Oil - Service, Equipment, Pipelines etc

[winston]

Oil & Gas - Equipment & Svs
New FSU for PLNG2: MISC & Dialog impact

MISC will convert one of its existing LNG carriers into an FSU for a 20-year time charter to a PetGas-operated regasification plant at Pengerang, Johor.

The low time charter rate would not help sentiments on MISC, in our view.

Dialog may also not have the opportunity to build a third onshore LNG tank at the plant. Reiterate Neutral on the Malaysian O&G sector.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... CA6A0023EB

[winston]

HLIB: O&G industry to benefit as oil prices stay between US$80/bbl and US$90/bbl

HLIB’s top picks for O&G players with “buy” recommendations are Bumi Armada Bhd (target price (TP): RM0.69), Hibiscus Petroleum Bhd (TP: RM3.22), and Wasco Bhd (TP: RM1.27).

Source: The Edge

https://theedgemalaysia.com/node/688933

[winston]

PETRONAS hints at sizeable capex in 2024E

Maintain POSITIVE on Malaysia O&G Sector

Our general thesis on the Malaysia Oil and Gas sector has not changed much since our previous report.

As EIA has forecasted a record-high demand for oil in 2023-2024E, we think that the elevated crude oil price environment will stay for the medium-term.

We maintain our POSITIVE stance on the sector with in-house Brent ASP assumptions of USD85/80/bbl for 2023/2024E.

Top sector BUYs are Yinson, Velesto and Wasco.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/354379.pdf

[winston]

HLIB ‘overweight’ on O&G sector; Bumi Armada, Wasco and Velesto top picks

By Syafiqah Salim

Our Brent Crude oil forecast for 2024/2025 remains at USD85/80 per barrel.

Downside risks to our projections include:-
(i) reactivation of spare capacity from Opec in the near-term
(ii) de-escalation of geopolitical conflicts
(iii) China’s slower-than-expected oil demand growth and
(iv) further deterioration of global economic conditions in 2024

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/694338

[winston]

RHB IB stays positive on upstream services players, Dialog, Yinson and Dayang top picks

By Surin Murugiah

Backed by the national oil company’s capital expenditure (capex) allocation of RM50 billion to RM60 billion (2023: RM52.8 billion).

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/704881