Deleum To Gain From Higher Upstream Capex
Deleum To Gain From Higher Upstream Capex
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)报告在2024财年上半年（1HFY24）取得了强劲的业绩，归一化收益年同比增长77%，营业收入增长24%。公司的营业收入激增至RM38730万，主要受益于动力和机械（P&M）和油田综合服务（OIS）板块的强劲表现。然而，这种令人印象深刻的增长部分被更高的营运支出部分抵消。
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分析师维持对Deleum的买入评级，并将目标价从RM1.58上调至RM1.64。这一调整反映了对上游石油和天然气服务板块的乐观前景，得益于预期稳定的布伦特原油价格和本年度上游资本支出的增加。目前的股价为RM1.25，显示出45.9%的潜在上涨空间，预期总回报率为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的强劲表现显而易见，其1HFY24的收益超出了年度收益预期和共识预测。P&M板块的营业收入同比增长21%，达到RM30610万，得益于发动机交付和改装收入的增加。尽管存在一些挑战，包括涡轮机零部件销量的减少和更高的营运成本，该板块的收益同比增长了55.7%，达到RM5240万。
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板块，营业收入同比增长38.8%，达到RM8090万，而盈利从赤字转为350万令吉的利润，经历了显著的好转。这一增长得益于套管操作和完井刺激活动的增加，不过也有一些子板块面临下滑。
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财年第二季度的一个重要发展是Deleum的综合防腐解决方案与油田服务的合并，重新命名为OIS。此战略举措与公司扩张市场和更清晰的服务细分的目标一致。
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.
分析师预计Deleum将继续保持强劲的业绩，受益于稳定的油价环境和上游活动的增加。对FY24-25的修订收益预期分别增加了13%和3%，支持了RM1.64的修订目标价。