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Velesto's Tenderbook Soars, Analyst Sees Big Upside Ahead

Velesto's Tenderbook Soars, Analyst Sees Big Upside Ahead

Velesto的招標書飆升,分析師認爲前景看好
Business Today ·  2024/12/06 03:38
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Maybank Investment Bank Bhd (Maybank IB) has reiterated its BUY call on Velesto Energy Bhd with an unchanged target price of 25 sen, citing the company's strong regional tenderbook and the recovery in the JU rig market expected from the second half of 2025. The research house believes Velesto's strategic expansion into regional jobs will provide a solid hedge against a potential downcycle in Petronas' capital expenditure in 2025.

大華銀行投資銀行(Maybank IB)重申了對Velesto Energy Bhd的買入看漲,目標價保持在25仙,原因是該公司強勁的區域型投標書以及預計從2025年下半年開始JU鑽井市場的復甦。研究機構認爲,Velesto在區域性項目的戰略擴展將爲其提供對2025年Petronas資本支出可能下行週期的有力對沖。

Maybank IB also highlighted the company's robust balance sheet, which could lead to improved dividend payout ratios (DPR) in the future, enhancing its attractiveness as a dividend yield stock.

大華銀行投資銀行還強調了該公司強大的資產負債表,這可能導致未來股息支付比率(DPR)的改善,增強其作爲股息收益股票的吸引力。

In its third-quarter 2024 (3Q24) results, Velesto recorded a significant 69% quarter-on-quarter increase in its tenderbook, rising to RM5.4 billion from RM3.2 billion at the end of the previous quarter. This growth was mainly driven by an uptick in long-term (LT) tenders for rigs N3 and N8, which are expected to be deployed in Thailand and Vietnam.

在2024年第三季度(3Q24)業績中,Velesto的投標書顯著增長,環比增長69%,從上個季度末的RM32億上升至RM54億。這一增長主要是由於對N3和N8鑽井的平台長期(LT)投標的增加,這些平台預計將在泰國和越南部署。

The research house sees this move as a positive development that will provide earnings visibility from 2H25 until the end of 2026. Despite the likelihood that these LT tenders may be secured at lower day charter rates (DCRs), they will contribute to higher utilisation rates and help secure earnings for Velesto.

研究機構認爲此舉是積極的發展,將爲2025年下半年到2026年末提供盈利可見性。儘管這些長期投標可能以較低的日租率(DCR)獲得,但它們將有助於提高利用率,並幫助Velesto確保盈利。

Maybank IB also noted that while the JU rig market is expected to experience a temporary slowdown in the first half of 2025 (1H25), demand is projected to pick up again in 2H25 through 2026. To regain investor confidence and boost its stock performance, Velesto needs to secure additional regional long-term contracts, which would provide earnings certainty for FY25-FY26 and beyond. Alternatively, increasing its DPR, supported by strong free cash flow (FCF) generation, could be another catalyst for a re-rating.

大華銀行投資銀行還指出,雖然JU鑽井市場預計將在2025年上半年(1H25)經歷暫時放緩,但需求預計將在2025年下半年至2026年再次回升。爲了重獲投資者信心並提升股票表現,Velesto需要確保額外的區域型長期合同,以爲2025財年-2026財年及以後提供盈利確定性。或者,增加其股息支付比率,在強勁的自由現金流(FCF)生成的支持下,可能是重新評級的另一個催化劑。

The analyst forecasts that Velesto will generate an FCF of RM309 million in FY25, turning net cash of RM202 million by the end of the year. With the company's solid cash flow position and healthy DCRs expected to continue, Maybank IB believes Velesto has the potential to raise its DPR, which would further enhance its dividend yield appeal.

分析師預測Velesto在2025財年將生成30900萬RM的自由現金流,到年底實現20200萬RM的淨現金。鑑於公司健康的現金流狀況和預計持續的健康日租率,大華銀行投資銀行認爲Velesto有潛力提升其股息支付比率,進一步增強其股息收益的吸引力。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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