Journey to Wealth
Dialog Group - 4Q12 in line with expectation
Period 4Q12
Actual vs. Expectations
The 4Q12 earnings came in within ours as well as the market consensus expectations.
The reported FY12 net profit of RM177.0m was 5% and 1% below ours and that of the market consensus.
Dividends A final net DPS of 2.0 sen has been declared in 4Q12 vs. the 1.1 sen net in 3Q12 and 1.8 sen net in 4Q11.
This brings FY12 full year net DPS to 3.1 sen, the same as last year, which is within our estimate.
Key Results Highlights
4Q12 net profit jumped 20% QoQ to RM49.6m while revenue rose 19% over the quarter due largely to improved EPCC jobs. There was also a better performance from the Specialist Products & Services segment.
YoY, the 4Q12 reported results gained 11% while revenue leapt 33% from a year ago. This was partly due to the newly acquired New Zealandbased Fitzroy Engineering Group Ltd (acquired in Apr 2011) and the start of LT2 in Jan 2012.
FY12 net profit rose 16% to RM177.0m on the back of a 35% hike in revenue to RM1.63b. This was attributable mainly to 1) the newly acquired Fitzroy; 2) new incomes from LT1 Phase 3 (started in Sep 2011) and LT2 and 3) the start of EPCC jobs from LT3 and Pengerang CTF.
Outlook Forward earnings are expected to reach a new high in FY13 with the full year earnings impact of LT2, the start of EPCC jobs for LT3, Pengerang CTF and fabrication job for Balai Marginal Fields.
These in-house EPCC/fabrication jobs should keep Dialog busy until 2014.
Change to Forecasts No changes to our FY13-FY14E estimates
Rating MAINTAIN OUTPERFORM
Valuation We are maintaining our price target of RM3.09/SOP a share.
Risks Delays in its in-house EPCC jobs that will impact its future recurring incomes negatively.
Source: Kenanga
Related Stocks
| Chart | Stock Name | Last | Change | Volume |
|---|
More articles on Journey to Wealth
Ekovest: No plan to launch another offer for Iskandar Waterfront City
Created by kiasutrader | Mar 29, 2018
Kenanga Research - On our Portfolio - Parliament dissolution around the corner?
Created by kiasutrader | Mar 25, 2013
Plantation Sector - Proposed accounting standard scrapped OVERWEIGHT
Created by kiasutrader | Mar 25, 2013
Pavilion Reit - Limited upside, earnings upside have been priced in HOLD
Created by kiasutrader | Mar 25, 2013
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
Introducing MY's First IPO Fund for Sophisticated Investors!
New Update. Discover investment communities that resonate with your ideas
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
Apps
Top Articles
1
save malaysia!
Visa-free travel to China extended for Malaysians to 30 days
2
3
Koon Yew Yin's Blog
CPO price is rising rapidly as shown by chart below - Koon Yew Yin
4
Axcapital's investment blog
KAB - Executing its way to a record quarter. Could more Petronas contracts be coming?
6
7
8
BFM Podcast
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
