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Research by Kenanga
MARKET PERFORM – TP RM8.09

" Awaiting Mero 3 Hook Up”

MISC’s 1HFY24 core profit was in line with both our and consensus expectations. While its petroleum division outlook looks robust, the gas & asset solutions division remains challenged as reflected in weak LNG shipping spot markets, and FPSO Mero 3 is still undergoing the hook-up process, with a potential slight delay in achieving first oil. We maintain forecast, SoP-TP of RM8.09 and our MARKET PERFORM call as risk-reward appears balanced.

Analyst:
Lim Sin Kiat, CFA 
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$KLSE-MISC
Research by Kenanga
MARKET PERFORM – TP RM8.09

" Awaiting Mero 3 Hook Up”

MISC’s 1HFY24 core profit was in line with both our and consensus expectations. While its petroleum division outlook looks robust, the gas & asset solutions division remains challenged as reflected in weak LNG shipping spot markets, and FPSO Mero 3 is still undergoing the hook-up process, with a potential slight delay in achieving first oil. We maintain forecast, SoP-TP of RM8.09 and our MARKET PERFORM call as risk-reward appears balanced.

Analyst:
Lim Sin Kiat, CFA 
limsk@kenanga.com.my