KUALA LUMPUR, July 24 — Maritime company MISC Bhd is projected to deliver a three-year earnings compound annual growth rate (CAGR) of 12 per cent, driven by 19 asset additions and stronger contributions from fully owned liquefied natural gas (LNG) carriers, according to AmInvestment Bank Research.
In a research note today, the research house said 19 assets are expected to join MISC’s fleet, including seven fully owned LNG carriers scheduled for delivery between 2026 and 2028, compared with 12 joint venture vessels delivered to date.
“Beyond the current delivery wave, LNG carriers ordering slows materially. Newbuild prices have risen to US$244 million, which supports future charter renewals. This raises barriers to entry and strengthens the replacement value,” it said following MISC’s recent Investor Day 2026.
AmInvestment Bank added that concerns over potential impairment charges appear overdone, with risks increasingly confined to older steam-turbine vessels. It also said that rising demand for regional LNG in Asia is expected to support LNG shipping demand.
The research note also said the petroleum segment is expected to drive MISC’s near-term earnings growth, while the offshore business is likely to underpin its next phase of expansion.
The investment bank said rates for very large crude carriers (VLCCs) rose sharply in late June, rates for Suezmax tankers continued to climb and Aframax tanker rates remained above earlier averages.
Meanwhile, RHB Research said in a note that MISC’s management expects tanker rates to remain elevated, supported by longer voyage distances and stronger tonne-mile demand, although the initial surge following the West Asia conflict has largely been priced in.
“LNG remains MISC’s key growth pillar, with 19 LNG carriers scheduled for delivery and the gas segment expected to become comparable to petroleum in revenue contribution by 2030,” it said.
According to RHB Research, MISC’s management reiterated that recent geopolitical developments have not altered the company’s long-term strategy, with investment decisions continuing to be guided by long-term market fundamentals.
“MISC will also maintain its portfolio mix of about 80 per cent long-term contracted assets and 20 per cent spot market exposure to balance earnings visibility with upside from stronger spot markets,” it said.
Both AmInvestment Bank and RHB Research have maintained their “Buy” recommendations on MISC, with target prices of RM9.50 and RM9.71, respectively.
