9/27/26
Hengyuan Refining Company Berhad (4324.KL)
ThesisHengyuan Refining Company Berhad: the story is balanced — Singapore complex refining margins (gasoline and diesel crack spreads vs.
What Moves the Stock
- 01Singapore complex refining margins (gasoline and diesel crack spreads vs. Dubai crude)
- 02Brent-Dubai crude oil price differential and absolute crude price levels
- 03Regional refinery utilization rates and competitive capacity additions in Southeast Asia
- 04Malaysian ringgit exchange rate movements affecting input costs and product pricing
- 05Turnaround maintenance schedules and unplanned downtime at Port Dickson facility
- 06Government fuel subsidy policies and domestic pricing regulations in Malaysia
- 07Refined petroleum products sales (gasoline, diesel, jet fuel) - estimated 75-80% of revenue
- 08Petrochemical feedstocks and specialty products - estimated 15-20%
My Notes
- value/distressed - The stock trades at 0.5x book value with 12.7% FCF yield, attracting deep-value investors betting on margin recovery…
- Rising interest rates negatively impact Hengyuan through higher debt service costs on its elevated 1.90 D/E leverage…
- Watch on earnings: Singapore 92-RON gasoline crack spread vs. Dubai crude (key margin indicator), Singapore gasoil 10ppm crack spread vs. Dubai crude (diesel margin proxy), Brent-Dubai crude oil price differential (feedstock cost arbitrage).
One Sentence Summary:
Hengyuan Refining Company Berhad: the story is balanced — singapore complex refining margins (gasoline and diesel crack spreads vs.
Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.
