AmInvest Assigns Keyfield As Best In Class Proxy For OSV Subsector
AmInvest Assigns Keyfield As Best In Class Proxy For OSV Subsector
The Bank project that the delivery of new vessels, combined with a blended utilisation rate of 90% and competitive daily charter rates of RM89,000 to RM95,000, will further enhance Keyfield's market standing. Despite a significant share price increase of 145% year-to-date, the company's current valuation suggests room for further appreciation, trading at a 1-year forward P/E of 7.8 times, which reflects a 29% discount compared to peer averages.Keyfield International (Keyfield) has been assigned a fair value of RM3.25 per share by AmInvestment Bank, based on a FY25F price-to-earnings (P/E) ratio of 11 times, which is in line with the average of local offshore support vessel (OSV) peers at 10.5 times. As a specialist OSV contractor, Keyfield operates a fleet of 13 vessels exclusively within Malaysian waters, focusing on chartering accommodation work boats, passenger support vessels, and anchor handling tug ships. The company's outstanding order book stands at RM619 million, equating to 1.1 times its FY24F revenue, providing visibility until FY26F, with RM338 million anticipated to be recognised in the latter half of FY24.
AmInvestment Bank根据FY25F市盈率11倍给予Keyfield International (Keyfield)每股RM3.25的公允价值，这与当地离岸支持船(OSV)同行平均值10.5倍相一致。作为专业的OSV承包商，Keyfield在马来西亚水域专门经营一支由13艘船只组成的船队，专注于租赁住宿工作船、乘客支援船和拖缆拖船。该公司的未结订单将达到RM61900万，相当于FY24F营收的1.1倍，提供了直到FY26F的可见度，其中RM33800万预计将在FY24的后半年被认定。
In terms of analyst calls, AmInvestment Bank's initiation with a BUY recommendation contrasts with expectations of demand fluctuations tied to Petronas' capital expenditure (capex) programme. Despite potential cuts in Petronas' capex, analysts foresee pockets of opportunity within the OSV sector due to persistent supply constraints. The company is seen as a strong proxy in the OSV segment, benefiting from a balanced fleet composition and established relationships with key clients, including Petronas. Analysts note that the demand for OSVs remains high, with continued requirements for various vessel types over the next few years, despite a projected decline in certain categories due to planned work reductions.
在分析师的观点中，AmInvestment Bank的买入建议与与马来西亚国有石油公司(Petronas)资本支出(capex)计划相关的需求波动预期相矛盾。尽管Petronas的资本支出可能会有所削减，但分析师们预计由于持续的供应限制，OSV行业仍然存在机会。该公司被认为是OSV行业的强劲代表，受益于均衡的船队组合和与包括Petronas在内的关键客户的稳固关系。分析师指出，尽管由于计划的工作减少，某些类别的需求将有所下降，但对各种船只类型的需求在未来几年仍然较高。
Keyfield's growth outlook is further supported by a tight capacity environment, which is anticipated to keep daily charter rates steady, potentially peaking by FY25F as offshore activities normalise. With plans to add three vessels to its fleet, the company is positioned to achieve an impressive three-year earnings compound annual growth rate (CAGR) of 36%. This is underpinned by an order book bolstered by high charter rates and a blend of vessel types that cater to diverse offshore needs.
Keyfield的增长前景得到供应能力紧张环境的进一步支持，预计这将使日租赁费率保持稳定，并可能在FY25F时达到顶峰，因为离岸活动将恢复正常。随着计划增加三艘船只到其船队中，该公司有望实现3年复合年增长率(CAGR)高达36%。这得益于订单簿中高租赁率的支撑以及满足广泛离岸需求的船只类型的组合。
The Bank project that the delivery of new vessels, combined with a blended utilisation rate of 90% and competitive daily charter rates of RM89,000 to RM95,000, will further enhance Keyfield's market standing. Despite a significant share price increase of 145% year-to-date, the company's current valuation suggests room for further appreciation, trading at a 1-year forward P/E of 7.8 times, which reflects a 29% discount compared to peer averages.
银行预计新船的交付，加上90%的混合利用率和每日RM89,000至RM95,000的竞争性日租赁费率，将进一步提升Keyfield的市场地位。尽管该公司的股价年初至今已上涨了145%，但其当前估值显示仍有进一步增值的空间，即以1年前推市盈率7.8倍交易，相比同行平均水平折扣29%。
Source: AmInvestment Bank
Title: Best-in-class proxy to OSV subsector
来源: AmInvestment Bank
标题: 最佳代理到OSV子行业
译文内容由第三方软件翻译。
