Broker Name: Maybank Investment Bank Berhad
Date of Report: December 2, 2025
Excerpt from Maybank Investment Bank Berhad report.
Report Summary
- MISC Berhad is seen as a stable and defensive energy shipping company, with recurring cash flows from its LNG and offshore segments and a strong balance sheet supported by PETRONAS.
- The company is preparing to ride the expected global FPSO (Floating Production Storage and Offloading) supercycle from 2026-2029, actively bidding for new projects, especially in South America and Asia-Pacific.
- Maybank maintains a HOLD rating with a target price of MYR8.22, reflecting limited upside as the current price is MYR7.63.
- MISC’s dividend is expected to remain steady at 36 sen per share annually, offering an attractive dividend yield of about 4.7%.
- Financial projections indicate stable revenue and net profit growth over the next three years, with improving operating margins and declining net gearing.
- ESG (Environmental, Social, and Governance) is an ongoing focus; the company’s ESG score is 65/100, above the industry average, but there’s room for improvement in carbon intensity and waste management.
- Key risks include unplanned asset shutdowns, cost overruns on new projects, and execution risks in its 66.5%-owned subsidiary MMHE.
Above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website: https://www.maybank.com/investment-banking
