MISC's Sabah Pivot
MISC's Sabah Pivot
MISC Berhad (MISC) is set to enhance its deepwater FPSO (Floating Production Storage and Offloading) assets through a strategic swap deal with SBM Holdings Inc. S.A. The transaction, expected to be finalised by January 2025, involves MISC acquiring a 49% stake in FPSO Kikeh while divesting its 49% stake in FPSO Espirito Santo. This move aligns with MISC's strategy to streamline its assets and focus on its core operations in Malaysia.
MISC Berhad（MISC）將通過與sBM Holdings Inc. S.A的戰略互換協議來增強其深水FPSO（浮式生產儲存和卸載）資產。該交易預計將於2025年1月完成，涉及MISC收購FPSO Kikeh49％的股份，同時剝離其在FPSO Espirito Santo的49％股份。此舉符合MISC精簡其資產並專注於其在馬來西亞的核心業務的戰略。
The deal includes the transfer of equity interests between MISC's subsidiaries and SBM, with no cash exchanged. The acquisition of the remaining 49% stake in FPSO Kikeh, the largest deepwater FPSO in Malaysia with a production capacity of 120,000 barrels of oil equivalent per day, reflects MISC's commitment to maintaining control over key assets in the region. Meanwhile, the divestment of the FPSO Espirito Santo, operating in Brazil, will reduce MISC's exposure to ageing assets and potentially decrease operational complexities.
該交易包括MISC子公司與sBM之間的股權轉讓，不交換現金。收購FPSO Kikeh的剩餘49％股份反映了MISC對維持對該地區關鍵資產控制的承諾。Kikeh是馬來西亞最大的深水FPSO，日產量爲12萬桶石油當量。同時，撤資在巴西運營的FPSO Espirito Santo將減少MISC對老化資產的敞口，並有可能降低運營複雜性。
Analysts at Kenanga Stock Broking House have maintained a MARKET PERFORM rating on MISC with a target price of RM8.09. They project a modest increase in earnings of RM37.2 million from the asset swap, though they note that the overall impact on the company's sum-of-the-parts valuation will be minimal. Despite the swap, MISC's financial projections remain largely unchanged, with a slight adjustment to FY25 earnings forecasts.
肯南加股票經紀公司的分析師維持了對MISC的Market PerForm評級，目標價爲8.09令吉。他們預計資產互換的收益將適度增加372萬令吉，儘管他們指出，對公司各部分估值的總體影響微乎其微。儘管進行了互換，但MISC的財務預測基本保持不變，對25財年的收益預測略有調整。
MIDF Stock Broking House have reiterated a BUY call on MISC with an unchanged target price of RM9.75. They view the acquisition of FPSO Kikeh, which has been awarded a six-year contract extension by PTTEP Sabah Oil, as a strategic advantage, despite the vessel nearing its 50-year service mark. The acquisition is seen as a move to enhance MISC's operational control and efficiency in maintenance and logistics within the Malaysian market. The acquisition also aligns with MISC's broader strategy to streamline its asset portfolio and focus on assets closer to home.
MIDF股票經紀公司重申了對MISC的買入看漲期權，目標價保持不變，爲9.75令吉。他們認爲，儘管FPSO Kikeh的使用已接近50年大關，但收購FPSO Kikeh是一項戰略優勢，該公司已獲得PTTEP Sabah Oil的六年延期合同。此次收購被視爲加強MISC在馬來西亞市場內的運營控制以及維護和物流效率的舉措。此次收購也符合MISC的更廣泛戰略，即簡化其資產組合，專注於離家較近的資產。
The strategic acquisition and divestment are expected to provide MISC with greater operational control over FPSO Kikeh and enhance its capabilities in the deepwater Sabah region, where further exploration and production potential exists. This move is anticipated to improve time and cost efficiency in maintenance and ensure regulatory compliance, positioning MISC for long-term success in the evolving energy market.
預計此次戰略收購和撤資將使MISC能夠更好地控制FPSO Kikeh的運營控制，並增強其在沙巴深水地區的能力，那裏有進一步的勘探和生產潛力。預計此舉將提高維護的時間和成本效率，確保合規性，使MISC能夠在不斷變化的能源市場中取得長期成功。