Stock Name: DAYANG
Company Name: DAYANG ENTERPRISE HOLDINGS BHD
Research House: HWANGDBS
KUALA LUMPUR: Hwang DBS Vickers Research is maintaining a Buy call on Dayang Enterprise Bhd at RM2.60 a share, pegged to 11 times FY11F EPS. It said on Thursday, April 8 that Dayang is a growth story at an attractive valuation. "Dayang offers strong growth (FY09-11F net profit CAGR of 37.1%) with earnings underpinned by a strong order book, superior margins, new contract wins, and maiden contribution from OSV operation, Borcos. "Valuation remains compelling at 9.0 times FY11F EPS and 1.7 times PBV. Maintain Buy call and RM2.60/share target price, pegged to 11 times FY11F EPS," it said. Dayang's subsidiary Dayang Enterprise Sdn Bhd clinched a RM400 million contract from Shell Sarawak Bhd to provide top-side maintenance execution services over a period of five years, with an option to renew for one year. This is expected to contribute positively to the group's earnings from 2010 to 2015.
Company Name: DAYANG ENTERPRISE HOLDINGS BHD
Research House: HWANGDBS
KUALA LUMPUR: Hwang DBS Vickers Research is maintaining a Buy call on Dayang Enterprise Bhd at RM2.60 a share, pegged to 11 times FY11F EPS. It said on Thursday, April 8 that Dayang is a growth story at an attractive valuation. "Dayang offers strong growth (FY09-11F net profit CAGR of 37.1%) with earnings underpinned by a strong order book, superior margins, new contract wins, and maiden contribution from OSV operation, Borcos. "Valuation remains compelling at 9.0 times FY11F EPS and 1.7 times PBV. Maintain Buy call and RM2.60/share target price, pegged to 11 times FY11F EPS," it said. Dayang's subsidiary Dayang Enterprise Sdn Bhd clinched a RM400 million contract from Shell Sarawak Bhd to provide top-side maintenance execution services over a period of five years, with an option to renew for one year. This is expected to contribute positively to the group's earnings from 2010 to 2015.
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