{"id":8091,"date":"2026-08-05T11:39:44","date_gmt":"2026-08-05T11:39:44","guid":{"rendered":"https:\/\/malaysian-business.com\/portal\/?p=8091"},"modified":"2026-08-05T11:39:45","modified_gmt":"2026-08-05T11:39:45","slug":"united-asiapac-energy-awarded-buy-call-ahead-of-ace-market-debut","status":"publish","type":"post","link":"https:\/\/malaysian-business.com\/portal\/2026\/08\/05\/united-asiapac-energy-awarded-buy-call-ahead-of-ace-market-debut\/","title":{"rendered":"United Asiapac Energy Awarded &#8216;BUY&#8217; Call Ahead of ACE Market Debut"},"content":{"rendered":"\n<ul style=\"border-width:15px\" class=\"wp-block-list has-border-color has-vivid-red-border-color\">\n<li><strong>Bullish Broker Coverage:<\/strong> Rakuten Trade has issued a <strong>BUY recommendation<\/strong> for United Asiapac Energy Berhad (UNIPAC: 0468) with a <strong>fair value of RM0.50<\/strong> &#8211; representing a <strong>42.8% upside<\/strong> over its RM0.35 IPO price, based on a 15x PER on FY5\/27F earnings.<\/li>\n\n\n\n<li><strong>Strong Forward Earnings Growth:<\/strong> Research projects core net profit to surge from RM7.0 million in FY25 to <strong>RM13.5 million in FY26 (+93.2%)<\/strong> and <strong>RM18.2 million in FY27 (+34.8%)<\/strong>, anchored by RM27.3 million in unrecognised order backlog and expanded equipment ownership.<\/li>\n\n\n\n<li><strong>CapEx-Driven Margin Expansion:<\/strong> Over <strong>RM23.26 million (47.74%)<\/strong> of the RM48.72 million gross IPO proceeds will be deployed to buy proprietary well intervention tools, transitioning the firm from equipment rental to higher-margin, owned-asset operations.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Upstream oil and gas service provider <strong>United Asiapac Energy Berhad<\/strong> has received a strong vote of confidence from research analysts as it prepares for its 19 August 2026 debut on Bursa Malaysia\u2019s ACE Market<sup><\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In an IPO Note published today, Rakuten Trade assigned the company a <strong>&#8220;BUY&#8221; rating<\/strong> and a <strong>fair value of RM0.50<\/strong> (benchmarked against the FBM Small Cap PER)<sup><\/sup>. The analyst optimism stems from the company&#8217;s dual PETRONAS and PETROS licensing, solid order book visibility across East and Peninsular Malaysia, and a balance sheet set to transition from net gearing (0.09x) into a <strong>net cash position<\/strong> post-listing<sup><\/sup>.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>Financial \/ Operational Metric<\/strong><\/td><td><strong>FY2024A<\/strong><\/td><td><strong>FY2025A<\/strong><\/td><td><strong>FY2026E (Est)<\/strong><\/td><td><strong>FY2027F (Proj)<\/strong><\/td><\/tr><\/thead><tbody><tr><td><strong>Revenue (RM &#8216;mil)<\/strong><sup><\/sup><\/td><td>44.4<\/td><td>37.0<\/td><td>48.0<\/td><td>64.8<\/td><\/tr><tr><td><strong>Core Net Profit (RM &#8216;mil)<\/strong><sup><\/sup><\/td><td>5.1<\/td><td>7.0<\/td><td>13.5<\/td><td>18.2<\/td><\/tr><tr><td><strong>Core EPS (sen)<\/strong><sup><\/sup><\/td><td>0.9<\/td><td>1.3<\/td><td>2.5<\/td><td>3.3<\/td><\/tr><tr><td><strong>PE Ratio at RM0.35 IPO Price (x)<\/strong><sup><\/sup><\/td><td>37.5<\/td><td>27.6<\/td><td>14.3<\/td><td>10.6<\/td><\/tr><tr><td><strong>Unrecognised Order Book (Feb 2026)<\/strong><sup><\/sup><\/td><td>\u2014<\/td><td>\u2014<\/td><td><strong>RM27.3 mil<\/strong> (Delivered through Feb 2027)<\/td><td>\u2014<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Comparative Valuation &amp; Peer Benchmark<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To contextualise United Asiapac Energy&#8217;s RM192.5 million listing valuation, the group&#8217;s focus on brownfield intervention and decommissioning places it alongside established Bursa Malaysia upstream and offshore service operators<sup><\/sup>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rakuten Trade&#8217;s <strong>RM0.50 fair value<\/strong> values UNIPAC at <strong>15x FY27F PER<\/strong> bringing it in line with the broader FBM Small Cap benchmark. Compared to Main Market peers like Deleum Berhad or Uzma Berhad, UNIPAC offers investors a higher growth trajectory driven by rapid capacity expansion and fleet ownership.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>Company Name<\/strong><\/td><td><strong>Listing Board<\/strong><\/td><td><strong>Core Focus<\/strong><\/td><td><strong>Market Cap (RM mil)<\/strong><\/td><td><strong>Forward P\/E (x)<\/strong><\/td><td><strong>Strategic Differentiation<\/strong><\/td><\/tr><\/thead><tbody><tr><td><strong>United Asiapac Energy<\/strong><sup><\/sup><\/td><td>ACE Market (0468)<sup><\/sup><\/td><td>Well intervention, fishing, &amp; P&amp;A<sup><\/sup><\/td><td>192.5 (IPO Price) \/ 275.0 (at RM0.50 FV)<sup><\/sup><\/td><td><strong>10.6x (FY27F)<\/strong><sup><\/sup><\/td><td>High exposure to mandatory P&amp;A; net cash post-IPO; dual PETRONAS\/PETROS licenses<sup><\/sup><\/td><\/tr><tr><td><strong>Uzma Berhad<\/strong><\/td><td>Main Market<\/td><td>Well solutions, production enhancement<\/td><td>~252.0<\/td><td>~7.2x<\/td><td>Integrated energy service provider with broader asset portfolio<\/td><\/tr><tr><td><strong>Deleum Berhad<\/strong><\/td><td>Main Market<\/td><td>Power &amp; machinery, well services<\/td><td>~445.7<\/td><td>~6.6x<\/td><td>Mature cash generator with consistent dividend yield (~8.4%)<\/td><\/tr><tr><td><strong>Carimin Petroleum<\/strong><\/td><td>Main Market<\/td><td>Hook-up, commissioning, &amp; maintenance<\/td><td>~97.1<\/td><td>~9.0x<\/td><td>Asset-heavy offshore maintenance specialist<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">What it means for Malaysia<\/h3>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Full Dual-Licensing Advantage Across States:<\/strong> Holding comprehensive licenses from both <strong>PETRONAS<\/strong> and Sarawak\u2019s <strong>PETROS<\/strong>, United Asiapac Energy is positioned to capture offshore well intervention demand across Peninsular Malaysia, Sabah, and Sarawak. This dual qualification mitigates jurisdictional administrative friction and strengthens national energy supply chain responsiveness.<\/li>\n\n\n\n<li><strong>Shift from Rental to Asset Ownership:<\/strong> By deploying RM23.26 million of IPO proceeds directly into purchasing specialized well intervention tools, UNIPAC reduces its reliance on third-party rented equipment. This localized asset ownership enhances service mobilization speeds from its bases in Kemaman and Labuan while capturing higher operating margins for domestic oilfield services.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">What it means for ASEAN<\/h3>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Addressing the Maturing Well Lifecycle:<\/strong> Offshore basins across Southeast Asia face escalating maintenance and abandonment requirements. UNIPAC&#8217;s specialized focus on fishing, sidetracking, and plug &amp; abandonment (P&amp;A) offers regional operators a localized alternative to expensive foreign-based intervention fleets, reducing shipping lead times during critical offshore operations.<\/li>\n\n\n\n<li><strong>Defensive Growth Model for Regional Energy Capital:<\/strong> With P&amp;A activities driven by regulatory compliance rather than volatile crude exploration budgets, UNIPAC&#8217;s business model demonstrates how regional oilfield service providers can sustain predictable double-digit earnings growth (+93.2% projected for FY26) even during broader macroeconomic uncertainties.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Editor\u2019s Take<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The investment narrative for United Asiapac Energy goes beyond typical IPO hype as it rests on clear earnings visibility and structural margin expansion. Rakuten Trade&#8217;s <strong>BUY recommendation and RM0.50 fair value<\/strong> reflect a core transition in UNIPAC&#8217;s business model: moving from equipment renter to equipment owner. By deploying IPO capital to own its intervention fleet, the company effectively cuts equipment hire costs, boosts turnaround speeds, and captures higher gross margins. Combined with a post-IPO net cash position and non-discretionary regulatory demand for well decommissioning, UNIPAC stands out as a compelling, defensive growth play in Malaysia&#8217;s upstream sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Upstream oil and gas service provider United Asiapac Energy Berhad has received a strong vote of confidence from research analysts as it prepares for its 19 August 2026 debut on Bursa Malaysia\u2019s ACE Market. In an IPO Note published today, Rakuten Trade assigned the company a &#8220;BUY&#8221; rating and a fair value of RM0.50 (benchmarked [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,39],"tags":[2126,458,1289,2128,2122,75,2127],"class_list":["post-8091","post","type-post","status-publish","format-standard","hentry","category-business","category-news","tag-acemarket","tag-bursamalaysia","tag-corporatefinance","tag-energysector","tag-malaysiainnovation","tag-oilandgas","tag-upstreamenergy"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/8091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=8091"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/8091\/revisions"}],"predecessor-version":[{"id":8092,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/8091\/revisions\/8092"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=8091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=8091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=8091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}