Local Oil Services Industry Gains Momentum Amid Rising Petronas Capex
Local Oil Services Industry Gains Momentum Amid Rising Petronas Capex
Kenanga Investment Bank (Kenanga), in its Oil & Gas sector update on July 2, 2024 (Tuesday), affirmed an OVERWEIGHT rating, citing favourable conditions in mid-stream and upstream opportunities.
肯納加投資銀行（Kenanga）2024年7月2日（星期二）發佈的石油和天然氣板塊更新報告中確認了超重評級，引用了中游和上游機會中的有利條件。
The bank maintained Brent crude price forecasts at USD84/bbl for CY24 and USD79/bbl for CY25, aligning closely with Bloomberg's median projections. Expectations point to a stabilising Brent price trajectory, with a slight weakening in 3QCY24 and a strengthening in 4QCY24, driven by seasonal impacts on Western economies.
該銀行維持布倫特原油價格預測爲CY24的每桶84美元和CY25的每桶79美元，與彭博社的中位數預測非常接近。預期表明布倫特價格軌跡正在穩定，CY24第三季度略有減弱，第四季度有所加強，受西方經濟的季節性影響推動。
Kenanga anticipates a phased discontinuation of OPEC+ production cuts by late CY24, followed by increased production in CY25, bolstering the global crude oil market balance. Notably, non-OPEC+ countries such as the US, Canada, Brazil, and Guyana are set to drive production growth in 2024 amid ample spare capacity from OPEC.
肯納加預計，OPEC+的產量削減將在CY24末逐步停止，隨後CY25將增加產量，從而支持全球原油市場平衡。值得注意的是，美國、加拿大、巴西和圭亞那等非OPEC+國家將在2024年推動產量增長，而OPEC則擁有充足的閒置產能。
Petronas ramps up domestic capex. Petronas allocated RM5.5b for domestic projects in 1QCY24, marking a 20% YoY increase and reflecting 52% of its total capex. This focus on upstream investments and cleaner energy solutions is expected to benefit Malaysian upstream service providers significantly.
國家石油公司提高國內資本支出。國家石油公司在2024年第一季度爲國內項目撥出55億令吉，同比增長20%，佔其總資本支出的52%。這種對上游投資和更清潔的能源解決方案的關注預計將極大地惠及馬來西亞的上游服務提供商。
Local upstream services flourish. Malaysian companies servicing upstream sectors report heightened demand, particularly in vessel charter rates for accommodation work boats (AWB) and anchor handling tug supply (AHTS) vessels. Short-term AWB rates soared to RM150,000/day, driven by robust brownfield maintenance activities.
本地上游服務蓬勃發展。馬來西亞爲上游板塊提供服務的企業報告需求旺盛，特別是用於住宿工作船（AWB）和錨處理拖船供應（AHTS）船的船隻租賃費。短期AWB租金因強勁的棕色現場維護活動飆升至每天150,000令吉。
OSV market dynamics. Despite global OSV supply constraints, local markets remain under-supplied relative to demand from Petronas and other oil majors. The sector anticipates steady rates due to limited new build activity among Malaysian players.
OSV市場動態。儘管全球OSV供應受限，但當地市場相對於國家石油公司和其他石油巨頭的需求仍然供不應求。該行業預計由於馬來西亞玩家的少量新增建築活動，費率將保持穩定。
Tank terminals poised for growth. Kenanga forecasts strong demand for tank terminal storage, driven by oil futures contango and increased geopolitical risks. Companies like DIALOG are well-positioned to benefit, particularly with ongoing expansions in Pengerang, Johor.
儲罐終端準備增長。肯納估計，由於石油期貨協商貨期和地緣政治風險的增加，將會大量需求儲罐終端儲存。公司如DIALOG處於良好的位置，特別是在柔佛的彭加古，有正在進行的擴展。
Investment outlook. Kenanga favours DIALOG (OP; TP: RM3.18), PETDAG (OP; TP: RM23.70), and VELESTO (OP; TP: RM0.34) as top sector picks, given their strategic positioning amidst anticipated sectoral growth.
投資展望。肯納加重點看好迪亞高（OP；目標價：RM3.18）、PETDAG（OP；目標價：RM23.70）和VELESTO（OP；目標價：RM0.34）作爲上述預期板塊增長中的戰略投資機會。
Kenanga's bullish outlook on Malaysia's Oil & Gas sector underscores potential opportunities in upstream services, midstream expansions, and strategic investments in tank terminal infrastructure.
肯納加對馬來西亞石油和天然氣板塊的看漲展望突出了上游服務、中游擴張以及儲罐終端基礎設施的潛在機會。
譯文內容由第三人軟體翻譯。