Maintain Buy. Interim results are tracking expectations, with 1H accounting for 41% of our FY12 forecast. Looking ahead, its potential participation in the upcoming marginal field projects will be newsflow positive, while the expansion of its tank terminal operations will sustain earnings growth in the long term. Dialog offers a fine exposure to a respectable business model, focused management, attractive earnings growth with an increasing proportion of recurring income and a steady progressive dividend. Our Sum-Of-Parts TP is unchanged at RM3.05.


Maybank Research 15 Feb 2012

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