T7Global 好事“油”然而生
Jayden Yit Hong Ren
Reviewed By Charlie Yuan Ting Jing, CFA, CQF
Introduction 公司概述
T7 Global 创立于1990年，2005年于马股上市, 在2016年易名成T7 global。T7 Global 在油气领域拥有超过30年的经验，是业界有名的综合方案供应商。在近些年，领导层也积极扩展公司的核心业务范围，扩大产品服务供应。
公司目前的业务分为三大部分 分别是Energy，Aerospace 和 Construction。目前为止公司的 Order Book 有2.8 Billion。
Energy 油气领域
在T7 Global的业务中，油气领域的Energy Segment仍然是其营收的主要来源。T7 Global 的油气业务遍布上中下油。该部门的主要业务包括MOPU，即Mobile Offshore Production Unit的全方位工程建筑、营运维持、工程采购建设（EPC）、海底作业方案以及运营和维护（O＆M）。
除了主营的上游油气业务，T7 Global 还在中游和下游产业链提供人力资源支持。该集团旗下的子公司 T7 Intelligent Resources Sdn Bhd 提供全方位的招聘和人力服务，覆盖石油和天然气、ICT、可再生能源、铁路和基础设施等多个行业。Shell 和 Petronas 等知名企业也是其客户之一。
T7 Global 是提供移动式海上生产设施 (MOPU) 的先驱，该集团于 2005 年获得了第一个 MOPU，将一个改装单元租赁给英国能源服务公司 Petrofac Ltd 用于 Cendor 油田开发项目，直到 2014 年结束。 那么MOPU是什么呢，跟 Yinson 所提供的 FPSO (Floating Production Storage and Offloading Units (FPSO) 的服务有什么不同呢？ MOPU是一种可重复使用的移动式海上生产装置，适用于深度超过100米的海底油气开采，寿命约为30至40年。与之相对的是FPSO（Floating Production Storage and Offloading Units）服务，它是一种用于加工和储存石油和天然气的船，通常安装在油轮中。相比之下，FPSO更适用于预期寿命较短的油田和在较小的油田之间移动。在马来西亚的主要业者有MISC, YINSON和ARMADA。
从以下的照片可以看出 MOPU (左边) 与 FPSO (右边) 的 区别。
2020年，T7 Global与Petronas Carigali Sdn Bhd签署了第二份MOPU合同。该合同涉及在砂拉越的Bayan天然气开发项目第2期中设计并建造一个新的MOPU，租期为10年，到2032年结束。一旦MOPU安装并开始产生天然气，将被租给Petronas Carigali Sdn Bhd用于该项目的第二期。TOS（Tanjung Offshore Services Sdn Bhd）将为该项目提供MOPU的运营和维护服务，有助于公司的收入增加。值得注意的是，Bayan的MOPU已于2022年末开始运行，该项目对T7 Global未来的营业额和盈利的贡献值得期待。
除了Bayan项目外，T7 Global还在泰国的Nong Yao油田进行Nong Yao MOPU项目。TOS负责MOPU的工程、采购、施工、安装和调试，以及MOPU后续的租赁、运营和维护，为期五年。Nong Yao MOPU预计将于2023年末完工，并计入新一季度的营收。
除了MOPU项目外，T7 Global还提供小型遥控潜水器(ROV)的水下检查和维护服务。公司已为沙巴和砂拉越的10个平台提供水下检查和维护服务。这也是公司的第三份小型 ROV 合同，，之前的合同分别由 Petronas 在2019年和Pioneer Pegasus Sdn Bhd在2021年授予，共进行了15个平台检查工作。 T7 Global 也在 2022 年十月 获得了 由 Hibiscus 颁发的油气工程合约，在2年内为后者提供综合油井相关服务。T7 Global 将为 Hibiscus 提供油井内外的相关工程服务，以及封闭废弃油井（P&A）的服务。
总的来说，T7 Global的近期合同和服务展示了公司在海上生产领域的专业知识，以及其在国内和国际扩展业务的承诺。这些项目的成功实施将有助于公司的营收增长并增强其在市场中的地位。
Aerospace 航空工业
在2019年，T7 Global 也积极扩展业务到航空工业 (Aerospace), 并在雪兰莪双文丹设立金属表面处理厂，对飞机金属部件进行二次加工，然后再组装成更大的部件。这些过程包括零件处理、金属涂层和喷漆、无损检测和其他化学过程。尽管航空航天行业先前受到 Covid-19 的冲击，T7 Global 已能够通过扩展到其他金属处理制造领域（如汽车）来转型并生存。那么今年随着航空业的复苏以及管理层积极扩张非航空客户群的努力，相信在不久的将来这个领域将会为营业额带来显著的贡献。
Construction 建筑
T7 Global 也积极的扩展他们在Construction的业务。公司曾在2020年获得东海岸经济区发展委员会（ECERDC）价值 1693 万令吉的合同，在柔佛州恩道建设恩道 - 丰盛港鱼类加工园区。 此外，公司和 Siemens Logistics 组成的财团也在之前 连同 MMC Corp Bhd、Fajarbaru Builder Group Bhd 和 Bina Puri Holdings Bhd 竞争投标的一份为期三年的合同中脱颖而出。获得这个升级吉隆坡国际机场(KLIA)的行李处理系统的合同(Baggage Handling System)。
T7 Global旗下的 T7 Kemuncak Sdn Bhd 将负责该系统的安装、钢支撑结构、监控和数据采集（SCADA）控制室、服务器机房和X光扫描室及资讯科技基础设施的翻新。
Financial 财报
从2016年起，T7 Global 已经摆脱亏损业绩，营业额与盈利都稳定向上。截至2022年首9个月，T7 Global营业额按年成长14.15%至1亿9523万令吉，净利也上扬20.77%至893万令吉，有望在2022财政年突破历史新高的营业额和盈利。 需要注意的点是，T7 Global 的债务水平较高，拥有接近 两倍 的 Net Gearing Ratio，虽然债务高是油气的公司的常态，可是我们也需要纳入投资的考量。
投资者需要注意的是公司曾多次发行 Private placement导致的股权稀释。虽然所获得的资金有近60%是用于MOPU的项目建设，但是我们也需要密切关注MOPU project所带来的盈利是否能跟得上EPS的稀释。公司也计划每两年获取一个新的MOPU 合约。这是否会导致公司债务加重呢？
Contract Awarded 颁获工程
T7 Global 拥有 Order Book 2.23 Billion (根据 Q2FYE 2022 Results Briefing)
| Contract | Value (millions) | Duration (Years) | Company | Client | Date Announced | Location |
|---|---|---|---|---|---|---|
| Provision of engineering, preparation, removal and disposal services for South Angsi Alpha Facilities decommissioning project. | A+B = 100 | 29 November 2022 - 28 November 2024 (Two Years) | Tanjung Offshore Sdn Bhd | Hibiscus Oil & Gas Malaysia Limited (formerly known as Repsol Oil & Gas Malaysia Limited) | 25/01/2023 | |
| Umbrella contract for the provision of headhunting and recruitment services for PTTEP operations. | A+B = 100 | 22 November 2022 - 10 October 2024 (Two Years) | T7 Intelligence Resources Sdn Bhd | PTTEP HK Offshore Limited and/or PTTEP Sabah Oil Limited and/or PTTEP Sarawak Oil Limited | 25/01/2023 | |
| Design, Construction, Installation, Integration, Completion, Testing and Commissioning of Proposed Baggage Handling System (BHS) Asset Replacement Program at Terminal 1 KL International Airport, Malaysia | 19 January 2023 - 18 December 2025 ( Three Years) | T7 Kemuncak Sdn Bhd (Siemen Logistic Pte Ltd) | Malaysia Airports (Sepang) Sdn Bhd | 14 /1/ 2023 | KLIA | |
| Pan Malaysia Umbrella Contract for Integrated Well Services (IWS) for PAC’s – Work Order Request #3 RML Workover and Plug and Abandonment (P&A) | The value of the Award is based on the agreed rates as stipulated in the Work Order | 3 August 2023 - 2 August 2025 ( Two Years ) | Tanjung Offshore Sdn Bhd | Hibiscus | 20/10/2022 | |
| Provision of technical and general staffing personnel services | 5 September 2022 - 4 September 2027 (Five Years) | T7 Intelligent Resources Sdn. Bhd | ExxonMobil | 11/10/2022 | ||
| Provision of Leasing, Operation, Maintenance of a mobile offshore production unit (MOPU) | 400 | Five + Extension of Two | Tanjung Offshore Service Sdn Bhd ( Busrakham G11 Ltd) | Busrakham G11 Limited | 19/09/2022 | Nong Yao Field, Southern Guld of Thailand |
| Provision of Platform Based Underwater Inspection Services | A non-escalating and fixed unit rate as specified in the Letter of Award. | 12 August 2022 - 11 August 2024 (Two Years) | Tanjung Offshore Sdn Bhd | Petronas Carigaili Sdn. Bhd | 07/09/2022 | |
| Provision of technical and non-technical manpower for North Malay Basin Integrated gas development project | 6 | 1 April 2022 - 31 March 2024 (Two Years) | T7 Intelligent Resources Sdn. Bhd | Hess Exploration and Production Malaysia B.V | 12/04/2022 | |
| Provision of Third-Party Professional and Support Services for PETRONAS Group of Companies | 15 December 2021 - 14 December 2024 ( Three Years) | T7 Intelligent Resources Sdn. Bhd | Petroliam Nasional Berhad (Petronas) | 30/03/2022 | ||
| Appointment as Contractor to Siemens AG by Petroliam Nasional Berhad under the Global Frame Agreement for Distributed Control System for Package A: Downstream and Package B: Upstream and Petroleum Arrangement Companies | C+D+E=300 | 29 July 2021 - 28 July 2026 (Five Years) | Tanjung Offshore Sdn Bhd | Petroliam Nasional Berhad | 6/12/2021 | |
| Provision of Topside Construction and Maintenance Services | C+D+E=300 | 15 January 2022 to 14 January 2025 (Three Years)(with an option to extend for another 2 years) | Tanjung Offshore Sdn Bhd | Carigali Hess Operating Company Sdn. Bhd. | 6/12/2021 | |
| Provision of Bunga Raya A Sales Gas Metering Upgrade | C+D+E=300 | 2 September 2021 until completion of the works | T7 Wenmax Sdn. Bhd. | Repsol Oil & Gas Malaysia Limited | 6/12/2021 | |
| Work order award in relation to the provision of plug and abandonment integrated services for M3 oilfield | F+G=150 | 14 October 2021 - 31 December 2022 | Tanjung Offshore Sdn Bhd | PETRONAS Carigali Sdn. Bhd. | 17/11/2021 | |
| Provision of Gastec nitrogen generator maintenance services and spare parts | F+G=150 | 2 July 2021 - 1 July 2023 (Two Years) | Tanjung Offshore Sdn Bhd | PTTEP Sabah Oil Limited and/or PTTEP Sarawak Oil Limited and/or PTTEP HK Offshore Limited | 17/11/2021 | |
| Provision of mini-ROV services for Pan-Malaysia underwater services for petroleum arrangement contractors – Package B (“the Award”). | 12 July 2021 until the completion of the platform inspection campaign | Tanjung Offshore Sdn Bhd | Pioneer Pegasus Sdn. Bhd. (“PPSB”) | 26/07/2021 | ||
| Provision of plug and abandonment integrated services for Pulai A (“the Award”) | 50 | 29 March 2021 - 28 December 2021 | Tanjung Offshore Sdn Bhd | PETRONAS Carigali Sdn. Bhd. | 4/05/2021 | |
| Provision of splash zone structural repair and maintenance (“the Contract”). | 8 January 2021 - 7 January 2022. | Tanjung Offshore Sdn Bhd | PETRONAS Carigali Sdn. Bhd. | 4/02/2021 | ||
| Provision of underwater inspection services using mini-ROV (“the Contract”). | 2 September 2020 - 31 May 2021 | Tanjung Offshore Sdn Bhd | PETRONAS Carigali Sdn. Bhd. | 19/01/2021 | ||
| Provision of leasing, operating and maintenance of mobile offshore production unit (“MOPU”) for Bayan redevelopment project gas phase 2 (“Bayan MOPU project”) | based on the prices as stipulated in the Contract | Effective date of the Contract is 1 February 2020 for a time charter period of 10 years | Tanjung Offshore Sdn Bhd | PETRONAS Carigali Sdn. Bhd. | 4/01/2021 | |
| Proposed construction and completion of Endau-Mersing Fish Processing Park (EMFPP) in Endau, Johor Darul Takzim (“Contract”) | 17 | 9 September 2020 - 8 March 2022 | Tanjung Offshore Sdn Bhd | East Coast Economic Region Development Council (ECERDC) | 15/09/2020 | |
| Extend the contract for supply of SBM hoses and accessories. | As per order request and pricing stipulated in the contract. | 1 July 2020 - 31 December 2023 | T7 Wenmax Sdn. Bhd. | Hengyuan Refining Company Berhad | 18/08/2020 | |
| Supply, delivery, install, testing and commissioning of battery system including its associate engineering services and accessories. | As per order request and pricing stipulated in the contract. | 15 April 2021 - 30 June 2021 | T7 Gastec Sdn. Bhd | PTS Resources Sdn. Bhd | 18/08/2020 | |
| Provision of onshore fabrication, offshore hook-up and commissioning for Infill Flowlines. | H+I=140 | Four Years From 1 June 2020 | Tanjung Offshore Sdn Bhd | Carigali Hess Operating Company Sdn. Bhd. | 19/05/2020 | |
| Supply of systems and equipment | H+I=140 | One Years From 18 May 2020 | T7 Wenmax Sdn. Bhd. | PTS Resources Sdn. Bhd | 19/05/2020 | |
| Provision of leasing, operating and maintenance of mobile offshore production unit (MOPU) for Bayan Redevelopment Project Gas Phase 2 (“Contract”). | The effective date of the Contract is 1 February 2020 (“Effective Date”) and the acceptance date is 27 months from the Effective Date (“Acceptance Date”). The time charter period is 10 years from the Acceptance Date. | Tanjung Offshore Sdn Bhd | PETRONAS Carigali Sdn. Bhd. | 20/02/2020 | ||
| Provision of maintenance, construction and modification services for PM3-CAA and PM-305 (“Contract”). | As per work order request by Repsol | Five Years From 19 December 2019 | Tanjung Offshore Sdn Bhd | Repsol Oil & Gas Malaysia Limited | 13/01/2020 |
Conclusion 终结
在近期的财报中，该公司表现出色，取得了良好的业绩，这也为公司未来的增长奠定了基础。此外，近期市场情绪也较为乐观，这也是T7 Global未来发展的一个积极因素。马股开年第一个月由油气股领涨，T7 Global正是其中之一。综合来看，T7 Global具有较为强劲的前景和良好的增长潜力。虽然未来可能还会面临一些挑战，例如市场波动性，单一领域的依赖风险等，但公司通过多元化业务和战略合作等方式，已经在一定程度上减轻了这些风险，提高公司整体竞争力。投资者可以密切关注公司在这个月会出的最新季报，毕竟Bayan的MOPU project 的revenue相信会纳入在这一份季报。 5亿令吉年度的营业目标，是一个可触及的目标还是一个遥不可及的目标？需要多久的时间，我们拭目以待。
Author
This article is written by Jayden Yit Hong Ren
Jayden is a Junior Quant Developer in TED Optimus, tasked with design and backtesting profitable Trading Strategies. He has more than four years of trading experience in Bursa Malaysia. He holds a Bachelor of Business in Logistics and Supply Chain Management from Tunku Abdul Rahman University of Management and Technology (TARUMT). He is an in-house author of TED Optimus.
Disclosure
Information and articles provided by The Trade Wizard (TW) are for general knowledge and educational purposes only. They do not constitute an offer, recommendation or solicitation to enter into any transaction. This article has not been prepared for any particular person or class of persons and it has been prepared without regard to the specific investment or insurance objectives, financial situation or particular needs of any person. You should seek advice from a licensed or an exempt financial adviser on the suitability of a product or investment for you. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you are fully responsible for your investment decision, including whether the investment is suitable for you.
To the best of our knowledge, all content is accurate as of the date posted. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. This commentary may contain forward-looking statements, which by definition are uncertain. Actual results could differ materially from our forecasts or estimations. The Trade Wizard (TW) will not be held liable for the use of and reliance upon the opinions, estimates, forecasts, and findings in this article.
The author(s) may have a beneficial position in the shares mentioned above (if any) either through stock ownership, or other derivatives. He(She) wrote this article on a personal capacity, and expressed personal opinions. He(She) is not receiving compensation from the listed company covered in this article (other than from The Trade Wizard (TW)). He(She) has no business relationship with any company whose stock is mentioned in this article.