Dialog reported a flattish 3QFY23 core net profit of RM132.3m, +1.4% YoY, despite its revenue growing by +35.3% YoY to RM802.8m. Cumulatively, the Group reported a marginal YTD core net profit growth of 1.7% to RM390.7m, lagging our and consensus estimates at 68.2% and 70.2% of full-year numbers respectively. The persistency of tough operating environment arising from supply chain disruptions, inflationary pressures, and manpower constraintsremains the drag on its margins. This is despite the Group experiencing anincrease in business activities in all three segments. While the Group’s long-term outlook remains solid on the back of recurring income from its core midstream segment, we cut our FY23-25 earnings forecast by an average of 10.5% as we expect the cost overruns for the downstream segment topersist for longer than initially thought. We maintain our Outperform call though with a revised TP of RM2.65 (from TP of RM2.95). An interim dividend of 1.3sen per share has been declared for this quarter.
Source: PublicInvest Research - 19 May 2023
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