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Keyfield International Bhd - Target price: RM1.57 OUTPERFORM
Keyfield International Bhd (KL:KEYFIELD) has announced the acquisition of a Dynamic Positioning 2 (DP2) vessel from Carimin Petroleum Bhd (KL:CARIMIN) for RM76 million. Given its relatively young age of nine years and DP capability, we view the transaction price as fair, particularly since the asset can potentially yield RM6.5 million per annum based on a 70% utilisation rate and a conservative day charter rate of RM100,000 a day.
After retreating from July highs, MAGMA’s share price has recently held steady in the RM0.385–0.395 range. Analysts believe that concrete progress in the JV retail rollout or the Mont Kiara project could be the key catalyst to break this range, with the current capital structure optimization laying the groundwork for such a shift.