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Tanker freight rate outlook improving now

■ 9M21 core net profit was 74% of our full-year forecast, which is slightly below expectations as LNG profits were affected by repair and maintenance costs.
■ Reiterate Add, but reduce SOP-based TP by 3.5% to RM7.81, on the back of the 2-3.6% cuts in our core EPS forecasts.
■ Potential re-rating catalysts include recovering tanker freight rates and new LNG/VLEC capacity, which may drive 21% core EPS growth in FY22F.

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