Nam Cheong - RHB Research 2026-04-22: On The Right Course, Yet Still Undervalued

• We believe Nam Cheong (SGX:1MZ)’s accelerated debt repayment should benefit the group through interest savings, underpinned by strengthening liquidity from healthy cash flow. This is generated by long‑term recurring chartering contracts, complemented by proceeds from recent vessel sales.
• - Read this at SGinvestors.io -

Faster-than-expected debt repayment.

• Nam Cheong recently announced that its borrowings fell 33% to MYR285.0m as of mid‑Apr 2026 from MYR425.4m at end‑FY25, driven by stable chartering cash flow and proceeds from vessel disposals completed late last year and early this year. We believe a significant portion of the MYR140m debt reduction was funded by the two vessel sales, which fetched a combined ~MYR160m and are non‑recurring.
• - Read this at SGinvestors.io -

Sold two OSVs for US$36.7m

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2026-04-07 Nam Cheong - New Chartering Contracts In The Bag; Maintain BUY.

Price targets by other brokers at Nam Cheong Target Prices.

Listing of research reports at Nam Cheong Analyst Reports.

Relevant links:
Nam Cheong Share Price History,
Nam Cheong Announcements,
Nam Cheong Dividend Payout Dates & Corporate Actions,
Nam Cheong News