Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Simon Lim was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 21
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from RM428.8m to RM408.0m. EPS estimate also fell from RM0.153 per share to RM0.133 per share. Net income forecast to shrink 34% next year vs 1.1% growth forecast for Energy Services industry in Malaysia . Consensus price target up from RM1.75 to RM1.87. Share price fell 5.9% to RM1.59 over the past week. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: RM0.069 (vs RM0.026 in 1Q 2025) First quarter 2026 results: EPS: RM0.069 (up from RM0.026 in 1Q 2025). Revenue: RM47.2m (down 46% from 1Q 2025). Net income: RM56.1m (up 171% from 1Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Energy Services industry in Malaysia. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM1.74, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 6x in the Energy Services industry in Malaysia. Negligible returns to shareholders over past year. Announcement • Apr 25
Keyfield International Berhad, Annual General Meeting, May 26, 2026 Keyfield International Berhad, Annual General Meeting, May 26, 2026, at 10:30 Singapore Standard Time. Location: merbau 1 room, crowne plaza, kuala lumpur city centre, no. 22, menara 8, jalan yap kwan seng, 50450 kuala lumpur, w.p. kuala lumpur, Malaysia Price Target Changed • Feb 27
Price target decreased by 8.6% to RM1.64 Down from RM1.79, the current price target is an average from 3 analysts. New target price is 13% above last closing price of RM1.45. Stock is down 31% over the past year. The company is forecast to post earnings per share of RM0.16 for next year compared to RM0.18 last year. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: RM0.18 (vs RM0.32 in FY 2024) Full year 2025 results: EPS: RM0.18 (down from RM0.32 in FY 2024). Revenue: RM430.5m (down 37% from FY 2024). Net income: RM142.6m (down 37% from FY 2024). Profit margin: 33% (in line with FY 2024). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Energy Services industry in Malaysia. New Risk • Feb 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risk Dividend is not well covered by cash flows (462% cash payout ratio). Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: RM0.052 (vs RM0.10 in 3Q 2024) Third quarter 2025 results: EPS: RM0.052 (down from RM0.10 in 3Q 2024). Revenue: RM132.3m (down 39% from 3Q 2024). Net income: RM41.3m (down 49% from 3Q 2024). Profit margin: 31% (down from 37% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 8.1% p.a. on average during the next 2 years, while revenues in the Energy Services industry in Malaysia are expected to remain flat. Upcoming Dividend • Aug 30
Upcoming dividend of RM0.03 per share Eligible shareholders must have bought the stock before 03 September 2025. Payment date: 22 September 2025. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 8.0%. Within top quartile of Malaysian dividend payers (5.5%). Higher than average of industry peers (3.3%). Major Estimate Revision • Aug 21
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RM630.7m to RM534.0m. EPS estimate fell from RM0.278 to RM0.23 per share. Net income forecast to shrink 8.4% next year vs 1.2% decline forecast for Energy Services industry in Malaysia. Consensus price target down from RM2.81 to RM2.44. Share price fell 5.3% to RM1.42 over the past week. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: RM0.082 (vs RM0.094 in 2Q 2024) Second quarter 2025 results: EPS: RM0.082 (down from RM0.094 in 2Q 2024). Revenue: RM132.0m (down 34% from 2Q 2024). Net income: RM66.4m (down 5.3% from 2Q 2024). Profit margin: 50% (up from 35% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 1.6% decline forecast for the Energy Services industry in Malaysia. Price Target Changed • Aug 15
Price target decreased by 10% to RM2.44 Down from RM2.71, the current price target is an average from 2 analysts. New target price is 62% above last closing price of RM1.50. Stock is down 47% over the past year. The company is forecast to post earnings per share of RM0.32 for next year compared to RM0.32 last year. Declared Dividend • May 17
First quarter dividend of RM0.01 announced Shareholders will receive a dividend of RM0.01. Ex-date: 29th May 2025 Payment date: 13th June 2025 Dividend yield will be 6.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (84% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 27
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: RM0.32 (up from RM0.21 in FY 2023). Revenue: RM687.2m (up 60% from FY 2023). Net income: RM226.9m (up 115% from FY 2023). Profit margin: 33% (up from 25% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 2.4% decline forecast for the Energy Services industry in Malaysia. Announcement • Apr 25
Keyfield International Berhad, Annual General Meeting, May 29, 2025 Keyfield International Berhad, Annual General Meeting, May 29, 2025, at 10:30 Singapore Standard Time. Location: merbau 1 room, crowne plaza kuala lumpur city centre, no. 22, menara 8, jalan yap kwan seng, 50450 kuala lumpur, w.p. kuala lumpur, Malaysia Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to RM1.77, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Energy Services industry in Malaysia. Announcement • Mar 28
Keyfield International Berhad Announces the Appointment of Goh Yet Loong as Its New Chief Strategy Officer, Effective 1St April 2025 Keyfield International Berhad announced the appointment of Goh Yet Loong as its new Chief Strategy Officer, effective 1st April 2025. With a distinguished career spanning over two decades in corporate strategy, business transformation, and top management roles across multiple industries, Goh's appointment is a key strategic move as Keyfield looks to expand its operations and increase its revenue streams in the coming years. In this role, Goh will report directly to Keyfield's Group CEO and Executive Director, Dato' Darren Kee Chit Huei. He will lead corporate strategy and planning, identify high-value business opportunities, and drive operational excellence to strengthen Keyfield's competitive position in the offshore oil and gas sector, while exploring new avenues of growth. Goh will also play a critical role in Keyfield's post-IPO expansion, steering the company toward its next phase of innovation and sustainability. Goh holds an MBA from INSEAD and a Bachelor of Science in Electrical Engineering and Computer Science from the University of California, Berkeley. Prior to joining Keyfield, he served as the Group Chief Operating Officer of a publicly listed company with a diversified portfolio in aviation, land & transport, oil & gas, and marine sectors. He later became the CEO and Board Member of a Malaysian joint venture company involved in maintenance, repair and overhaul (MRO) of trainsets, where he successfully led a RM695 million contract for the MRO of SCS commuter and ETS trains. Earlier in his career, Goh worked as a consultant at McKinsey & Company, advising global companies in the US and Asia Pacific regions on corporate strategy, market expansion, business technology and operational transformations. His expertise in mergers and acquisitions, post-merger integration, and strategic execution has consistently helped businesses unlock synergies, enhance efficiency, and achieve sustainable growth. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to RM2.18, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Energy Services industry in Malaysia. Upcoming Dividend • Mar 06
Upcoming dividend of RM0.03 per share Eligible shareholders must have bought the stock before 13 March 2025. Payment date: 28 March 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 5.7%. Within top quartile of Malaysian dividend payers (5.6%). Higher than average of industry peers (3.5%). Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: RM0.32 (vs RM0.21 in FY 2023) Full year 2024 results: EPS: RM0.32 (up from RM0.21 in FY 2023). Revenue: RM687.2m (up 60% from FY 2023). Net income: RM226.9m (up 115% from FY 2023). Profit margin: 33% (up from 25% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.9% decline forecast for the Energy Services industry in Malaysia. Upcoming Dividend • Nov 28
Upcoming dividend of RM0.04 per share Eligible shareholders must have bought the stock before 05 December 2024. Payment date: 19 December 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Malaysian dividend payers (4.9%). Higher than average of industry peers (2.3%). Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: RM0.10 (vs RM0.091 in 3Q 2023) Third quarter 2024 results: EPS: RM0.10 (up from RM0.091 in 3Q 2023). Revenue: RM216.8m (up 46% from 3Q 2023). Net income: RM81.1m (up 77% from 3Q 2023). Profit margin: 37% (up from 31% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.6% decline forecast for the Energy Services industry in Malaysia. Upcoming Dividend • Aug 22
Upcoming dividend of RM0.03 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 13 September 2024. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Malaysian dividend payers (4.7%). Lower than average of industry peers (1.8%). Major Estimate Revision • Aug 22
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from RM469.1m to RM522.6m. EPS estimate increased from RM0.161 to RM0.185 per share. Net income forecast to grow 28% next year vs 28% growth forecast for Energy Services industry in Malaysia. Consensus price target up from RM2.58 to RM2.64. Share price fell 8.9% to RM2.46 over the past week. New Risk • Aug 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 16
Second quarter 2024 earnings released Second quarter 2024 results: EPS: RM0.094. Net income: RM70.0m (up RM70.0m from 2Q 2023). Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 3.9% decline forecast for the Energy Services industry in Malaysia. Major Estimate Revision • Jul 06
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from RM456.7m to RM469.1m. EPS estimate increased from RM0.156 to RM0.183 per share. Net income forecast to grow 32% next year vs 31% growth forecast for Energy Services industry in Malaysia. Consensus price target up from RM2.47 to RM2.55. Share price rose 12% to RM2.68 over the past week. Reported Earnings • May 29
First quarter 2024 earnings released: EPS: RM0.061 (vs RM0.026 in 1Q 2023) First quarter 2024 results: EPS: RM0.061 (up from RM0.026 in 1Q 2023). Revenue: RM106.4m (up 57% from 1Q 2023). Net income: RM30.3m (up 136% from 1Q 2023). Profit margin: 28% (up from 19% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Shipping industry in Asia are expected to grow by 1.3%. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to RM2.11, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Shipping industry in Asia. Reported Earnings • Apr 22
Full year 2023 earnings released: EPS: RM0.21 (vs RM0.098 in FY 2022) Full year 2023 results: EPS: RM0.21 (up from RM0.098 in FY 2022). Revenue: RM430.5m (up 82% from FY 2022). Net income: RM105.5m (up 116% from FY 2022). Profit margin: 25% (up from 21% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 1.2% growth forecast for the Shipping industry in Asia. 
