Dayang

[winston]

not vested

Covid 19 Depressed Stock Market

by Koon Yew Yin

Unfortunately, it has been dropping in the last few days which indicates that the trend reversal is not sustainable. If you just based on price chart, it is not safe to buy Dayang at this price level.

Petronas has already announced that the company has shut down a few of its oil rigs which will affect Dayang’s future revenue and profit.

I have sold all my shares even at a loss. I will only start buying Dayang again when its price chart is showing a definite up trend and the oil price recovers to a more reasonable level so that Petronas will increase its operation.

https://klse.i3investor.com/blogs/koonyewyinblog/

[winston]

not vested

3 Apr 2020

Dayang: Investment Banks buying aggressively

by Koon Yew Yin

"Don’t be so stupid to sell an up-trending stock and be cheated".

Comment: On April 3, he was telling you not be so stupid to sell, as Petronas will continue to pump oil.

On April 10, he mentioned that he has sold all his shares.

https://klse.i3investor.com/blogs/koonyewyinblog/

[winston]

not vested

Dayang returns to the black in 1Q on higher vessel utilisation, work orders

by Muhammed Ahmad Hamdan

KUALA LUMPUR (June 23): Dayang Enterprise Holdings Bhd returned to the black in the first quarter ended March 31, 2020 (1QFY20), chalking up a net profit of RM9.33 million compared to a net loss of RM17.15 million in 1QFY19.

Quarterly revenue increased to RM172.1 million, up 10% from RM156.41 million previously.

Earnings per share for the quarter stood at 88 sen compared with loss per share of 43 sen a year ago.

The group’s better performance was largely contributed by higher vessel utilisation and higher work orders received and performed under the topside maintenance contracts, the oil and gas (O&G) firm said in its results filing with Bursa Malaysia today.

“The higher vessel utilisation rate of 55% in 1QFY20, compared to 36% in 1QFY19, was largely due to the sustained level of work orders as the synergistic collaboration between Dayang and its subsidiary Perdana Petroleum Bhd continues to work out well.

“We had a relatively strong start in 2020 with a profitable financial performance in the first quarter of 2020, turning around from a loss quarter in the corresponding period last year. This is despite the seasonally weak quarter which is typically affected by the monsoon weather,” it added.

According to Dayang, the Movement Control Order enforced by the government since March 18 has resulted in significant disruptions to its business activities.

The situation was made worse by the shocking plunge in crude oil prices, which had impacted work orders from the group’s clients, as the O&G industry “grappled with the new dynamics under low oil price environment”.

On its order book, which is largely based on call-outs, Dayang said it remains decent at an estimated value of RM4 billion, but cautioned that there is “no certainty that work orders of high values will be issued in the near term”.

In light of this, the group said it will continue to be vigilant and exercise due care and prudence in the running and administration of the group’s business.

“We are confident that our strong execution track record, coupled with our solid balance sheet, will help us to weather this challenging period. This short-term turbulence will not derail our long-term plans to achieve greater heights going forward,” it added.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ork-orders

[winston]

not vested

Dayang shares up 3.8% on Q1 turnaround

KUALA LUMPUR: Shares of DAYANG ENTERPRISE HOLDINGS BHD rose 4% in early trade Wednesday after bouncing back into profitability in the first quarter ended March 31.

The oil and gas contractor added 3.88%, or five sen to RM1.34, the highest in two weeks, with 12.1 million shares traded. It is currently trading at a PE ratio of 5.41 times.

Dayang posted a net profit of RM9.33mil for the first quarter ended March 31, against a loss of RM4.14mil reported in the same quarter of the previous year mainly due to higher work orders received as well as higher vessel utilisation.

Revenue for the period rose by 10% to RM172.06mil from RM156.41mil previously.

Vessel utilisation rate in the current quarter is 55% as compared to 76% in the fourth quarter of 2019.

The company had a strong start to 2020 despite the seasonally weak quarter which is typically affected by monsoon weather.

Kenanga Research said Dayang’s 1QFY20 came in below expectations, despite strong results.

“Despite the strong 1QFY20 core net profit of RM13.6mil (adjusted for unrealised forex losses), turning around from losses last year, we deem the set of results to be below expectations, coming in at merely 6% each of our and consensus full-year forecasts, as we see downside risks in earnings assumptions given current challenging landscape,” it said.

Kenanga is anticipating a weak 2QFY20 on the back of MCO-led disruptions, while overall trend in capex and opex cuts from clients could also translate to less work orders for the remainder of the year.

It has upgraded Dayang to “market perform” with an unchanged target price of RM1.30.

Source: The Star

https://www.thestar.com.my/business/bus ... d#cxrecs_s

[winston]

not vested

Dayang Enterprise swings to loss in 2Q, expects pick-up in 2H

by Adam Aziz

KUALA LUMPUR (Aug 21): Dayang Enterprise Holdings Bhd suffered a net loss of RM985,000 or 0.09 sen per share for the second quarter ended June 30, 2020 (2QFY20), hit by lower vessel utilisation and higher costs arising from the Covid-19 pandemic.

The lower vessel utilisation in its 60%-subsidiary Perdana Petroleum Bhd at 52%, from 55% in 1QFY20, was caused by delayed work orders due to the Movement Control Order, Dayang said in its stock exchange filing.

For 1QFY20, Dayang posted a net profit of at RM9.33 million or 0.88 sen per share.

Quarterly revenue slid 0.65% to RM170.95 million from RM172.06 million in 1QFY20, mainly due to the lower vessel utilisation in the period, the group said.

On a year-on-year basis, Dayang’s 2QFY20 loss compares with a net profit of RM55.09 million or 5.71 sen per share in 2QFY19.

Revenue was down 27.94% from RM247.18 million.

For the six-month period ended June, Dayang’s net profit fell 83.63% to RM8.34 million, from RM50.96 million a year earlier. Revenue fell 15% to RM343 million from RM403.59 million.

“In addition, our order book remains strong at an estimated value of RM3.8 billion, which will ensure healthy earnings visibility over the next few years,” it said.

Source: The Edge

https://www.theedgemarkets.com/article/ ... -pickup-2h

[winston]

not vested

Dayang returns to the black in 4Q FY22 on exceptional items, declares 1.5 sen dividend

by Sufi Muhamad

Net profit of RM15.6 million in its fourth quarter of financial year 2022 (4QFY2022) from a loss of RM288.5 million last year due to the reversal of impairment loss and net unrealised and realised foreign exchange gain.

Revenue higher by 11.07% to RM222.3 million from RM200.15 million in the same quarter last financial year (4QFY2021).

Vessel utilisation in the current quarter has increased to 54% compared with 38% in the fourth quarter of 2021.

Source: theedgemarkets.com

https://www.theedgemarkets.com/node/655567

[winston]

not vested

Analysts raise target prices for Dayang on positive FY2023 outlook after full-year results met expectations

by Izzul Ikram

Source: theedgemarkets.com

https://www.theedgemarkets.com/node/655664

[winston]

not vested

Better vessel utilisation rate seen for Dayang

PETALING JAYA: Dayang Enterprise Holdings Bhd’s recent contract win from PETRONAS Carigali Sdn Bhd will support the group’s earnings in the quarters ahead, say analysts.

RHB Research said the development provided better certainty over Dayang Enterprise’s vessel utilisation in financial year 2023 (FY23).

“Daily charter rates (DCRs) are also guided to be better. Despite anticipation of a seasonally weaker first quarter in 2023 (1Q23), we remain upbeat on Dayang Enterprise’s outlook for 2023, premised on the back of robust work orders and better revision rates,” said RHB Research.

In a filing with Bursa Malaysia yesterday, the oil and gas support services contractor said its wholly owned subsidiary, DESB Marine Services Sdn Bhd, had been awarded a contract for the provision of its accommodation workboat (AWB), Dayang Berlian, by PETRONAS Carigali.

With a duration of 207 days from Feb 17, the contract has an option to extend up to 90 days.

RHB Research said this was Dayang’s fourth AWB contract win year-to-date, following charter contract wins for other AWBs, namely, Dayang Ruby, Dayang Opal and Dayang Zamrud, at the end of last month.

“We understand the DCRs are now above RM70,000 to RM90,000 per day depending on the specification and vessel conditions. This represents a decent improvement from the RM50,000 to RM70,000 per day range a year ago,” said the research house.

It noted that Dayang Enterprise’s subsidiary, Perdana Petroleum is projected to post a higher year-on-year vessel utilisation rate in 1Q23.

However, on a quarter-on-quarter basis, the group is expected to register a lower vessel utilisation rate as in 4Q22, Perdana Petroleum has a utilisation rate of 60%.

“Overall, the full-year vessel utilisation could potentially improve to 65% (from 59% in 2022) as quarterly utilisation is likely to accelerate to more than 80% from 2Q23 to 3Q23 backed by higher upstream activities.

“Most vessels are either on spot charters and short-term contracts, and we also understand that six vessels will be chartered to Dayang Enterprise for its in-house jobs,” it said.

Source: The Star

https://www.thestar.com.my/business/bus ... for-dayang

[winston]

not vested

Dayang Enterprise to sustain steady, strong performance in FY2023, says HLIB

HLIB said the company had improved job orders from regional oil majors, amid elevated oil prices and improved job contract values across the board.

Public Investment Bank Bhd said the contract win proves Dayang’s ability to capitalise on the tight vessel market, and that it will continue to do so with ongoing tenders for its remaining vessels.

Source: Bernama

https://www.theedgemarkets.com/node/662528

[winston]

not vested

Dayang Enterprise cautiously optimistic about FY2023 outlook, eyes new tenders

Potential for new tenders to come in for maintenance, construction, modification and hook-up and commissioning contracts.

For FY2022, the group returned to the black with a net profit of RM125.34 million, compared to a loss after tax of RM435.68 million recorded for FY2021.

The group recorded a revenue of RM984.18 million, against RM667.74 million for FY2021.

Source: Bernama

https://www.theedgemarkets.com/node/664175