease Bluewater 616 30,000 35 115 2016

Armada Claire Lease Bumi Armada 800 80,000 50 150 2016

Armada Intrepid (ex-Schiehallion) Lease Bumi Armada 950 140,000 220 425 2013

Azurite Lease BW Offshore 1,350 40,000 18 1,400 2013

Bohai Ming Zhu For sale CNOOC 390 40,000 NA NA 2013

Bourbon Opale Lease Bourbon 11 10,000 36 300 2014

Brotojoyo Lease Berlian Laju 400 15,000 NA 32 2016

BW Athena Lease BW Offshore 50 28,000 4 NA 2016

EPV Balai Mutiara For sale BC Petroleum (Roc) 80 5,000 NA NA 2016

Four Rainbow Lease Yinson/ Premuda 600 40,000 10 100 2012

Opportunity (Ex-Cossack Pioneer) Own / Lease Petrofac 1,150 150,000 115 NA 2011

Glas Dowr Lease Bluewater 675 60,000 80 344 2015

Marlim Sul Lease SBM 2,026 100,000 80 1,015 2015

Munin Lease Bluewater 595 60,000 NA NA 2011

North Sea Producer For sale Maersk FPSO/ Odebrecht 560 76,000 29 92 2015

OSX 1 For sale OSX 950 60,000 53 130 2013

OSX 2 For sale OSX 1,300 100,000 NA 130 2013

P 34 For sale John Lamb 340 60,000 21 1,250 2012

Perintis Lease M3nergy 650 35,000 100 NA 2014

Petrojarl Varg Lease Teekay 470 57,000 53 84 2016

RCL Natuna For sale / Lease PT Batam Indah Samudra 265 10,000 5 NA 2016

Stybarrow Venture MV16 Lease Modec 900 80,000 45 825 2015

Toisa Pisces Lease SeaLion 24 20,000 36 300 2015

OSX 3 For sale OSX 1,300 100,000 NA 110 2016

Source: Emerging Maritime Associates (EMA). Maybank KE

November 7, 2016 8


Another way would be for existing FPSO operators (with weak financials and

execution team) to undertake a JV with another party to deliver the unit.

TH Heavy Engineering’s (THHE; RH MK; Not Rated) FPSO Deep Producer 1 is a

case in point. Recall that JX Nippon awarded THHE a contract to provide leased

FPSO for up to 17 years for its Layang field offshore Sarawak.

The conversion of TTHE’s FPSO has been significantly delayed, for the initial

schedule for 1st oil was to be May 2016. The unit remained uncompleted at Dubai

Drydocks since then. THHE began receiving winding-up petitions from suppliers

with unpaid bills in Jul 2016. THHE is exploring ways to raise funds required to

complete the conversion works.

Cost cutting exercises updates

Some FPSO operators operating in Nigeria are reportedly not being paid full rates

for their leased FPSOs.

BW Offshore has initiated arbitration proceedings against Addax Nigeria

in 3Q16 for non-payment of USD23.3m relating to the lease of the FPSO

Sendje Berge.

Bumi Armada’s FPSOs – Perdana and Perkasa, leased to Erin and Amni

are receiving lower revenue.

FPSOs in Nigeria

Field operator FPSO owner Name Year of installation

Addax BW Offshore Sendje Berge 2005

Addax Yinson Adoon 2006

Amni Bumi Armada Armada Perkasa 2008

Eni BW Offshore Abo 2003

Erin Bumi Armada Armada Perdana 2009

YPF Sea Production/ Rubicon

Source: Emerging Maritime Associates (EMA). Maybank KE

In Sep 2016, EnQuest announced substantial cost reductions in the Kraken

project, which include an USD85m cost downs from Bumi Armada. Bumi Armada

agreed to pay USD20m in liquidated damages as well as USD65m during the

charter period, in exchange for some amendments to the FPSO lease contract.

Hess recently extended the charter of Perisai’s FPSO Kamelia for another 6

months (USD32m-45m) with reduced rates (USD175k-250k a day) with the rates

tied to the prevailing oil price.

November 7, 2016 9


Still prefer FPSO businesses

All said, and looking at forward operating environment, we remain POSITIVE on

the FPSO segment over others in the O&G segment. This FPSO segment is less

sensitive to fluctuation in oil price movement and capex cuts, relative to others

in the value chain across the O&G sector. This is due to their steady, bankable

long term contract exposures. FPSO operations are a cashflow-driven business

and have proven to be resilient, if managed well, with visible growth prospects.

We remain BUYers of Yinson (YNS MK; TP: MYR4.35) and Bumi Armada (BAB

MK; TP: MYR1.05) for their visible, strong growth prospects and undemanding

valuations. We have a HOLD on PetroVietnam Technical Services (PVS VN; TP:

VND21,800).

Yinson:

The 14.6sen special DPS (5% yield) that went ex- on 3 Nov 2016 was a short term

catalyst. Operationally, Yinson is on track to deliver its FPSO Genesis by 1HCY17,

a major catalyst to growth in FY18-19 (we forecast 3-year net profit CAGR of

22%). We expect this job alone to contribute about MYR150m-250m p.a. to the

group’s net profit over its 15+5 year charter period. For that, we expect Yinson

to be FCF positive in FY18.

Notwithstanding that, we do not rule out Yinson securing 1-2 new FPSO jobs over

the next 12 months despite the soft tender pipeline. Clinching any of these job

win(s) would be a re-rating prospect, currently not factored in our model or by

the market yet. Our SOP-based TP offers a 45% upside.

Bumi Armada:

With expectations of weak 2016 earnings coupled with the aftershock from the

early termination of FPSO Armada Claire and downward revision in FPSO Kraken’s

charter priced in, valuations are attractive.

The successful delivery of 4 new FPSO / FSU (Kraken, Madura, Angola and Malta)

jobs from 4Q16 will eradicate systemic risk, improve its operational outlook and

is key to a significant jump in earnings and FCF turning positive in 2017.

Potentially positive outcomes from: (i) provision write-backs from FPSO Perkasa,

(ii) the court dispute over FPSO Armada Claire and (iii) new job wins are further

re-rating catalysts. A court case ruling in favour for Bumi Armada on FPSO Armada

Claire could add 19sen to our SOP-TP.

November 7, 2016

Oil &

Gas

Mala

ysi

a

Liaw Thong Jung [email protected] (603) 2297 8688

Bumi Armada (BAB MK)

Inexpensive with growth drivers

Reiterate BUY and MYR1.05 TP

With 2016 set to pass, 2017 will be a watershed year for BArmada. It will

deliver 4 FPSOs/FSUs and earnings are set to jump substantially with FCF

and valuations turning positive and undemanding. It is still prospecting

for growth and targets redeployment opportunities in the FPSO tenders.

Our earnings forecasts and SOP-based TP currently exclude any job wins.

Focusing on 2017

With the expectations of weak 2016 earnings coupled with the aftershock

from the early termination of FPSO Armada Claire and downward revision

in FPSO Kraken’s charter priced in, downside risk is limited, rendering

valuations undemanding. Operationally, the successful delivery of 4 new

FPSO/FSU (Kraken, Madura, Angola and Malta) jobs from 4Q16 will

eradicate systemic risk, improve its operational outlook and is key to a

significant jump in earnings and FCF turning positive in 2017.

Reaping low hanging fruit potentials

In addition, potentially positive outcomes from the: (i) provision write-

backs from FPSO Perkasa, (ii) court dispute over FPSO Armada Claire and

(iii) new job win(s) are further re-rating catalysts. A court case ruling in

favour for Bumi Armada on FPSO Armada Claire could add 19sen to our

SOP-TP.

Prospecting for redeployment opportunities

With the O&G market on aggressive cost cuts drive, redeployment

opportunities for FPSO works is on the rise due to its cheaper cost and

faster delivery benefits. Bumi Armada has two FPSOs (Armada Intrepid,

formerly known as Schiehallion and Armada Claire, off-hire since 2Q13

and 1Q16) to offer. The former is a larger unit (processing capacity:

140,000bpd oil, 220mmscfd gas and storage 950k bbls) vs. the latter

(80,000bpd, 50mmscfd gas and storage 800k bbls). According to an

Upstream article, these assets are being offered for the 10+5 year FPSO

charter for the Ca Rong Do USD1.1b job in Vietnam .

Share Price MYR 0.70

12m Price Target MYR 1.05 (+51%)

Previous Price Target MYR 1.05

BUY

Company Description

Statistics

52w high/low (MYR)

3m avg turnover (USDm)

Free float (%)

Issued shares (m)

Market capitalisation

Major shareholders:

34.9%

12.5%

5.9%

5,866

2.2

A Top 5 FPSO operator in the world with OSV and T&I

units complementing its business

KRISHNAN TATPARANANDAM ANANDA

Permodalan Nasional Bhd.

Employees Provident Fund

1.12/0.65

53.3

MYR4.1B

USD971M

Price Performance

50

60

70

80

90

100

110

120

130

140

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

1.50

Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16

Bumi Armada - (LHS, MYR)

Bumi Armada / Kuala Lumpur Composite Index - (RHS, %)

-1M -3M -12M

Absolute (%) (2) (6) (29)

Relative to index (%) (1) (6) (27)

Source: FactSet

FYE Dec (MYR m) FY14A FY15A FY16E FY17E FY18E

Revenue 2,397 2,180 1,510 2,670 3,204

EBITDA 1,029 1,102 1,072 1,529 1,715

Core net profit 400 361 215 591 766

Core EPS (sen) 7.9 6.1 3.7 10.1 13.1

Core EPS growth (%) (48.4) (22.2) (40.3) 174.3 29.7

Net DPS (sen) 1.6 0.8 0.0 0.0 0.0

Core P/E (x) 8.8 11.3 18.9 6.9 5.3

P/BV (x) 0.5 0.6 0.6 0.5 0.5

Net dividend yield (%) 2.3 1.2 0.0 0.0 0.0

ROAE (%) 4.0 (3.4) (5.4) 8.3 9.8

ROAA (%) 3.4 2.2 1.2 3.1 4.0

EV/EBITDA (x) 8.2 11.4 11.0 7.3 5.9

Net gearing (%) (incl perps) 43.0 89.1 111.3 93.5 73.5

Consensus net profit - - 175 405 478

MKE vs. Consensus (%) - - (318.9) 45.8 60.3

November 7, 2016 11

Bumi Armada

FYE 31 Dec FY14A FY15A FY16E FY17E FY18E

Key Metrics

P/E (reported) (x) 46.6 (27.0) (10.7) 6.9 5.3

Core P/E (x) 8.8 11.3 18.9 6.9 5.3

P/BV (x) 0.5 0.6 0.6 0.5 0.5

P/NTA (x) 0.5 0.6 0.6 0.5 0.5


FCF yield (%) nm nm nm 16.5 22.9

EV/EBITDA (x) 8.2 11.4 11.0 7.3 5.9

EV/EBIT (x) 15.2 25.3 27.1 12.6 9.6

INCOME STATEMENT (MYR m)

Revenue 2,397.3 2,179.7 1,509.8 2,669.9 3,204.5

Gross profit 684.1 413.5 413.2 917.3 1,087.7

EBITDA 1,029.4 1,101.7 1,072.0 1,529.0 1,715.4

Depreciation (476.1) (606.7) (636.7) (646.7) (655.4)

Amortisation 0.0 0.0 0.0 0.0 0.0

EBIT 553.4 495.0 435.3 882.3 1,059.9

Net interest income /(exp) (99.2) (122.7) (198.4) (204.5) (189.0)

Associates & JV 35.9 51.5 116.6 121.0 121.0

Exceptionals (180.9) (595.2) (597.5) 0.0 0.0

Other pretax income 0.0 0.0 0.0 0.0 0.0

Pretax profit 309.2 (171.4) (244.0) 798.8 991.9

Income tax (84.8) (70.4) (132.1) (202.0) (219.8)

Minorities (5.7) 7.2 (6.0) (6.0) (6.0)

Perpetual securities 0.0 0.0 0.0 0.0 0.0

Discontinued operations 0.0 0.0 0.0 0.0 0.0

Reported net profit 218.7 (234.6) (382.1) 590.8 766.1

Core net profit 399.6 360.7 215.4 590.8 766.1

Preferred Dividends 0.0 0.0 0.0 0.0 0.0

BALANCE SHEET (MYR m)

Cash & Short Term Investments 3,303.2 1,525.7 1,547.4 1,547.7 1,809.2

Accounts receivable 704.4 513.3 443.6 784.5 941.6

Inventory 4.8 6.1 3.0 5.4 6.5

Reinsurance assets 0.0 0.0 0.0 0.0 0.0

Property, Plant & Equip (net) 8,459.8 14,143.9 14,707.2 14,460.6 14,155.1

Intangible assets 0.0 0.0 0.0 0.0 0.0

Investment in Associates & JVs 405.2 535.8 652.5 773.4 894.4

Other assets 1,574.4 1,347.8 1,347.8 1,347.8 1,347.8

Total assets 14,451.9 18,072.6 18,701.6 18,919.4 19,154.6

ST interest bearing debt 1,018.1 1,770.2 1,770.2 1,770.2 1,770.2

Accounts payable 605.6 550.7 381.4 674.5 809.5

Insurance contract liabilities 0.0 0.0 0.0 0.0 0.0

LT interest bearing debt 5,174.7 6,259.4 7,456.0 6,784.0 6,112.0

Other liabilities 936.0 2,197.0 2,197.0 2,197.0 2,197.0

Total Liabilities 7,734.4 10,776.9 11,804.2 11,425.3 10,888.4

Shareholders Equity 6,685.2 7,257.5 6,853.0 7,443.8 8,209.9

Minority Interest 32.3 38.3 44.3 50.3 56.3

Total shareholder equity 6,717.5 7,295.8 6,897.3 7,494.1 8,266.2


Total liabilities and equity 14,451.9 18,072.6 18,701.6 18,919.4 19,154.6

CASH FLOW (MYR m)

Pretax profit 309.2 (171.4) (244.0) 798.8 991.9

Depreciation & amortisation 476.1 606.7 636.7 646.7 655.4

Adj net interest (income)/exp 0.0 0.0 0.0 0.0 0.0

Change in working capital 281.6 548.7 (96.5) (50.2) (23.1)

Cash taxes paid (84.8) (70.4) (132.1) (202.0) (219.8)

Other operating cash flow (266.1) (326.7) 0.0 0.0 0.0

Cash flow from operations 680.0 535.4 47.5 1,072.3 1,283.5

Capex (2,055.9) (3,568.0) (1,200.0) (400.0) (350.0)

Free cash flow (1,375.9) (3,032.7) (1,152.5) 672.3 933.5

Dividends paid (71.4) (61.8) (36.1) 0.0 0.0

Equity raised / (purchased) 0.0 0.0 0.0 0.0 0.0


Change in Debt 2,415.8 1,836.7 1,196.6 (672.0) (672.0)

Perpetual securities distribution 0.0 0.0 0.0 0.0 0.0

Other invest/financing cash flow 1,700.2 (519.7) 13.7 0.0 0.0

Effect of exch rate changes 0.0 0.0 0.0 0.0 0.0

Net cash flow 2,668.7 (1,777.5) 21.7 0.3 261.5

November 7, 2016 12

Bumi Armada

Historical recommendations and target price: Bumi Armada (BAB MK)

0.6

0.8

1.0

1.2

1.4

Apr-15 Jul-15 Okt-15 Jan-16 Apr-16 Jul-16 Okt-16

Bumi Armada

7 Mei Buy : RM1.6

28 Ogos Buy : RM1.2

29 Feb Buy : RM1.5

29 Mac Buy : RM1.0


Key Ratios

Growth ratios (%)

Revenue growth 15.6 (9.1) (30.7) 76.8 20.0

EBITDA growth 7.2 7.0 (2.7) 42.6 12.2

EBIT growth 1.7 (10.5) (12.1) 102.7 20.1

Pretax growth (35.6) nm nm nm 24.2

Reported net profit growth (49.3) nm nm nm 29.7

Core net profit growth (10.9) (9.7) (40.3) 174.3 29.7

Profitability ratios (%)

EBITDA margin 42.9 50.5 71.0 57.3 53.5

EBIT margin 23.1 22.7 28.8 33.0 33.1

Pretax profit margin 12.9 nm nm 29.9 31.0

Payout ratio 37.7 nm 0.0 0.0 0.0

DuPont analysis

Net profit margin (%) 9.1 nm nm 22.1 23.9

Revenue/Assets (x) 0.2 0.1 0.1 0.1 0.2

Assets/Equity (x) 2.2 2.5 2.7 2.5 2.3

ROAE (%) 4.0 (3.4) (5.4) 8.3 9.8

ROAA (%) 3.4 2.2 1.2 3.1 4.0

Liquidity & Efficiency

Cash conversion cycle (1.7) (16.2) (37.4) (24.8) (28.2)

Days receivable outstanding 86.5 100.6 114.1 82.8 97.0

Days inventory outstanding 1.1 1.1 1.5 0.9 1.0

Days payables outstanding 89.3 117.8 153.0 108.4 126.2

Dividend cover (x) 2.7 (4.9) nm nm nm

Current ratio (x) 2.2 0.9 1.0 1.0 1.1

Leverage & Expense Analysis

Asset/Liability (x) 1.9 1.7 1.6 1.7 1.8


Net gearing (%) (excl. perps) 43.0 89.1 111.3 93.5 73.5

Net interest cover (x) 5.6 4.0 2.2 4.3 5.6

Debt/EBITDA (x) 6.0 7.3 8.6 5.6 4.6

Capex/revenue (%) 85.8 163.7 79.5 15.0 10.9

Net debt/ (net cash) 2,889.6 6,503.8 7,678.8 7,006.5 6,073.0

Source: Company; Maybank

November 7, 2016

Oil &

Gas

Mala

ysi

a

Liaw Thong Jung [email protected] (603) 2297 8688

Yinson Holdings (YNS MK)

A growth and cash flow play

Maintain BUY and MYR4.35 TP

The special DPS of 14.6sen from the sale of its non-O&G operations was a

short term catalyst. We continue to like Yinson for its strong growth (3-

year net profit CAGR of 22%) and steady cash flow profiles. There is

further upside should it translate some of its tenders into job wins, a

major re-rating not reflected in the share price. Our current SOP-based

TP offers a 45% upside.

A steady growth stock with steady cash flows

The 14.6sen special DPS (5% yield) that went ex- on 3 Nov 2016 was a

short term catalyst. Operationally, Yinson is on track to deliver its FPSO

Genesis by 1HCY17, a major catalyst to growth in FY18-19 (we forecast

3-year net profit CAGR of 22%). We expect this job alone to contribute

about MYR150m-250m p.a. to the group’s net profit over its 15+5 year

charter period. For that, we expect Yinson to be FCF positive in FY18.

Prospecting for new job win(s)

Notwithstanding that, we do not rule out Yinson securing 1-2 new FPSO

jobs over the next 12 months despite the soft tender pipeline globally.

We understand that Yinson is in the bidding process for 3 firm FPSO jobs

in Vietnam, Malaysia, and Nigeria. Clinching any of these job win(s)

would be a re-rating prospect, currently not factored in our earnings

model or by the market yet.

To leverage on redeployment opportunities

Yinson, in partnership with Premuda, co-own an off-hire unit, FPSO Four

Rainbow (processing capacity: 40k bpd oil, 10mmscfd gas with storage).

With this asset, Yinson is in an entrenched position to capitalise on

redeployment opportunities in the FPSO market. Meanwhile, according to

an Upstream article, Yinson may use OSX-1 FPSO (currently off-hire since

2015 from the Tubarao Azul field and up for sale) for the Ca Rong Do job.

OSX-1is able to produce 60,000 bpd of oil with storage capacity of

950,000 bbls oil).

Share Price MYR 3.00

12m Price Target MYR 4.35 (+45%)

Previous Price Target MYR 4.35

BUY

Company Description

Statistics

52w high/low (MYR)


Free float (%)

Issued shares (m)


Major shareholders:

20.8%

13.9%

na

1,093

0.4

Yinson is the Top 6 FPSO operator in the world by

fleet size. OSV and non-O&G (transport & trading)

operations are complementary businesses.

LIM HAN WENG

Employees Provident Fund

na

3.29/2.58

53.1

MYR3.3B

USD781M

Price Performance

90

95

100

105

110

115

120

125

130

135

2.40

2.50

2.60

2.70

2.80

2.90

3.00

3.10

3.20

3.30


Yinson Holdings - (LHS, MYR)

Yinson Holdings / Kuala Lumpur Composite Index - (RHS, %)

-1M -3M -12M

Absolute (%) (8) (1) 2

Relative to index (%) (7) (0) 4

Source: FactSet

FYE Jan (MYR m) FY15A FY16A FY17E FY18E FY19E

Revenue 1,083 986 996 1,286 1,557

EBITDA 225 261 289 418 643

Core net profit 143 173 184 220 316

Core EPS (sen) 13.8 16.2 17.3 20.6 29.6

Core EPS growth (%) 114.7 17.5 6.4 19.4 43.7

Net DPS (sen) 2.0 1.9 2.0 2.4 2.6

Core P/E (x) 21.7 18.5 17.4 14.6 10.1

P/BV (x) 2.1 1.4 1.3 1.2 1.1


ROAE (%) 24.0 12.0 7.9 8.7 11.4

ROAA (%) 6.1 4.8 3.5 3.5 4.6

EV/EBITDA (x) 15.1 15.6 15.7 10.9 6.5


Consensus net profit - - 155 227 319

MKE vs. Consensus (%) - - 18.7 (3.0) (0.8)

November 7, 2016 14

Yinson Holdings

FYE 31 Jan FY15A FY16A FY17E FY18E FY19E

Key Metrics

P/E (reported) (x) 11.7 13.9 17.4 14.6 10.1

Core P/E (x) 21.7 18.5 17.4 14.6 10.1

P/BV (x) 2.1 1.4 1.3 1.2 1.1

P/NTA (x) 2.2 1.4 1.3 1.2 1.1


FCF yield (%) nm 2.8 nm 2.3 13.8

EV/EBITDA (x) 15.1 15.6 15.7 10.9 6.5

EV/EBIT (x) 25.3 27.2 25.6 18.4 10.7

INCOME STATEMENT (MYR m)

Revenue 1,083.4 986.0 996.0 1,286.2 1,556.6

Gross profit 160.0 177.2 272.9 375.6 532.3

EBITDA 225.4 261.0 288.5 417.8 643.0

Depreciation (90.8) (110.9) (111.0) (169.9) (250.7)

Amortisation 0.0 0.0 0.0 0.0 0.0

EBIT 134.6 150.1 177.5 247.9 392.3

Net interest income /(exp) (51.8) (40.5) (66.9) (104.4) (143.1)

Associates & JV 91.3 93.9 101.0 101.0 101.0

Exceptionals 104.9 48.9 0.0 0.0 0.0

Other pretax income 0.0 0.0 0.0 0.0 0.0

Pretax profit 278.9 252.4 211.6 244.5 350.2

Income tax (27.8) (38.6) (26.4) (22.5) (32.2)

Minorities (3.6) 8.2 (1.0) (2.0) (2.0)


Reported net profit 247.5 222.0 184.2 220.0 316.0

Core net profit 142.6 173.1 184.2 220.0 316.0


BALANCE SHEET (MYR m)

Cash & Short Term Investments 364.4 486.6 1,186.9 1,857.9 2,003.2

Accounts receivable 433.5 189.6 191.5 247.3 299.3

Inventory 27.6 3.6 3.6 4.7 5.7



Intangible assets 9.5 22.5 22.5 22.5 22.5

Investment in Associates & JVs 386.1 600.5 701.5 802.5 903.5

Other assets 104.0 492.0 492.0 492.0 492.0

Total assets 2,488.2 4,792.4 5,834.7 6,843.6 7,042.2

ST interest bearing debt 348.3 205.4 205.4 205.4 205.4

Accounts payable 114.3 417.5 421.7 544.6 659.0

LT interest bearing debt 474.6 1,448.8 2,317.2 2,997.6 2,783.4

Other liabilities 91.0 469.0 469.0 469.0 469.0



Minority Interest 9.0 2.5 3.5 5.5 7.5




CASH FLOW (MYR m)

Pretax profit 278.9 252.4 211.6 244.5 350.2

Depreciation & amortisation 90.8 110.9 111.0 169.9 250.7

Adj net interest (income)/exp 0.0 0.0 0.0 0.0 0.0

Change in working capital (160.8) 380.8 2.3 66.0 61.5

Cash taxes paid (27.8) (38.6) (26.4) (22.5) (32.2)

Other operating cash flow (270.5) 115.0 (98.7) (35.0) (39.5)

Cash flow from operations (107.7) 648.6 199.7 422.9 590.6

Capex (143.4) (557.7) (350.0) (350.0) (150.0)

Free cash flow (251.2) 90.9 (150.3) 72.9 440.6

Dividends paid (12.9) (16.4) (15.5) (16.3) (19.7)


Change in Debt (467.2) 831.2 868.4 680.4 (214.2)

Other invest/financing cash flow 81.4 (744.4) 0.0 0.0 0.0


Net cash flow (81.9) 331.1 702.6 737.0 206.7

November 7, 2016 15

Yinson Holdings

Historical recommendations and target price: Yinson Holdings (YNS MK)

2.4

2.6

2.8

3.0

3.2

3.4


Yinson Holdings

7 Mei Buy : RM4.3

FYE 31 Jan FY15A FY16A FY17E FY18E FY19E

Key Ratios

Growth ratios (%)

Revenue growth 15.0 (9.0) 1.0 29.1 21.0

EBITDA growth 138.0 15.8 10.5 44.8 53.9

EBIT growth 83.5 11.5 18.3 39.6 58.3

Pretax growth 362.9 (9.5) (16.1) 15.5 43.3

Reported net profit growth 416.3 (10.3) (17.0) 19.4 43.7

Core net profit growth 114.7 21.4 6.4 19.4 43.7


EBITDA margin 20.8 26.5 29.0 32.5 41.3

EBIT margin 12.4 15.2 17.8 19.3 25.2

Pretax profit margin 25.7 25.6 21.2 19.0 22.5

Payout ratio 8.3 9.3 11.6 11.8 8.6

DuPont analysis

Net profit margin (%) 22.8 22.5 18.5 17.1 20.3

Revenue/Assets (x) 0.4 0.2 0.2 0.2 0.2

Assets/Equity (x) 1.7 2.1 2.4 2.6 2.4

ROAE (%) 24.0 12.0 7.9 8.7 11.4

ROAA (%) 6.1 4.8 3.5 3.5 4.6


Cash conversion cycle 90.2 2.3 (138.2) (127.9) (146.5)




Dividend cover (x) 12.0 10.7 8.6 8.5 11.6

Current ratio (x) 1.8 1.3 2.1 2.6 2.5




Net gearing (%) (excl. perps) 31.4 51.9 55.2 51.2 33.7

Net interest cover (x) 2.6 3.7 2.7 2.4 2.7

Debt/EBITDA (x) 3.7 6.3 8.7 7.7 4.6

Capex/revenue (%) 13.2 56.6 35.1 27.2 9.6

Net debt/ (net cash) 458.5 1,167.6 1,335.6 1,345.0 985.6


November 7, 2016

Oil &

Gas

Vie

tnam

Le Nguyen Nhat Chuyen [email protected] (84) 844 55 58 88 x 8082

PetroVietnam Tech. Services (PVS VN)

Steady for now

Maintain HOLD and VND21,800

There is minimal catalyst to re-rate. The long-term prospect for PVS

remains in the floaters business, of which the impact will only come in 2-

3 years from now. The recent shift to onshore M&C projects for new jobs

is insufficient to offset the: (i) tepid remote growth over the next two

years and (ii) valuation perspective. Our VDN21,800 TP is sum-of-parts

based.

Floaters business to drive earnings

The FSO / FPSO division is PVS’s key earnings driver, which accounts for

60% of group earnings. The division is relatively insulated from the oil

price movement, as all of its five FSO / FPSOs are locked in on long-term

firm charters at fixed rates. This division registered a 15% YoY earnings

growth in 1H16 while PVS’s other divisions faced declining earnings.

Long term catalysts focus remains on floaters

PVS is banking on the block B Omon field development to fuel its long

term earnings growth. However, the final investment decision (FID) on

this project may be delayed and would likely come in beyond our 2017’s

expectations. Apart from that, the Ca Rong Do FPSO tender, which PVS is

tendering, will only contribute to its earnings 2.5-3 years from now.

Focusing on onshore works

Given the softness in the offshore market, the mechanical & construction

(M&C) division is moving towards onshore projects for works. PVS is

gaining a dominant role in the nation’s key projects in the O&G and

power sectors. This includes mechanical construction for fertilisers, gas

processing plants, refineries and power plants. This strategic move could

partly cushion the impact from the slowdown in the offshore E&P

activities due to reduced capex.

Share Price VND 17,900

12m Price Target VND 21,800 (+22%)

Previous Price Target VND 21,800

HOLD

Company Description

Statistics

52w high/low (VND)


Free float (%)

Issued shares (m)


Major shareholders:

51.4%

8.4%

6.1%

447

1.7

PVS co-owns 5 FSO/FPSO’s, provides a wide range of

O&G services, including seismic surveys, marine

services, fabrication, O&M, and port base supply

PETRO VIETNAM

FRANKLIN RESOURCES

TRUONG NGOC PHUONG

22,100/12,500

48.4

VND8.0T

USD358M

Price Performance

30

50

70

90

110

130

150

170

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000


PVS - (LHS, VND) PVS / Vietnam Composite Index - (RHS, %)

-1M -3M -12M

Absolute (%) (16) 2 (19)

Relative to index (%) (13) (3) (25)

Source: FactSet

FYE Dec (VND b) FY14A FY15A FY16E FY17E FY18E

Revenue 31,704 23,357 18,330 18,340 18,861

EBITDA 2,752 2,084 1,447 1,425 1,629

Core net profit 1,975 1,517 1,245 1,197 1,270

Core EPS (VND) 4,421 3,397 2,787 2,679 2,842

Core EPS growth (%) 25.3 (23.2) (18.0) (3.9) 6.1

Net DPS (VND) 1,200 1,200 1,200 1,200 1,200

Core P/E (x) 4.0 5.3 6.4 6.7 6.3

P/BV (x) 0.8 0.8 0.7 0.7 0.6


ROAE (%) 22.2 15.4 11.7 10.6 10.6

ROAA (%) 7.8 5.7 4.8 4.8 5.0

EV/EBITDA (x) 2.8 1.3 2.0 1.9 1.5

Net gearing (%) (incl perps) net cash net cash net cash net cash net cash

Consensus net profit - - 1,197 1,227 1,363

MKE vs. Consensus (%) - - 4.0 (2.5) (6.8)

November 7, 2016 17

PetroVietnam Technical Services


Key Metrics

P/E (reported) (x) 7.3 7.0 6.4 6.7 6.3

Core P/E (x) 4.0 5.3 6.4 6.7 6.3

P/BV (x) 0.8 0.8 0.7 0.7 0.6

P/NTA (x) 0.8 0.8 0.7 0.7 0.6


FCF yield (%) 45.0 9.1 9.1 7.4 5.8

EV/EBITDA (x) 2.8 1.3 2.0 1.9 1.5

EV/EBIT (x) 4.4 2.3 6.3 6.0 4.5

INCOME STATEMENT (VND b)

Revenue 31,704.0 23,356.9 18,330.4 18,340.3 18,861.2

Gross profit 2,594.4 2,174.9 1,017.6 995.9 1,159.1

EBITDA 2,752.1 2,083.9 1,446.6 1,425.1 1,628.8

Depreciation (982.7) (904.0) (984.6) (988.9) (1,062.8)

Amortisation 0.0 0.0 0.0 0.0 0.0

EBIT 1,769.4 1,179.9 462.1 436.2 566.1

Net interest income /(exp) 47.2 91.3 165.8 200.6 194.7

Associates & JV 543.8 753.2 886.6 849.2 895.4

Exceptionals 0.0 0.0 0.0 0.0 0.0

Other pretax income 183.5 (9.3) 23.6 (9.5) (9.5)

Pretax profit 2,544.0 2,015.1 1,538.1 1,476.4 1,646.7

Income tax (451.1) (350.4) (167.4) (161.2) (193.1)

Minorities (16.4) 23.9 27.1 28.4 (7.9)



Reported net profit 1,974.8 1,517.4 1,244.9 1,196.5 1,269.5

Core net profit 1,974.8 1,517.4 1,244.9 1,196.5 1,269.5


BALANCE SHEET (VND b)

Cash & Short Term Investments 8,198.4 8,566.7 9,103.8 8,107.4 8,192.0

Accounts receivable 7,870.7 5,725.3 4,493.2 4,495.6 4,623.3

Inventory 587.7 1,190.1 934.0 934.5 961.0



Intangible assets 26.9 26.0 8.1 2.6 (2.9)

Investment in Associates & JVs 3,886.5 4,166.5 5,053.1 5,902.3 6,797.7

Other assets 1,485.4 2,060.6 1,516.2 1,516.5 1,528.2

Total assets 26,683.7 26,437.1 25,348.1 24,734.7 25,640.8

ST interest bearing debt 751.8 684.3 740.1 359.7 348.2

Accounts payable 5,111.8 4,355.3 3,418.0 3,419.9 3,517.0

Insurance contract liabilities 0.0 0.0 0.0 0.0 0.0

LT interest bearing debt 1,828.0 1,563.4 1,690.7 821.7 795.5

Other liabilities 8,037.0 7,959.0 6,943.0 6,945.0 7,050.0



Minority Interest 1,441.8 1,623.6 1,596.5 1,568.1 1,576.0




CASH FLOW (VND b)

Pretax profit 2,544.0 2,015.1 1,538.1 1,476.4 1,646.7

Depreciation & amortisation 982.7 904.0 984.6 988.9 1,062.8

Adj net interest (income)/exp (47.2) (91.3) (165.8) (200.6) (194.7)

Change in working capital 1,253.4 (315.9) (352.9) 0.7 36.6

Cash taxes paid (509.4) (442.9) (320.2) (308.3) (369.2)

Other operating cash flow (539.7) (385.0) (858.4) (828.7) (873.0)

Cash flow from operations 3,864.1 1,504.1 1,241.2 1,108.0 1,286.7

Capex (269.9) (773.0) (516.9) (519.5) (823.0)

Free cash flow 3,594.3 731.1 724.2 588.5 463.7

Dividends paid (573.2) (578.8) (536.0) (536.0) (536.0)



Change in Debt (745.9) (427.6) 183.1 (1,249.4) (37.7)

Perpetual securities distribution 0.0 0.0 0.0 0.0 0.0

Other invest/financing cash flow 42.9 23.2 165.8 200.6 194.7


Net cash flow 2,337.7 (197.6) 537.0 (996.4) 84.6

November 7, 2016 18


Historical recommendations and target price: PetroVietnam Technical Services (PVS VN)

12,000.0

16,000.0

20,000.0

24,000.0

28,000.0

32,000.0



7 Mei Buy : ₫64,000

19 Mei Buy : ₫41,300

26 Okt Buy : ₫29,900

26 Sept Hold : ₫21,800


Key Ratios

Growth ratios (%)

Revenue growth 24.7 (26.3) (21.5) 0.1 2.8

EBITDA growth (5.0) (24.3) (30.6) (1.5) 14.3

EBIT growth (7.9) (33.3) (60.8) (5.6) 29.8

Pretax growth 12.1 (20.8) (23.7) (4.0) 11.5

Reported net profit growth 25.3 (23.2) (18.0) (3.9) 6.1

Core net profit growth 25.3 (23.2) (18.0) (3.9) 6.1


EBITDA margin 8.7 8.9 7.9 7.8 8.6

EBIT margin 5.6 5.1 2.5 2.4 3.0

Pretax profit margin 8.0 8.6 8.4 8.1 8.7

Payout ratio 27.1 35.3 43.1 44.8 42.2

DuPont analysis

Net profit margin (%) 6.2 6.5 6.8 6.5 6.7

Revenue/Assets (x) 1.2 0.9 0.7 0.7 0.7

Assets/Equity (x) 2.8 2.6 2.3 2.1 2.1

ROAE (%) 22.2 15.4 11.7 10.6 10.6

ROAA (%) 7.8 5.7 4.8 4.8 5.0


Cash conversion cycle 42.0 39.4 41.6 36.6 35.8




Dividend cover (x) 3.7 2.8 2.3 2.2 2.4

Current ratio (x) 1.5 1.6 1.9 1.8 1.8



Net gearing (%) (incl perps) net cash net cash net cash net cash net cash

Net gearing (%) (excl. perps) net cash net cash net cash net cash net cash

Net interest cover (x) na na na na na

Debt/EBITDA (x) 0.9 1.1 1.7 0.8 0.7

Capex/revenue (%) 0.9 3.3 2.8 2.8 4.4

Net debt/ (net cash) (5,618.6) (6,319.0) (6,673.0) (6,926.0) (7,048.3)


November 7, 2016 19


Research Offices

REGIONAL

Sadiq CURRIMBHOY

Regional Head, Research & Economics

(65) 6231 5836 [email protected]

WONG Chew Hann, CA

Regional Head of Institutional Research


ONG Seng Yeow

Regional Head of Retail Research


TAN Sin Mui

Director of Research


ECONOMICS

Suhaimi ILIAS Chief Economist Singapore | Malaysia (603) 2297 8682 [email protected]

Tim LEELAHAPHAN Thailand (66) 2658 6300 ext 1420 [email protected]

JUNIMAN Chief Economist, BII Indonesia (62) 21 29228888 ext 29682

[email protected]

STRATEGY

Sadiq CURRIMBHOY

Global Strategist


Willie CHAN

Hong Kong / Regional


MALAYSIA

WONG Chew Hann, CA Head of Research (603) 2297 8686 [email protected] • Strategy

Desmond CH’NG, ACA (603) 2297 8680 [email protected] • Banking & Finance

LIAW Thong Jung (603) 2297 8688 [email protected] • Oil & Gas Services- Regional

ONG Chee Ting, CA (603) 2297 8678 [email protected] • Plantations - Regional

Mohshin AZIZ (603) 2297 8692 [email protected] • Aviation - Regional • Petrochem

YIN Shao Yang, CPA (603) 2297 8916 [email protected] • Gaming – Regional • Media

TAN Chi Wei, CFA (603) 2297 8690 [email protected] • Power • Telcos

WONG Wei Sum, CFA (603) 2297 8679 [email protected] • Property

LEE Yen Ling (603) 2297 8691 [email protected] • Building Materials • Glove • Ports • Shipping

Ivan YAP (603) 2297 8612 [email protected] • Automotive • Semiconductor • Technology

Kevin WONG (603) 2082 6824 [email protected] • REITs • Consumer Discretionary

LIEW Wei Han

(603) 2297 8676 [email protected] • Consumer Staples

Tee Sze Chiah Head of Retail Research (603) 2297 6858 [email protected]

HONG KONG / CHINA

Howard WONG Head of Research (852) 2268 0648 [email protected] • Strategy • Oil & Gas - Regional

Benjamin HO (852) 2268 0632 [email protected] • Consumer & Auto

Jacqueline KO, CFA (852) 2268 0633 [email protected] • Consumer Staples & Durables

Ka Leong LO, CFA (852) 2268 0630 [email protected] • Consumer Discretionary & Auto

Mitchell KIM (852) 2268 0634 [email protected] • Internet & Telcos

Ning MA (852) 2268 0672 [email protected] • Insurance

Sonija LI, CFA, FRM (852) 2268 0641 [email protected] • Gaming

Stefan CHANG, CFA (852) 2268 0675 [email protected] • Technology – Regional

INDIA

Jigar SHAH Head of Research

(91) 22 6623 2632 [email protected]

• Strategy • Oil & Gas • Automobile • Cement

Vishal MODI


• Banking & Financials

Abhijeet KUNDU


• Consumer

Neerav DALAL


• Software Technology • Telcos

SINGAPORE

Neel SINHA Head of Research (65) 6231 5838 [email protected] • Strategy • SMID Caps – Regional

Gregory YAP (65) 6231 5848 [email protected] • SMID Caps • Technology & Manufacturing • Telcos

YEAK Chee Keong, CFA (65) 6231 5842 [email protected] • Offshore & Marine

Derrick HENG, CFA (65) 6231 5843 [email protected] • Transport • Property • REITs (Office)

John CHEONG, CFA (65) 6231 5845 [email protected] • Small & Mid Caps • Healthcare

Ng Li Hiang (65) 6231 5840 [email protected] • Banks

INDONESIA

Isnaputra ISKANDAR Head of Research (62) 21 8066 8680 [email protected] • Strategy • Metals & Mining • Cement

Rahmi MARINA (62) 21 8066 8689 [email protected] • Banking & Finance

Aurellia SETIABUDI (62) 21 8066 8691 [email protected] • Property

Pandu ANUGRAH (62) 21 8066 8688 [email protected] • Infra • Construction • Transport• Telcos

Janni ASMAN (62) 21 8066 8687 [email protected] • Cigarette • Healthcare • Retail

Adhi TASMIN (62) 21 8066 8694 [email protected] • Plantations

Anthony LUKMAWIJAYA (62) 21 8066 8690 [email protected] • Aviation

PHILIPPINES

Michael BENGSON Head of Research (63) 2 849 8840 [email protected] • Strategy • Utilities • Conglomerates • Telcos Lovell SARREAL (63) 2 849 8841 [email protected] • Consumer • Media • Cement

Rommel RODRIGO (63) 2 849 8839 [email protected] • Conglomerates • Property • Gaming • Ports/ Logistics

Katherine TAN (63) 2 849 8843 [email protected] • Banks • Construction

THAILAND

Maria LAPIZ Head of Institutional Research Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 [email protected] • Strategy • Consumer • Materials • Ind. Estates

Sittichai DUANGRATTANACHAYA (66) 2658 6300 ext 1393 [email protected] • Services Sector • Transport

Yupapan POLPORNPRASERT (66) 2658 6300 ext 1394 [email protected] • Oil & Gas

Tanawat RUENBANTERNG (66) 2658 6300 ext 1395 [email protected] • Banks & Diversified Financials

Vorapoj Hongpinyo (66) 2658 6300 ext 1392 [email protected] • Real Estate & Contractors

Sukit UDOMSIRIKUL Head of Retail Research (66) 2658 6300 ext 5090 [email protected]

Mayuree CHOWVIKRAN (66) 2658 6300 ext 1440 [email protected] • Strategy

Padon VANNARAT (66) 2658 6300 ext 1450 [email protected] • Strategy

Surachai PRAMUALCHAROENKIT (66) 2658 6300 ext 1470 [email protected] • Auto • Conmat • Contractor • Steel

Suttatip PEERASUB (66) 2658 6300 ext 1430 [email protected] • Media • Commerce

Sutthichai KUMWORACHAI (66) 2658 6300 ext 1400 [email protected] • Energy • Petrochem

Termporn TANTIVIVAT (66) 2658 6300 ext 1520 [email protected] • Property

Jaroonpan WATTANAWONG (66) 2658 6300 ext 1404

[email protected] • Transportation • Small cap

VIETNAM

LE Hong Lien, ACCA Head of Institutional Research (84) 8 44 555 888 x 8181 [email protected] • Strategy • Consumer • Diversified • Utilities

THAI Quang Trung, CFA, Deputy Manager, Institutional Research (84) 8 44 555 888 x 8180 [email protected] • Real Estate • Construction • Materials

Le Nguyen Nhat Chuyen (84) 8 44 555 888 x 8082 [email protected] • Oil & Gas

NGUYEN Thi Ngan Tuyen, Head of Retail Research (84) 8 44 555 888 x 8081 [email protected] • Food & Beverage • Oil&Gas • Banking

TRINH Thi Ngoc Diep (84) 4 44 555 888 x 8208 [email protected] • Technology • Utilities • Construction

PHAM Nhat Bich (84) 8 44 555 888 x 8083 [email protected] • Consumer • Manufacturing • Fishery

NGUYEN Thi Sony Tra Mi (84) 8 44 555 888 x 8084 [email protected] • Port operation • Pharmaceutical • Food & Beverage

TRUONG Quang Binh (84) 4 44 555 888 x 8087 [email protected] • Rubber plantation • Tyres and Tubes • Oil&Gas

November 7, 2016 20


APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.

The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.

This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events.

MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report to the extent permitted by law.

This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for the actions of third parties in this respect.

This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.

Malaysia Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.

Singapore This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law.

Thailand Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank Kim Eng Securities (Thailand) Public Company Limited. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) accepts no liability whatsoever for the actions of third parties in this respect.

Due to different characteristics, objectives and strategies of institutional and retail investors, the research reports of MBKET Institutional and Retail Research Department may differ in either recommendation or target price, or both. MBKET Retail Research is intended for retail investors (http://kelive.maybank-ke.co.th) while Maybank Kim Eng Institutional Research is intended only for institutional investors based outside Thailand only.

The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. MBKET does not confirm nor certify the accuracy of such survey result.

The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, MBKET does not confirm, verify, or certify the accuracy and completeness of the assessment result.

US This third-party research report is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations. All U.S. persons receiving and/or accessing this report and wishing to effect transactions in any security mentioned within must do so with: Maybank Kim Eng Securities USA Inc. 777 Third Avenue 21st Floor New York, New York 1- (212) 688-8886 and not with, the issuer of this report.

http://kelive.maybank-ke.co.th/

http://kelive.maybank-ke.co.th/

November 7, 2016 21


Disclosure of Interest

Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.

Singapore: As of 7 November 2016, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: As of 7 November 2016, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

India: As of 7 November 2016, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or their associate / relative does not hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject companies except as otherwise disclosed in the research report. In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or third party in connection with the research report on any account what so ever except as otherwise disclosed in the research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS

Analyst Certification of Independence

The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder

Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Ong Seng Yeow | Executive Director, Maybank Kim Eng Research

Definition of Ratings

Maybank Kim Eng Research uses the following rating system

BUY Return is expected to be above 10% in the next 12 months (excluding dividends)

HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)

SELL Return is expected to be below -10% in the next 12 months (excluding dividends)

Applicability of Ratings

The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

UK This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Conduct Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

DISCLOSURES Legal Entities Disclosures Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938- H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This report is distributed in Singapore by Maybank KERPL (Co. Reg No 198700034E) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Maybank Kim Eng Securities (“PTMKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the Financial Services Authority (Indonesia). Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities Limited (License Number: 117/GP-UBCK) is licensed under the State Securities Commission of Vietnam. Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited and the Bombay Stock Exchange and is regulated by Securities and Exchange Board of India (“SEBI”) (Reg. No. INZ000010538). KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) and as Research Analyst (Reg No: INH000000057) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

November 7, 2016 22


Malaysia Maybank Investment Bank Berhad

(A Participating Organisation of

Bursa Malaysia Securities Berhad)

33rd Floor, Menara Maybank,

100 Jalan Tun Perak,

50050 Kuala Lumpur

Tel: (603) 2059 1888;

Fax: (603) 2078 4194

Singapore Maybank Kim Eng Securities Pte Ltd

Maybank Kim Eng Research Pte Ltd

50 North Canal Road

Singapore 059304

Tel: (65) 6336 9090

London Maybank Kim Eng Securities

(London) Ltd

PNB House

77 Queen Victoria Street

London EC4V 4AY, UK

Tel: (44) 20 7332 0221

Fax: (44) 20 7332 0302

New York Maybank Kim Eng Securities USA

Inc

777 Third Avenue, 21st Floor

New York, NY 10017, U.S.A.

Tel: (212) 688 8886

Fax: (212) 688 3500

Stockbroking Business:

Level 8, Tower C, Dataran Maybank,

No.1, Jalan Maarof

59000 Kuala Lumpur

Tel: (603) 2297 8888

Fax: (603) 2282 5136

Hong Kong Kim Eng Securities (HK) Ltd

Level 30,

Three Pacific Place,

1 Queen’s Road East,

Hong Kong

Tel: (852) 2268 0800

Fax: (852) 2877 0104

Indonesia PT Maybank Kim Eng Securities

Sentral Senayan III, 22nd Floor

Jl. Asia Afrika No. 8

Gelora Bung Karno, Senayan

Jakarta 10270, Indonesia

Tel: (62) 21 8066 8500

Fax: (62) 21 8066 8501

India Kim Eng Securities India Pvt Ltd

2nd Floor, The International,

16, Maharishi Karve Road,

Churchgate Station,

Mumbai City - 400 020, India

Tel: (91) 22 6623 2600

Fax: (91) 22 6623 2604

Philippines Maybank ATR Kim Eng Securities Inc.

17/F, Tower One & Exchange Plaza

Ayala Triangle, Ayala Avenue

Makati City, Philippines 1200

Tel: (63) 2 849 8888

Fax: (63) 2 848 5738

Thailand Maybank Kim Eng Securities

(Thailand) Public Company Limited

999/9 The Offices at Central World,

20th - 21st Floor,

Rama 1 Road Pathumwan,

Bangkok 10330, Thailand

Tel: (66) 2 658 6817 (sales)

Tel: (66) 2 658 6801 (research)

Vietnam Maybank Kim Eng Securities Limited

4A-15+16 Floor Vincom Center Dong

Khoi, 72 Le Thanh Ton St. District 1

Ho Chi Minh City, Vietnam

Tel : (84) 844 555 888

Fax : (84) 8 38 271 030

Saudi Arabia In association with

Anfaal Capital

Villa 47, Tujjar Jeddah

Prince Mohammed bin Abdulaziz

Street P.O. Box 126575

Jeddah 21352

Tel: (966) 2 6068686

Fax: (966) 26068787

South Asia Sales Trading Kevin Foy

Regional Head Sales Trading

[email protected]

Tel: (65) 6636-3620

US Toll Free: 1-866-406-7447

North Asia Sales Trading Andrew Lee

[email protected]

Tel: (852) 2268 0283

US Toll Free: 1 877 837 7635

Malaysia Joann Lim [email protected] Tel: (603) 2717 5166

Thailand Tanasak Krishnasreni [email protected] Tel: (66)2 658 6820

Indonesia Harianto Liong [email protected] Tel: (62) 21 2557 1177

London Scott Kinnear-Nock [email protected] Tel: (44) 207-332-0221

New York Andrew Dacey [email protected] Tel: (212) 688 2956

India Manish Modi [email protected] Tel: (91)-22-6623-2601

Vietnam Patrick Mitchell

[email protected]

Tel: (84)-8-44-555-888 x8080

Philippines Keith Roy [email protected] Tel: (63) 2 848-5288

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