[%jxoR%]
Research by Maybank
HOLD – TP RM  8.59

" 2Q24: Within expectations;also, Mero 3 first oil delayed”

MISC’s 2Q24 results came in within ours and consensus expectations. With that, we make no changes to our FY24-26E earnings estimates. We also maintain our HOLD call with an unchanged SOP-based TP of MYR8.13. We continue to like MISC for its: i) defensive nature from its LT LNG charters which provide recurring cash flows; and ii) decent dividend yields of 4+% for an investible, stable and solid blue-chip name. 

Analyst:
Jeremie Yap
[%Pncn%]

$KLSE-MISC
Research by Maybank
HOLD – TP RM  8.59

" 2Q24: Within expectations;also, Mero 3 first oil delayed”

MISC’s 2Q24 results came in within ours and consensus expectations. With that, we make no changes to our FY24-26E earnings estimates. We also maintain our HOLD call with an unchanged SOP-based TP of MYR8.13. We continue to like MISC for its: i) defensive nature from its LT LNG charters which provide recurring cash flows; and ii) decent dividend yields of 4+% for an investible, stable and solid blue-chip name. 

Analyst:
Jeremie Yap
jeremie.yap@maybank-ib.com