Hibiscus

[winston]

not vested

Hibiscus Petroleum posts strong earnings quarter despite one-off UK energy levy

Net profit of RM70.47mil, representing earnings per share of 3.5 sen, as compared with a net profit of RM48.49mil, or earnings per share of 2.42 sen, in the previous corresponding quarter.

Revenue of RM713.13mil, a 150% increase over revenue of RM284.4mil in the comparative quarter.

Better performance from the Peninsula Hibiscus Group assets and the Anasuria Cluster.

Source: The Star

https://www.thestar.com.my/business/bus ... nergy-levy

[winston]

not vested

1HFY23 results on track
Maintain BUY and MYR1.90 TP

One-offs aside in 2QFY23, 1HFY23 core results made up 46% our FY estimate, with a stronger HoH performance expected in 2H23.

While it has set a minimum target of a 2.5 sen DPS in FY23, a higher payout (5 sen; 4.3% yield) is possible, a catalyst, based on its financial strength.

Securing extension for its Repsol ops and/or Field Development Planning (FDP) approval for its Marigold project are other catalysts.

Our TP, based on USD11/boe of EV/2P reserves valuation excludes these for now.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/303101.pdf

[winston]

not vested

Small niggles
Maintain BUY and MYR1.90 TP

3Q23 core results came in as expected (-37% QoQ), affected by lower production & realised hydrocarbon prices.

Our revised FY23-25 earnings (-5%-18) now reflect lower off-takes following the unplanned output
disruption at its Kinabalu ops.

That said, securing extension for its Repsol ops and/or Field Development Planning (FDP) approval for its Marigold project are re-rating catalysts.

Our TP, based on USD11/boe of EV/2P reserves valuation excludes these for now.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/320008.pdf

[winston]

not vested

Hibiscus annual revenue exceeds RM2 bil for the first time; plans dividend, share consolidation

By Isabelle Francis

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/679807

[winston]

not vested

Hibiscus records net profit of RM123.28mil, proposes 5-to-2 share consolidation

Hibiscus Petroleum Bhd posted a net profit of RM123.28mil in the fourth quarter of its financial year, which was less than half the net profit of RM255.39mil registered in the same quarter in 2022.

This brought the group's earnings per share to 6.13 sen, down from 12.69 sen previously.

Revenue, meanwhile, was down to RM503.6mil from RM868.37mil in the previous corresponding quarter.

For the cumulative 12-month period, Hibiscus' net profit was RM400.52mil on the back of RM2.34bil revenue, which compares to net profit of RM652.94mil and revenue of RM1.7bil.

Source: The Star

https://www.thestar.com.my/business/bus ... solidation

[winston]

not vested

Hibiscus Petroleum (HIBI MK)
1QFY24: Strong oil prices meet high offtake volumes

Cut FY24-25E EPS by 11%-19%; maintain BUY

We cut FY24-25E EPS by 11%-19% to account for lower in-house average crude oil price assumption of USD80/bbl in 2024E and USD75/bbl in 2025E (from USD100/bbl).

With that, we revise our TP to MYR2.99 based on DCF (from MYR4.75, based on USD11/boe EV/2P reserves valuation previously).

Maintain BUY.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/352116.pdf

[winston]

not vested

4Q Results

Revenue: +46%; RM 738m
EPS: -11%; RM 0.14; RM 109m
Net Asset 3.88

https://www.bursamalaysia.com/market_in ... id=3477178

[winston]

not vested

4QFY24: Within; tight FCF in FY25E a worthy concern

Incorporating revised assumptions; D/G to SELL

Hibiscus’s 4QFY24 results were within expectations.

Our FY25-26E earnings are tweaked by +0%/+4% after:
i) post-update of FY24 full-year figures;
ii) a cut in USD/MYR LT assumption to 4.40 (from 4.60 previously);
iii) a raise in our capex assumptions post-earnings call; and
iv) lifting our LT Brent Oil price assumption to USD75/bbl (from USD65-75 previously).

This also leads to a lower DCF-TP of MYR1.60 (-71sen).

The stock is now a SELL. Based on our estimate, FCF may remain tight in FY25E.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/401938.pdf

[winston]

not vested

Sep 01, 2025

FY26F profits may steady; growth in FY27F

FY6/25 core net profit of RM118m was 18% above our forecast (47% below LSEG consensus), due to the deferred tax income booked in 4QFY25.

Reiterate Add with a higher TP of RM2.93 (DCF, Ke: 16%), rolling over to end-CY26F; we forecast flattish EPS in FY26F but strong growth in FY27F.

The key downside risk is potential lower oil prices as OPEC+ has raised its production quotas since Apr 2025; this could hurt Hibiscus’ profitability.

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 44388928A1

[winston]

vested

Hibiscus Petroleum builds momentum heading into 2H26 after strong quarter

Net profit of RM70.3mil on the back of RM544.5mil in revenue and an average realised oil and condensate price of US$68.7 per barrel in the quarter.

Source: The Star

https://www.thestar.com.my/business/bus ... ng-quarter