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PSP Energy just announced acquiring another bunker vessel which will increase their bunkering capacity by about 104%. this should help them serve more vessels and expand their bunkering business.
Technical Buy – PSP (0383) (PublicInvest)
Last price: RM0.140
Resistance: RM0.160
Next resistance: RM0.170
Support: RM0.130
Cut loss: RM0.110
PublicInvest noted PSP may attempt a sideways breakout, with RM0.160 as the key level to watch.
PSP earnings are projected to grow by 8.6%, 10.4%, and 9.8% over the next three years, supported by increased capacity from the addition of new vessels that will allow more orders to be handled simultaneously, reduced operational disruption during dry-docking maintenance as a larger fleet improves overall efficiency, and expected order growth of at least 15% per annum from the key customer (Customer E) over the same period.
By the first half of 2026, PSP expects to begin full operations at this Melaka hub, which currently features upgraded jetty facilities and a significant fuel storage capacity of six megalitres.
Based on an estimated FY2027 (mid-term) EPS of 1.86 sen and a P/E multiple of 11.0x, the fair value is derived at RM0.20. This represents a 25.7% discount to the energy sector’s two-year average P/E of 14.8x, which is considered reasonable given the Group’s relatively smaller market capitalisation.
0.20 fair value seems reasonable given the projected earnings and a discount to the sector average P/E, which is justified by the company's market cap, should be a decent margin of safety for potential investors
PSP new vessel is expected to complement the company’s existing three-vessel fleet with an aggregate carrying capacity of 2.4 megalitres, enabling it to service more clients along the Strait of Melaka,
