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根據FY25F市盈率11倍給予Keyfield International (Keyfield)每股RM3.25的公允價值，這與當地離岸支持船(OSV)同行平均值10.5倍相一致。作爲專業的OSV承包商，Keyfield在馬來西亞水域專門經營一支由13艘船隻組成的船隊，專注於租賃住宿工作船、乘客支援船和拖纜拖船。該公司的未結訂單將達到RM61900萬，相當於FY24F營收的1.1倍，提供了直到FY26F的可見度，其中RM33800萬預計將在FY24的後半年被認定。
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.
在分析師的觀點中，AmInvestment Bank的買入建議與與馬來西亞國有石油公司(Petronas)資本支出(capex)計劃相關的需求波動預期相矛盾。儘管Petronas的資本支出可能會有所削減，但分析師們預計由於持續的供應限制，OSV行業仍然存在機會。該公司被認爲是OSV行業的強勁代表，受益於均衡的船隊組合和與包括Petronas在內的關鍵客戶的穩固關係。分析師指出，儘管由於計劃的工作減少，某些類別的需求將有所下降，但對各種船隻類型的需求在未來幾年仍然較高。
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的增長前景得到供應能力緊張環境的進一步支持，預計這將使日租賃費率保持穩定，並可能在FY25F時達到頂峯，因爲離岸活動將恢復正常。隨着計劃增加三艘船隻到其船隊中，該公司有望實現3年複合年增長率(CAGR)高達36%。這得益於訂單簿中高租賃率的支撐以及滿足廣泛離岸需求的船隻類型的組合。
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.
銀行預計新船的交付，加上90%的混合利用率和每日RM89,000至RM95,000的競爭性日租賃費率，將進一步提升Keyfield的市場地位。儘管該公司的股價年初至今已上漲了145%，但其當前估值顯示仍有進一步增值的空間，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
來源: AmInvestment Bank
標題: 最佳代理到OSV子行業
譯文內容由第三人軟體翻譯。
