MISC Shares Fall In Early Trade Despite Optimistic Outlook

KUALA LUMPUR, July 10 (Bernama) -- Energy maritime solutions company, MISC Bhd, saw its shares fall in early trade despite an optimistic outlook supported by its long-term charter contracts and ongoing fleet modernisation.

At 10.45 am, the counter slid one sen to RM7.59 with 42,700 shares changing hands.

In a note today, RHB Investment Bank (RHB IB) said MISC is positioning itself for the floating production storage and offloading (FPSO) supercycle and has growing momentum in green energy, which further supports the company’s outlook.

“MISC expects minimal impact from trade headwinds, with its liquefied natural gas (LNG) and petroleum fleets largely backed by long-term charters. Exposure to China-built vessels in the United States Gulf is minimal, with flexibility to redeploy if required,” it said.

The investment bank maintained a ‘buy’ call on MISC with a target price of RM9.70.

-- BERNAMA