MISC reported a commendable 1Q results with core net profit rising 29% yoy to RM590m, which came in above our expectations but within con

Top Calls

Results Note - MISC (SELL, maintain) - Lifted by Offshore segment MISC reported a commendable 1Q results with core net profit rising 29% yoy to RM590m, which came in above our expectations but within consensus estimates. The outperformance was primarily underpinned by the turnaround in Offshore segment, bolstered by the consolidation of GKL revenue as well as the recognition of FSO Benchamas construction revenue. That said, we remain wary of earnings growth momentum heading into the seasonally weaker 2Q and 3Q, and should see sequential decline going forward. Maintain SELL but lifted our TP to RM6.50 after earnings adjustment.

Other Calls

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