MISC 1H23 core PATAMI of RM1.2bn (+85% yoy) was inline with both our and consensus’ estimate at 49% and 52% respectively. Despite large loss at MMHE in 2Q23, earnings remain robust at RM477mn as it was boosted mainly by a sustained strength in petroleum tanker rate. We expect tanker rate to remain elevated amidst new supply constraint from (i) limited yard availability for newbuild, and (ii) concern on carbon emission on newbuild vessels. As MISC stock price remain a laggard to rising tanker rate, coupled with higher DPS declared for 2Q23, we believe it is attractive to accumulate the stock now. Hence, we maintain our BUY call on MISC with unchanged TP RM10.00.
Source: BIMB Securities Research - 25 Aug 2023
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MISCCreated by kltrader | Jul 17, 2024
Created by kltrader | Jul 17, 2024
Created by kltrader | Jul 17, 2024