$VELESTO / 5243 (VELESTO ENERGY BERHAD)
Research by TA
Buy - TP RM0.34

"2QFY24 Delivers Strong, Expected Results"

After incorporating an ESG Premium of 3%, we increase our TP to RM0.34/share (previously RM0.33/share) pegged to 12x CY25 EPS. VELESTO is expected to continue benefiting from escalating DCR amidst tight jack-up drilling rig market. Maintain Buy.

Analyst:
Lee Yun Leon
yllee@ta.com.my