Price to Earnings:

Serbadk - 14

Dialog - 33

Yinson - 34

Price to Book:

Serbadk - 2.76

Dialog - 4.99

Yinson - 4.11

ROE:

Serbadk - 19.67

Dialog - 14.9

Yinson - 11.9

Dividend yield:

Serbadk - 1.89%

Dialog - 1.09%

Yinson - 0.92%

Serbadk is clearly undervalued vis-a-vis its peers. While all 3 mega oil & gas contractors offers compelling growth story, valuation for Serbadk is undervalued based on current valuation.

Upside for Serbadk in 2020:

- Increased orderbook to RM15bil (Current orderbook RM10bil)

- Increased Artificial Intelligence adoption by oil & gas peers (Serbadk's IT segment sales have jumped QoQ CAGR >200%)

- Increased crude oil price boosting sentiment

- Stable USD vs. MYR