Dayang

[winston]

not vested

Dayang Enterprise sinks into red in 1Q as revenue falls on fewer contracts, lower vessel utilisation

By Reyanna Ng

Dayang Enterprise Holdings Bhd fell into the red in the first quarter ended March 31, 2023 (1QFY2023), posting a net loss of RM15.95 million compared with a net profit of RM13.76 million a year ago.

Revenue for the quarter slumped 29.80% or RM47.72 million to RM112.42 million this quarter, from RM160.14 million in 1QFY2022, due to fewer work contracts being awarded, and lower vessel utilisation, which is typical during the monsoon season.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/668218

[winston]

not vested

Dayang Enterprise
Sailing on a recovery in O&G spending

We initiate coverage on Dayang Enterprise (DEHB) with an Add rating and a GGM-based target price of RM1.70.

We see it as an attractive proxy to the expected pick-up in offshore MCM and HUC activity levels after several years of dampened spending by oil majors.

Despite the relatively strong share price performance over the past 10 months (+33%), the stock trades at 1 s.d. below its 10-year mean.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... BFE35C8108

[winston]

Regaining good momentum

We are encouraged by the higher unit rates secured for DEHB’s recent contract renewal, which bodes well for margins and earnings moving forward.

The company had also submitted bids this week for a sizeable new contract tender worth an estimated RM4bn-5bn in total.

DEHB remains a top pick. Reiterate Add, with a GGM-based TP of RM1.70.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 5EFB16BF40

[winston]

not vested

Dayang Enterprise posts highest quarterly earnings since 2019, marking strong rebound in 2QFY2023

By Hailey Chung

Net profit of RM64.69 million in the second quarter ended June 30, 2023 (2QFY2023), its highest quarterly profit since its 4QFY2019 result of RM78.23 million.

Revenue also rose 16% y-o-y to RM305.73 million in 2QFY2023 from RM263.41 million.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/680040

[winston]

not vested

Dayang Enterprise
Evidently strong earnings momentum

Following the disappointing 1Q23, DEHB’s earnings showed a turnaround in 2Q23 while margins have also come in strongly.

We raise 2023F-25F net profit forecasts by 35-62% mainly for the stronger than-expected margins from its core operations and OSV fleet.

Reiterate Add with a higher GGM-based TP of RM2.50.

DEHB remains one of our top picks in the Malaysian O&G sector and broader market.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 5C8DD1AB59

[winston]

not vested

RHB lifts Dayang earnings forecasts on strong visibility of work orders from Petronas

By Priyatharisiny Vasu

Dayang stands a good chance to win a portion of the new tender for Petronas’ five-year hook-up commissioning (HUC) and maintenance, construction and modification (MCM) contracts, with another extension option of three plus two years.

We are guided that marine vessel utilisation in 3QFY2023 is going to improve further from 2Q’s 72% and, as such, is on track to achieve 60%. Average daily charter rates have improved 5% to 7% year-on-year, and could potentially be higher if maintenance activities pick up next year.

Downside risks include a slowdown in new work orders, weaker oil prices, and higher operating cost,” the firm said.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/683050

[winston]

not vested

Within expectations

Despite an encouraging pick up in revenue, DEHB’s 3Q23 normalised net profit dipped 5% qoq due to higher depreciation, taxes and minority interest.

9M23 normalised net profit made up 83% of our forecast. We consider this as in line as 4Q tends to be seasonally weaker due to the monsoon season.

Reiterate Add with an unchanged GGM-based TP of RM2.50. DEHB remains one of our top picks in the Malaysian O&G sector and broader market.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 541E4228CE

[winston]

not vested

Dayang Enterprise Holdings Bhd posted its best quarterly net profit in about three years, after the integrated oil and gas service provider, logged a net profit of RM76.38 million for its third quarter ended Sept 30, 2023 (3QFY2023), compared with RM52.9 million in the same quarter last year.

Quarterly revenue rose 1.6% to RM343.76 million against RM338.34 million, underpinned by improved daily charter rates of vessels and more work order or contracts being awarded by oil majors received under topside maintenance contracts.

The improved financial performance was achieved on the back of better margins from vessel chartering and much lower other expenses attributed by net realised/unrealised foreign exchange loss exposure.

Source: The Edge

[winston]

not vested

Dayang set to ride on Perdana Petroleum's contract wins, says RHB IB

By Husnina Ahmad Dahlan

It is positive of Dayang’s 64%-owned Perdana Petroleum Bhd’s contract wins.

Perdana Petroleum won five contract awards — four contract extensions on three anchor handling tug supply (AHTS) vessels and one accommodation work barge, and one new AHTS contract granted by Petronas Carigali Sdn Bhd.

The value of these contracts range from RM8.3 million to RM19.8 million.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/703770