The research house said the the jobs will generate recurring income for MISC while strengthen its business relationship with the customer.
"There are no changes to our estimates, as it is still within our MYR5bn annual capex assumption for FY20-21F," it said.
It maintained the target price on the stock at RM9.21.
MISC recently announced that its wholly owned subsidiary AET Tanker Holdings Sdn Bhd had been awarded long-term time charter contracts to own and operate three newbuilding Suezmax SP2 shuttle tankers from Petrobras for operations in Brazilian and International waters.
The charter is expected to commence in 2022.
According to RHB, MISC's DP2 shuttle tanker fleet will grow to 17 as it currently has four operating vessels while another 10 vessels will be coming on line gradually.
The research house expects the contract duration to be similar to the previous award by Petrobras in May 2018, estimated at 10 yers.
Each vessel would then fetch a charter rate of US$48,000 a day, which is 8% and 9% higher than the estimated daily charter rates for the previous win from Shell and Petrobras respectively.
However, this is still lower than the previously-secured DPST’s charter rate of USD55,000/day which will be operating in the North Sea due to the lower specification, said RHB.
"Assuming a net margin of 25%, these three vessels will contribute c.MYR54m pa (c. 3% of FY20F earnings) starting from 2022," it said.
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