Steel Hawk Berhad (SKHAWK) specializes in providing support services for the oil and gas industry, including onshore and offshore maintenance and enhancement of pipelines and topside facilities. This work is crucial for ensuring the efficiency and safety of crude oil and gas production.
The IPO entails a public issue of 90mn new ordinary shares, and an offer for sale of 44.7mn existing ordinary shares, at an IPO price of RM0.15/share.
1. Sustainable revenue from business nature alongside long-term contracts; 2. Proven track record; and 3. Patented skid designs.
At an IPO price of RM0.15/share, SKHAWK is priced at a trailing PER of 10.0x FY23 Core EPS. We value the company at 12.1x FY25 Core EPS, arriving at a fair value of RM0.21/share.
Source: TA Research - 22 Aug 2024
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