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HL invesment bank advocate positioning for our 2027 thesis of a recovery in Petroliam Nasional Bhd’s (PETRONAS) upstream capital expenditure (capex) alongside rising regional energy-security investments. We believe the sector remains supported by a recovery in offshore support vessel-related names such as Dayang Enterprise Holdings Bhd (KL:DAYANG), Keyfield International Bhd (KL:KEYFIELD) and Perdana Petroleum Bhd (KL:PERDANA), while improving oil and gas services and equipment order flows and longer-term demand for storage, pipelines and broader energy infrastructure should continue to support Dialog Group Bhd (KL:DIALOG) and Wasco Bhd (KL:WASCO)
Latest report shows solid profit margins which means their vessel deployment strategy is really paying off right now, one of the strong performer this year
Keyfield International Bhd (KL:KEYFIELD) slid to a one-year low amid softer accommodation workboat demand and charter rates.
However, Kenanga Research in a note on Friday said the selldown was unjustified, given Keyfield's strong cash flow and potential realisable value of its assets.
The research house also pointed out that if all the vessels are valued based on their realizable value, the total comes up to around RM1.4 billion, which is much higher than the PPE value of RM962 million
