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[公司专区] 5141 DAYANG 達洋企業

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发表于 2010-5-26 19:58 | 显示全部楼层
本帖最后由 sunbeamchaser 于 2010-5-26 20:00 编辑



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here is the summary... result maintain but the market now is to south...

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发表于 2010-7-18 23:17 | 显示全部楼层
達洋獲4871萬工程

(吉隆坡18日訊)達洋(DAYANG,5141,主要板貿易)子公司獲馬石油探勘(Petronas Carigali)頒發兩項總值4871萬200令吉的工程。
該公司向馬證交所報備,以上兩項石油探勘的設施裝置工程,是供Tangga Barat中央處理平台及Bokor開發計劃,預計1年內即能完工。

達洋預計,以上工程將為2010及2011財年收益帶來貢獻。

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发表于 2010-11-2 17:32 | 显示全部楼层
Dayang hits record high on potential new jobs

KUALA LUMPUR: Dayang Enterprise Holdings Bhd (DEHB) is believed to be in the forefront to clinch a sizeable job from the estimated RM2 billion worth of topside maintenance service contracts that Petroliam Nasional Bhd (Petronas) is expected to dish out in the next three to six months, said industry sources.

DEHB, which specialises in the maintenance of oil production platform, currently has an order book of RM952 million. The new job will give a boost to its order book.  

DEHB along with  Kencana Petroleum Bhd, Shapadu Energy and Engineering Sdn Bhd, and Petra Energy Bhd were short-listed for Petronas’ hook-up and commissioning (HUC) umbrella contracts or tender.

This means that the HUC jobs from Petronas are likely to be shared only among few players.

The expectation of bagging new contracts from the national oil company has probably fuelled buying interest in DEHB shares. The stock rocketed to close at RM2.79 yesterday — the highest close since the company was listed in April 2008. It has gained 61% year-to-date.

Petronas has made known that it has allocated capital expenditure of RM26 billion for the exploration and development activities locally in 2010 and beyond. This implies more contracts for the local oil & gas players.

Last week, HwangDBS Vickers in a research note highlighted that there were RM2 billion HUC contracts to be awarded as early as this month.

The report also noted Dayang as a potential winner of the jobs as the company had a solid track record in this segment, and it secured 57% of the jobs awarded in 2010.

“We believe Dayang’s strong footing places it among the favourites to secure at least one of the packages. Assuming the packages are of equal value, Dayang could add RM500 million into its backlog, bringing its total order book to a record high of RM1.5 billion or book-to-bill ratio of five times,” said the research house.

When contacted DEHB head of corporate affairs Bailey Kho Chung Siang, however, said the strong rally of its share price was largely due to the company’s ability to deliver better-than-expected financial results.

“We believe the run-up is due to the financial performance of the company. Although oil and gas stocks have been lagging behind for a while, Dayang has shown better-than-expected results and this is why the market appreciates Dayang better,” he told The Edge Financial Daily.

“It could also be due to the Sarawak elections factor,” Kho added.

Dayang posted a net profit of RM27.4 million or 7.79 sen per share for 1HFY10 ended June 30 versus RM27.3 million or 7.76 sen. Revenue was lower at RM99.5 million versus RM108.3 million.

Nonetheless, the company saw a big dip in earnings in FY09 ended Dec 31. Its net profit shrank 39% to RM43.5 million from RM71.4 million despite a higher revenue of RM196.9 million against RM180.1 million the year before.

http://www.theedgemalaysia.com/i ... ntial-new-jobs.html

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发表于 2010-11-8 17:11 | 显示全部楼层
SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2010

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30/09/2010
30/09/2009
30/09/2010
30/09/2009
$$'000
$$'000
$$'000
$$'000
1Revenue
72,427
49,329
171,970
157,665
2Profit/(loss) before tax
26,488
11,636
60,978
46,496
3Profit/(loss) for the period
22,629
11,026
50,063
38,345
4Profit/(loss) attributable to ordinary equity holders of the parent
22,629
11,026
50,063
38,345
5Basic earnings/(loss) per share (Subunit)
6.43
3.13
14.22
10.89
6Proposed/Declared dividend per share (Subunit)
5.00
0.00
5.00
0.00








AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent ($$)
1.0100
0.9200

Remarks :


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发表于 2010-11-8 18:07 | 显示全部楼层
5141    DAYANG    DAYANG ENTERPRISE HOLDINGS BHD
PROPOSALS

DAYANG ENTERPRISE HOLDINGS BERHAD ("DAYANG" or the "COMPANY")

(I) PROPOSED BONUS ISSUE OF 88,000,000 NEW ORDINARY SHARES OF RM0.50 EACH IN

DAYANG ON THE BASIS OF ONE (1) BONUS SHARE FOR EVERY FOUR (4) EXISTING ORDINARY

SHARES OF RM0.50 EACH HELD IN DAYANG ON AN ENTITLEMENT DATE TO BE DETERMINED

LATER; AND

(II) PROPOSED RENOUNCEABLE RIGHTS ISSUE OF 110,000,000 NEW SHARES ON THE BASIS

OF ONE (1) RIGHTS SHARE FOR EVERY FOUR (4) EXISTING SHARES HELD IN DAYANG AFTER

THE PROPOSED BONUS ISSUE AT AN ENTITLEMENT DATE TO BE DETERMINED LATER

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

DAYANG ENTERPRISE HOLDINGS BERHAD ("DAYANG" or the "COMPANY")

(I) PROPOSED BONUS ISSUE OF 88,000,000 NEW ORDINARY SHARES OF RM0.50 EACH IN

DAYANG ("BONUS SHARE(S)") ON THE BASIS OF ONE (1) BONUS SHARE FOR EVERY FOUR

(4) EXISTING ORDINARY SHARES OF RM0.50 EACH ("SHARE(S)") HELD IN DAYANG ON AN

ENTITLEMENT DATE TO BE DETERMINED LATER ("PROPOSED BONUS ISSUE"); and

(II) PROPOSED RENOUNCEABLE RIGHTS ISSUE OF 110,000,000 NEW SHARES ("RIGHTS

SHARE(S)") ON THE BASIS OF ONE (1) RIGHTS SHARE FOR EVERY FOUR (4) EXISTING

SHARES HELD IN DAYANG AFTER THE PROPOSED BONUS ISSUE AT AN ENTITLEMENT DATE TO

BE DETERMINED LATER ("Proposed Rights Issue")

(Collectively referred to as the "Proposals")

You are advised to read the full contents of the announcement or attachment at

http://www.bursamalaysia.com.

08/11/2010   06:00 PM

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发表于 2010-11-8 20:03 | 显示全部楼层
Dayang Enterprise 3Q earnings double to RM22.6m

KUALA LUMPUR: Dayang Enterprise Bhd's third quarter earnings doubled to RM22.63 million from RM11.03 million a year ago due to higher value of work orders received and performed.

The company said on Monday, Nov 8 revenue rose 47% to RM72.43 million in the quarter ended Sept 30, from RM49.33 million while earnings per share were 6.43 sen versus 3.13 sen. It declared an interim dividend of five sen per share.

Dayang said the higher revenue was mainly due to higher value of work orders received and performed in the current quarter.

“Whilst revenue increased by RM23.1 million, that is 47%, profit before tax (excluding share of results of an associate) for the current quarter increased by RM13.0 million, that is 112% in view of the fact that the work orders in the current quarter have a higher profit margin contribution,” it said.

It also proposed a one-for-four bonus issue of 88 million new shares and also a renounceable rights issue of 110 million new shares on the basis of one rights shares for every four shares held.

The proposed rights issue is expected to raise RM110 million based on the indicative issue price of RM1 per rights share. The proceeds would be used as working capital.

http://www.theedgemalaysia.com/b ... uble-to-rm226m.html

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发表于 2010-11-9 19:34 | 显示全部楼层
Dayang falls, despite positive earnings outlook

KUALA LUMPUR: Shares of Dayang Enterprise Bhd fell in the afternoon session on Tuesday, Nov 9 despite the stronger earnings and upbeat outlook for the company but some investors might not have favoured its rights issue plan,

At 3.04pm, it was down 11 sen to RM2.93 with 2.28 million shares done. The FBM KLCI rose 3.15 points to 1,522.99. Turnover was 1.0 billion shares valued at RM1.18 billion.

Dayang’s third quarter earnings doubled to RM22.63 million from RM11.03 million a year ago due to higher value of work orders received and performed.

It also proposed a one-for-four bonus issue of 88 million new shares and also a renounceable rights issue of 110 million new shares on the basis of one rights shares for every four shares held.

RHB Research said the near-term outlook for Dayang was positive on sustained news flow.

“After our earnings revision, our fair value has been raised to RM3.86/share (from RM3.01 previously), based on FY11 EPS of 25.7 sen on unchanged 15 times PER. This implies an upside of 26.9%. Maintain Outperform,” it said.

http://www.theedgemalaysia.com/b ... rnings-outlook.html

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发表于 2010-11-9 19:41 | 显示全部楼层
Dayang Enterprise proposes bonus issue, cash call

KUALA LUMPUR: Dayang Enterprise Holdings Bhd’s (DEHB) share price soared to a record high yesterday, after which the company proposed a bonus issue followed by a cash call to raise some RM110 million for capital expenditure purposes.

The company is proposing a 1-for-4 bonus issue, and a renounceable rights issue on the basis of one rights share for every four existing shares.

In a filing to Bursa Malaysia yesterday, DEHB said the proposed rights issue would enable the company to raise funds for its capital expenditure and working capital, which are expected to contribute positively to the earnings potential of the group in the future and to defray estimated expenses for the proposals.

Yesterday, DEHB also announced that its net profit doubled to RM22 million in its 3QFY10 ended Sept 30 compared with RM11 million a year ago, which could have added to the excitement surrounding the company’s stock.  

DEHB, which specialises in the maintenance of oil production platforms, saw its quarterly revenue balloon 47% to RM72.4 million versus RM49.3 million in the corresponding period the previous year.  Earnings per share (EPS) came in at 6.43 sen for the quarter against 3.13 sen previously.

The sharp jump in 3Q earnings raised the company’s nine-month accumulated net profit to RM50 million or 14.22 sen per share, compared with 38.3 million or 10.89 sen previously.

DEHB’s revenue rose to RM171.9 million for the nine-month period from RM157.6 million a year ago.

On its earnings, DEHB said its board remained positive of the group’s prospects for the remaining FY10. The company has ongoing contracts of about RM1 billion which should keep it busy until 2015.

“The group is hopeful of seeing strong contributions from its 40% associate, Syarikat Borcos Shipping Sdn Bhd, for the full year ending Dec 31, 2010,” the announcement added.

To recap, in September last year DEHB spent RM132 million in cash to acquire a 40% equity stake in Syarikat Borcos Shipping, which has its mainstay in the provision of marine transportation and support services to the offshore oil & gas exploration and development activities.

The share vendor AWH Equity Holdings Sdn Bhd has guaranteed that Syarikat Borcos Shipping’s profit after tax to be no less than RM65 million for FY10, which should translate into an EPS of 18.46 sen.

DEHB’s share price surged 14 sen or 4.8% to RM3.04  yesterday, its highest since it was listed in April 2008. The counter has gained 75% year-to-date. Market speculation is rife that DEHB is the frontrunner to clinch a sizable job from the estimated RM2 billion worth of topside maintenance service contracts that state-controlled oil major Petroliam Nasional Bhd is expected to dish out in the next three to six months.

DEHB along with Kencana Petroleum Bhd, Shapadu Energy and Engineering Sdn Bhd, and Petra Energy Bhd have been shortlisted for Petronas’ hook-up and commissioning (HUC) umbrella contracts or tender.

http://www.theedgemalaysia.com/i ... ssue-cash-call.html

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发表于 2010-11-10 17:13 | 显示全部楼层
Dayang continues to slide

KUALA LUMPUR: Dayang Enterprise extended its losses on Wednesday, Nov 10 as investors were negative about its proposed rights issue.

At 11.52am, Dayang was down 11 sen to RM2.18. Volume traded was 1.23 million shares.

The FBM KLCI was down 0.41 of a point to 1,526.12. Turnover was 821.5 million shares valued at RM912.35 million. There were 289 gainers, 414 losers and 293 stocks unchanged.

ECM Libra Investment Research had raised its estimates to reflect stronger marine charter margins. It added  Dayang has gained significantly in recent weeks, surging past its previous RM2.65 target price and the stock was fully valued now.

“Also, we view that the much talk about oncoming orders is already be priced in. We are revising Dayang from buy to HOLD as there is only 4% upside to our revised TP of RM3.17.

“The revised TP reflects FY11 EPS pegged to a 15 times price-to-earningsE (15 times is the average PE of small-mid cap oil & gas stocks). To note, the group announced a proposal for a one-for-four bonus issue to be followed by a one-for-four rights issue on Monday,” it said.

http://www.theedgemalaysia.com/b ... inues-to-slide.html

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发表于 2010-12-9 21:30 | 显示全部楼层
Dayang sells 40% of Borcos to AWH Equity

KUALA LUMPUR: Dayang Enterprise Holdings Bhd has proposed to dispose its 40% stake or 1.8 million shares in Syarikat Borcos Shipping Sdn Bhd to AWH Equity Holdings Sdn Bhd for RM135 million cash.

In a filing to Bursa Malaysia yesterday, Dayang said it has decided to unlock its investment in Borcos to realise additional cash reserves, which can be deployed in other projects and investments related to the group’s business.

It added that Borcos’ profit after tax and minority interest (PATMI) has decreased significantly to RM9.01 million for 9MFY10 ended Sept 30, from RM21.03 million in FY2009.

Dayang said the disposal was at a price-to-earnings multiple of 16.05 times based on the proportionate share of audited net profit of RM21.03 million for FY09; and a price-to-book ratio of 1.69 times based on the proportionate share of the net assets of Borcos of RM199.1 million as at Dec 31, 2009.

However, as the sale price was close to Dayang’s book cost of RM134.956 million, it will book in only a small gain of RM43,678. It will, nonetheless, make Dayang a fairly cash-rich oil and gas company.  As at Sept 30, 2010, the company had net debt of RM46.8 million. With the proceeds from the sale of Borcos, it is estimated to have pro-forma net cash of RM88.16 million, or 25 sen per share.   

Following the disposal, Dayang said it planned to focus on its main business, which is the provision of offshore topside maintenance services, minor fabrication works, chartering of marine vessels, and services for the oil and gas industry.

Following the disposal, AWH will have 100% equity stake in Borcos.

Dayang rose nine sen yesterday to close at RM2.78 yesterday with 252,200 shares done.

http://www.theedgemalaysia.com/i ... -to-awh-equity.html

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发表于 2011-1-10 23:03 | 显示全部楼层
Dayang raising capital in anticipation of jobs

KUALA LUMPUR: Oil and gas counter Dayang Enterprise Holdings Bhd seems to be preparing for a large-scale contract.

The company is slated to have its extraordinary general meeting (EGM) in Miri, Sarawak today.

Interestingly, a couple of the proposals to be deliberated upon today involve Dayang boosting its cash position. Dayang is proposing a one-for-four rights issue of 110 million shares at a price and entitlement date to be determined at a later date.

Considering Dayang’s shares closed at RM2.95 last Friday, the company could raise quite a substantial sum.

Over the past three months, the company’s shares closed at a high of RM3.04 on Nov 11 and hit a low of RM2.25 on Oct 7.

This works out to an average trading price of RM2.67 for the period.

Dayang is also hiving off its entire 40% stake in Syarikat Borcos Shipping Sdn Bhd for RM135 million cash to AWH Equity Holdings Sdn Bhd, which owns the other 60% stake.

Dayang had acquired the stake in Borcos in September 2009. The book value of the stake was RM134.96 million, meaning it is selling out for mere profit of RM43,678, according to announcements to Bursa Malaysia.

According to sources familiar with the company, including the sale of Borcos, Dayang is looking at raising in excess of RM250 million.

This would add to its gross cash pile of RM63.16 million and trade and other receivables of RM108.54 million as at end-September last year.On the other side of the balance sheet, Dayang had borrowings of RM110 million and trade and other payables of RM40.75 million. Its shareholders funds stood at RM355.04 million.

Dayang has also been posting steady profits. For its nine months ended September, Dayang registered a net profit of RM50.06 million on revenue of RM171.97 million. For the corresponding nine months of FY2009, Dayang had raked in a net profit of RM38.34 million from RM157.66 million in sales.

So what does Dayang plan to do with all this cash? While murmurs of mergers and acquisitions have popped up, there is a more compelling reason.

Market rumours have it that Dayang is beefing up its balance sheet in the expectation of bagging a large contract soon. Talk has it that the company is the frontrunner to bag the topside and maintenance work of a RM400 million job, doing top side maintenance for the Sarawak region, for oil major Petroliam Nasional Bhd.

This job is part of the larger RM1.6 billion topside and maintenance jobs that covers the whole country but has been broken down to several packages namely Sarawak, Sabah and Peninsular Malaysia.

Initially it was said that Dayang’s tender was not as attractive as the one by private company, Coral Alliance Sdn Bhd, for the Sarawak portion of jobs. Industry sources said Dayang’s bid was indeed competitive and it stands a good chance of bagging the jobs. Some even said that Dayang had put in a lower bid than that of Coral Alliance.  

The Edge had highlighted that Coral Alliance was the frontrunner for the portions in Sarawak and Peninsular Malaysia at the end of last year, but there could have been changes since.

Another contender Petra Energy Bhd is also understood to be still in the race bidding for the jobs.

In Peninsular Malaysia, a private company called PFC Engineering Sdn Bhd (formerly Perwaja Fabrication Centre Sdn Bhd) has surfaced as a major contender.

PFC is 80%-controlled by Datuk Abu Talib Mohamed, the brother of Tan Sri Abu Sahid Mohamed, the controlling shareholder and patriarch of Maju Group. Checks on the Companies Commission of Malaysia (CCM) reveal that the remainder 20% in PFC is held by Muammar Gadaffi Abu Talib.

The company’s directors are Abu Talib, Muammar Gadaffi, Azman Mohd and Abdul Malek Omar.  

Its nature of business according to the CCM, is fabrication works, foundry casting, trading and plant maintenance.

For its financial year ended December 2009, PFC raked in some RM13.98 million in after-tax profit, from RM402.15 million in revenue.

http://www.theedgemalaysia.com/i ... pation-of-jobs.html

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发表于 2011-1-25 09:08 | 显示全部楼层
RHB Research ups Dayang FV to RM3.54

KUALA LUMPUR: RHB Research Institute is maintaining its Outperform call on Dayang Enterprise Bhd with a new fair value of RM3.54  a share based on 15x CY11 PER (from RM3.36 previously at an unchanged target PER).

It said on Tuesday, Jan 25 Dayang has high hopes of winning at least one of the upcoming topside maintenance contracts which are worth a cumulative RM2 billion (Sarawak: RM1 billion; Peninsular and Sabah: RM500 million).

“Assuming Dayang is successful its order book will increase by nearly twofold to RM1.86 billion.   We expect the company’s cash pile to grow to nearly RM300 million after its rights issue and Borcos stake divestment. This will most likely be utilised for fleet expansion, to beef up its core operations for the upcoming topside and maintenance contracts. For M&A possibilities we expect the company to look within the industry (e.g. Petra Energy, Shapadu) instead of diversifying into another business (marginal oilfield),” it said.

RHB Research Institute increased its net earnings estimates for FY10-12 by 10.6%, 5.4% and 0.1% respectively on the back of new contract wins of RM800m in FY11.

“Overall we still like the company for: 1) its position as one of the main brownfield/topside maintenance players in Malaysia; and 2) its solid earnings track record thus far, which will continue to support its order book replenishment going forward,” it said.

http://www.theedgemalaysia.com/b ... ng-fv-to-rm354.html

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发表于 2011-2-7 21:23 | 显示全部楼层
Sarawak’s election stocks: Dayang shines as O&G stock

KUALA LUMPUR: Apart from being a Sarawak play, Dayang Enterprise Holdings Bhd is also one of the favourites in the oil and gas (O&G) sector as the company is expected to win some RM800 million to RM1 billion in contracts this year based on analysts’ estimates.

The bulk of these new contracts is expected to come from the upcoming topside maintenance contracts to be awarded by Petronas Carigali.

Worth a cumulative RM2 billion, the largest of the topside maintenance packages is for Sarawak at RM1 billion, while the Peninsular Malaysia and Sabah packages are believed to be valued at RM500 million each.

Given Dayang’s track record, analysts are already betting on the company to win the Sarawak package, which will significantly boost its order book from some RM860 million currently.

Also notable is that Dayang has an advantage over the other players in the area of hook-up and commissioning because it is one of the four shortlisted for Petroliam Nasional Bhd’s (Petronas) umbrella contracts or restricted tender.

In terms of revenue recognition, RHB Research in a recent note said new projects will possibly start in the middle of the year, and topside maintenance jobs will be frontloaded to calendar years 2012 and 2013.

Notably, Dayang has also been building up its cash pile for topside and maintenance contracts. Analysts are of the view that the surplus cash might also be utilised for the company’s fleet expansion.

Last November Dayang proposed a bonus and rights issue exercise, which is estimated to boost its cash pile to almost RM300 million, from only RM63.16 million as at Sept 30, 2010.

The exercise will also increase the company’s share base to 550 million from 352 million presently and enhance the liquidity of the counter.

Dayang’s estimated free float is at 27%. The company’s largest shareholder is well-connected Naim Holdings Bhd with 36% interest.

It is also worth noting that Dayang had last December proposed to divest its 40% stake in Syarikat Borcos Shipping Sdn Bhd to AWH Equity Holdings Sdn Bhd for RM135 million.

Of the proceeds, Dayang had said RM56.64 million will be used for working capital and RM80 million for capital expenditure. The balance will be use to defray the expenses of the disposal exercise, which is estimated to complete by April.

Still, RHB Research has reincorporated some RM8 million in associate earnings into Dayang’s FY10 forecast as the Borcos disposal would only come into effect in April.

The house also did not rule out the possibility of mergers and acquisitions (M&As) within the industry involving Dayang after the disposal of Borcos.

After all, while building up its war chest, Dayang was still lowly geared as at Sept 30, 2010 with a net gearing ratio of 13% based on its short- and long-term debt of RM110 million, shareholders’ equity of RM355 million and cash of RM63.16 million.

The company is also currently one of the largest  among Sarawak-based stocks in terms of market value, with a market capitalisation of RM989 million, based on its closing price of RM2.81 on Jan 31 and a share base of 352 million.

In terms of valuation, Dayang is currently trading at an undemanding FY Dec 31, 2011 price-to-earnings ratio of about 12 times, versus industry average of about 20 times.

Its shareholders’ returns are also expected to rise, at least over the next two financial years given better profits prospect.

RHB, for one, has increased its net earning estimates for FY10, FY11 and FY12 by 10.6% (to RM69.1 million), 5.4% (to RM83.2 million) and 0.1% (to RM91.1 million) respectively.

This compares with market consensus of RM63.6 million in FY10, RM79.87 million in FY11 and RM87.97 million in FY12.

It is worth noting that Dayang’s return on equity (ROE) was 13% in FY09 and 22% in FY08. Based on market consensus, ROE should stay in the range of 18% to 25% over the next two years.

Listed in April 2008, Dayang seems to be creating value for its shareholders as its share price is on the up trend, reaching a high of RM3.11 of late.

This compares with its public offering price of RM1.45 and book value per share of RM1.01 as at Sept 30.

While analysts see plenty of upside for the stock, they also warn of the risks of its dependency on Petronas jobs and the slowdown in jobs replenishment that can erode earnings.

http://www.theedgemalaysia.com/i ... s-as-oag-stock.html

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发表于 2011-2-10 17:30 | 显示全部楼层
Dayang’s bonus and rights issues go ex

Dayang Enterprise Holdings Bhd
(Feb 9, RM2.35)

Downgrade to market perform at RM2.30 with revised fair value RM2.60 (from RM3.54): Dayang’s 1-for-4 bonus and rights issues went ex yesterday. Post the exercise, the company’s share base increased to 550 million (from 352 million). The rights issue will raise proceeds of around RM121 million (based on RM1.10 rights price for 110 million in rights shares issued).

As mentioned previously, the rights and bonus issues will dilute Dayang’s FY11/13 EPS by around 35%. Hence, we are similarly adjusting our fair value.

The near-term news flow for the sector will likely be related to the award of topside maintenance contracts. We are pretty positive that Dayang will secure the Sarawak portion. As such, we note that our existing forecasts have already imputed new wins of around RM800 million in FY11. With regard to the cash pile that Dayang will have after the exercise, we believe it will be utilised first for asset expansion, but we do not rule out any M&A exercises.

We have reduced our FY11/13 EPS forecasts by 35.2%, 35.3% and 35.4% respectively, to adjust for the bonus and rights issues.

Risks include high dependence on Petronas contracts leading to minimal control in project phasing; and no contract replenishment which will hamper net earnings growth.

We are increasing our target PER for the stock to 17 times (from 15 times previously) as we believe the company’s earnings have breached new levels that are even above its nearest peer (Petra Energy Bhd) which previously traded at peak historical one-year forward PERs of 18 to 20 times. Our revised earnings forecasts and new target PER imply a new fair value of RM2.60 (from RM3.54 previously).

While we are still positive on the company, we are downgrading our call on the stock to a “market perform” (from outperform previously) as we estimate the one-year return to be only 13%, in line with the estimated 10% return for the market. We would consider re-rating the stock again for M&A activities or higher-than-expected contract wins. — RHB Research, Feb 9

http://www.theedgemalaysia.com/i ... s-issues-go-ex.html

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发表于 2011-2-10 20:21 | 显示全部楼层
Dayang Enterprise secures RM802m maintenance contract from Petronas Carigali

KUALA LUMPUR: DAYANG ENTERPRISE HOLDINGS BHD [] has secured a contract valued at RM802 million from Petronas Carigali Sdn Bhd to provide topside structural maintenance services.

Dayang said on Thursday, Feb 10 it had received a letter of award to provide the services for Petronas Carigali’s operations in the country.

“The contract shall be effective from Feb 2, 2011 until 1 February 2016,” it said, adding it estimated the total value of the contract to be about RM802 million over the duration.

“However, the contract is a ‘call-up contract’ made up of work orders, which will be awarded at the discretion of Petronas Carigali during the duration of the contract and the values of the work orders are based on the contract schedule of rates,” it said.

http://www.theedgemalaysia.com/b ... ronas-carigali.html

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发表于 2011-2-11 12:13 | 显示全部楼层
HDBSVR raises Dayang target price to RM2.70 per share from RM2.20 after RM802m contract

KUALA LUMPUR: Hwang DBS Vickers Research has raised the target price for Dayang Enterprise Bhd to RM2.70 per share (previously RM2.20 ex-bonus and rights) based on 15.5 times FY11F EPS.

“Our PE multiple is based on valuations for comparable size peers, excluding larger caps that are trading at large premiums to the sector,” it said on Friday, Feb 11.

Dayang had on Thursday announced it has secured the RM802 million five-year TSM contract from Petronas Carigali.

“The contract win was within our expectation - we had said Dayang was in a strong position to secure it given it is the incumbent operator. The contract would be on a “call-up” basis, and we believe the overall contract value is likely to be higher than the original value because there is almost always additional work required,” it said.

HDBSVR said the latest win puts Dayang’s order book at RM1.8 billion, giving five years of earnings visibility. The contract win reaffirmed its view that Dayang will be one of the companies with the strongest earnings growth in the oil & gas space.

The research house said the order book was also in line with its RM1.0 billion contract win estimate for 2011, and hence, it is retaining its forecast.

“We expect sustainable c.24% EBIT margin from the contract on the back of quality asset ownership,” said HDBSVR.

“Valuation undemanding, maintain Buy. Dayang is still trading at attractive 13x FY11F PE against the sector’s 17x, despite stronger earnings growth of 46.2% CAGR over FY09-11F on superior margins against 13.5% growth for the sector,” it said.

http://www.theedgemalaysia.com/b ... m802m-contract.html

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发表于 2011-2-11 17:22 | 显示全部楼层
Dayang wins RM802m Petronas maintenance job

KUALA LUMPUR: Dayang Enterprise Holdings Bhd has been awarded a contract by Petronas Carigali Sdn Bhd (PCSB) to provide topside structural maintenance (TSM) services for about RM802 million.

In an announcement to Bursa Malaysia yesterday, the oil and gas (O&G) player said its wholly owned subsidiary Dayang Enterprise Sdn Bhd had on Feb 7 received a letter of award from PCSB to provide the TSM maintenance services for PCSB’s operations in Peninsular Malaysia, Sarawak and Sabah from Feb 2, 2011 to Feb 1, 2016.

Dayang said the value of the contract is estimated to be about RM802 million over the duration of the contract.

“However, the contract is a “call-up contract” made up of work orders, which will be awarded at the discretion of PCSB during the duration of the contract and the values of the work orders are based on the contract schedule of rates,” it said.

Dayang said the contract is expected to contribute positively to earnings and net assets of the group for the financial year ending Dec 31, and the subsequent financial periods within the duration of the contract.

Dayang is one of the smaller-capped O&G players in the industry.

In a report by HwangDBS Vickers Research Sdn Bhd in January, it said Dayang’s operating segment in the brownfield services put it in a strong position to benefit from an acceleration in domestic capital expenditure in 2011.

“Dayang was our top oil and gas pick in 2010, with its share price outperforming the overall sector by 27%.

“The company was a strong beneficiary of domestic contract awards, raking in about RM678 million in 2010 to bring its order book to RM952 million or 3.1 times book-to-bill ratio,” it said.

The research house added that it expected Dayang to deliver one of the highest earnings growth in the O&G space.

The O&G sector was in the limelight recently, after Petronas, the national oil carrier, unveiled details of marginal oilfields and the structure of the Risk Service Contract (RSC) for marginal oilfield operators.

RHB, which has an “overweight” call on the sector, said the awards for the marginal oilfield projects had set the stage for a new beginning for the country’s O&G industry. “We see more contract opportunities which will eventually benefit the support services operators,” the research house added.

http://www.theedgemalaysia.com/i ... aintenance-job.html

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发表于 2011-2-12 16:20 | 显示全部楼层
轉寄 列印字體設定: 小  中  大獲逾8億合約預期中‧達洋財測不變
業績評論 2011-02-11 19:14

(吉隆坡11日訊)達洋企業(DAYANG, 5141, 主板貿服組)宣佈獲得國油勘探頒發一項為期5年的鑽油平台架構保養維修服務第一配套(即沙砂及半島營運)的工程服務合約,總值估計約8億零200萬令吉。

上述工程合約是“隨傳隨做”性質,即國油勘探可在合約有效期間內,要求工程服務,因此工程價值胥視合約進展迅速而定。

受消息激勵,達洋股價週五一度上衝10仙或4.41%至2令吉37仙,後卻因大市低迷而逐步回軟,終場掛2令吉23仙,跌4仙或1.76%。

分析

分析員表示,納入這項新合約,達洋目前已掌握18億令吉訂單,未來5年盈利料高枕無憂,不過,鑒於這項合約早在市場預料之內,並已納入財測考量,因此驚喜不大,證券行大致維持財測不變。

益資利研究認為,這項合約的稅前盈利將企在40%水平,與其他維修服務工作賺幅相近,但由於早前財測已將這項工程納入考量,沒有再次上調財測的必要。

只是,補充新合約效應雖已反映在股價,惟其他催化因素已開始浮現;達洋最近剛透過附加股及脫售Borcos船運集資2億4千500萬令吉後,可能會開始“購物”,但會將資金用在收購新資產或併購活動,還有待進一步確認。

合約價值限期內可望走高

興業研究則指出,合約價值雖較原先預測的10億令吉低,不過,這類型合約價值常會在限期內走高,而且有進一步延長的可能。

由於興業早前估計達洋可在2011年攫獲總值8億令吉的新訂單,因此這項合約僅僅符合預期,惟一旦未來繼續攫獲其他大型合約,財測就有上調的空間。

目前,興業的2010及2011年淨利預測分別是7千萬令吉和8千400萬令吉。

黃氏唯高達研究看好達洋繼續成為油氣業高成長公司之一;儘管達洋2009至2011年的年複合盈利成長料高達46.2%,股價卻僅以2011年13倍本益比交易,較領域平均17倍要低,估值誘人。

該行估計,2010及2011年淨利料可達6千700萬和9千600萬令吉。

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发表于 2011-2-14 17:24 | 显示全部楼层
Dayang snags RM802m TMS contract

Dayang Enterprise Holdings Bhd
(Feb 11, RM2.23)
Maintain hold at RM2.27 with target price revised to RM2.04 (from RM1.63): Dayang announced on Feb 10 that it had been awarded a five-year contract to provide topside maintenance services (TMS) to Petronas Carigali Sdn Bhd (PCSB). The contract covers Sabah, Sarawak and Peninsular Malaysia and is only the first of two packages that should total RM1.2 billion. The contract is notably a “call-up” contract made up of work orders, which will be awarded at the discretion of PCSB during the duration of the contract. The values of the work orders are based on the contract schedule of rates.

The contract has been widely expected by the market and as such, we have built it into our forward estimates and therefore no changes are required following the award of contract. In terms of margins, we have factored in margins of some 40% at Ebit level, similar to previous TMS jobs the group had done.

We believe that news on contract flow has been pretty much priced into Dayang but other catalysts have now emerged. Its recent fundraising exercise of some RM245 million (RM135 million from the sale of Borcos Shipping Sdn Bhd and RM110 million from the rights issue) indicates to us that the group is out shopping. Whether it will be buying new assets (in the form of work boats or barges) or buying out competitors remains to be seen. We will be on the lookout for further developments on this.

Our previous downgrade of Dayang arose from reducing our PER from 15 times to 12 times (which is the +1 standard deviation of one-year rolling average PER). We were of the view that no further PER expansion should occur, given that most of the new contracts were already priced in. However, given our view that M&A are on the cards, we believe that Dayang can be deserving of a higher multiple. If the group acquires, it would be more comparable to bigger cap oil and gas stocks like Wah Seong and SapuraCrest. These stocks typically trade at an average 15 times PER. As such, we are raising our PER target on Dayang back to 15 times. Pegging this to FY11 earnings per share of 13.6 sen, we derive our revised target price of RM2.04 from RM1.63 previously (RM2.55 pre-bonus and rights). We maintain our “hold” call on the stock. — ECM Libra Investment Research, Feb 11

http://www.theedgemalaysia.com/i ... m-tms-contract.html

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发表于 2011-4-18 17:37 | 显示全部楼层
CIMB Research has sell on Dayang Enterprise

KUALA LUMPUR: CIMB Retail Research has a Sell on Dayang Enterprise Bhd at RM1.93.

“On the daily chart, we see the potential formation of a head and shoulder pattern. If the neckline support is breached, expect selling pressure to be fierce. The 200-day SMA is also a magnet for prices,” it said.

CIMB Research said at present, the candles are just sitting on the neckline support. Once this level gives way, next supports are RM1.78 and RM1.63.

“Technical landscape looks bleak. MACD histogram bars are falling at a faster pace while RSI is also dwindling. Put a buy stop at RM2.21, just in case,” it said.

http://www.theedgemalaysia.com/b ... ang-enterprise.html

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