Dialog reported a 17.2% YoY decline in 3QFY21 results with core net profit of RM125m after stripping out an RM11.2m forex gain. The weaker number is attributed to a top line contraction of 19.8% YoY due to lower contributions from its downstream businesses domestic and internationally. The Group’s JV and associate’s contribution, mainly from its tanks terminal business, has partially offset the impact as contribution rebounded after being impacted by deferred tax provisions in the previous quarter. Cumulatively, the Group reported a 15.4% YTD decline in core net profit to RM373.6m, meeting only c. 65% of our and consensus full-year projections. We trim FY21-23 earnings forecast by an average of 7.2% to account for weaker contribution from its downstream segment. Our Outperform call on Dialog is maintained with a revised TP of RM3.86 (from RM4.05 previously). We still like Dialog for its strong track record, defensive business model and steady recurring income generation from its tank terminal business.
Source: PublicInvest Research - 20 May 2021
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2021-05-26 20:09