HL invesment bank advocate positioning for our 2027 thesis of a recovery in Petroliam Nasional Bhd’s (PETRONAS) upstream capital expenditure (capex) alongside rising regional energy-security investments. We believe the sector remains supported by a recovery in offshore support vessel-related names such as Dayang Enterprise Holdings Bhd (KL:DAYANG), Keyfield International Bhd (KL:KEYFIELD) and Perdana Petroleum Bhd (KL:PERDANA), while improving oil and gas services and equipment order flows and longer-term demand for storage, pipelines and broader energy infrastructure should continue to support Dialog Group Bhd (KL:DIALOG) and Wasco Bhd (KL:WASCO)