Analysts Bullish On Coastal Contracts Despite Pemex Challenges
Analysts Bullish On Coastal Contracts Despite Pemex Challenges
Production at the Ixachi field in Mexico is also expected to increase, maintaining Coastal Contracts' strong position in the region. However, analyst noted that progress is heavily contingent on decisions by Mexico's state-owned oil company, Pemex, which is facing its own financial challenges.
Despite putting a lower target price of RM1.67 for Coastal Contracts Bhd's shares, RHB Investment Bank Bhd (RHB Research) has maintained a BUY recommendation on Coastal Contracts as the company's robust cash position and foothold in Mexico are expected to drive long-term growth.
儘管將海岸合同有限公司的目標價下調至RM1.67，RHb投資銀行有限公司（RHb研究）仍維持對海岸合同的買入推薦，因爲該公司的穩健現金狀況和在墨西哥的立足點預計將推動長期增長。
RHB Research highlighted that Coastal Contracts could end the year with nearly RM1 billion in net cash, which positions the group to capitalise on emerging opportunities and potentially announce a special dividend ahead of the impending dividend tax.
RHb研究指出，海岸合同可能在年末時擁有近RM10億的淨現金，這使得該集團能夠利用新興機會，並可能在即將到來的股息稅之前宣佈特別股息。
The group is set to receive US$155 million (RM688.2 million) in the fourth quarter of 2024 (4Q24) and an additional US$10 million in 1Q25 from its joint venture loan refinancing. This cash inflow strengthens its ability to pursue new projects, including renewable energy initiatives such as large-scale solar farms in Sabah, for which it is currently bidding.
該集團預計將在2024年第四季度（4Q24）收到15,500萬美元（RM68820萬），並將在2025年第一季度（1Q25）獲得額外的1000萬美元，來自其合資企業貸款再融資。這筆現金流入增強了其追求新項目的能力，包括在沙巴的大規模新能源項目，例如目前正在投標的太陽能農場。
Production at the Ixachi field in Mexico is also expected to increase, maintaining Coastal Contracts' strong position in the region. However, analyst noted that progress is heavily contingent on decisions by Mexico's state-owned oil company, Pemex, which is facing its own financial challenges.
位於墨西哥的Ixachi油田的生產也預計將增加，從而維持海岸合同在該地域板塊的強勢地位。然而，分析師指出，進展在很大程度上取決於墨西哥國有石油公司Pemex的決策，而Pemex面臨自身的財務挑戰。
Negotiations for an extension of the group's jack-up gas compression service unit (JUGCSU) contract have been slower than expected and could extend beyond year-end. Pemex is evaluating options, including converting the JUGCSU into a mobile offshore production unit for a five-year extension or relocating the unit to a deeper field, requiring modifications for a longer-term contract of up to 10 years. RHB Research has adjusted its FY25F-FY26F earnings estimates downward by 9.3% and 4.4%, respectively, to reflect potential delays and lower contributions from the JUGCSU contract.
集團的自升式氣體壓縮服務單元（JUGCSU）合同的延長談判進展比預期緩慢，可能會延續到年底以後。Pemex正在評估期權，包括將JUGCSU轉換爲移動離岸生產單元以延長五年，或將該單元遷移到一個更深的油田，需要修改以進行長達10年的長期合同。RHb研究已將其2025財年和2026財年的收益預估分別下調9.3%和4.4%，以反映潛在的延誤和來自JUGCSU合同的較低貢獻。
Despite these challenges, the research house noted that the potential expansion of the Perdiz or Papan processing plants could buffer any delays. Pemex expects production at the Ixachi field to double by 2025, necessitating increased plant capacities. Coastal Contracts is also considering new projects, including a gas dehydration plant, gas conditioning facilities, and a gas storage initiative.
儘管面臨這些挑戰，研究機構指出，Perdiz或Papan加工廠的潛在擴展可能會緩衝任何延誤。Pemex預計到2025年Ixachi油田的生產將翻倍，這需要增加廠房的產能。海岸合同還在考慮新的項目，包括氣體脫水廠、氣體調理設施和氣體儲存計劃。
However, RHB Research said risks remain for Coastal Contracts as it has flagged a potential one-off impairment on receivables worth US$33.2 million related to its JUGCSU operations, as Pemex prioritises other payments.
然而，RHb研究表示，由於Coastal Contracts已警告與其JUGCSU業務有關的應收賬款可能出現一次性減值，金額爲3320萬美元，因此風險仍然存在，因爲Pemex優先考慮其他支付。
The research house believes that if the payment is not received by 4Q24, the full amount may be impaired, with subsequent recoveries treated as reversals. Payments linked to the Papan and Perdiz plants remain unaffected.
該研究機構認爲，如果在2024年第四季度之前未收到付款，則可能會全額減值，後續的回收將視爲沖銷。與Papan和Perdiz工廠相關的付款仍未受到影響。
譯文內容由第三人軟體翻譯。