Koon Yew Yin's Blog
Dayang: Better Profit in 2019 - Koon Yew Yin
Koon Yew Yin
Publish date: Thu, 21 Mar 2019, 08:38 AM
Koon Yew Yin
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An official blog in i3investor to publish sharing by Mr. Koon Yew Yin.
All materials published here are prepared by Mr. Koon Yew Yin
All materials published here are prepared by Mr. Koon Yew Yin
Kenanga, Public Bank and Hong Leong had downgraded Dayang to sell on 19 March. As a result, the price plunged from a peak of Rm 1.71 to close at Rm 1.38. Fortunately, it gained 3 sen yesterday to close at Rm 1.41.
The following is an excerpt of Hong Leong’s article:
Lim said Hong Leong's note today on Dayang followed a meeting with the company. He said the meeting yielded key takeaways on Dayang's contracts and orderbook.
"Current orderbook stands at RM2.9bn including pan Malaysia maintenance, construction and modification (PM-MCM) contracts from different PSCs (production sharing contracts). Apart from existing contracts, Dayang is expected to receive additional lump sum work orders from clients. We understand there are also some VOs that have been carried out last year. All the VO costs have been recognised last year and its profits will be booked in 1HFY19, pending client approval," Lim said.
Dayang’s last 3 consecutive quarters 2nd, 3rd and 4th quarter EPS were 2 sen, 5 sen and 10.13 sen respectively. In view of the monsoon period is over, secured new contracts and its acceleration of profit growth, its next quarter profit should be better than 10.13 sen.
Based on the excerpt of Hong Leong Mr Lim’s interview with Dayang’s management as shown above, Dayang’s profit for this financial year will be better than last year.
I think the effect of the 3 investment Bank’s downgrade is over and I expect the price will continue to go higher and higher.
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