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CGS INTERNATIONAL |
PHILLIP SECURITIES |
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Nam Cheong Limited Sailing on new charters
■ NCL has won two-year charters starting 2026F worth RM102.5m for two vessels, lifting its fleet’s long-term charter coverage to 69%. ■ Long-term charters should lift utilisation in 2026F while sustained high oil prices could boost OSV demand from 2027F amid longer capex lead times. ■ In our recent NDR, NCL noted no material risk to its existing newbuild order. Enquiries were healthy, largely coming from West Africa and Southeast Asia.
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Oiltek International Ltd Order book spikes 5x
▪ Oiltek announced a heads of agreement with Bioseaga Industries for the construction of a 300 MT/day sustainable aviation fuel (SAF) facility in Sabah worth US$350mn (RM1.4bn). A definitive agreement is expected to be signed within six months. Conditions to the agreement include project financing, regulatory approval, land confirmation and final terms and conditions.
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UOB KAYHIAN |
MAYBANK SECURTIIES |
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PTT Exploration & Production (PTTEP TB) Strong 1Q26 Core Profit, Dragged By Oil Hedging Losses
Highlights • We expect 1Q26 net profit to decline both qoq and yoy due to significant oil hedging losses, while core profit could remain strong. • We raise our 2026 net profit forecast to reflect a higher crude oil price assumption, supported by ongoing Middle East tensions. • We expect 2Q26 net profit to grow both qoq and yoy. Maintain BUY with a higher target price of Bt185.00 (previously Bt150.00).
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Malaysia REITs Managing energy risk amid WHT reset
Headwinds priced in; maintain POSITIVE We maintain our POSITIVE stance on Malaysia REITs despite the dual headwinds of (i) the removal of preferential WHT and (ii) rising electricity cost risks linked to elevated global energy prices. While both factors introduce near-term uncertainty, we believe their impact is manageable and largely reflected in current valuations, with sector fundamentals remaining intact. Our top picks are Paradigm REIT, CLMT and Al-Salam REIT.
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| DBS GROUP RESEARCH | DBS RESEARCH |
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Bumitama Agri Ltd Benefiting from strong CPO price momentum
Investment Overview Riding high with palm oil price. We believe Bumitama Agri (BAL) is set to benefit from a projected CPO price of USD950/MT in 2026. Earnings should trend higher in 2026, mainly on a decent palm oil price and higher output trend. BAL has been paying good dividends; we see room to sustain said dividend and offer a decent yield of 5-6% to investors.
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NAM CHEONG |
