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this is one of the higher-conviction O&G EPCC small-mid caps on Bursa right now. Order book growing, plant turnaround cycle peak, bonus warrants for existing holders, diversification optionality, supportive crude pricing.
At current pricing, regional NOCs (Petronas, PTTEP, PetroVietnam) and private operators have strong cash flow to fund maintenance and modest expansion capex. EPCC contractors like HAWK are downstream beneficiaries. As long as crude stays above USD80, the capex cycle stays healthy.
HAWK has been setting up new subsidiaries this year, suggesting broader expansion beyond traditional O&G EPCC. Steel Hawk Infrastructure SB and related entities point to infrastructure-adjacent diversification. The MOU with Jovitech Solution signals possible tech-enabled service offerings such as predictive maintenance, IoT monitoring, digital twins for industrial facilities.
if HAWK rerates higher, warrant value compounds the gain. Bonus warrants also tend to attract retail attention and trading volume post-listing, keep monitoring
The mechanical catalyst for HAWK in 2026, plant turnaround activity is forecast to peak at 12 turnarounds, materially higher than 6 in 2025 and projected 6 in 2027. Plant turnarounds = scheduled maintenance windows for refineries, petrochemical plants, gas processing facilities. More turnarounds = more EPCC work for HAWK.
The narrative most people miss is HAWK has been quietly setting up FOUR new subsidiaries this year, hinting at broader expansion plans beyond traditional O&G EPCC.
In the latest annual report, the group says that over the next 3 years they are going to expand their presence in non o&g sectors such as utilities, power and industrial infrastructure
