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Company Fundamentals\Company Profile

A Wright Investors' Service Research Report:

Kejuruteraan Samudra Timur Berhad


440 Wheelers Farms Road
Milford, CT 06461 U.S.A.

COMPANY PROFILE
Figures in Malaysian Ringgits

Wright Quality Rating:LLNN Key Data

Kejuruteraan Samudra Timur Berhad is a Malaysia-based company engaged in the Ticker:


provision of tubular handling equipment and running services to the oil and gas SAMUDRA
industry. The Company operates in four segments: tubular handling services, which
is engaged in the provision of tubular handling equipment and running services to the 2010 Sales:
oil and gas industry; tubular inspection and maintenance services, which is engaged
60,040,568
in the provision of tubular inspection and maintenance services for offshore oil rigs;
land rig services, which is engaged in the provision of land rig and drilling services to
the oil and gas industry, and oil and gas pipes threading services, which is engaged Major Industry:
in the provision of threading of pipes and couplings for oil and gas industry. During Miscellaneous
the fiscal year ended June 30, 2010, the Company had nine subsidiaries. On January
21, 2010 and June 23, 2010, the Company deregistered KST Fluids Technologies (M) Sub Industry:
Ltd. and incorporated Samudra Oil Services Sdn. Bhd., respectively. Service Organizations
Stock Chart Officers
Non Executive Chairman Country:
Dr. Syed Jalaludin bin Syed Malaysia
Salim
Currency:
Secretary
Malaysian Ringgits
Mun Sin Wong

Fiscal Year Ends:


June

Employees
371

Exchanges:
KUL

Share Type:
Ordinary

Market Capitalization:
Stock Price (2/25/2011): 0.23
32,895,980
Recent stock performance
1 Week -13.2%
4 Weeks 2.2% Total Shares
13 Weeks 9.5% Outstanding:
52 Weeks -23.3% 143,026,000

Earnings / Dividends (as of 12/31/2010)


Closely Held Shares:
Earnings Dividends
N/A
Most Recent Qtr -0.02 0.00
Last 12 Months -0.12 0.00
Ratio Analysis
Price / Earnings Ratio N/A Dividend Yield 0.00%
Price / Sales Ratio 0.55 Payout Ratio N/A
Price / Book Ratio 0.84 % Held by Insiders N/A

Address
Bangsar, No 5 Jalan Bangsar Utama 1 Phone
59000 Kuala Lumpur +60 3 2282 4884
MALAYSIA Home Page
http://www.kstb.com.my

Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report:

Kejuruteraan Samudra Timur Berhad


440 Wheelers Farms Road
Provided By CorporateInformation.com Milford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report


Report Date: 2/25/2011

Company Description

Kejuruteraan Samudra Timur Berhad is a Malaysia-based company engaged in the provision of tubular handling
equipment and running services to the oil and gas industry. The Company operates in four segments: tubular
handling services, which is engaged in the provision of tubular handling equipment and running services to the oil
and gas industry; tubular inspection and maintenance services, which is engaged in the provision of tubular
inspection and maintenance services for offshore oil rigs; land rig services, which is engaged in the provision of
land rig and drilling services to the oil and gas industry, and oil and gas pipes threading services, which is
engaged in the provision of threading of pipes and couplings for oil and gas industry. During the fiscal year ended
June 30, 2010, the Company had nine subsidiaries. On January 21, 2010 and June 23, 2010, the Company
deregistered KST Fluids Technologies (M) Ltd. and incorporated Samudra Oil Services Sdn. Bhd., respectively.

Competitor Analysis

Kejuruteraan Samudra Timur Berhad operates within the Oil and gas exploration services sector. This analysis
compares Kejuruteraan Samudra Timur Berhad with three other Oil and Gas Field Services in Asia: Recon
Technology, Limited of China (2010 sales of 117.00 million Chinese Renmimbi [US$17.80 million] of which 100%
was Oilfield Equipment and Services), Deep Industries Limited of India (553.38 million Indian Rupees [US$12.27
million] of which 100% was Hire Charges), and Ramunia Holdings Bhd (34.87 million Malaysian Ringgits
[US$11.44 million] of which 100% was Manufacturing Cranes).

Sales Analysis

During the year ended June of 2010, sales at Kejuruteraan Samudra Timur Berhad were 60.04 million Malaysian
Ringgits (US$19.70 million). This is a sharp decrease of 40.7% versus 2009, when the company's sales were
101.21 million Malaysian Ringgits. Contributing to the drop in overall sales was the 52.1% decline in Gas
Exploration, from 33.01 million Malaysian Ringgits to 15.82 million Malaysian Ringgits. There were also decreases in
sales in Tubular Handling (down 50.4% to 25.88 million Malaysian Ringgits) . However, these declines were
partially offset by the increase in sales of Land Rig Servs (up 23.9% to 10.01 million Malaysian Ringgits) and
Tubular Inspection (up 4.6% to 8.33 million Malaysian Ringgits) . The company currently employs 371. With sales
of 60.04 million Malaysian Ringgits (US$19.70 million) , this equates to sales of US$53,112 per employee.
Sales Comparisons (Fiscal Year ending 2010)
Year Sales Sales Sales/
Company Ended (US$mlns) Growth Emp (US$) Largest Region
Kejuruteraan Samudra Timur Berhad Jun 2010 19.705 -40.7% 53,112 N/A
Recon Technology, Limited Jun 2010 17.797 54.7% 150,826 N/A
Deep Industries Limited Mar 2010 12.274 65.2% N/A India (100.0%)
Ramunia Holdings Bhd Oct 2010 11.442 -88.3% 16,753 Malaysia (100.0%)

Recent Stock Performance

In recent years, this stock has performed terribly. In fiscal year 2004, the stock traded as high as 2.20 Malaysian
Ringgits, versus 0.23 Malaysian Ringgits on 2/25/2011. For the 52 weeks ending 2/25/2011, the stock of this
company was down 23.3% to 0.23 Malaysian Ringgits. During the past 13 weeks, the stock has increased
9.5%. During the 12 months ending 12/31/2010, the company has experienced losses totalling 0.12 Malaysian
Ringgits per share. These 12 month earnings are greater than the earnings per share achieved during the last
fiscal year of the company, which ended in June of 2010, when the company reported earnings of -0.13 per
share. This company is currently trading at 0.55 times sales. This is at a lower ratio than all three comparable
companies, which are trading between 1.03 and 11.31 times their annual sales. Kejuruteraan Samudra Timur
Berhad is trading at 0.84 times book value. Since the price to book ratio is less than 1, this means that
theoretically, the net value of the assets is greater than the value of a company as a going concern. The
company's price to book ratio is lower than that of all three comparable companies, which are trading between
1.10 and 2.39 times book value.
Summary of company valuations (as of 2/25/2011).
Price/ Price/ 52 Wk
Company P/E Book Sales Pr Chg
Kejuruteraan Samudra Timur Berhad N/A 0.84 0.55 -23.30%
Recon Technology, Limited 8.8 1.10 1.03 -28.95%
Deep Industries Limited 7.5 1.26 2.40 -42.88%
Ramunia Holdings Bhd 5.9 2.39 11.31 50.63%
The market capitalization of this company is 32.90 million Malaysian Ringgits (US$10.80 million) .

Dividend Analysis

This company has paid no dividends during the last 12 months. The company also reported losses during the
previous 12 months. Kejuruteraan Samudra Timur Berhad last paid a dividend during fiscal year 2006, when it paid
dividends of 0.02 per share.
Profitability Analysis

On the 60.04 million Malaysian Ringgits in sales reported by the company in 2010, the cost of goods sold totalled
37.33 million Malaysian Ringgits, or 62.2% of sales (i.e., the gross profit was 37.8% of sales). This gross profit
margin is lower than the company achieved in 2009, when cost of goods sold totalled 50.3% of sales. The
company's earnings before interest, taxes, depreciation and amorization (EBITDA) were 14.66 million Malaysian
Ringgits, or 24.4% of sales. This EBITDA margin is worse than the company achieved in 2009, when the EBITDA
margin was equal to 40.6% of sales. In 2010, earnings before extraordinary items at Kejuruteraan Samudra Timur
Berhad were -13.71 million Malaysian Ringgits, or -22.8% of sales. This profit margin is lower than the level the
company achieved in 2009, when the profit margin was -13.4% of sales. The company's return on equity in 2010
was -32.7%. (Extraordinary items have been excluded).
Profitability Comparison
Gross Earns
Profit EBITDA bef.
Company Year Margin Margin extra
Kejuruteraan Samudra Timur Berhad 2010 37.8% 24.4% -22.8%
Kejuruteraan Samudra Timur Berhad 2009 49.7% 40.6% -13.4%
Recon Technology, Limited 2010 42.5% 24.2% 17.1%
Deep Industries Limited 2010 57.9% 55.7% 26.0%
Ramunia Holdings Bhd 2010 -114.4% -215.0% 188.7%

Financial Position

At the end of 2010, Kejuruteraan Samudra Timur Berhad had negative working capital, as current liabilities were
61.81 million Malaysian Ringgits while total current assets were only 29.92 million Malaysian Ringgits. The fact
that the company has negative working capital could indicate that the company will have problems in expanding.
However, negative working capital in and of itself is not necessarily bad, and could indicate that the company is
very efficient at turning over inventory, or that the company has large financial subsidiaries. As of June 2010,
the company's long term debt was 64.19 million Malaysian Ringgits and total liabilities (i.e., all monies owed) were
129.75 million Malaysian Ringgits. The long term debt to equity ratio of the company is 1.79. As of June 2010,
the accounts receivable for the company were 20.01 million Malaysian Ringgits, which is equivalent to 122 days
of sales. This is higher than at the end of 2009, when Kejuruteraan Samudra Timur Berhad had 86 days of sales
in accounts receivable. The 122 days of accounts receivable at Kejuruteraan Samudra Timur Berhad are lower
than all three comparable companies: Recon Technology, Limited had 294 days, Deep Industries Limited had 150
days, while Ramunia Holdings Bhd had 337 days outstanding at the end of the fiscal year 2010.
Financial Positions
LT Debt/ Days
Company Year Equity AR
Kejuruteraan Samudra Timur Berhad 2010 1.79 122
Recon Technology, Limited 2010 0.00 294
Deep Industries Limited 2010 0.43 150
Ramunia Holdings Bhd 2010 0.00 337

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Distributed by Wright Investors' Service, Inc.
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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: Kejuruteraan Samudra Timur Berhad


Per Share- Malaysian Ringgits

Value Ratios Equity Capital Earnings Dividends


Year Price

Fiscal Yr Market Price/ Price/ % % Profit Book 12 Month % 12 Month


Ends: Price Earnings Book Dividend Earned Rate Value Earnings % Payout Dividends
June Last Ratio Ratio Yield Growth (ROE) Begin Yr Per Share Change Ratio Per Share

2004 1.55 14.1 n/c 1.4% 21.2% 26.3% n/a BD 0.11 11.4% 19.6% 0.02

2005 1.09 n/c 1.4 0.0% -10.1% -10.1% 0.79 BD -0.08 n/c n/c A 0.00
2006 0.94 n/c 1.3 2.1% -4.4% -1.6% 0.71 BCD -0.01 n/c n/c 0.02

2007 0.54 n/c 0.8 0.0% -21.6% -21.6% 0.70 BD -0.15 n/c n/c 0.00

2008 0.23 n/c 0.4 0.0% n/c n/c 0.53 n/a n/c n/c 0.00

2009 0.36 n/c n/c 0.0% n/c n/c n/a BCD -0.13 n/c n/c 0.00
2010 0.21 n/c 0.5 0.0% -32.7% -32.7% 0.39 -0.13 n/c n/c 0.00

2/25/2011 0.23 n/c 0.8 0.0% n/a n/a 0.27 -0.12 n/c n/c 0.00
(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 2:1 ON 10/27/2005

(B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS NOM PRETAX CHG IN FIS 2009, INCLS
NOM PRETAX CHG IN 2007, INCLS NOM PRETAX CHG IN 2006, INCLS 0.11 PRETAX CHG IN 2005, INCLS NOM PRETAX
CHG IN 2004, INCLS 0.01 PRETAX CHG IN 2003

(C): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - ADOPTED - FRS 107, FRS 111,
FRS 118, FRS 120, FRS 121, FRS 134, AND FRS 137 IN 2009, EARNINGS IMAPACT IMMATERIAL, - ADOPTED FRS 2
FOR SHARE-BASED PAYMENT, FRS 3 FOR BUSINESS COMBINATIONS, FRS 5 FOR NON-CURRENT ASSETS HELD FOR
SALE & DISCONTINUED OPERATIONS, FRS 101 FOR PRESENTATION OF FINANCIAL STATEMENTS, FRS 102, FRS 108,
FRS 110, FRS 116, FRS 121, FRS 127, FRS 128, FRS 131, FRS 132, FRS 133, FRS 136, FRS 138, FRS 140, FRS 117 &
FRS 124 IN 2006, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED MASB 25 FOR INCOME TAXES, MASB 27 FOR
BORROWING COSTS & MASB 29 FOR EMPLOYEE BENEFITS IN 2003, EARNINGS IMPACT NOT SPECIFIED

(D): BASED ON AVERAGE SHARES OUTSTANDING

(E): EARNINGS PER SHARE ESTIMATED USING NET INCOME AFTER PREFERRED DIVIDEND DIVIDED BY THE YEAR END
SHARES OUTSTANDING OR THE LATEST SHARES AVAILABLE

Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news
media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by
any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable,
but accuracy, completeness and opinions are not guaranteed.
Company Fundamentals\Sales Analysis
SALES ANALYSIS: Kejuruteraan Samudra Timur Berhad
Figures in thousands of Malaysian Ringgits

Earnings before
Interest, After Tax Income
Taxes, before
Depreciation, and Extraordinary
Cost of Amortization Charges and
Sales Goods Sold (EBITDA) Credits Employees
After Tax
Amount Year- Amount Amount Amount Sales Income
in to-year in % of in % of in % of Per Per
Year thousands Growth thousands Sales thousands Sales thousands Sales Number Employee Employee

2002 29,262 n/c 14,660 50.1% 14,602 49.9% 7,231 24.7% 119 245,899 60,765
-
2003 26,105 2,261 8.7% 15,896 60.9% 7,896 30.2% 120 217,543 65,801
10.8%
2004 29,156 11.7% 3,719 12.8% 16,734 57.4% 8,362 28.7% 138 211,279 60,593

-
2005 42,322 45.2% 4,686 11.1% 4,297 10.2% -6,526 371 114,074 -17,590
15.4%
2006 74,916 77.0% 19,744 26.4% 26,120 34.9% -1,013 -1.4% n/a n/a n/a
-
2007 108,040 44.2% 50,832 47.0% 29,051 26.9% -14,545 n/a n/a n/a
13.5%
-
2009 101,215 n/c 50,924 50.3% 25,224 24.9% -13,548 n/a n/a n/a
13.4%
- -
2010 60,041 37,326 62.2% 9,502 15.8% -13,715 n/a n/a n/a
40.7% 22.8%
Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a
retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is
believed reliable, but accuracy, completeness and opinions are not guaranteed.
Company Fundamentals\Price Analysis

PRICE ANALYSIS: Kejuruteraan Samudra Timur Berhad


Per Share- Malaysian Ringgits

High Low Closing Quarterly 12 months


Quarter Price Price Price %Change %Change

2004 Jan - Mar 2.200 1.720 1.900 n/a n/a

Apr - Jun 2.070 1.380 1.425 -25.0% n/a

Jul - Sep 1.530 1.300 1.440 1.1% n/a

Oct - Dec 1.650 1.280 1.550 7.6% n/a

2005 Jan - Mar 1.610 1.410 1.470 -5.2% -22.6%

Apr - Jun 1.485 0.870 1.025 -30.3% -28.1%

Jul - Sep 1.155 1.000 1.050 2.4% -27.1%

Oct - Dec 1.160 0.750 1.090 3.8% -29.7%

2006 Jan - Mar 1.260 1.040 1.120 2.8% -23.8%

Apr - Jun 1.260 0.720 0.820 -26.8% -20.0%

Jul - Sep 0.940 0.750 0.800 -2.4% -23.8%

Oct - Dec 1.090 0.750 0.940 17.5% -13.8%

2007 Jan - Mar 1.040 0.700 0.960 2.1% -14.3%

Apr - Jun 1.420 0.890 1.330 38.5% 62.2%

Jul - Sep 1.330 0.770 0.865 -35.0% 8.1%

Oct - Dec 0.895 0.525 0.540 -37.6% -42.6%

2008 Jan - Mar 0.590 0.370 0.400 -25.9% -58.3%

Apr - Jun 0.505 0.375 0.470 17.5% -64.7%

Jul - Sep 0.470 0.355 0.395 -16.0% -54.3%

Oct - Dec 0.380 0.185 0.230 -41.8% -57.4%

2009 Jan - Mar 0.270 0.160 0.230 0.0% -42.5%

Apr - Jun 0.450 0.205 0.360 56.5% -23.4%

Jul - Sep 0.420 0.250 0.350 -2.8% -11.4%

Oct - Dec 0.365 0.280 0.320 -8.6% 39.1%

2010 Jan - Mar 0.340 0.270 0.300 -6.3% 30.4%

Apr - Jun 0.310 0.210 0.240 -20.0% -33.3%

Jul - Sep 0.350 0.180 0.195 -18.8% -44.3%

Oct - Dec 0.255 0.185 0.205 5.1% -35.9%

2/25/2011 0.230 9.5% -23.3%


Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS: Kejuruteraan Samudra Timur
Berhad
Per Share- Malaysian Ringgits
Fiscal Year Ends in June

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends


Fiscal % Q1 Q2 Q3 Q4 % Q1 Q2 Q3 Q4 %
Years Earnings Change Sep. Dec. Mar. Jun. Dividends Change Sep. Dec. Mar. Jun. Payout
2002 E 0.09 n/c n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a n/c
2003 BCE 0.10 9.2% n/a 0.07 0.02 0.01 0.75 n/c n/a 0.75 n/a 0.00 0.0%
2004 BD 0.11 11.4% 0.01 0.02 0.03 0.05 0.02 -97.1% n/a 0.00 n/a 0.02 0.0%
-
2005 BD -0.08 n/c -0.02 -0.01 -0.04 -0.02 A 0.00 n/a 0.00 n/a 0.00 0.0%
100.0%
BCD -
2006 n/c 0.01 0.00 0.00 -0.03 0.02 n/c n/a 0.00 n/a 0.02 n/c
0.01
-
2007 BD -0.15 n/c 0.02 0.03 -0.01 -0.19 0.00 n/a 0.00 n/a 0.00 n/c
100.0%
2008 n/a n/c n/a n/a n/a n/a 0.00 n/c n/a 0.00 n/a 0.00 n/c
BCD -
2009 n/c -0.00 -0.03 -0.01 -0.09 0.00 n/c n/a 0.00 n/a 0.00 0.0%
0.13
2010 -0.13 n/c -0.04 -0.03 -0.02 -0.05 0.00 n/c n/a 0.00 n/a 0.00 0.0%
2011 n/a n/c -0.02 -0.02 n/a n/a n/a n/c n/a n/a n/a n/a n/c

(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 2:1 ON 10/27/2005

(B):INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS NOM PRETAX CHG IN FIS 2009,
INCLS NOM PRETAX CHG IN 2007, INCLS NOM PRETAX CHG IN 2006, INCLS 0.11 PRETAX CHG IN 2005, INCLS
NOM PRETAX CHG IN 2004, INCLS 0.01 PRETAX CHG IN 2003

(C):INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - ADOPTED - FRS 107,
FRS 111, FRS 118, FRS 120, FRS 121, FRS 134, AND FRS 137 IN 2009, EARNINGS IMAPACT IMMATERIAL, -
ADOPTED FRS 2 FOR SHARE-BASED PAYMENT, FRS 3 FOR BUSINESS COMBINATIONS, FRS 5 FOR NON-
CURRENT ASSETS HELD FOR SALE & DISCONTINUED OPERATIONS, FRS 101 FOR PRESENTATION OF
FINANCIAL STATEMENTS, FRS 102, FRS 108, FRS 110, FRS 116, FRS 121, FRS 127, FRS 128, FRS 131, FRS 132,
FRS 133, FRS 136, FRS 138, FRS 140, FRS 117 & FRS 124 IN 2006, EARNINGS IMPACT NOT SPECIFIED, -
ADOPTED MASB 25 FOR INCOME TAXES, MASB 27 FOR BORROWING COSTS & MASB 29 FOR EMPLOYEE
BENEFITS IN 2003, EARNINGS IMPACT NOT SPECIFIED

(D): BASED ON AVERAGE SHARES OUTSTANDING

(E):
EARNINGS PER SHARE ESTIMATED USING NET INCOME AFTER PREFERRED DIVIDEND DIVIDED BY THE
YEAR END SHARES OUTSTANDING OR THE LATEST SHARES AVAILABLE

Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a
retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information
is believed reliable, but accuracy, completeness and opinions are not guaranteed.