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aws全区号(www.2km.me)_Dialog earnings on positive trajectory

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The group’s subsidiary, Dialog E&C Sdn Bhd, has also recently been awarded with an engineering, procurement, construction and commissioning (EPCC) contract worth RM360mil by Petronas Gas Bhd.

PETALING JAYA: Dialog Group Bhd’s long- term prospects will be supported by its resilient business structure and solid contributions from both Pengerang and Tanjung Langsat terminals in Johor.

The group’s subsidiary, Dialog E&C Sdn Bhd, has also recently been awarded with an engineering, procurement, construction and commissioning (EPCC) contract worth RM360mil by Petronas Gas Bhd.

MIDF Research in its latest report said: “We continue to be optimistic about Dialog’s long-term prospects.”

It noted that there was likelihood of a crude oil and natural gas supply-demand balance in the financial year 2022 (FY22), subsequently contributing to new contracts for plant operations and maintenance.

“We anticipate that Dialog’s financial performance will continue to be on the positive side in the coming quarters,” added the research house.

As Dialog enters its FY22, MIDF Research opined that the new EPCC contract with Petronas Gas will continue to show the sustainability, capability and capacity of the group in winning more contracts in the near term.

“Dialog has been consistent with the performance of its non-cyclical tank terminal and maintenance operations.

“Thus, we maintain our earnings estimates for Dialog for FY22 and continue to see the contract wins as a positive trajectory for Dialog’s financial performance,” it pointed out.

While Dialog did not expect any effects from the project on its share capital and shareholdings, MIDF Research said the project would contribute positively to the group’s earnings and net assets from FY22, until the completion of the project.

The research house has maintained a “buy” call on Dialog with an unchanged target price (TP) of RM3.80.

Meanwhile, Hong Leong Investment Bank (HLIB) Research is slightly positive on the latest win by Dialog.

“We expect it to be earnings-accretive of about RM36mil billed over 28 months, based on our assumption of a 10% net margin.

“This would enhance Dialog’s FY22-FY24 estimated earnings by 2% annually or RM12mil each year, based on our earnings forecast – which is somewhat negligible,” it said in its report.

On the group’s outlook, HLIB Research said Dialog will continue to be one of the key beneficiaries of Pengerang’s development due to its exposure in tank terminals, EPCC and maintenance services.

At this juncture, the research house has maintained a “buy” call on the stock with an unchanged TP of RM3.38.

“Our TP of RM3.38 implies an attractive 39% upside to current share price,” it said.

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