BROKER: UOB Kay Hian
DATE OF REPORT: 07 April 2026
Excerpt from UOB Kay Hian report.
Report Summary
- Indonesia – Oil & Gas: Maintain MARKET WEIGHT. Abadi Masela LNG project is accelerating, backed by government support, with potential annual government revenue of US\$2.5b-3.5b. Early beneficiaries include Petrosea (PTRO), Wintermar Offshore Marine (WINS), and Elnusa (ELSA).
- Malaysia – Property & Construction: Maintain OVERWEIGHT. Sunway (SWB MK) upgraded to BUY with target price RM5.62 after failed IJM takeover. IJM Corporation (IJM MK) call maintained at BUY with reduced target price RM2.60 due to headwinds.
- Singapore – Oiltek International (OTEK SP): BUY maintained with target price raised to S\$2.78 (up 166%) after major SAF plant contract win. 2027 earnings forecast raised by 187%. Stock trades at 17x 2027 PE, with high ROE and margin.
- Thailand – PTT Exploration & Production (PTTEP TB): BUY maintained, target price raised to Bt185.00 (previously Bt150.00) due to higher oil price assumptions. 2026 net profit forecast raised by 23% to Bt73.37b. Dividend payout expected at Bt9.50/share.
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