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Hibiscus Petroleum Berhad (5199.KL)


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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/

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.

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.

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

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.

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).

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:

Our estimates Management estimates
Accumulated Net Profit from 2P Reserves RM 1.452 billion RM 1.468 billion

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).

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.
submitted by investorinvestor to SecurityAnalysis [link] [comments]

13 Ways to Maximise your IVF Success & Minimise your IVF Cost

13 Ways to Maximise your IVF Success & Minimise your IVF Cost

https://preview.redd.it/fx11dz312u041.jpg?width=720&format=pjpg&auto=webp&s=bf4535866826b05ac61e65dbbfff5a84a435a1b5
“Only 30-35% of couples going for IVF get successful in their journey but with the right approach and expertise the success rate can be increased upto two folds”– Dr. Neha Jain The field of IVF has seen tremendous growth in the past few years. India is one of the countries which has witnessed a tremendous development in the field of infertility treatments. According to NARI (National ART Registry of India) and the Indian Council of Medical Research (ICMR), the infertility number has increased significantly. The success rate of the treatment is associated with the age, lifestyle, genetic factors of the conceiving mother and many other factors. According to the CDC (Centre for Disease Control), the success rate varies from 35 to 38 percent.. Lower rates are observed with patients of higher age bracket. One of the factors impacting success is stress. The knowledge and acceptance of infertility take a toll on the couple's mental health. Like any other medical procedure, maintaining the proper health of the couples involved is inevitable to obtain expected results in IVF. It is crucial especially for the mothers conceiving through IVF. The health care should begin as soon as you decide to choose the assisted reproductive technology to get pregnant. Let us discuss measures to increase the chances of a successful IVF treatment and minimize your billing while you are going through the most crucial phase of your life. This blog aims to introduce ways to minimize the treatment costs, reduce stress and maximize the chances of a safe and successful procedure.
So, let’s take a look at How to Increase Your Chances of IVF Success and minimize your IVF cost
Feel free to skip ahead if one topic catches your eye:
  1. Do your homework
  2. Don’t wait until it’s too late
  3. Nutrition and weight balance
  4. Ensure you have adequate levels of vitamin D
  5. Gender specific supplements to add in your routine
  6. Don’t ignore the male. Optimize sperm health
  7. Egg donation program
  8. Travel for IVF
  9. Check your insurance
  10. How Can You Pay for IVF?
  11. Smoking and Alcohol
  12. Relaxation
  13. Acupuncture
https://preview.redd.it/x336tfab2u041.jpg?width=658&format=pjpg&auto=webp&s=fd03ebf60f7994cf50dc7268e5197f86b014d7a6
Do your homework-Find the right fertility clinic for you Ask about the certifications of the doctor and the labs you are planning on getting your IVF done at,look for an IVF center that is being run by a team of experts and not by an individual practitioner.Individually run IVF centers lack transparency and well defined standard operating protocols”-Dr. Shilpa Gupta IVF is an expensive treatment that is demanding both financially and emotionally. You cannot compromise with the quality of treatment which majorly depends on the clinic’s facilities and success rate and the doctor who is going to treat you. Make extensive research for selecting the best doctor and clinic for the treatment Ask about the certification of the doctors and accreditation of the labs,look for the best IVF center near you that is being run by a team of expert rather than an individual. Individually run centers lack transparency and well defined functioning work protocols
The center should have a 24X7 available working staff especially a Doctor and an Embryologist, you may come across centers who do not have a full time available staff,The Doctors and Embryologist are available only on call as per requirement which leads to poorly managed operation theater and infrastructure
Ask for the expertise of doctors and ensure that the doctor has high conversion rates in IVF and area expertise in the particular field of IVF.Discuss their experience with the women of your age and similar medical and health conditions
The center should be well equipped with world class advanced technology,The field of IVF is advancing every day which is ensuring better success rate of the procedure The center should have a protocol to treat each case individually,It has been observed that many IVF center combine many IVF cases all together and perform IVF on all of them at once which results into poor results of all cases,Every case is unique and it needs to be treated individually Evaluating the best IVF center near you is the first step towards successful parenthood
https://reddit.com/link/e1g0mh/video/e113vypj2u041/player
Don’t wait until it’s too late " The best age for women for a successful IVF treatment is between 20 and 35 years – Dr.Neha Jain
Does my age is going to affect the success of IVF? Well! Yes, it does. Your chances of conceiving and giving birth to a child are closely linked with your age in both natural and IVF pregnancies.The ability to conceive begins to decline at approximately 28 years of age. This has a direct impact on the success of IVF treatment. Aging deteriorates the quality and quantity of eggs which reduces the chances of successful treatment. The data from the Society of assisted reproductive technology (SART) suggests that the chances of live birth in women under 35 are around 47 percent while for women between 80 and 40, it is 38 percent. For the above-mentioned reasons, it is advised to consult the best IVF doctor as soon as you decide to conceive through IVF and your doctor clears you for the procedure.
Nutrition and weight balance
Taking proper nutrition and maintaining a healthy body weight is essential not only during the treatment but also during the preparation. You should begin self-care a couple of months before the embryo transfer. Your doctor will guide you about the diet. There are also fertility diet programs that improve the health of your reproductive organs and promote the success of the treatments. A balanced diet and adequate nutrition also help in the supply of good quality blood to the uterus. This provides better nutrition to the embryo and helps in its growth. Your male partner should also take up a specific diet to improve the quality and quantity of the sperms. Also, healthy body weight is a boon to the IVF treatment. While being right weight increases the time of conception, excess weight increases the chances of complications and makes monitoring more difficult.To know more about it, it's recommended to talk to an IVF expert.
Ensure you have adequate levels of vitamin D About forty percent of individuals are deficient in Vitamin D, and there are upcoming data on its relation with infertility and poor IVF outcomes.Most commonly vitamin D is produced when your skin is exposed to sunlight. For that reason, most women who are from colder regions or who stay indoors are mostly vitamin D deficiency. Many studies and theories have linked vitamin D with the success of IVF treatment. A woman with vitamin D deficiency is more likely to face pregnancy-induced hypertension, lower birth weight, and gestational diabetes. Ensure that you take ample sunlight and strive for food like fatty fish (tuna, mackerel, salmon), egg yolk, cheese, and other vitamin D fortified food like orange juice, soy milk, and cereals, etc.
Gender specific supplements to add in your routine
Along with a balanced diet, supplements are also important for the success of IVF treatment. Supplements are a must for both female and male partners. Women need supplements for vitamins A, B, C, and E. Zinc, magnesium, iron, and folic acid provide great help in fertilization and implant processes. These also help in preventing neural tube defects. Women should also take enough fatty acids to keep FSH under control and provide nourishment for eggs. Men should also take antioxidants with these vitamins and supplements. These reduce the chances of sperm damage and ensure normal sperm production, sperm count and motility. Coenzyme Q10 improves blood flow and increases the chances of fertilization.
Don’t ignore the male. Optimize sperm health
"Malefactor influence nearly two-third of infertility cases.” – Dr. Jagatjeet Singh
Many a time people misunderstood the IVF treatment as a procedure that is done with the female partner only. However, the contribution of the male partner is vital. Almost two-thirds of the couples who choose IVF could not normally conceive due to male infertility. Common problems related to sperm production are about the quantity, movement, and shape. These problems arise usually due to excess of alcohol, tobacco or other drugs, high temperature in a hot bath, and excessive workout. Men should also take a healthy and balanced diet rich in vitamins and antioxidants. Your doctors may also prescribe supplements for your male partner. Maintaining a healthy body weight is also important for treatment. You should do moderate exercise regularly. You should undertake the semen analysis before going for the IVF treatment. This would help you and your doctor to identify and understand the cause of male infertility and take the necessary steps to address these issues and obtain a successful outcome of the treatment.You can get an infertility examination to know where you stand on your fertility journey.
Egg donation program
“Egg donation can increase the chances of success of IVF treatment by more than 42 percent.” – Dr. Shilpa Gupta
Egg donation programs are a boon to the parents who want to take up IVF treatment but are constrained by the budget.The process involves taking high quality fertile and healthy eggs from a female done of age between 21 to 29 years, The donors have to go through a well defined and strict screening process to ensure that the practice gives fruitful results.The donor needs to have a healthy lifestyle,good educational background,right weight and height ratios and willing to undergo all medical and background screening processes.It needs to be ensured that the center you are availing the egg donation program follows guidelines provided by ICMR (Indian Council of Medical Research) . Egg received from the young female are fertilized with the sperm of the husband and the resulting embryo is then transferred to the womb of the recipient women
Travel for IVF
“The overall cost of the treatment in India including travel cost is nearly one third of the treatment costs in other countries.” – Dr. Jagatjeet Singh
Should I travel to a different country for IVF treatment? If you are looking for excellent treatment at the minimum possible cost, you should. The cost of IVF treatment is high and is extremely subjective. It depends on your age, fertility history, duration of the marriage and the location. Different countries offer treatment at greatly varying prices. The cost of the treatment in the US is $19,200 whereas it is much lower in other countries. In Malaysia, it is $4,500 and in Thailand, it is $7500. Cost of IVF treatment in India is just ₹51000 which approximately $700,you can get the world-class treatment done. Lesser cost does not always mean poor quality. This variation in cost is based on the cost of living in the country and the burden on the doctors. You also get world-class facilities and internationally trained doctors supporting you 24/7. Clinics also provide support for the visa, travel, and Forex exchange. We provide high-quality treatment with excellent success-rate at the most reasonable pricing.
https://preview.redd.it/kj92q2or2u041.jpg?width=1024&format=pjpg&auto=webp&s=6f7c51e7711418192334a31b002ce2011fc853cd
Check your insurance
Fertility treatments are not considered medically necessary so insurance companies and they do not usually cover them. But if you have a certain condition like endometriosis, polycystic ovarian disease, etc. that cause infertility, you may be able to get the insurance to pay for the treatment.
If you are still unable to get your insurance to cover it, see if your company offers some kind of employee benefit that allows you to use part of your pre-taxed income for medical uses that insurance provider won’t cover.
How to pay for IVF procedures
Among the top 10 IVF centers in Delhi Baby Joy IVF clinic allows you to pay through various payment options. You can make the payment online which speeds up and simplifies the procedure. We also allow you to pay in installments. Our costing and payment are highly transparent. We provide “World-class Yet Economical” IVF Fertility Treatment in Delhi.
Additional Offers Only for This Week on Cost of IVF in Delhi at Baby Joy
  • Spl. Discounted IVF Packages.
  • Easy EMIs available; Payment can be made in parts.
  • Register nw to avail cheap IVF Price, IVF Cost in Delhi & Start treatment later.
  • Your age, years of marriage & fertility history will help us guide you better on overall IVF Cost, Cost of IVF.
  • No Hidden Charges; No Expensive Tests; Transparent IVF Pricing.
  • Customized Packages available.
  • Money Back Guarantee
https://reddit.com/link/e1g0mh/video/6ojc83vx2u041/player
Smoking and Alcohol detox
Both smoking and alcohol reduce the success rate of IVF treatment. Smoking in men can lead to low sperm count and poor sperm quality causing miscarriage. Women can also face miscarriage due to smoking as it ages the eggs and depletes the uterus lining. Taking alcohol more than ten units a week also decreases the chances of successful IVF treatment.
Relaxation
Many studies have proved that stress adversely affects the results of IVF treatment. It messes up with your cycle timing and can reduce sperm count in males. Cortisol and other hormones secreted due to stress interfere with the implantation process. It may also lead to miscarriage. You can opt for activities like light yoga, meditation, spa, etc for relaxation. You should talk to your doctor and your partner about your apprehensions. Consult a professional counselor if needed.
Acupuncture
Acupuncture is a science that treats various health conditions by putting tiny needles precisely in your body. Presently it is one of the most preferred alternative treatments. Acupuncture is highly effective in managing stress. It enhances the blood flow to the reproductive organs and improves their function. Taking acupuncture sessions for three months before the embryo transfer can dramatically increase the chances of successful treatment.
All the couples who are commencing their journey of IVF may initially find it challenging and demanding. Although it is not completely untrue, a little research, precautions, and teaming with an excellent doctor and fertility clinic like the baby joy IVF can make it safe and smooth. Our doctors compassionately discuss the details of infertility and the procedure to be followed. We provide personalized care to all our patients and provide them both medical and psychological support.
Best wishes from Baby Joy If you are commencing their journey of IVF and find it challenging and demanding, you are not alone. Although the fear is not completely unjustified, a little research, precautions, and teaming with an excellent doctor and fertility clinic can make it safe and smooth. Find the best IVF doctor who compassionately discusses the details of infertility and the procedure to be followed. Personalized care and world-class medical and psychological support can ensure your success through the journey of IVF.
We understand, there cannot be a stronger human emotion than the desire ‘to have Your Little One!’ “Baby Joy” is our endeavour to be part of your journey towards parenthood.
It is our VISION to set benchmarks in the field of Fertility management globally, through cutting edge technology, most advanced treatment protocols, & a highly acclaimed team of doctors, embryologists & support staff.
It is our MISSION to achieve high success rates at lowest cost, through highly customised fertility care, internationally accepted protocols & best global practices. We strongly believe in bringing transparency & honesty to Fertility care in India. We carry out egg donation & surrogacy through our sister concern WSC. This makes Baby Joy a comprehensive Fertility Centre providing 360 degree fertility solutions under 1 roof. We are one of the few recognised professionally run healthcare centres in India. Baby Joy offers comprehensive Infertility, Surrogacy and Test Tube Baby Solutions in India
At Baby Joy, we strive to ‘touch your lives’ by helping you ‘create life!’
Hoping to transform your dreams into reality, your desires into accomplishments & your Hope into Joy !
Source URL:- https://www.babyjoyivf.com/13-ways-to-maximise-your-ivf-success-minimise-your-ivf-cost/
submitted by babyjoy1 to u/babyjoy1 [link] [comments]

13 Ways to Maximise your IVF Success & Minimise your IVF Cost

13 Ways to Maximise your IVF Success & Minimise your IVF Cost
“Only 30-35% of couples going for IVF get successful in their journey but with the right approach and expertise the success rate can be increased upto two folds”– Dr. Neha Jain The field of IVF has seen tremendous growth in the past few years. India is one of the countries which has witnessed a tremendous development in the field of infertility treatments. According to NARI (National ART Registry of India) and the Indian Council of Medical Research (ICMR), the infertility number has increased significantly. The success rate of the treatment is associated with the age, lifestyle, genetic factors of the conceiving mother and many other factors. According to the CDC (Centre for Disease Control), the success rate varies from 35 to 38 percent.. Lower rates are observed with patients of higher age bracket. One of the factors impacting success is stress. The knowledge and acceptance of infertility take a toll on the couple's mental health. Like any other medical procedure, maintaining the proper health of the couples involved is inevitable to obtain expected results in IVF. It is crucial especially for the mothers conceiving through IVF. The health care should begin as soon as you decide to choose the assisted reproductive technology to get pregnant. Let us discuss measures to increase the chances of a successful IVF treatment and minimize your billing while you are going through the most crucial phase of your life. This blog aims to introduce ways to minimize the treatment costs, reduce stress and maximize the chances of a safe and successful procedure.
ivf clinic in delhi
So, let’s take a look at How to Increase Your Chances of IVF Success and minimize your IVF cost
Feel free to skip ahead if one topic catches your eye:
  1. Do your homework
  2. Don’t wait until it’s too late
  3. Nutrition and weight balance
  4. Ensure you have adequate levels of vitamin D
  5. Gender specific supplements to add in your routine
  6. Don’t ignore the male. Optimize sperm health
  7. Egg donation program
  8. Travel for IVF
  9. Check your insurance
  10. How Can You Pay for IVF?
  11. Smoking and Alcohol
  12. Relaxation
  13. Acupuncture


https://preview.redd.it/szlz45fdeu041.jpg?width=658&format=pjpg&auto=webp&s=f44481182f0376e1d2353e1fed601d0ab3182015
Do your homework-Find the right fertility clinic for you Ask about the certifications of the doctor and the labs you are planning on getting your IVF done at,look for an IVF center that is being run by a team of experts and not by an individual practitioner.Individually run IVF centers lack transparency and well defined standard operating protocols”-Dr. Shilpa Gupta IVF is an expensive treatment that is demanding both financially and emotionally. You cannot compromise with the quality of treatment which majorly depends on the clinic’s facilities and success rate and the doctor who is going to treat you. Make extensive research for selecting the best doctor and clinic for the treatment Ask about the certification of the doctors and accreditation of the labs,look for the best IVF center near you that is being run by a team of expert rather than an individual. Individually run centers lack transparency and well defined functioning work protocols
The center should have a 24X7 available working staff especially a Doctor and an Embryologist, you may come across centers who do not have a full time available staff,The Doctors and Embryologist are available only on call as per requirement which leads to poorly managed operation theater and infrastructure
Ask for the expertise of doctors and ensure that the doctor has high conversion rates in IVF and area expertise in the particular field of IVF.Discuss their experience with the women of your age and similar medical and health conditions
The center should be well equipped with world class advanced technology,The field of IVF is advancing every day which is ensuring better success rate of the procedure The center should have a protocol to treat each case individually,It has been observed that many IVF center combine many IVF cases all together and perform IVF on all of them at once which results into poor results of all cases,Every case is unique and it needs to be treated individually Evaluating the best IVF center near you is the first step towards successful parenthood
Watch - 5 Most important things to consider while selecting an IVF centre
Don’t wait until it’s too late " The best age for women for a successful IVF treatment is between 20 and 35 years – Dr.Neha Jain
Does my age is going to affect the success of IVF? Well! Yes, it does. Your chances of conceiving and giving birth to a child are closely linked with your age in both natural and IVF pregnancies.The ability to conceive begins to decline at approximately 28 years of age. This has a direct impact on the success of IVF treatment. Aging deteriorates the quality and quantity of eggs which reduces the chances of successful treatment. The data from the Society of assisted reproductive technology (SART) suggests that the chances of live birth in women under 35 are around 47 percent while for women between 80 and 40, it is 38 percent. For the above-mentioned reasons, it is advised to consult the best IVF doctor as soon as you decide to conceive through IVF and your doctor clears you for the procedure.
Nutrition and weight balance
Taking proper nutrition and maintaining a healthy body weight is essential not only during the treatment but also during the preparation. You should begin self-care a couple of months before the embryo transfer. Your doctor will guide you about the diet. There are also fertility diet programs that improve the health of your reproductive organs and promote the success of the treatments. A balanced diet and adequate nutrition also help in the supply of good quality blood to the uterus. This provides better nutrition to the embryo and helps in its growth. Your male partner should also take up a specific diet to improve the quality and quantity of the sperms. Also, healthy body weight is a boon to the IVF treatment. While being right weight increases the time of conception, excess weight increases the chances of complications and makes monitoring more difficult.To know more about it, it's recommended to talk to an IVF expert.
Ensure you have adequate levels of vitamin D About forty percent of individuals are deficient in Vitamin D, and there are upcoming data on its relation with infertility and poor IVF outcomes.Most commonly vitamin D is produced when your skin is exposed to sunlight. For that reason, most women who are from colder regions or who stay indoors are mostly vitamin D deficiency. Many studies and theories have linked vitamin D with the success of IVF treatment. A woman with vitamin D deficiency is more likely to face pregnancy-induced hypertension, lower birth weight, and gestational diabetes. Ensure that you take ample sunlight and strive for food like fatty fish (tuna, mackerel, salmon), egg yolk, cheese, and other vitamin D fortified food like orange juice, soy milk, and cereals, etc.
Gender specific supplements to add in your routine
Along with a balanced diet, supplements are also important for the success of IVF treatment. Supplements are a must for both female and male partners. Women need supplements for vitamins A, B, C, and E. Zinc, magnesium, iron, and folic acid provide great help in fertilization and implant processes. These also help in preventing neural tube defects. Women should also take enough fatty acids to keep FSH under control and provide nourishment for eggs. Men should also take antioxidants with these vitamins and supplements. These reduce the chances of sperm damage and ensure normal sperm production, sperm count and motility. Coenzyme Q10 improves blood flow and increases the chances of fertilization.
Don’t ignore the male. Optimize sperm health
"Malefactor influence nearly two-third of infertility cases.” – Dr. Jagatjeet Singh
Many a time people misunderstood the IVF treatment as a procedure that is done with the female partner only. However, the contribution of the male partner is vital. Almost two-thirds of the couples who choose IVF could not normally conceive due to male infertility. Common problems related to sperm production are about the quantity, movement, and shape. These problems arise usually due to excess of alcohol, tobacco or other drugs, high temperature in a hot bath, and excessive workout. Men should also take a healthy and balanced diet rich in vitamins and antioxidants. Your doctors may also prescribe supplements for your male partner. Maintaining a healthy body weight is also important for treatment. You should do moderate exercise regularly. You should undertake the semen analysis before going for the IVF treatment. This would help you and your doctor to identify and understand the cause of male infertility and take the necessary steps to address these issues and obtain a successful outcome of the treatment.You can get an infertility examination to know where you stand on your fertility journey.
Egg donation program
“Egg donation can increase the chances of success of IVF treatment by more than 42 percent.” – Dr. Shilpa Gupta
Egg donation programs are a boon to the parents who want to take up IVF treatment but are constrained by the budget.The process involves taking high quality fertile and healthy eggs from a female done of age between 21 to 29 years, The donors have to go through a well defined and strict screening process to ensure that the practice gives fruitful results.The donor needs to have a healthy lifestyle,good educational background,right weight and height ratios and willing to undergo all medical and background screening processes.It needs to be ensured that the center you are availing the egg donation program follows guidelines provided by ICMR (Indian Council of Medical Research) . Egg received from the young female are fertilized with the sperm of the husband and the resulting embryo is then transferred to the womb of the recipient women
Travel for IVF
“The overall cost of the treatment in India including travel cost is nearly one third of the treatment costs in other countries.” – Dr. Jagatjeet Singh
Should I travel to a different country for IVF treatment? If you are looking for excellent treatment at the minimum possible cost, you should. The cost of IVF treatment is high and is extremely subjective. It depends on your age, fertility history, duration of the marriage and the location. Different countries offer treatment at greatly varying prices. The cost of the treatment in the US is $19,200 whereas it is much lower in other countries. In Malaysia, it is $4,500 and in Thailand, it is $7500. Cost of IVF treatment in India is just ₹51000 which approximately $700,you can get the world-class treatment done. Lesser cost does not always mean poor quality. This variation in cost is based on the cost of living in the country and the burden on the doctors. You also get world-class facilities and internationally trained doctors supporting you 24/7. Clinics also provide support for the visa, travel, and Forex exchange. We provide high-quality treatment with excellent success-rate at the most reasonable pricing.
ivf clinic in india
Check your insurance
Fertility treatments are not considered medically necessary so insurance companies and they do not usually cover them. But if you have a certain condition like endometriosis, polycystic ovarian disease, etc. that cause infertility, you may be able to get the insurance to pay for the treatment.
If you are still unable to get your insurance to cover it, see if your company offers some kind of employee benefit that allows you to use part of your pre-taxed income for medical uses that insurance provider won’t cover.
How to pay for IVF procedures
Among the top 10 IVF centers in Delhi Baby Joy IVF clinic allows you to pay through various payment options. You can make the payment online which speeds up and simplifies the procedure. We also allow you to pay in installments. Our costing and payment are highly transparent. We provide “World-class Yet Economical” IVF Fertility Treatment in Delhi.
Additional Offers Only for This Week on Cost of IVF in Delhi at Baby Joy
  • Spl. Discounted IVF Packages.
  • Easy EMIs available; Payment can be made in parts.
  • Register nw to avail cheap IVF Price, IVF Cost in Delhi & Start treatment later.
  • Your age, years of marriage & fertility history will help us guide you better on overall IVF Cost, Cost of IVF.
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Watch - How to select an IVF centre
Smoking and Alcohol detox
Both smoking and alcohol reduce the success rate of IVF treatment. Smoking in men can lead to low sperm count and poor sperm quality causing miscarriage. Women can also face miscarriage due to smoking as it ages the eggs and depletes the uterus lining. Taking alcohol more than ten units a week also decreases the chances of successful IVF treatment.
Relaxation
Many studies have proved that stress adversely affects the results of IVF treatment. It messes up with your cycle timing and can reduce sperm count in males. Cortisol and other hormones secreted due to stress interfere with the implantation process. It may also lead to miscarriage. You can opt for activities like light yoga, meditation, spa, etc for relaxation. You should talk to your doctor and your partner about your apprehensions. Consult a professional counselor if needed.
Acupuncture
Acupuncture is a science that treats various health conditions by putting tiny needles precisely in your body. Presently it is one of the most preferred alternative treatments. Acupuncture is highly effective in managing stress. It enhances the blood flow to the reproductive organs and improves their function. Taking acupuncture sessions for three months before the embryo transfer can dramatically increase the chances of successful treatment.
All the couples who are commencing their journey of IVF may initially find it challenging and demanding. Although it is not completely untrue, a little research, precautions, and teaming with an excellent doctor and fertility clinic like the baby joy IVF can make it safe and smooth. Our doctors compassionately discuss the details of infertility and the procedure to be followed. We provide personalized care to all our patients and provide them both medical and psychological support.
Best wishes from Baby Joy If you are commencing their journey of IVF and find it challenging and demanding, you are not alone. Although the fear is not completely unjustified, a little research, precautions, and teaming with an excellent doctor and fertility clinic can make it safe and smooth. Find the best IVF doctor who compassionately discusses the details of infertility and the procedure to be followed. Personalized care and world-class medical and psychological support can ensure your success through the journey of IVF.
We understand, there cannot be a stronger human emotion than the desire ‘to have Your Little One!’ “Baby Joy” is our endeavour to be part of your journey towards parenthood.
It is our VISION to set benchmarks in the field of Fertility management globally, through cutting edge technology, most advanced treatment protocols, & a highly acclaimed team of doctors, embryologists & support staff.
It is our MISSION to achieve high success rates at lowest cost, through highly customised fertility care, internationally accepted protocols & best global practices. We strongly believe in bringing transparency & honesty to Fertility care in India. We carry out egg donation & surrogacy through our sister concern WSC. This makes Baby Joy a comprehensive Fertility Centre providing 360 degree fertility solutions under 1 roof. We are one of the few recognised professionally run healthcare centres in India. Baby Joy offers comprehensive Infertility, Surrogacy and Test Tube Baby Solutions in India
At Baby Joy, we strive to ‘touch your lives’ by helping you ‘create life!’
Hoping to transform your dreams into reality, your desires into accomplishments & your Hope into Joy !
Source URL:- https://www.babyjoyivf.com/13-ways-to-maximise-your-ivf-success-minimise-your-ivf-cost/
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Supply and Demand Is The Best Forex Strategy! - YouTube Supply and Demand Trading - How to PRACTICALLY do it - YouTube Supply and demand trading explained - FOREX - YouTube Learn how supply and demand affects the exchange rate ... Learn Supply And Demand Strategy 70% Win Rate 4 10 19 Beginners Guide To Supply And Demand Forex Trading - YouTube How to Spot True Supply and Demand - Forex James - YouTube

On the supply side, an increase in the supply of a currency will shift the supply curve to the right, ultimately creating a new intersection for supply and demand and a lower exchange rate for the ... Foreign Exchange rate (ForEx rate) is one of the most important means through which a country’s relative level of economic health is determined. A country's foreign exchange rate provides a window to its economic stability, which is why it is constantly watched and analyzed. If you are thinking of sending or receiving money from overseas, you need to keep a keen eye on the currency exchange ... ‘Forex supply and demand mismatch threat to stability’ The Zimbabwe Independent. 11 hrs ago. Celebrity couples' first dance songs. Celebs React to Donald Trump Testing Positive for COVID-19 ... Bank Negara Malaysia left its key overnight policy rate unchanged at 1.75 percent on November 3rd, 2020, as widely expected. The central bank said the current monetary policy stance remains accommodative given the outlook for growth and inflation. The board added that the cumulative 125bps reduction in the key interest rate so far this year will continue to provide stimulus to the economy. Hey there :D I'm using a Supply n Demand and QML Pattern. On the Daily timeframe i saw a descending channel, so i take decision to try short this pair. And i saw a possible QM Pattern on the 1H timeframe, pattern is not really formed on the resistance area tho, but i saw a Drop base Drop (which is a Supply Zone) on the 4th line of the QM ... The demand curve (D) for Mexican pesos intersects with the supply curve (S) of Mexican pesos at the equilibrium point (E), which is an exchange rate of 10 cents in U.S. currency for each Mexican peso and a total volume of 85 billion pesos. Note that the two exchange rates are inverses: 10 pesos per dollar is the same as 10 cents per peso (or $0.10 per peso). In the actual foreign exchange ... Supply and demand Forex traders can use this knowledge to identify high probability price reaction zones. Here are the six components of a good supply zone: 1) Moderate volatility. A supply zone typically shows narrow price behavior. Lots of candle wicks and strong back and forth often cancel a supply zone for future trades. The narrower a supply/demand zone before a strong breakout is, the ... As with most forex trading strategies supply and demand traders incorporate the concept of trend into their analysis of the market. The problem is the way the traders implement the concept of trend. Typically what a trader will do is go on the daily chart and see that overall the trend is down, therefore they are only going to take trades at supply zones as they have been told to always trade ... Deposit Interest Rate in Malaysia decreased to 2.98 percent in 2019 from 3.10 percent in 2018. Deposit Interest Rate in Malaysia averaged 4.90 percent from 1980 until 2019, reaching an all time high of 9.75 percent in 1982 and a record low of 2.08 percent in 2009. This page includes a chart with historical data for Deposit Interest Rate in Malaysia. The foreign exchange (or Forex) market, just like every other market in the world, is driven by supply and demand. In fact, understanding the concept of supply and demand is so important in the ...

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Supply and Demand Is The Best Forex Strategy! - YouTube

Supply and Demand in the Forex market may be difficult to some of you but in this week's Forex market recap, I go over a few of the setups we took here at ht... Try a Free Trial of The Great Courses Plus here: https://www.TheGreatCoursesPlus.com/lp/t2/generic?utm_source=Video&utm_medium=Youtube&utm_campaign=136308 Do... 📗Get my ebook (*free) https://www.critical-trading.com 🚀Get my trading strategy (*20%off coupon "STAYHOME") https://www.critical-trading.com/volume-profi... Get Your Member's Only VIP Access Here - https://www.forexjames.com/vip/ Check Out My Price Action Course on Udemy (Special Coupon Applied for My Youtube Vie... Let me show you what supply and demand areas look like on your charts and how to find them. Traders that know about the concept of supply and demand can use ... Traders that know about the concept... #supplyanddemandforex #forextechnicalanalysis #trading180 Learn To Trade Supply And Demand Forex Zones https://www.trading180.com Supply And Demand Zone Trad... Learn Supply & Demand Webinar Replay April 10, 2019 To see how big of a discount you qualify for contacting your account manager. www.neurostreet.com/account...

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