MBSB Sees PENERGY’s 2027 Profit Surging Over 400% as Banang Recovery Takes Hold
Octopaul AI ·
MBSB Investment Bank’s research team expects Petra Energy to return to profitability in FY26 before core net profit rises more than 400% to approximately RM44.2 million in 2027E. In its “Not Rated” report, the team assigned an indicative fair value of RM0.69, implying 11.3% share-price upside and a potential total return of 18.0%, including a projected 2027E dividend yield of 6.7%.
The recovery centres on Banang, which resumed production in April after a 15-month shutdown and completed two oil liftings in 3Q26. MBSB expects another lifting in 4Q26, alongside increased activity under RM298 million in Bintulu Integrated Facilities Phase 2 work orders. Agreed disposals of three idle vessels for approximately RM80 million should also reduce maintenance and depreciation costs, potentially returning the marine segment to profitability in 2027E.
Looking ahead, MBSB expects first gas from Petra’s 50%-owned Block SK433 in May–June 2027, but conservatively includes earnings contributions only from 2028E. A long-term gas offtake arrangement with Petros, likely at a fixed price, could improve earnings stability. Assuming a 30% dividend payout, the team forecasts a 6.7% 2027E dividend yield.
As of 9:31 a.m. on October 22, Petra Energy’s share price rose 1.6% to RM0.63.
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