We see a 20% total return (including dividends) as its current share price appears to lag the spot Brent crude price. Hibiscus’ share price implies Brent of only US$80/bbl, leaving room for rerating. Against this backdrop, Hibiscus stands out as a domestic upstream proxy that offers investors direct leverage to stronger realised prices. Hibiscus is on track to reach its upgraded sales volume of 9 million to 9.4 million BOE (versus FY25: 8.9 million BOE). We raise our earnings forecasts for FY26 and FY27 by 8% and 2% respectively, lift our SOP-derived TP from RM3.60 to RM3.84 and upgrade Scientex to “outperform” from “market perform”, after its share price fell 13% since January.

Source: The Edge Markets March 31, 2026 06:31 UTC