IN view of its ageing fleet of offshore support vessels (OSVs) for the oil and gas (O&G) industry, Petroliam Nasional Bhd (Petronas) has recently put out to tender the building of 16 such vessels.
It is understood that this is just the first batch of contracts up for grabs. The national oil firm’s plan is to build 100 vessels in four years — a move to phase out its old vessels, according to industry sources.
Our shipyard of our subsidiary company, Muhibbah Marine Engineering Sdn Bhd, located at Telok Gong, Port Klang is one of the very few local shipyards shortlisted by Petroliam Nasional Bhd (“Petronas”) to undertake the construction of new offshore support vessels under the Petronas’s New Build Program, known as Safina Phase 1.
Macau's gross gaming revenue (GGR) in March was up 23% sequentially, according to JPMorgan (NYSE:JPM) analysts in a note to clients on Monday.
In a boost for companies including Las Vegas Sands Corp (NYSE:LVS), Wynn Resorts Limited (NASDAQ:WYNN), MGM Resorts (NYSE:MGM), and Melco Resorts & Entertainment Ltd (NASDAQ:MLCO), the analysts told investors that they are buyers of U.S.-listed Macau-centric stocks in its coverage universe.
The analysts also noted that GGR was up 247% year-over-year, although the YoY comparison was "easy" due to the COVID-19-related restrictions in China last year.
"March's GGR per day of MOP411m tops that of the ~MOP360m run-rate post the seasonally strong Lunar New Year holiday. Impressive," the analysts wrote. "In other words, March's better-than-expected results should reassure investors of the market's recovery. Even more importantly, March's results likely imply an acceleration in the mass table game segment – probably north of 70% in relation to pre-COVID levels and up sequentially from the 60-65% levels in January and February."
They added that while the first quarter gaming revenue recovery is "more or less telegraphed by these March/1Q23 results," they think EBITDA margins should surprise to the upside.
"We see the 1Q23 earnings season as not only generating 1Q23 upside but, more importantly, setting the stage for 2Q23 and beyond margin-upside-driven positive earnings revisions. Because of this, we think Macau stocks have the best risk-reward of anything in our coverage universe. So, we are buyers of WYNN, MLCO, MGM, and LVS, each rated Overweight," the analysts concluded.
Government to promote private sector investment into large-scale agriculture by providing incentives, land, funds and technology grants.
“Elaun Modal Dipercepatkan” and 100% income tax exemption on capital expenditure will be available, and the tax incentive application period for food production projects will be extended until end-2025, with an expanded scope to include modern agriculture projects.