KUALA LUMPUR: Banks may need to bring about arrangements for their introduction to Perisai Petroleum Teknologi which has turned into the second setback in the oil and gas markets as it faces the recovery of its S$125mil (RM377mil or US$90mil) security which developed on Oct 3, 2016.
It said Perisai had neglected to secure a waiver on the installments and different commitments amid a meeting with bondholders in Singapore. As indicated by Bloomberg, more than 70% of the holders who voted amid the meeting, voted against Perisai's rebuilding arrangement.
Perisai has an aggregate obligation of S$420mil (RM1.27bil or US$307mil), comprehensive of the S$125mil bonds. Barring the bond, its borrowings would be at S$295mil (RM888mil or US$216mil). Perisai has a sum of eight brokers, to be specific DBS, OCBC, UOB, Maybank, RHB Bank, AMMB, BNP and Natixis.
"Given Perisai's default on bond reimbursement, the banks need to reassess their presentation to the gathering. To be judicious, certain banks may choose to group the advances as weakened and perceive the essential provisioning.
"In any case, our oil and gas investigator does not expect the bond installment default to substantially influence the advances taken by Perisai and its auxiliaries from the banks," it said.
CIMB Research said the banks have declined to give data on their exposures to Perisai.
"To evaluate the effect, we have accepted an equivalent offer of Perisai's aggregate bank borrowings of S$295mil (RM888.9mil) among the eight moneylenders. This means a presentation of S$37m (RM111.5mil or US$27mil) per bank (for Maybank, RHB Bank and AMMB).
"Any expected arrangement for Perisai would have insignificant effect on Maybank as we surmise this would have been halfway accommodated by the bank in 1H16. In light of the same accepted arrangement, the negative effect for RHB Bank would be 4.6% of its FY16 net benefit, and for AMMB at 6.3% of its FY3/17 net profit, in the event that they choose to perceive the arrangements," it said.
CIMB Research said every single Malaysian bank arrange their introduction to Perisai as impeded, including the accepted aggregate gross hindered advance of RM334.5mil (US$81mil) for Perisai (forthe three Malaysian banks) to the business' end-August 16 gross debilitated credits (GIL) would expand the business' end-Aug GIL proportion by just 2bp to 1.68%.
"We expect banks' advance misfortune provisioning (LLP) to top in 2016, in accordance with our desire that the gross hindered advance proportion would top in 4Q16 or 1Q17. The normal littler increment or even a decrease in 2017 LLP would conceivably drive up banks' net benefit development in 2017. Given the better viewpoint in 2017 and alluring valuation, we hold our Overweight approach banks. BIMB remains our top pick," it said.
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