Table 1: Hibiscus's last 8 quarterly result
Hibiscus's strong performance was due to good selling prices of its output which boost its PAT for its North Sabah and Anasuria segments.
We can see Hibiscus's strong financial performance for the past 4-5 years in the graph below.
Graph: Hibiscus's last 19 quarterly result
In the notes accompanying its financial statements, Hibiscus mentioned that it will be ramp-up planned maintenance activities for the North Sabah segment in the next 2 quarters (see Note 19). This will reduce its uptime and output for the 2 quarters; thus affecting its PAT. For an idea of the impact of this planned maintenance activities, you can refer to the earlier planned shutdown of the Anasuria FPSO in mid-September 2017 to mid-October 2017 which reduce its uptime to 70 days and 57 days for the quarter of Jul-Sep 2017 and Oct-Dec 2017 respectively.
Table 3: Anasuria's last 4 quarterly production operation
Table 4: North Sabah's last 4 quarterly production operation
The sharp drop in share price last Thursday brought the share price near its intermediate uptrend line, SS at RM0.93. This could be a good level to get into a stock that will benefit from rising crude oil prices.
Chart: Hibiscus's daily chart as at Sep 3, 2018 (Source: Malaysiastock.biz)