PETALING JAYA: Keyfield International Bhd
’s latest acquisition of a second-hand anchor handling tug supply (AHTS) vessel for US$7.4mil (RM30mil) will result in capacity expansion that reinforces the group’s growth outlook, says TA Research.
In a report, the research house viewed the acquisition positively as it will enable Keyfield to capture near-term charter opportunities ahead of its newbuild vessel deliveries in 2028.
The group’s management also considers the acquisition price reasonable relative to comparable AHTS vessels.
Based on a 45% earnings before inte- rest, taxes, depreciation and amortisation (Ebitda) margin, 68% utilisation and daily charter rate of RM45,000 per day, TA Research estimates that the newly acquired AHTS vessel – to be renamed “Keyfield Joyful” – could contribute about RM5mil in annual Ebitda, equivalent to 2% of the financial year 2026 (FY26) forecast Ebitda.
“Although no charter contract has been secured, management has received several bid invitations for similar vessels, providing reasonable visibility on future deployment opportunities,” TA Research noted.
The acquired vessel is expected to commence earnings contribution, upon deployment in the second half of 2026.
Keyfield management also indicated that the transaction will not materially impact the group’s capital structure, with Keyfield expected to remain in a net cash position post-acquisition.
At this juncture, TA Research said it made no changes to its earnings forecasts on Keyfield, pending further clarity on the vessel’s deployment timeline, charter contract visibility and expected operating economics.
It has upgraded the stock to a “buy” call from a “hold” previously, but kept the target price at RM1.74 per share.
“Following the recent share price weakness, which we believe has largely priced in the softer-than-expected first quarter of FY26 results, we see an attractive risk- reward profile emerging,” it added.
Looking ahead, the research house expects Keyfield to benefit from improving offshore support vessel market fundamentals, supported by sustained elevated in oil prices, healthy offshore activity levels and continued demand for high-specification support vessels.
