Dialog / Dr Ngau Boon Keat

Re: Dialog

Postby winston » Sun Feb 05, 2017 10:06 pm

Tan Sri Dr Ngau Boon Keat
Dialog Group Bhd
Net worth: RM1.741bil

DIALOG Group Bhd’s transformation as an oil and gas service provider to an operator of an integrated petroleum terminal and storage hub could not have come at a more opportune time.

Last year, the company that is helmed by the 69-year old Ngau, saw its oil and gas integrated terminal at Pengerang that offers tankage facilities, operate at full capacity.

The company also embarked on the second phase of the storage terminal project where its partner is Petronas. Dialog’s partners in the first phase are Vopak of Netherlands and the Johor State Government.

The collapse in the global crude oil prices over the past two years saw a reverse in the fortunes of Dialog Group Bhd, co-founded and executive chairman Tan Sri Ngau Boon Keat.

Ngau’s net worth reduced by 4.1% to RM1.741bil in 2016 compared to the previous year, placing him on the 30th spot on Malaysia’s top 40 richest list, down from 26th spot in 2015. Nevertheless, that is only to be expected as the crude oil price is down.

Main board listed Dialog started as an integrated technical services provider to the upstream, midstream and downstream sectors in the oil, gas and petrochemical industry.It was one of the best performers in the sector until crude oil prices started to slide.

The prolonged bearish oil and gas (O&G) market sentiment saw Dialog’s share price dragged down to RM1.54 from RM1.60 as at end-2016.

However, under Ngau’s dynamic stewardship, Dialog has transformed into a global oil-and-gas services provider specialising in storage tank terminals, engineering services and crude refining facility with presence across nine countries namely Malaysia, Singapore, Thailand, Indonesia, China, Australia, New Zealand, Saudi Arabia and UAE.

The location of the deepwater terminal in Pengerang has placed Dialog in a position to tap into a market that includes multinational oil majors, national oil companies as well as multinational engineering and services providers worldwide.

Ngau’s ambitious foray to build a deepwater oil-services hub in Pengerang, Johor started several years ago.

Ngau’s vision was to build an oil and gas deepwater storage terminal and position it as Asia’s version of the Rotterdam Port.

The first phase of the Pengerang Deepwater Terminal project cost the group and its partners some RM5bil.

Operating at full speed, it is now able to handle the storage, blending and distribution of crude oil, gas and petroleum products.

Dialog will remain busy with work in the Pengerang deepwater terminal associated with the handling, storage and distribution of crude oil and byproducts of the Refinery and Petrochemicals Integrated Development complex for eth next few years.

The second phase of the deepwater terminal costs an estimated RM6.3bil, with 2.1 million cu m of storage capacity.

This project will be completed progressively in 2018 and 2019.

Dialog has also embarked on a joint venture with Petronas Gas Bhd for the development of liquefied natural gas (LNG) regasification facilities, comprising a regasification unit and two units of 200,000 cu m of LNG storage tanks with an initial send-out capacity of 3.5 million tonnes per annum for a total investment cost of RM2.7bil.

Source: The Star
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Re: Dialog / Dr Ngau Boon Keat

Postby winston » Sun Jan 21, 2018 10:02 pm

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DIALOG GROUP BHD

By Ganeshwaran Kana

Over the last few years, Dialog Group has successfully kept its head above water just as the oil and gas (O&G) industry was struggling due to the sluggish oil price environment.

In fact, the company’s bottom line has grown at a compound annual growth rate of almost 20% since 2014. Share price-wise, the stock surged by nearly 7% in the last 12 months alone.

And with crude oil gradually recovering as it hit US$70 per barrel recently, the outlook for Dialog looks promising.

The recovery in oil price will offer greater opportunities for more activities in the O&G segment, benefitting O&G services providers such as Dialog.

The good news about Dialog is that, the company is not only reliant on oil price recovery to sustain its earnings in the long run. It has a strategy to break away from oil price volatility and to generate strong recurring income stream.

To achieve this, Dialog aims to go big in the domestic tank terminal segment.

Being Malaysia’s largest tank terminal operator, Dialog is well-leveraged to tap the rising demand for tank terminal facilities in Asia.

With Petronas’ Refinery and Petrochemical Integrated Development (Rapid) project slated to commence next year, Dialog’s tank terminal facilities in Pengerang stands to benefit.

It is worth noting that the US$27bil Rapid project has already benefitted Dialog and will likely continue to do so moving forward.

Apart from Pengerang, Dialog is also expanding its tank terminal business in Tanjung Langsat, following the lease agreement and sale of facilities with Johor Corp in November last year.

Over time, Dialog aims to expand its Tanjung Langsat capacity to over 900,000 cu m from 650,000 cu m currently.

Going forward, the company seems to be on the right footing as the O&G industry recovers gradually. Analysts are generally positive on this stock, with 11 of them recommending “buy” and another six calling for “hold”.

Source: The Star

https://www.thestar.com.my/business/bus ... 85vcWrw.99
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Re: Dialog / Dr Ngau Boon Keat

Postby winston » Wed Mar 13, 2019 10:09 am

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Dialog (DLG MK)
BUY (unch)
TP: MYR3.58 (unch)

2QFY6/19 core earnings yielded no surprises (24% YoY growth, 53% of FY estimates).

Our estimates are unchanged, with a 3-year net profit CAGR of 12% (FY18-21E). Its Pengerang operations will be its key earnings driver.

We continue to like Dialog as a secular growth story with the ability to scale up its terminal operations via its Pengerang/ Langsat and potentially overseas venture while still managing its financials well.

Maintained BUY and MYR3.58 SOP-based TP. Dialog has the capability to scale up. It has the potential to quadruple the capacity for its tank terminal operations, based on the remaining untapped land bank (500 acres).

Source: Maybank
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Re: Dialog / Dr Ngau Boon Keat

Postby winston » Thu Mar 14, 2019 10:14 am

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Feb 15, 2019

Dialog Group (DLG MK) : HOLD
Mkt. Cap: US$4,145m
3m Avg. Daily Val: US$6.8m

Price Target 12-mth: RM3.30 (10% upside) (Prev RM3.30)

No surprises
In-line 1HFY19 earnings at 51% of FY19F forecast
Improved earnings on higher margins and JV/associates contributions
Commissioning of RAPID expected to boost earnings
Maintain HOLD as positives priced in

Source: DBS
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Re: Dialog / Dr Ngau Boon Keat

Postby winston » Mon Jan 04, 2021 8:19 pm

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Dialog, which operates as a technical service provider in the oil, gas (O&G) and petrochemical sectors, was upgraded to "buy" from "neutral" as its recent share price weakness offers an opportunity to accumulate the stock.

The stock's target price (TP) was maintained at RM4.

“Although the firm may not be able to achieve growth in FY21 (the financial year ending June 30, 2021) as there are no signs of retracement in tank terminal rates, Dialog deserves a premium valuation as its growth trajectory is expected to return in FY22,” noted RHB Research analyst Sean Lim.

He explained that while downstream activities would recover gradually from the first quarter ended Sept 30, 2020 (1QFY21), on a full-year basis they would still record a decline.

"Management guided for joint venture (JV) and associate contributions to grow 10% year-on-year (y-o-y) in FY21. Further growth may be seen in FY22, with commercialisation of the 430,000 cbm Phase 3A capacity expansion
dedicated for BP by mid-2021," he said.

“It may also take longer than expected to seal the new additional tank terminal capacity expansion for Pengerang's Phase 3 as most clients are spending cautiously at present," said Lim.

Lim also pointed out that Dialog’s Pengerang Independent Terminals Sdn Bhd (PITSB) had been operating at optimal capacity despite the recent spike in oil prices. Meanwhile, rates were hovering above USS$6 to USS$7 per cubic metre (cbm).

"Based on our crude oil price forecasts of US$51-US$55/bbl for 2021-2022, there is a possibility of onshore storage prices softening slightly from peak rates, but this could be sustained at USS$5.50 per cbm. Recall that the average contract tenure for PITSB is about 12 months," he noted.

Source: The Edge
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Re: Dialog / Dr Ngau Boon Keat

Postby winston » Thu Aug 05, 2021 2:23 pm

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Dialog undervalued after falling more than 30% from one-year peak — HLIB Research

by Tan Siew Mung

Recurring income is expected to improve with the commencement of Pengerang Deepwater Terminals (PDT) Phase 3A and Langsat 3.


Source: theedgemarkets.com

https://www.theedgemarkets.com/node/579414
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Re: Dialog / Dr Ngau Boon Keat

Postby winston » Wed Jan 04, 2023 8:21 am

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Dialog Group Bhd

AmInvestment Bank placed Dialog Group Bhd among the firm’s top "buy" calls as it perceived the improving sector recovery on bullish crude oil prices poised to spur recurring services growth with the group's strategic Pengerang development to likely bring in new investors.

The firm added that it likes Dialog on the back of its resilient non-cyclical tank terminal and maintenance-based operations.

MIDF also puts Dialog as its top buy according to its 2023 market outlook report.

In the firm’s Nov 16 note on the group, MIDF is confident that Dialog will continue to be resilient amid the challenging economic environment after posting a 2.4% year-on-year decline in earnings to RM125.8 million for the first quarter of the financial year ending June 20, 2023.

“We are positive that Dialog will continue to strengthen its competitiveness via its storage tank farm business, international upstream operations, engineering and fabrication services, recycled PET (polyethylene terephthalate) production facility, and technology and digital transformation initiatives.”

AmInvestment Bank put a fair value at RM3.38 for Dialog. Meanwhile, MIDF set a higher TP of RM3.70 on Dialog.

Source: The Edge
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Re: Dialog / Dr Ngau Boon Keat

Postby winston » Thu Jan 05, 2023 9:52 pm

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Nov 16, 2022

1QFY23 results in line
Maintain BUY and MYR4.90 TP


1QFY23 earnings made up 21% of our FY estimate and we expect its YoY strength in FY23 to be driven by its recently acquired upstream Thailand ops, POEC.

Developing Pengerang to its full potential remains its key agenda. Its Phase 3 ops is expected to gained traction post pandemic.

All in, we remain positive of its operational/financial strength & management acumen. Our TP RM 4.90 is SOP-based.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/289274.pdf
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Re: Dialog / Dr Ngau Boon Keat

Postby winston » Thu Jan 05, 2023 10:02 pm

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Nov 16, 2022

Dialog Group (DLG MK)
1QFY23: Results In Line As Thailand Upstream Offset Malaysia’s Weakness


Dialog started FY23 with profits in line with expectations.

An impressive maiden 1QFY23 JV income from Thailand offset Malaysia’s weakness across upstream and EPCC projects.

While storage sentiment will benefit from energy security, we were positively surprised by the recent upturn in storage market conditions, though we remain cautiously optimistic assuming earnings inflection may lag behind storage.

Retain BUY, and raise target price to RM2.35.

Source: UOBKH

https://research.uobkayhian.com/content ... b2422c3561
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Re: Dialog / Dr Ngau Boon Keat

Postby winston » Thu Jan 05, 2023 10:09 pm

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Nov 16, 2022

Dialog Group to continue benefitting from Pengerang's development, says HLIB Research

By Asila Jalil

KUALA LUMPUR: Dialog Group will continue to benefit from Pengerang's development due to its exposure in tank terminals, engineering, procurement, construction and commissioning (EPCC), and maintenance services.

Hong Leong Investment Bank Bhd (HLIB Research) noted that in addition to Dialog's Terminals Langsat 1 and 2 with a total capacity of 650,000 cubic metres, Langsat 3 commenced full operations for its 120,000 cubic metre storage facility in January 2020.

The 430,000 cubic metre storage capacity under Phase 3A of Pengerang Deepwater Terminals (PDT) was commissioned in February 2021.

"However, we note that core profit was only up 6 per cent year-on-year, and we believe that this was due to the margin squeeze from its downstream EPCC business due to higher material prices and labour costs, which inevitably resulted in cost overruns and project losses in its downstream segment," it added.


Source: NST

https://www.nst.com.my/business/2022/11 ... b-research
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