Equity Analysis /

MY : Velesto Energy Berhad - Quarterly losses to peak in 1Q21F

    Raymond Yap
    Raymond Yap

    Head of Regional Transport

    20 January 2021
    Published byCGS-CIMB

    Velesto’s FY20F core net loss is likely to exceed our previous estimate due to lower-than-expected utilisation and daily charter rates in 4Q20F. Reiterate Hold as the weak dynamics appear to be priced in. Our DCF-based TP is cut to 13 sen (Ke:14.5%) due to the weaker US$ exchange rate.