10 Best Online Trading Brokers in Malaysia (2020)

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In light of the recent fall in oil prices due to the Saudi-Russian dispute and dampening demand for oil due to the lockdowns implemented globally, O&G stocks have taken a severe beating, falling approximately 50% from their highs at the beginning of the year. Not spared from this onslaught is Hibiscus Petroleum Berhad (Hibiscus), a listed oil and gas (O&G) exploration and production (E&P) company.
Why invest in O&G stocks in this particularly uncertain period? For one, valuations of these stocks have fallen to multi-year lows, bringing the potential ROI on these stocks to attractive levels. Oil prices are cyclical, and are bound to return to the mean given a sufficiently long time horizon. The trick is to find those companies who can survive through this downturn and emerge into “normal” profitability once oil prices rebound.
In this article, I will explore the upsides and downsides of investing in Hibiscus. I will do my best to cater this report to newcomers to the O&G industry – rather than address exclusively experts and veterans of the O&G sector. As an equity analyst, I aim to provide a view on the company primarily, and will generally refrain from providing macro views on oil or opinions about secular trends of the sector. I hope you enjoy reading it!
Stock code: 5199.KL
Stock name: Hibiscus Petroleum Berhad
Financial information and financial reports: https://www.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=5199
Company website: https://www.hibiscuspetroleum.com/
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Company Snapshot

Hibiscus Petroleum Berhad (5199.KL) is an oil and gas (O&G) upstream exploration and production (E&P) company located in Malaysia. As an E&P company, their business can be basically described as:
· looking for oil,
· drawing it out of the ground, and
· selling it on global oil markets.
This means Hibiscus’s profits are particularly exposed to fluctuating oil prices. With oil prices falling to sub-$30 from about $60 at the beginning of the year, Hibiscus’s stock price has also fallen by about 50% YTD – from around RM 1.00 to RM 0.45 (as of 5 April 2020).
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While the company is domiciled in Malaysia, its two main oil producing fields are located in both Malaysia and the UK. The Malaysian oil field is commonly referred to as the North Sabah field, while the UK oil field is commonly referred to as the Anasuria oil field. Hibiscus has licenses to other oil fields in different parts of the world, notably the Marigold/Sunflower oil fields in the UK and the VIC cluster in Australia, but its revenues and profits mainly stem from the former two oil producing fields.
Given that it’s a small player and has only two primary producing oil fields, it’s not surprising that Hibiscus sells its oil to a concentrated pool of customers, with 2 of them representing 80% of its revenues (i.e. Petronas and BP). Fortunately, both these customers are oil supermajors, and are unlikely to default on their obligations despite low oil prices.
At RM 0.45 per share, the market capitalization is RM 714.7m and it has a trailing PE ratio of about 5x. It doesn’t carry any debt, and it hasn’t paid a dividend in its listing history. The MD, Mr. Kenneth Gerard Pereira, owns about 10% of the company’s outstanding shares.
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Reserves (Total recoverable oil) & Production (bbl/day)

To begin analyzing the company, it’s necessary to understand a little of the industry jargon. We’ll start with Reserves and Production.
In general, there are three types of categories for a company’s recoverable oil volumes – Reserves, Contingent Resources and Prospective Resources. Reserves are those oil fields which are “commercial”, which is defined as below:
^{As defined by the SPE PRMS, Reserves are “… quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.” Therefore, Reserves must be discovered (by drilling}, recoverable (with current technology), remaining in the subsurface (at the effective date of the evaluation) and “commercial” based on the development project proposed.)
^{Note that Reserves are associated with development projects. To be considered as “commercial”, there must be a firm intention to proceed with the project in a reasonable time frame (typically 5 years}, and such intention must be based upon all of the following criteria:)
^{- A reasonable assessment of the future economics of the development project meeting defined investment and operating criteria; - A reasonable expectation that there will be a market for all or at least the expected sales quantities of production required to justify development; - Evidence that the necessary production and transportation facilities are available or can be made available; and - Evidence that legal, contractual, environmental and other social and economic concerns will allow for the actual implementation of the recovery project being evaluated.}
Contingent Resources and Prospective Resources are further defined as below:
^{- Contingent Resources: potentially recoverable volumes associated with a development plan that targets discovered volumes but is not (yet} commercial (as defined above); and) ^{- Prospective Resources: potentially recoverable volumes associated with a development plan that targets as yet undiscovered volumes.}
In the industry lingo, we generally refer to Reserves as ‘P’ and Contingent Resources as ‘C’. These ‘P’ and ‘C’ resources can be further categorized into 1P/2P/3P resources and 1C/2C/3C resources, each referring to a low/medium/high estimate of the company’s potential recoverable oil volumes:
^{- Low/1C/1P estimate: there should be reasonable certainty that volumes actually recovered will equal or exceed the estimate; - Best/2C/2P estimate: there should be an equal likelihood of the actual volumes of petroleum being larger or smaller than the estimate; and - High/3C/3P estimate: there is a low probability that the estimate will be exceeded.}
Hence in the E&P industry, it is easy to see why most investors and analysts refer to the 2P estimate as the best estimate for a company’s actual recoverable oil volumes. This is because 2P reserves (‘2P’ referring to ‘Proved and Probable’) are a middle estimate of the recoverable oil volumes legally recognized as “commercial”.
However, there’s nothing stopping you from including 2C resources (riskier) or utilizing 1P resources (conservative) as your estimate for total recoverable oil volumes, depending on your risk appetite. In this instance, the company has provided a snapshot of its 2P and 2C resources in its analyst presentation:
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Basically, what the company is saying here is that by 2021, it will have classified as 2P reserves at least 23.7 million bbl from its Anasuria field and 20.5 million bbl from its North Sabah field – for total 2P reserves of 44.2 million bbl (we are ignoring the Australian VIC cluster as it is only estimated to reach first oil by 2022).
Furthermore, the company is stating that they have discovered (but not yet legally classified as “commercial”) a further 71 million bbl of oil from both the Anasuria and North Sabah fields, as well as the Marigold/Sunflower fields. If we include these 2C resources, the total potential recoverable oil volumes could exceed 100 million bbl.
In this report, we shall explore all valuation scenarios giving consideration to both 2P and 2C resources.
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The company further targets a 2021 production rate of 20,000 bbl (LTM: 8,000 bbl), which includes 5,000 bbl from its Anasuria field (LTM: 2,500 bbl) and 7,000 bbl from its North Sabah field (LTM: 5,300 bbl).
This is a substantial increase in forecasted production from both existing and prospective oil fields. If it materializes, annual production rate could be as high as 7,300 mmbbl, and 2021 revenues (given FY20 USD/bbl of $60) could exceed RM 1.5 billion (FY20: RM 988 million).
However, this targeted forecast is quite a stretch from current production levels. Nevertheless, we shall consider all provided information in estimating a valuation for Hibiscus.
To understand Hibiscus’s oil production capacity and forecast its revenues and profits, we need to have a better appreciation of the performance of its two main cash-generating assets – the North Sabah field and the Anasuria field.
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North Sabah oil field
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Hibiscus owns a 50% interest in the North Sabah field together with its partner Petronas, and has production rights over the field up to year 2040. The asset contains 4 oil fields, namely the St Joseph field, South Furious field, SF 30 field and Barton field.
For the sake of brevity, we shall not delve deep into the operational aspects of the fields or the contractual nature of its production sharing contract (PSC). We’ll just focus on the factors which relate to its financial performance. These are:
· Average uptime
· Total oil sold
· Average realized oil price
· Average OPEX per bbl
With regards to average uptime, we can see that the company maintains relative high facility availability, exceeding 90% uptime in all quarters of the LTM with exception of Jul-Sep 2019. The dip in average uptime was due to production enhancement projects and maintenance activities undertaken to improve the production capacity of the St Joseph and SF30 oil fields.
Hence, we can conclude that management has a good handle on operational performance. It also implies that there is little room for further improvement in production resulting from increased uptime.
As North Sabah is under a production sharing contract (PSC), there is a distinction between gross oil production and net oil production. The former relates to total oil drawn out of the ground, whereas the latter refers to Hibiscus’s share of oil production after taxes, royalties and expenses are accounted for. In this case, we want to pay attention to net oil production, not gross.
We can arrive at Hibiscus’s total oil sold for the last twelve months (LTM) by adding up the total oil sold for each of the last 4 quarters. Summing up the figures yields total oil sold for the LTM of approximately 2,075,305 bbl.
Then, we can arrive at an average realized oil price over the LTM by averaging the average realized oil price for the last 4 quarters, giving us an average realized oil price over the LTM of USD 68.57/bbl. We can do the same for average OPEX per bbl, giving us an average OPEX per bbl over the LTM of USD 13.23/bbl.
Thus, we can sum up the above financial performance of the North Sabah field with the following figures:
· Total oil sold: 2,075,305 bbl
· Average realized oil price: USD 68.57/bbl
· Average OPEX per bbl: USD 13.23/bbl
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Anasuria oil field
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Doing the same exercise as above for the Anasuria field, we arrive at the following financial performance for the Anasuria field:
· Total oil sold: 1,073,304 bbl
· Average realized oil price: USD 63.57/bbl
· Average OPEX per bbl: USD 23.22/bbl
As gas production is relatively immaterial, and to be conservative, we shall only consider the crude oil production from the Anasuria field in forecasting revenues.
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Valuation (Method 1)

Putting the figures from both oil fields together, we get the following data:
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Given that we have determined LTM EBITDA of RM 632m, the next step would be to subtract ITDA (interest, tax, depreciation & amortization) from it to obtain estimated LTM Net Profit. Using FY2020’s ITDA of approximately RM 318m as a guideline, we arrive at an estimated LTM Net Profit of RM 314m (FY20: 230m). Given the current market capitalization of RM 714.7m, this implies a trailing LTM PE of 2.3x.
Performing a sensitivity analysis given different oil prices, we arrive at the following net profit table for the company under different oil price scenarios, assuming oil production rate and ITDA remain constant:
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From the above exercise, it becomes apparent that Hibiscus has a breakeven oil price of about USD 41.8863/bbl, and has a lot of operating leverage given the exponential rate of increase in its Net Profit with each consequent increase in oil prices.
Considering that the oil production rate (EBITDA) is likely to increase faster than ITDA’s proportion to revenues (fixed costs), at an implied PE of 4.33x, it seems likely that an investment in Hibiscus will be profitable over the next 10 years (with the assumption that oil prices will revert to the mean in the long-term).
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Valuation (Method 2)

Of course, there are a lot of assumptions behind the above method of valuation. Hence, it would be prudent to perform multiple methods of valuation and compare the figures to one another.
As opposed to the profit/loss assessment in Valuation (Method 1), another way of performing a valuation would be to estimate its balance sheet value, i.e. total revenues from 2P Reserves, and assign a reasonable margin to it.
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From the above, we understand that Hibiscus’s 2P reserves from the North Sabah and Anasuria fields alone are approximately 44.2 mmbbl (we ignore contribution from Australia’s VIC cluster as it hasn’t been developed yet).
Doing a similar sensitivity analysis of different oil prices as above, we arrive at the following estimated total revenues and accumulated net profit:
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Let’s assume that the above average of RM 9.68 billion in total realizable revenues from current 2P reserves holds true. If we assign a conservative Net Profit margin of 15% (FY20: 23%; past 5 years average: 16%), we arrive at estimated accumulated Net Profit from 2P Reserves of RM 1.452 billion. Given the current market capitalization of RM 714 million, we might be able to say that the equity is worth about twice the current share price.
However, it is understandable that some readers might feel that the figures used in the above estimate (e.g. net profit margin of 15%) were randomly plucked from the sky. So how do we reconcile them with figures from the financial statements? Fortunately, there appears to be a way to do just that.
Intangible Assets
I refer you to a figure in the financial statements which provides a shortcut to the valuation of 2P Reserves. This is the carrying value of Intangible Assets on the Balance Sheet.
As of 2QFY21, that amount was RM 1,468,860,000 (i.e. RM 1.468 billion).
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Quite coincidentally, one might observe that this figure is dangerously close to the estimated accumulated Net Profit from 2P Reserves of RM 1.452 billion we calculated earlier. But why would this amount matter at all?
To answer that, I refer you to the notes of the Annual Report FY20 (AR20). On page 148 of the AR20, we find the following two paragraphs:
^{E&E assets comprise of rights and concession and conventional studies. Following the acquisition of a concession right to explore a licensed area, the costs incurred such as geological and geophysical surveys, drilling, commercial appraisal costs and other directly attributable costs of exploration and appraisal including technical and administrative costs, are capitalised as conventional studies, presented as intangible assets.
E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an E&E asset may exceed its recoverable amount. The Group will allocate E&E assets to cash generating unit (“CGU”}s or groups of CGUs for the purpose of assessing such assets for impairment. Each CGU or group of units to which an E&E asset is allocated will not be larger than an operating segment as disclosed in Note 39 to the financial statements.)
Hence, we can determine that firstly, the intangible asset value represents capitalized costs of acquisition of the oil fields, including technical exploration costs and costs of acquiring the relevant licenses. Secondly, an impairment review will be carried out when “the carrying amount of an E&E asset may exceed its recoverable amount”, with E&E assets being allocated to “cash generating units” (CGU) for the purposes of assessment.
On page 169 of the AR20, we find the following:
^{Carrying amounts of the Group’s intangible assets, oil and gas assets and FPSO are reviewed for possible impairment annually including any indicators of impairment. For the purpose of assessing impairment, assets are grouped at the lowest level CGUs for which there is a separately identifiable cash flow available. These CGUs are based on operating areas, represented by the 2011 North Sabah EOR PSC (“North Sabah”}, the Anasuria Cluster, the Marigold and Sunflower fields, the VIC/P57 exploration permit (“VIC/P57”) and the VIC/L31 production license (“VIC/L31”).)
So apparently, the CGUs that have been assigned refer to the respective oil producing fields, two of which include the North Sabah field and the Anasuria field. In order to perform the impairment review, estimates of future cash flow will be made by management to assess the “recoverable amount” (as described above), subject to assumptions and an appropriate discount rate.
Hence, what we can gather up to now is that management will estimate future recoverable cash flows from a CGU (i.e. the North Sabah and Anasuria oil fields), compare that to their carrying value, and perform an impairment if their future recoverable cash flows are less than their carrying value. In other words, if estimated accumulated profits from the North Sabah and Anasuria oil fields are less than their carrying value, an impairment is required.
So where do we find the carrying values for the North Sabah and Anasuria oil fields? Further down on page 184 in the AR20, we see the following:
^{Included in rights and concession are the carrying amounts of producing field licenses in the Anasuria Cluster amounting to RM668,211,518 (2018: RM687,664,530}, producing field licenses in North Sabah amounting to RM471,031,008 (2018: RM414,333,116))
Hence, we can determine that the carrying values for the North Sabah and Anasuria oil fields are RM 471m and RM 668m respectively. But where do we find the future recoverable cash flows of the fields as estimated by management, and what are the assumptions used in that calculation?
Fortunately, we find just that on page 185:
^{17 INTANGIBLE ASSETS (CONTINUED})
^(a Anasuria Cluster)
^{The Directors have concluded that there is no impairment indicator for Anasuria Cluster during the current financial year. In the previous financial year, due to uncertainties in crude oil prices, the Group has assessed the recoverable amount of the intangible assets, oil and gas assets and FPSO relating to the Anasuria Cluster. The recoverable amount is determined using the FVLCTS model based on discounted cash flows (“DCF”} derived from the expected cash in/outflow pattern over the production lives.)
^{The key assumptions used to determine the recoverable amount for the Anasuria Cluster were as follows:
(i} Discount rate of 10%;)
⁽ⁱⁱ Future cost inflation factor of 2% per annum;)
⁽ⁱⁱⁱ Oil price forecast based on the oil price forward curve from independent parties; and,)
^(iv Oil production profile based on the assessment by independent oil and gas reserve experts.)
^{Based on the assessments performed, the Directors concluded that the recoverable amount calculated based on the valuation model is higher than the carrying amount.
(b} North Sabah)
^{The acquisition of the North Sabah assets was completed in the previous financial year. Details of the acquisition are as disclosed in Note 15 to the financial statements.
The Directors have concluded that there is no impairment indicator for North Sabah during the current financial year.}
Here, we can see that the recoverable amount of the Anasuria field was estimated based on a DCF of expected future cash flows over the production life of the asset. The key assumptions used by management all seem appropriate, including a discount rate of 10% and oil price and oil production estimates based on independent assessment. From there, management concludes that the recoverable amount of the Anasuria field is higher than its carrying amount (i.e. no impairment required). Likewise, for the North Sabah field.
How do we interpret this? Basically, what management is saying is that given a 10% discount rate and independent oil price and oil production estimates, the accumulated profits (i.e. recoverable amount) from both the North Sabah and the Anasuria fields exceed their carrying amounts of RM 471m and RM 668m respectively.
In other words, according to management’s own estimates, the carrying value of the Intangible Assets of RM 1.468 billion approximates the accumulated Net Profit recoverable from 2P reserves.
To conclude Valuation (Method 2), we arrive at the following:
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	Our estimates	Management estimates
Accumulated Net Profit from 2P Reserves	RM 1.452 billion	RM 1.468 billion

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Financials

By now, we have established the basic economics of Hibiscus’s business, including its revenues (i.e. oil production and oil price scenarios), costs (OPEX, ITDA), profitability (breakeven, future earnings potential) and balance sheet value (2P reserves, valuation). Moving on, we want to gain a deeper understanding of the 3 statements to anticipate any blind spots and risks. We’ll refer to the financial statements of both the FY20 annual report and the 2Q21 quarterly report in this analysis.
For the sake of brevity, I’ll only point out those line items which need extra attention, and skip over the rest. Feel free to go through the financial statements on your own to gain a better familiarity of the business.
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Income Statement
First, we’ll start with the Income Statement on page 135 of the AR20. Revenues are straightforward, as we’ve discussed above. Cost of Sales and Administrative Expenses fall under the jurisdiction of OPEX, which we’ve also seen earlier. Other Expenses are mostly made up of Depreciation & Amortization of RM 115m.
Finance Costs are where things start to get tricky. Why does a company which carries no debt have such huge amounts of finance costs? The reason can be found in Note 8, where it is revealed that the bulk of finance costs relate to the unwinding of discount of provision for decommissioning costs of RM 25m (Note 32).
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This actually refers to the expected future costs of restoring the Anasuria and North Sabah fields to their original condition once the oil reserves have been depleted. Accounting standards require the company to provide for these decommissioning costs as they are estimable and probable. The way the decommissioning costs are accounted for is the same as an amortized loan, where the initial carrying value is recognized as a liability and the discount rate applied is reversed each year as an expense on the Income Statement. However, these expenses are largely non-cash in nature and do not necessitate a cash outflow every year (FY20: RM 69m).
Unwinding of discount on non-current other payables of RM 12m relate to contractual payments to the North Sabah sellers. We will discuss it later.
Taxation is another tricky subject, and is even more significant than Finance Costs at RM 161m. In gist, Hibiscus is subject to the 38% PITA (Petroleum Income Tax Act) under Malaysian jurisdiction, and the 30% Petroleum tax + 10% Supplementary tax under UK jurisdiction. Of the RM 161m, RM 41m of it relates to deferred tax which originates from the difference between tax treatment and accounting treatment on capitalized assets (accelerated depreciation vs straight-line depreciation). Nonetheless, what you should take away from this is that the tax expense is a tangible expense and material to breakeven analysis.
Fortunately, tax is a variable expense, and should not materially impact the cash flow of Hibiscus in today’s low oil price environment.
Note: Cash outflows for Tax Paid in FY20 was RM 97m, substantially below the RM 161m tax expense.
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Balance Sheet
The balance sheet of Hibiscus is unexciting; I’ll just bring your attention to those line items which need additional scrutiny. I’ll use the figures in the latest 2Q21 quarterly report (2Q21) and refer to the notes in AR20 for clarity.
We’ve already discussed Intangible Assets in the section above, so I won’t dwell on it again.
Moving on, the company has Equipment of RM 582m, largely relating to O&G assets (e.g. the Anasuria FPSO vessel and CAPEX incurred on production enhancement projects). Restricted cash and bank balances represent contractual obligations for decommissioning costs of the Anasuria Cluster, and are inaccessible for use in operations.
Inventories are relatively low, despite Hibiscus being an E&P company, so forex fluctuations on carrying value of inventories are relatively immaterial. Trade receivables largely relate to entitlements from Petronas and BP (both oil supermajors), and are hence quite safe from impairment. Other receivables, deposits and prepayments are significant as they relate to security deposits placed with sellers of the oil fields acquired; these should be ignored for cash flow purposes.
^{Note: Total cash and bank balances do not include approximately RM 105 m proceeds from the North Sabah December 2019 offtake (which was received in January 2020})
Cash and bank balances of RM 90m do not include RM 105m of proceeds from offtake received in 3Q21 (Jan 2020). Hence, the actual cash and bank balances as of 2Q21 approximate RM 200m.
Liabilities are a little more interesting. First, I’ll draw your attention to the significant Deferred tax liabilities of RM 457m. These largely relate to the amortization of CAPEX (i.e. Equipment and capitalized E&E expenses), which is given an accelerated depreciation treatment for tax purposes.
The way this works is that the government gives Hibiscus a favorable tax treatment on capital expenditures incurred via an accelerated depreciation schedule, so that the taxable income is less than usual. However, this leads to the taxable depreciation being utilized quicker than accounting depreciation, hence the tax payable merely deferred to a later period – when the tax depreciation runs out but accounting depreciation remains. Given the capital intensive nature of the business, it is understandable why Deferred tax liabilities are so large.
We’ve discussed Provision for decommissioning costs under the Finance Costs section earlier. They are also quite significant at RM 266m.
Notably, the Other Payables and Accruals are a hefty RM 431m. What do they relate to? Basically, they are contractual obligations to the sellers of the oil fields which are only payable upon oil prices reaching certain thresholds. Hence, while they are current in nature, they will only become payable when oil prices recover to previous highs, and are hence not an immediate cash outflow concern given today’s low oil prices.
Cash Flow Statement
There is nothing in the cash flow statement which warrants concern.
Notably, the company generated OCF of approximately RM 500m in FY20 and RM 116m in 2Q21. It further incurred RM 330m and RM 234m of CAPEX in FY20 and 2Q21 respectively, largely owing to production enhancement projects to increase the production rate of the Anasuria and North Sabah fields, which according to management estimates are accretive to ROI.
Tax paid was RM 97m in FY20 and RM 61m in 2Q21 (tax expense: RM 161m and RM 62m respectively).
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Risks

There are a few obvious and not-so-obvious risks that one should be aware of before investing in Hibiscus. We shall not consider operational risks (e.g. uptime, OPEX) as they are outside the jurisdiction of the equity analyst. Instead, we shall focus on the financial and strategic risks largely outside the control of management. The main ones are:
· Oil prices remaining subdued for long periods of time
· Fluctuation of exchange rates
· Customer concentration risk
· 2P Reserves being less than estimated
· Significant current and non-current liabilities
· Potential issuance of equity
Oil prices remaining subdued
Of topmost concern in the minds of most analysts is whether Hibiscus has the wherewithal to sustain itself through this period of low oil prices (sub-$30). A quick and dirty estimate of annual cash outflow (i.e. burn rate) assuming a $20 oil world and historical production rates is between RM 50m-70m per year, which considering the RM 200m cash balance implies about 3-4 years of sustainability before the company runs out of cash and has to rely on external assistance for financing.
Table 1: Hibiscus EBITDA at different oil price and exchange rates
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The above table shows different EBITDA scenarios (RM ‘m) given different oil prices (left column) and USD:MYR exchange rates (top row). Currently, oil prices are $27 and USD:MYR is 1:4.36.
Given conservative assumptions of average OPEX/bbl of $20 (current: $15), we can safely say that the company will be loss-making as long as oil remains at $20 or below (red). However, we can see that once oil prices hit $25, the company can tank the lower-end estimate of the annual burn rate of RM 50m (orange), while at RM $27 it can sufficiently muddle through the higher-end estimate of the annual burn rate of RM 70m (green).
Hence, we can assume that as long as the average oil price over the next 3-4 years remains above $25, Hibiscus should come out of this fine without the need for any external financing.
Customer Concentration Risk
With regards to customer concentration risk, there is not much the analyst or investor can do except to accept the risk. Fortunately, 80% of revenues can be attributed to two oil supermajors (Petronas and BP), hence the risk of default on contractual obligations and trade receivables seems to be quite diminished.
2P Reserves being less than estimated
2P Reserves being less than estimated is another risk that one should keep in mind. Fortunately, the current market cap is merely RM 714m – at half of estimated recoverable amounts of RM 1.468 billion – so there’s a decent margin of safety. In addition, there are other mitigating factors which shall be discussed in the next section (‘Opportunities’).
Significant non-current and current liabilities
The significant non-current and current liabilities have been addressed in the previous section. It has been determined that they pose no threat to immediate cash flow due to them being long-term in nature (e.g. decommissioning costs, deferred tax, etc). Hence, for the purpose of assessing going concern, their amounts should not be a cause for concern.
Potential issuance of equity
Finally, we come to the possibility of external financing being required in this low oil price environment. While the company should last 3-4 years on existing cash reserves, there is always the risk of other black swan events materializing (e.g. coronavirus) or simply oil prices remaining muted for longer than 4 years.
Furthermore, management has hinted that they wish to acquire new oil assets at presently depressed prices to increase daily production rate to a targeted 20,000 bbl by end-2021. They have room to acquire debt, but they may also wish to issue equity for this purpose. Hence, the possibility of dilution to existing shareholders cannot be entirely ruled out.
However, given management’s historical track record of prioritizing ROI and optimal capital allocation, and in consideration of the fact that the MD owns 10% of outstanding shares, there is some assurance that any potential acquisitions will be accretive to EPS and therefore valuations.
​

Opportunities

As with the existence of risk, the presence of material opportunities also looms over the company. Some of them are discussed below:
· Increased Daily Oil Production Rate
· Inclusion of 2C Resources
· Future oil prices exceeding $50 and effects from coronavirus dissipating
Increased Daily Oil Production Rate
The first and most obvious opportunity is the potential for increased production rate. We’ve seen in the last quarter (2Q21) that the North Sabah field increased its daily production rate by approximately 20% as a result of production enhancement projects (infill drilling), lowering OPEX/bbl as a result. To vastly oversimplify, infill drilling is the process of maximizing well density by drilling in the spaces between existing wells to improve oil production.
The same improvements are being undertaken at the Anasuria field via infill drilling, subsea debottlenecking, water injection and sidetracking of existing wells. Without boring you with industry jargon, this basically means future production rate is likely to improve going forward.
By how much can the oil production rate be improved by? Management estimates in their analyst presentation that enhancements in the Anasuria field will be able to yield 5,000 bbl/day by 2021 (current: 2,500 bbl/day).
Similarly, improvements in the North Sabah field is expected to yield 7,000 bbl/day by 2021 (current: 5,300 bbl/day).
This implies a total 2021 expected daily production rate from the two fields alone of 12,000 bbl/day (current: 8,000 bbl/day). That’s a 50% increase in yields which we haven’t factored into our valuation yet.
Furthermore, we haven’t considered any production from existing 2C resources (e.g. Marigold/Sunflower) or any potential acquisitions which may occur in the future. By management estimates, this can potentially increase production by another 8,000 bbl/day, bringing total production to 20,000 bbl/day.
While this seems like a stretch of the imagination, it pays to keep them in mind when forecasting future revenues and valuations.
Just to play around with the numbers, I’ve come up with a sensitivity analysis of possible annual EBITDA at different oil prices and daily oil production rates:
Table 2: Hibiscus EBITDA at different oil price and daily oil production rates
https://preview.redd.it/jnpfhr5n9br41.png?width=814&format=png&auto=webp&s=bbe4b512bc17f576d87529651140cc74cde3d159
The left column represents different oil prices while the top row represents different daily oil production rates.
The green column represents EBITDA at current daily production rate of 8,000 bbl/day; the orange column represents EBITDA at targeted daily production rate of 12,000 bbl/day; while the purple column represents EBITDA at maximum daily production rate of 20,000 bbl/day.
Even conservatively assuming increased estimated annual ITDA of RM 500m (FY20: RM 318m), and long-term average oil prices of $50 (FY20: $60), the estimated Net Profit and P/E ratio is potentially lucrative at daily oil production rates of 12,000 bbl/day and above.
2C Resources
Since we’re on the topic of improved daily oil production rate, it bears to pay in mind the relatively enormous potential from Hibiscus’s 2C Resources. North Sabah’s 2C Resources alone exceed 30 mmbbl; while those from the yet undiagnosed Marigold/Sunflower fields also reach 30 mmbbl. Altogether, 2C Resources exceed 70 mmbbl, which dwarfs the 44 mmbbl of 2P Reserves we have considered up to this point in our valuation estimates.
To refresh your memory, 2C Resources represents oil volumes which have been discovered but are not yet classified as “commercial”. This means that there is reasonable certainty of the oil being recoverable, as opposed to simply being in the very early stages of exploration. So, to be conservative, we will imagine that only 50% of 2C Resources are eligible for reclassification to 2P reserves, i.e. 35 mmbbl of oil.
https://preview.redd.it/mto11iz7abr41.png?width=375&format=png&auto=webp&s=e9028ab0816b3d3e25067447f2c70acd3ebfc41a
This additional 35 mmbbl of oil represents an 80% increase to existing 2P reserves. Assuming the daily oil production rate increases similarly by 80%, we will arrive at 14,400 bbl/day of oil production. According to Table 2 above, this would yield an EBITDA of roughly RM 630m assuming $50 oil.
Comparing that estimated EBITDA to FY20’s actual EBITDA:

	FY20	FY21 (incl. 2C)	Difference
Daily oil production (bbl/day)	8,626	14,400	+66%
Average oil price (USD/bbl)	$68.57	$50	-27%
Average OPEX/bbl (USD)	$16.64	$20	+20%
EBITDA (RM ‘m)	632	630	-

Hence, even conservatively assuming lower oil prices and higher OPEX/bbl (which should decrease in the presence of higher oil volumes) than last year, we get approximately the same EBITDA as FY20.
For the sake of completeness, let’s assume that Hibiscus issues twice the no. of existing shares over the next 10 years, effectively diluting shareholders by 50%. Even without accounting for the possibility of the acquisition of new oil fields, at the current market capitalization of RM 714m, the prospective P/E would be about 10x. Not too shabby.
Future oil prices exceeding $50 and effects from coronavirus dissipating
Hibiscus shares have recently been hit by a one-two punch from oil prices cratering from $60 to $30, as a result of both the Saudi-Russian dispute and depressed demand for oil due to coronavirus. This has massively increased supply and at the same time hugely depressed demand for oil (due to the globally coordinated lockdowns being implemented).
Given a long enough timeframe, I fully expect OPEC+ to come to an agreement and the economic effects from the coronavirus to dissipate, allowing oil prices to rebound. As we equity investors are aware, oil prices are cyclical and are bound to recover over the next 10 years.
When it does, valuations of O&G stocks (including Hibiscus’s) are likely to improve as investors overshoot expectations and begin to forecast higher oil prices into perpetuity, as they always tend to do in good times. When that time arrives, Hibiscus’s valuations are likely to become overoptimistic as all O&G stocks tend to do during oil upcycles, resulting in valuations far exceeding reasonable estimates of future earnings. If you can hold the shares up until then, it’s likely you will make much more on your investment than what we’ve been estimating.

Conclusion

Wrapping up what we’ve discussed so far, we can conclude that Hibiscus’s market capitalization of RM 714m far undershoots reasonable estimates of fair value even under conservative assumptions of recoverable oil volumes and long-term average oil prices. As a value investor, I hesitate to assign a target share price, but it’s safe to say that this stock is worth at least RM 1.00 (current: RM 0.45). Risk is relatively contained and the upside far exceeds the downside. While I have no opinion on the short-term trajectory of oil prices, I can safely recommend this stock as a long-term Buy based on fundamental research.

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Hi guys, i'll be travelling to Malaysia with some regularity and wanted to know the most favorable forex places in KL.
I'd be looking to exchange USD for MYR and have had mixed luck in the past with my experiences. The best I had seen was in Seremban, where i got 4.01 MYR per USD. I haven't seen anywhere in KL with such a favorable rate, but thought to ask if people knew of where i could get a fair exchange. the current market rate is 4.19.
Any pointers for where i can exchange in KL with the lowest fees and commissions would be super appreciated.
​
Thanks sayangs!

Salamat the thread: https://twitter.com/JRDCastillo24
Andanar claims many families of OFWs become dysfunctional due to drugs.

• Same thing Duterte said days ago.
• Parang pilit lang na kinoconnect to drugs. In 2009, a UNICEF study cited these effects include not being able to adjust socially, gender role confusion, vulnerability to abuse, being more materialistic.
• Andanar (or Duterte for that matter) does not cite studies or sources for their claim.

Andanar claims that the govt spoke w/ 150 OFWs in Dubai who were maltreated by their employers. Dubai OFWs earn up to 1500 dirhams only.

• At current forex, that's up to P21,113.12

Andanar: Most of you here in the UK are from middle class families. He said OFWs in London are lucky and have better wages.

• ...

Andanar enumerated the latest SWS&PulseAsia surveys and said that Duterte is supported by a great majority of the Filipinos.

• The SWS Survey showed a drastic drop in both approval and trust ratings for the president.

Andanar calls @TrillanesSonny & @SenLeiladeLima as “maiingay”. He asked: Bakit hindi nakukulong si Trillanes? Crowd erupts in laughter. Andanar claims that Trillanes is not in jail because Duterte respects his freedom of speech.

• Same rhetoric or line of thinking as Honeylet

Andanar: Kung maingay si Trillanes, mas mag-ingay din tayo. Kung ginagago ni Trillanes ang pangulo, gaguhin din natin siya.

• The president is doing a might good job of making panggago to himself.

Andanar talked about planned destabilisation against the Duterte government and cited EDSA 1 & 2 as examples of destabilisation. Martin Andanar, head of the PCOO, calls EDSA 1 & 2 as destabilisation.

• Uh. Ano daw ulit sinabi niya? Did he forget that EDSA 1 gave rise to Duterte in politics?

Andanar: Kaya nga kayo nag-Brexit di ba dahil wala na kayong tiwala sa EU? Hindi kami nakikialam sa EU, bakit sila nakikialam sa atin?

• ...and they regretted it.

Andanar to EU: Bahala na sila sa buhay nila. Mag-iyot na lang sila. Crowd laughs and chants “Duterte! Duterte!”.

• Pag kabastusan, si Duterte agad ang tinatawag. Bakit kaya?

Andanar: Napakagaling ng ating pangulo. Siya lang ang pangulo sa SEA ang naka-talo sa ISIS in 140+ days. Andanar claims that Duterte managed to defeat “ISIS & Maute” even though the terrorists were supported by ISIS in the middle east.

• Thank you brave men and women of the AFP. Duterte didn't fire a single shot towards the Maute. And is in fact on record telling the Maute to burn Marawi

Andanar: Yung mga maiingay na pala-iyot, ang problema sa kanila hanggang ingay lang. Wala naman silang napatunayan.

• ...

Andanar: Yung mga Prime Ministers and Presidents of other countries are all supportive of President Duterte.

• Teka, diba galit kayo sa EU kasi nakikialam?
• READ: Other countries = China.

Andanar: Yung mga nasa baba lang ang maiingay dahil nga kulang sila sa iyot.

• ...

Andanar enumerates all SEA countries and said that all those countries have no complains about President Duterte.

• Di ba sabi ng fentanyl laced mong amo na kakatapos lang ng gera natin with Malaysia?

Andanar: Donald Trump believes in President Duterte.

• Birds of the same feather believe one another
• Really? kakabasa ko lang eh: Trump to raise human rights with Philippines president Rodrigo Duterte who is accused of human rights abuses

Andanar: Agrabyado tayo sa Western media. Wala tayong pera. Ayaw gumastos ni presidente sa PR.

• Really? Ows?

Martin Andanar thanks Malcolm Conlan, an ambulance crew in the UK, for his support of President Duterte.

• Libre yan, hindi katulad ke sass. Pero akala ko ba ayaw niyo ng may foreigner na nakikialam?

Andanar on @TrillanesSonny: Panahon pa ni Gloria, inaway niya. Inaway nyasi Angie Reyes. Walang nirerespeto si Trillanes.Aabutin din ng karma si @TrillanesSonny. Kakarmahin din yan. Yung kanyang bunganga, hindi talaga mapigilan.

• Wag pahalata Andanar.

Andanar said the government is doing its best to reform the country for the betterment of all.

• Yes, the people this government killed are ALL in a better place now.

Andanar: Kapag mga dilaw at si tita Cory ang nag-RevGov, ok lang. Kapag ang gobyerno ngayon ang mag-RevGov, ayaw nila. Double Standards.

• Wag tanga Andanar. The RevGov under Cory was a necessity, designed to bring the Philippines back to democracy after Marcos's Martial Law. Ilalagay mo ang powers na yan kay Duterte? Magisa ka.

Andanar claims that a lot of the problems the government is solving now like the MRT and Yolanda housing were made by the previous admin.

• Which Duterte said was EASY TO SOLVE, tapang at malasakit (political will) lang ang kelangan.

Andanar claims P800k was used to build Yolanda houses while the current government spent only P200k for Marawi temporary housing.

• P200k or more accurately P160k is the cost of ONE model house, not bunkhouses. Wala pa ngang final.

Andanar: Mismanagement like Yolanda will not happen under this government.

• So how is Duterte managing the War on Drugs? the MRT?

Andanar: 3k deaths are from legit police ops. 10k deaths, halo-halo na yan.

• ...

Andanar: Bine-brainwash tayong lahat ng media sa ating paligid. They don’t want to believe the PNP. They have a different agenda.

• News, the same survey companies you quoted... also said that a majority of ORDINARY FILIPINOS do not believe the PNP. May agenda din sila?

Andanar: Media is turning a blind eye on the truth.They simply don’t like Du30. Liberal-left don’t want him, maybe they’re hiding something.

• Ang daming tao ang "don't like Duterte." Natanong mo na ba sa self mo bakit?

Andanar hits Human rights groups. He claims they’re more concerned with the human rights of Maute and Hapilon.

• ...

Andanar: Duterte doesn’t like legalisation of drugs. He doesn’t want the country to go to the dogs.

• Resibo: http://newsinfo.inquirer.net/923054/duterte-favors-medical-marijuana
• Resibo 2: http://cnnphilippines.com/news/2017/09/26/house-panel-on-medical-marijuana.html
• Resibo 3: Duterte saying Fentanyl "felt like cloud nine"

Andanar: Itong Human Rights, ayaw ipaglaban ang human rights ng mga pulis at sundalo. May kinikilingan ang human rights.

• ...

Now it's Kris Ablan's turn.
Kris Ablan: Get your facts/news from PNA, PIA and PTV.

• Diosko Lei, please reangle this!

Kris Ablan: @nytimes didn’t publish our point by point responses to the negative articles they wrote about President Duterte.

• Maybe it's because the NYT doesn't publish lies? Baka lang ha, di ko sure.

Kris Ablan said that Press Attaches will be reactivated in London, US, Singapore and Middle East once they get the budget.

• Fire Mocha and Badoy, para mas maraming ma-reactivate na press attaches.

Kris Ablan said that the govt is doing consultations across the country about federalism but the media isn’t reporting it comprehensively.

• Kasi wala naman. Bakit di kayo magreport, di ba, PNA, PIA, and PTV. hahahaha Kahit state controlled walang reports di ba? Edi wala.

TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov TxGov

News roundup for the previous week.
In International news

1. Chinese in Australia have setup their own safety networks due to lack of police response
   
2. China Is Our Last Diplomatic Hope for North Korea
   
3. Mass deportation of Chinese from #Fiji in latest offshore crackdown by Beijing: Fijian and Chinese law enforcement agencies arrest 77 in joint operation similar to others carried out in Indonesia and Cambodia
   
4. Launch of China- #Malaysia rail link signals stronger ties: China is funding the 620km-long rail link stretching from Tumpat town, near Malaysia's border with Thailand, to Kuantan Port, before cutting through the mountainous central region to Port Klang, Malaysia's busiest port
   
5. #Canadians Have Worse Impression Of U.S. Government Than China: Abacus Poll 49% said they had a "very negative" impression of the U.S. 22% for China. Co-author said it was "remarkable" Canadians having more favourable views of China and Russia than of the "passionate defender of individual freedoms"
   
6. China hands Trump a win on North Korea crisis
   
7. Taiwan calls time on Mongolia and Tibet affairs commission
   
8. South Korean's Leader Bluntly Warns U.S. Against Striking North (Apparently not important enough to make it on Google News Headlines)
   
9. Fighting for Chinatown
   
10. China won’t allow regime change in N. Korea – fmr US diplomat
    
11. Ukraine seeks greater presence in China's agro products market
    
12. China tells ‘imperfect’ US to mind its own business over religious freedom criticism
    
13. Asian Americans Are Targeted For Hate Crimes More Than We Think
    
14. The Shanghai Cooperation Organization (#SCO) completed a joint anti-terrorist drill in Russia's Yaroslavl region located northeast of Moscow, Russia's Federal Security Service (FSB) said
    
15. Man Gets Sentenced To Life For Killing USC Student From China
    
16. Beijing signs deals with Nepal
    
17. Chinese universities rise in world university academic rankings
    
18. China's New Base in Djibouti to Aid Economic Expansion in #Africa. Currently, China mainly imports minerals and oil from Africa, but its long-term plan is to build factories on the continent and move some of its manufacturing there to take advantage of the cheaper labor and geographic position
    
19. Hard-pedaling Soft Power, China Helps Launch $13B Belt and Road Rail Project in #Malaysia: "The ECRL is indeed yet another 'game changer' and a 'mindset changer' for Malaysia as it will significantly cut travel time to and from the east coast of the peninsula," Malaysian Prime Minister said
    
20. 'Economic war with China is everything' Steve Bannon got removed (lol)
    
21. Chinese Yang Jiayu wins women's 20km race walk at London World Championships
    
22. Asian woman says she quit Google due to racial discrimination
    
23. Chinese-Americans concerned about new Texas immigration law
    
24. Chinese and #African media houses vow to deepen cooperation in information sharing, best practice and training to improve the dissemination of information
    
25. #Pakistan, China sign documents to enhance cooperation in the fields of education and infrastructure development
    
26. Former Shanghai teacher now a tribal chief in Nigeria
    
27. ‘Duterte wants joint exploration with China’ Foreign Affairs Secretary Alan Peter Cayetano said
    

In Domestic news

1. Two arrested in 22-year murder case, one suspect award-winning writer, member of Chinese Writers Association [Chinese]
   
2. HK Democracy activist Howard Lam, (aka Staples-Tortured Chub), arrested for misleading police over kidnap claim
   
3. Sinopec goes big on geothermal
   
4. China Launches ‘Special Crackdown’ on Pyramid Schemes
   
5. Police may look into mental health of Hong Kong democracy activist Howard Lam after kidnap claim suspecting mental issues and the stapling was an act of self-harm
   
6. 1,290 meters! The main construction of the world's longest 3-tower cable-stayed railway bridge has completed in China
   
7. Hong Kong activist Joshua Wong jailed over Occupy protests
   
8. China is investigating its major social media sites, including Baidu, WeChat and Weibo, for potentially breaching cybersecurity laws
   
9. China’s Major Social Platforms to Cooperate With Authorities in #Cybersecurity: Tieba communication platform, the WeChat messenger and Weibo made separate statements earlier in the day declaring their readiness to actively cooperate with the CAC
   
10. China Launches World's Largest Floating #Solar Power Plant: over 160,000 solar panels spreading over 86 hectares of water surface, can provide energy for some 15,000 houses annually
    

In SciTech news

1. #Nanochemistry meets macrostructures: Chinese scientists report the synthesis of a macroscopic aerogel from carbonitride nanomaterials which is an excellent catalyst for the water-splitting reaction under visible-light irradiation
   
2. Light, strong alloy may alter design of aircraft: The nano ceramic aluminum alloy was developed at Shanghai Jiao Tong University. The new material has already been used in the Tiangong-1 and Tiangong-2 space labs, quantum satellites and meteorological satellites
   
3. Converting greenhouse gas to value-added syngas takes a big step forward
   
4. China to build first #Mars simulation base: Situated at the Qaidam basin in western Qinghai, Haixi was chosen for its Mars-like landform, landscape and climate
   
5. Seeking Greater Global Power, China Looks to Robots and Microchips
   
6. Earliest-Known Winged #Mammal Relatives Discovered In China: When you think about the Jurassic Period, you probably think of massive dinosaurs. But now scientists say there were also gliders, akin to today's flying squirrels . Maiopatagium furculiferum and Vilevolodon diplomylos
   
7. Chinese satellite sends 'hack-proof' message: The #Micius satellite beamed messages to two mountain-top receiving stations 645 km (400 miles) and 1,200 km away. Complicated optics on the Chinese satellite protect messages with entangled photons
   
8. New Privacy Mode Added to DJI Drones, US Army Released Memo to Grant Exception to DJI Ban Pending this New Privacy Mode
   
9. Scientists have cloned genetically modified piglets that may prove a safe source of organs for transplants into humans. The piglets, born in a lab in Yunnan, do not carry the active infectious viral gene which has impeded the process of pig-to-human transplantation for more than a decade
   
10. China to establish intercontinental ‘hack-proof’ #quantum links with Australia, Europe: Further experiments this year will evolve ground stations in Germany and Italy, Pan added, bringing the project closer to the planned Asian-European secure communication network
    
11. Woman Becomes First Person to Be Cryopreserved in China
    
12. Novel Thruster Design Could Enable Deeper Travel Into Space
    
13. China launches brain-imaging factory
    
14. Chinese scientists reveal how itch turns into scratch. In a study published in the U.S. journal Science, researchers reported the discovery of a central neural circuit that moves itch signal from the spinal cord to a part of the brainstem called the parabrachial nucleus (PBN).
    
15. China pips US to start world’s first meltdown-proof nuclear reactor
    
16. China has unveiled the world's first 'unhackable computer network'
    
17. 1,069 dancing robots break Guinness World Record in China (VIDEO)
    
18. Despite strains, China and the US are top partners in science
    
19. Woman saved by pioneering 3D printed spine in China: had to have six consecutive cervical vertebrae replaced because they had been affected by the rare cancer
    
20. Chinese Internet majors compete to dominate #ASEAN tech ecosystem: Baidu, Alibaba, Tencent and JD.com – collectively termed BATJ – are leading a wave of investment into Southeast Asia’s venture ecosystem and technology sector
    
21. Who Are China's Biggest Fabless Chipmakers?
    

In Economic news

1. Spotlight: Bashing China cannot solve U.S. economic problems, experts say
   
2. China July FX reserves unexpectedly hit 9-month high on boost from weak dollar: China's forex reserves, the world's largest, rose $24 billion in July to $3.081 trillion
   
3. China's Economic Outlook in Six Charts
   
4. Fiat Chrysler could be bought by a Chinese automaker If a deal comes to fruition, it would be a big boon for Chinese car companies looking to improve
   
5. Industrial “edge cities” have helped China grow
   
6. Deng Xiaoping - the world's greatest economist
   
7. US formally launches probe of China trade ties
   
8. China emerging as Germany's main economic rival
   
9. New investment rules to curb China's foreign acquisition binge
   
10. How China’s can-do generation will power economic growth
    
11. Young Taiwanese choose China jobs over politics
    

In Military news

1. What is China’s PLA doing in #Laos? Beijing's 'Train of Peace' mission to provide medical care to Lao armed forces was nominally a goodwill mission but underscored the country's strategic importance to China's plans for Southeast Asia
   
2. Russia, China challenging US military dominance: Mattis
   
3. China's making major progress with its aircraft carrier tech (Type 002 to have flat top with catapult, Type 003 to be nuclear powered supercarriers)
   
4. Think Tank Says Beijing Continuing #SouthChinaSea Construction. Photos of Tree Island demonstrate sizeable expansion of the island’s above-water mass between August 5, 2015, and August 5, 2017. The size of the island increased by roughly 24 acres between during the time period, AMTI said
   
5. #Taiwan says Chinese aircraft fly around island in weekend of drills
   
6. #Space Standoff: Uncertainty in Militarized Space. If Russian policy towards the American space program is described as unfriendly, then U.S. policy towards China can be described as nothing short of hostile
   
7. Construction of China's 2nd #AircraftCarrier for PLAN Progressing Faster than Expected: propulsion system tests are currently underway. The first and third boilers are already on, and the steam turbines will soon follow. Dockside testing could start within the next month
   
8. China has announced plans to bolster its maritime #nuclear capabilities with the creation of a major new joint venture project, could provide the catalyst for the development of floating reactors. The new company will also seek to promote the development of nuclear-powered vessels
   
9. The #Pentagon’s top general Joe Dunford, chairman of the Joint Chiefs of Staff, said he discussed with his Chinese counterparts ways to coordinate with China’s military to avoid dangerous miscalculations should war break out with North Korea
   

Other Notables

1. Adopted to the US, an American teen’s journey in search of her roots
   
2. The busiest employee in a warehouse? Meet China-made warehouse robot!
   
3. New research blamed increased competition with China for soaring death rates among white, middle aged Americans (lol)?
   
4. On the other side of the table: Nepalese commenters on youtube - to Nepal, India is the big bully, loves China, calls for China's protection
   
5. Why Nirvana in Fire is the Best Cdrama
   
6. July 2017 Study Refutes Earlier Theories of "Increased US White Male Despair / Deaths Due to Loss of Jobs to China" ("Opioids and obesity, not 'despair deaths,' raising mortality rates for white Americans)
   
7. China starts work on world's second-largest hydropower station
   
8. Vincent Chin was a Chinese American Man beaten to death in 1982 with a baseball bat by two laid off auto-workers who blamed him for losing their jobs because Japanese cars started becoming popular. The men received initial sentences of 3 years probation and no jail time.
   
9. Chinese Guy & American Girlfriend React to Racist Fox News Chinatown Segment
   
10. Preserving Nanjing's architectural treasures
    
11. The King's Woman 秦时丽人明月心 Airs this week
    
12. Hollywood chases after Wu Jing as Wolf Warriors 2, a film with $30M budget crosses $700M mark and still rising.
    
13. #Taichi is big in China and its influence is spreading globally: China's mega-rich and powerful believe the merits of the gentle exercise boosts not only personal well-being but company profits and transforms corporate cultures
    
14. Why My School Teaches Students to Survive on Next to Nothing
    
15. Eddie Huang Serves A White Supremacist & Trump Supporter The Facts While They Eat Chinese Food
    
16. #Banda Islands: How Chinese traders – and war over an aphrodisiac – led to a multicultural Indonesia. The world’s major powers considered the Banda Islands the key spoil of a spice war hundreds of years ago and it is this bloody past that made the country what it is today
    
17. How the ‘Safest Place on Earth’ Can Be More Welcoming to Others
    
18. Modern Chinese Architecture: Landscape Design of Suzhou Vanke Great Lake Park
    
19. No.66 Lanman Hutong Renovation
    
20. RAW: China holds massive day-night live-fire artillery drill
    
21. When Hong Kong workmen dug up 2,000-year-old tomb and were all set to demolish it until public’s enthusiasm saved the day
    
22. Long awaited Tribes & Empires: Storm of Prophecy confirmed to air on September 25, 2017.
    
23. Heads up, our brothers in arms RT channel has amazing series of documentaries on Chinese culture and the new silk road, very beautifully shot.
    
24. Any recent documentaries about modern china history that aren't from the western perspective with English subs or audio?
    
25. Forgotten ally? China's unsung role in World War II
    
26. 81-Year-Old Chinese Husband Serenades Wife In a Coma For Their 54th Anniversary
    
27. How Chop Suey Saved San Francisco's Chinatown [Chinese Food: An All-American Cuisine, Pt. 1]
    
28. The Untold Story Of America's Southern Chinese [Chinese Food: An All-American Cuisine, Pt. 2]
    
29. 5000 thousands years of beauty.
    
30. #WolfWarrior2 Crosses $600M In China; No. 6 All-Time Gross In A Single Market
    
31. Throwback to when movies used to start with this...
    
32. Alright, I know some of us support Trump, but this better not be you (3rd generation Chinese American Neo-Nazi supporter)
    
33. Why the Western definition of human rights is an absurd fraud
    
34. #WWE Network to Launch in China: Vince McMahon's pro wrestling organization signed a deal with PPTV to offer a subscription video-on-demand service including all live pay-per-view events
    
35. Documentary explores the history of astronomy in China
    
36. 'Economic war with China is everything': Trump’s chief strategist in candid interview
    
37. The Chinese massacre of 1871 in Los Angeles, California. An estimated 17 to 20 Chinese immigrants were tortured and then hanged by the mob, making the event the largest mass lynching in American history.
    
38. Chinese Social Political Stability Rests in "Dual Faceted Identity System" (A Model Societal System Analysis based on Recent Rise of White Nationalism in US)
    
39. Lu Xiaojun (77) - 170kg/175kg/177kg Snatch Slow Motion
    
40. The Surprisingly Important Role China Played in WWI
    
41. Chinese Farmer Builds Epic Multi-Story Platform For 'Pig Diving'
    
42. Ai Weiwei takes a small break from mocking Chinese government to criticise western society - "Human Flow" documentary film about refugees
    
43. Review: Capitalism With Chinese Characteristics
    
44. Hollywood hero with Chinese characteristics
    
45. BBC calls what Chinese are doing 'exploitation' while the exact same thing done in the west is ignored.
    
46. Ancient poetry content in Chinese text books to sharply increase
    
47. The Love Affair of Mussolini’s Daughter Edda & Zhang Xueliang, Heroic China Warlord
    
48. 57-year-old man grabs gold medals in body building competition
    
49. Cambridge University Press pulls articles in China at Beijing’s request
    
50. China's Wolf Warriors 2 joins top 100 grossing films worldwide: non-Hollywood film to break into the top 100 all-time grossing movies worldwide. Knocked 1994's "Forrest Gump" from the No 100 spot
    
51. 《追捕》 Manhunt (directed by John Woo) International Trailer
    
52. Why Nirvana in Fire is the Best Chinese Drama - Part 2/2
    
53. Trying to learn more about traditional chinese culture, what can you guys tell me about the color Qing?
    
54. Robot introduced to hospital to autofill prescriptions in E. China
    
55. Something worth a grin
    
56. Story of China’s ancient military might found carved in cliff
    

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