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As of 15th May, orderbook stood at 1.56b
+ 90.6m crane order @ 22th May
+ 300m EPCC OF THE LNG REGASIFICATION TERMINAL 3 (RGT3) @ 8th Jun
+ 504m crane order @ 2nd Jul
+ 77.6m cranes order @ Aug 2025
+ 79m cranes order @ Nov 2025
+ 700-850m Epc for Petronas (Sepat) @ Dec 2025
+ 76.3m cranes order @ Jan 2026
+ 42.6m cranes order @ Mar 2026
+ 120m Noise Barrier for Penang LRT @ Apr 2026
+ 90.6m crane order @ 22th May
+ 300m EPCC for THE LNG REGASIFICATION TERMINAL 3 (Lumut RGT3) @ Jun 2026
+ 504m crane order @ Jul 2026
We observe growing conditions for PETRONAS and related PACs capex spending upcycle beginning 2027E, arising from: i) rising domestic energy demand and security considerations; and ii) higher oil prices amidst the Middle East tensions. We U/G our sector call to POSITIVE (from NEUTRAL) as we advocate positioning ahead of the capex inflection, which we believe, should benefit most local OGSE names.
