Deleum To Gain From Higher Upstream Capex
Deleum To Gain From Higher Upstream Capex
In the OIS segment, revenue grew by 38.8% year-on-year to RM80.9 million, while earnings saw a remarkable turnaround from a deficit to a profit of RM3.5 million. This growth was driven by increased activities in slickline operations and well stimulations, though some segments faced declines.Deleum Berhad (Deleum) has reported a strong performance for the first half of fiscal year 2024 (1HFY24), with a notable 77% year-on-year increase in normalised earnings and a 24% rise in revenue. The company's revenue surged to RM387.3 million, driven primarily by robust performance in the Power and Machinery (P&M) and Oilfield Integrated Services (OIS) segments. This impressive growth, however, was partially offset by higher operational expenditures.
Deleum Berhad (Deleum)報告在2024財年上半年（1HFY24）取得了強勁的業績，歸一化收益年同比增長77%，營業收入增長24%。公司的營業收入激增至RM38730萬，主要受益於動力和機械（P&M）和油田綜合服務（OIS）板塊的強勁表現。然而，這種令人印象深刻的增長部分被更高的營運支出部分抵消。
MIDF analysts have maintained a BUY call on Deleum, revising the target price to RM1.64 from RM1.58. This adjustment reflects an optimistic outlook for the upstream oil and gas services sector, bolstered by expected stable Brent crude prices and increased upstream capital expenditure for the year. The current share price stands at RM1.25, suggesting a potential upside of 45.9% with an expected total return of 49.3%, including a dividend yield of 3.4%.
MIDF分析師維持對Deleum的買入評級，並將目標價從RM1.58上調至RM1.64。這一調整反映了對上游石油和天然氣服務板塊的樂觀前景，得益於預期穩定的布倫特原油價格和本年度上游資本支出的增加。目前的股價爲RM1.25，顯示出45.9%的潛在上漲空間，預期總回報率爲49.3%，包括3.4%的股息收益。
Deleum's strong performance was evident as its 1HFY24 earnings exceeded both yearly earnings estimates and consensus projections. Revenue from the P&M segment increased by 21% year-on-year to RM306.1 million, supported by higher activity in engine deliveries and retrofit income. Despite some challenges, including reduced sales of turbine parts and higher operational costs, the segment's earnings rose by 55.7% year-on-year to RM52.4 million.
Deleum的強勁表現顯而易見，其1HFY24的收益超出了年度收益預期和共識預測。P&M板塊的營業收入同比增長21%，達到RM30610萬，得益於發動機交付和改裝收入的增加。儘管存在一些挑戰，包括渦輪機零部件銷量的減少和更高的營運成本，該板塊的收益同比增長了55.7%，達到RM5240萬。
In the OIS segment, revenue grew by 38.8% year-on-year to RM80.9 million, while earnings saw a remarkable turnaround from a deficit to a profit of RM3.5 million. This growth was driven by increased activities in slickline operations and well stimulations, though some segments faced declines.
在OIS板塊，營業收入同比增長38.8%，達到RM8090萬，而盈利從赤字轉爲350萬令吉的利潤，經歷了顯著的好轉。這一增長得益於套管操作和完井刺激活動的增加，不過也有一些子板塊面臨下滑。
A key development in 2QFY24 was the merger of Deleum's Integrated Corrosion Solutions with Oilfield Services, rebranded as OIS. This strategic move aligns with the company's goals of market expansion and clearer service segmentation.
在2024財年第二季度的一個重要發展是Deleum的綜合防腐解決方案與油田服務的合併，重新命名爲OIS。此戰略舉措與公司擴張市場和更清晰的服務細分的目標一致。
The analysts anticipates continued robust performance from Deleum, buoyed by a stabilised oil price environment and increased upstream activities. The revised earnings estimates for FY24-25 have been increased by 13% and 3% respectively, supporting the revised target price of RM1.64.
分析師預計Deleum將繼續保持強勁的業績，受益於穩定的油價環境和上游活動的增加。對FY24-25的修訂收益預期分別增加了13%和3%，支持了RM1.64的修訂目標價。
