AmInvestment maintains 'buy' on MISC : vimarsana.com

AmInvestment maintains 'buy' on MISC


KUALA LUMPUR: AmInvestment Bank Research has maintained its "buy" call in MISC Bhd
following its announcement that it has secured long-term charter contracts to own and operate three newbuild LNG dual-fuel very large crude carriers from Shell Tankers (Singapore) Pvt Ltd.
The research house has an unchanged sum-of-parts-basd fair value of RM8.50 a share, which implies an FY21 foreacst EV/Ebitda of 9x, at parity to its two-year average.
MISC did not reveal the capex or charter rates of the vessel although AmInvestment assumes a total capex of US$282mil for the three vessels, which could be part of the group's growth capex of US$1bil annually.

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