ALAM MARITIM RESOURCES

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1 LM MRITIM RESURCES IL & GS (MRB MK, LMT.KL 9 Frry Comy rort lx Goh lxgoh@mkgro.om Pri RM.775 Fir Vl RM. 5-wk High/Low RM.8/RM.7 Dmd y V xs, offshor ostrtio dly Rtiol for rort: Comy Rslt Ivstmt Highlights BUY (Mitid Ky Chgs Fir vl EPS Uhgd Uhgd YE to D FY FYF FY3F FY4F Rv (RMmil Cor t rofit (RMmil EPS (S EPS growth (% / Cosss t rofit (RMmil / DPS (S PE (x EV/EBITD (x Div yild (%.... RE (% Nt Grig (% Stok d Fiil Dt Shrs tstdig (millio Mrkt C (RMmil Book vl (RM/shr.65 P/BV (x. RE (% 7.4 Nt Grig (% 95.7 Mjor Shrholdrs SR Vtr Holdigs (53.5% Form Vst Sd Bhd (.% Fr Flot (% 35.3 vg Dily Vl (RMmil.9 Pri rform 3mth 6mth mth solt (% (3. (9. (34.3 Rltiv (% (.6 (4.9 (3.7 W ritrt or BUY rtig o lm Mritim Rsors, with hgd fir vl of RM./shr, ggd to FYF PE of x t 5% disot to th oil & gs stor s 6x. lm s FY rslt ws 54% low or rlir FYF t rofit of RM8mil d 64% of strt s RM36mil. This stmmd lrgly from: RM5mil xs for itlisd itrst o two, rk hors owr vssls, rrtly ig ilt i Chi, whih will ijtd ito th 5:5 joit vtr (V with Tg Hji (TH. Th sl d lsk grmt ws sigd i 4QFY, whil th vssls will omltd y th d of. RM5mil dditiol itrst hrg for th 5:5 V for th lm-swir drrik ly rg s th ommmt of th RM3mil offshor istlltio ostrtio (IC otrts i Est Mlysi hs dlyd from Stmr lst yr to Mrh-ril this yr. lm rgistrd 4QFY t loss of RMmil vs. t rofit of RM3mil i 3QFY, lrgly d to th lm-th V o-off itlisd itrst xs, dly i IC ostrtio work d 7% QoQ ssol dro i mri hrtr rv. lthogh FY t rofit m i wy short of xttios, w xt sigifit rovry i QFY s th gro s vssl tilistio hs rmid firm t ovr 8%. H, w miti FYF-FY3F t rofits, sd o vssl tilistio rts of 8%-9% d EBIT mrgis of 55%. W itrod FY4F t rofit with growth of 7% sd o 5t- imrovmt i vssl tilistio rt...5 M. (R,674,463,53 I d x P o i ts W xt th trrod i th IC divisio to strog r-rtig tlyst s this divisio hd sigifit drg to rigs si 4QFY. This rovry shold sstil s lm is lso ggrssivly iddig for mor IC jos d old wrdd othr sizl otrt rly xt yr. Rll tht lm srd its mid mjor IC otrt with Smsg worth US$8mil for Sh il & Gs Trmil (SGT..5. F F F F g g g lm FBM KLCI PP 47/6/ (36 g - F - g -,4 F 83 - W lso xt lm to wrdd frsh hrtrs for its idlig d sot-hrtrd vssls s tilistio i th stor hs tightd. W ot tht dy rts hv slowly risig o tightig glol vssl tilistio. s sh, w miti or viw tht th omy s rigs rovry is itt with dmdig vltios of FYF PE of 9x t th lowr d of its historil PE d. This is drid y imrovig vssl tilistio rts with its rt hrtrs, old with likly trrod i its offshor ostrtio divisio.

2 lm Mritim Rsors 9 Frry TBLE : RESULTS SUMMRY YE 3 D (RMmil FY FY % YoY 4QFY 3QFY 4QFY % QoQ % YoY Trov r (.9.7 EBIT. 8.7 > ( (6.6 > Nt itrst i./(x (3. (35..8 (.7 (7. ( Pr-xtiol Profit (3. (6.5 (78.3 (7. 9. (7.5 (> (89.5 Ex tiols ssoits & V ( > Prtx Profit ( > ( (.4 (> (99.4 Tx tio 5. (.6 (>.4 (.6 (. (86.7 (> Mioritis..3 ( (.9 (. (77.7 (> Nt Profit (.8.9 > ( (.7 (> (98.8 EPS (s (.9.6 (84. (7.6.7 (. (5.9 (98.7 Gross DPS (s..... BV/Shr (RM EBIT mrgi (% ( Prtx mrgi (% ( (8.8.8 (.5 Efftiv tx rt (% (6.7 Sor: Brs Mlysi mrsrh Sd Bhd

3 lm Mritim Rsors 9 Frry 3. CHRT : PB BND CHRT CHRT : PE BND CHRT s vg -s.8 (x. +s vg -s -,65.4 (x -, , , CHRT 3 : QURTERLY TURNVER, EBIT & ERNINGS TREND RMmil QFY9 QFY9 3QFY9 4QFY9 QFY QFY 3QFY 4QFY QFY QFY 3QFY 4QFY Trovr EBIT Nt Profit Sor: Brs Mlysi mrsrh Sd Bhd 3

4 lm Mritim Rsors 9 Frry TBLE : FINNCIL DT Iom Sttmt (RMmil, YE 3 D F 3F 4F Rv EBITD Dritio (34. (4. (44.6 (46. (47.8 rtig iom (EBIT ( thr iom & ssoits Nt itrst (3. (35. (37. (38.8 (4.8 Extiol itms..... Prtx rofit ( Txtio 5. (.6 (.7 (.9 (3.8 Mioritis/rf dividds..3.3 (. (. Nt rofit ( Cor t rofit ( Bl Sht (RMmil, YE 3 D F 3F 4F Fixd ssts Itgil ssts thr log-trm ssts Totl o-rrt ssts Csh & qivlt Stok Trd dtors thr rrt ssts Totl rrt ssts Trd rditors Short-trm orrowigs thr rrt liilitis Totl rrt liilitis Log-trm orrowigs thr log-trm liilitis Totl log-trm liilitis Shrholdrs fds Miority itrsts BV/shr (RM Csh Flow (RMmil, YE 3 D F 3F 4F Prtx rofit ( Dritio Nt hg i workig itl (4. ( (.5 (5.7 thrs ( Csh flow from ortios ( Citl xditr (7.6 (. (6... Nt ivstmts & sl of fixd ssts ( thrs ( Csh flow from ivstig (9.9 (9. ( Dt risd/(rid 4.. (9. (. (. Eqity risd/(rid..... Dividds id (.9 (.5 (45.3 (48.9 (5.3 thrs Csh flow from fiig (3.3 (44.9 (48.3 Nt sh flow ( ( Nt sh/(dt /f ( Nt sh/(dt /f (49.4 (469.6 (473.3 (445.6 (369.9 Ky Rtios (YE 3 D F 3F 4F Rv growth (% / EBITD growth (% / Prtx mrgis (% ( Nt rofit mrgis (% ( Itrst ovr (x ( Efftiv tx rt (% / Nt dividd yot (% / Dtors trovr (dys Stok trovr (dys Crditors trovr (dys Sor: Comy, mrsrh stimts mrsrh Sd Bhd 4

5 lm Mritim Rsors 9 Frry TBLE 3 : RESULTS BREKDWN YE 3 D (RMmil FY FY % YoY 4QFY 3QFY 4QFY % QoQ % YoY SV srvis ( Udrwtr & IC (8.5 ( > thrs > (.3.5 (. > (99.7 Rv (.9.7 SV srvis ( > ( (4.5 (34.7 ssoits ( > Udrwtr & IC 5..3 ( (8. (69.3 thrs.. > (. (.. > > Cosol (. (.5 >.3 (. (6. > (> Fi osts (3. ( (9.9 (7. ( Prtx rofit ( > ( (.4 (> (98.6 EBIT mrgi (% SV srvis ( ( Udrwtr & IC.6.6 (> 9.9. Sor: Brs Mlysi Plishd y mrsrh Sd Bhd (3355-P ( mmr of th mivstmt Bk Gro 5 t h F l oor B g mb k Gro 55 l Rj Chl 5 Kl Lmr Tl: ( ( r s r h F x: ( Pritd y mrsrh Sd Bhd (3355-P ( mmr of th mivstmt Bk Gro 5 t h F l oor B g mb k Gro 55 l Rj Chl 5 Kl Lmr Tl: ( ( r s r h F x: ( Th iformtio d oiios i this rort wr rrd y mrsrh Sd Bhd. Th ivstmts disssd or rommdd i this rort my ot sitl for ll ivstors. This rort hs rrd for iformtio ross oly d is ot offr to sll or soliittio to y y sritis. Th dirtors d mloys of mrsrh Sd Bhd my from tim to tim hv ositio i or with th sritis mtiod hri. Mmrs of th mivstmt Gro d thir ffilits my rovid srvis to y omy d ffilits of sh omis whos sritis r mtiod hri. Th iformtio hri ws otid or drivd from sors tht w liv r rlil, t whil ll rsol r hs tk to sr tht sttd fts r rt d oiios fir d rsol, w do ot rrst tht it is rt or omlt d it shold ot rlid o s sh. No liility td for y loss tht my ris from th s of this rort. ll oiios d stimts ildd i this rort ostitt or jdgmt s of this dt d r sjt to hg withot oti. For mrsrh Sd Bhd By Chw Mgig Dirtor mrsrh Sd Bhd 5

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