Dayang Enterprise (Dayang) recorded a core net profit of RM75.6m in 3QFY23, higher by +42.4% YoY but lower by 9.9% QoQ. Dayang recorded RM343.8m revenue for the quarter, lifted by marine charter revenue at a record-high of RM164.1m, increasing by 49.2% YoY due to higher daily charter rate (DCR) as it recorded similar utilisation rate of 80%. Cumulatively, Dayang’s core net profit of RM143.6m for 9MFY23 is deemed to have met our estimates at 82% but ahead of consensus at 89.6% of full-year FY23 numbers as we believe 4Q is seasonally weaker than 3Q. Performance recorded by the Marine Charter segment validates our assessment on elevated DCRs amid the tight offshore support vessel (OSV) market, which could last for the next 2-3 years. We also remain optimistic on its Topside Maintenance Services (TMS) segment come FY24F, on long-outstanding upward revisions of new tenders and maintenance backlog programs. We maintain our Outperform rating and TP of RM2.25, pegged at 12x FY24 EPS. Dayang declared an interim dividend of 1.5sen per share, unchanged from FY22.
Source: PublicInvest Research - 24 Nov 2023
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