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Post-IPO cash position of RM138.6m gives PSP serious firepower to scale marine bunkering operations without equity dilution or expensive debt. In capital-intensive energy infrastructure businesses, balance sheet strength is a real competitive advantage. Allows organic capex on storage tanks, bunker barges, terminal equipment.
Current oil price is at USD90-100 range, this is actually ideal for PSP's distribution and bunkering business. Too volatile = hedging risk, customer reluctance to lock in fuel deals. Stable elevated prices = predictable margins, easier customer pricing, healthier working capital.
solid steady energy infrastructure story without the drama. Cash-rich post-IPO, fuel distribution providing reliable cash flow, marine bunkering as growth catalyst, IMO regulations as longer-term tailwind.
