Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 1.57 |
Showing posts with label DIALOG. Show all posts
Showing posts with label DIALOG. Show all posts
May 13, 2015
February 10, 2015
Margins sustained despite lower activity levels
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 1.57 |
Dialog to record strong earnings in 2H15
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: ALLIANCE | Price Call: HOLD | Target Price: 1.65 |
KUALA LUMPUR: AlianceDBS Research expects Dialog Group Bhd to record stronger earnings in the second half of this year as Pengerang Phase 1A and 1B will be fully operational.
The research house said there was also additional earnings from the 20 per cent farm-in of the D35, D21 and J4 upstream fields, as well as, Jubail Supply Base operations.
It said the major earnings driver for the oil and gas services-related company would be Phase 2 of Pengerang from 2019 onwards.
"Further to this, we expect another 12-24 month wait for earnings to come through from the group's risk service contract, as well as, Bayan field redevelopment," it said in a note today.
AlianceDBS has maintained a "Hold" call on Dialog with a target price of RM1.65.
Yesterday, Dialog posted a higher pre-tax profit of RM107.03 million for the second quarter ended Dec 31, 2014, from RM82.19 million registered in the same quarter a year ago.
Revenue, however, fell to RM570.29 million from RM694.16 million previously due mainly to lower international revenue.
As at 9.45 am, Dialog's shares was two sen lower at RM1.68 with 1.371 million shares traded. -- BERNAMA
May 22, 2014
DIALOG - 3Q results within expectations
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: ALLIANCE | Price Call: HOLD | Target Price: 3.25 |
May 16, 2014
Dialog - Higher contributions from international segments
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 3.41 |
February 14, 2014
Dialog - Pengerang EPCC drove earnings higher
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 3.41 |
November 20, 2013
Dialog - Margin contractions from higher operating expenses
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 3.15 |
August 21, 2013
Dialog - Ended the year on a high
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: MIDF | Price Call: BUY | Target Price: 3.29 |
May 16, 2013
End of cost overruns
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: MIDF | Price Call: BUY | Target Price: 3.29 |
August 14, 2012
Dialog - Ending the Year on High
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: MIDF | Price Call: BUY | Target Price: 2.80 |
A long-term play
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: BIMB | Price Call: BUY | Target Price: 2.70 |
February 15, 2012
DIALOG - Steady recurring income
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Dialog Group; Buy; RM2.44
Price Target: RM2.95; DLG MK
2QFY12/1HFY12 earnings within our expectations, but below consensus'. Supported by robust Malaysian operations. Maintain Buy with RM2.95 TP (21% upside).
Source: HwangDBS Research 15 Feb 2012
Company Name: DIALOG GROUP BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 2.95 |
Dialog Group; Buy; RM2.44
Price Target: RM2.95; DLG MK
2QFY12/1HFY12 earnings within our expectations, but below consensus'. Supported by robust Malaysian operations. Maintain Buy with RM2.95 TP (21% upside).
Source: HwangDBS Research 15 Feb 2012
Dialog Group: Maintain Buy - No surprises; growth prospects intact
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Maintain Buy. Interim results are tracking expectations, with 1H accounting for 41% of our FY12 forecast. Looking ahead, its potential participation in the upcoming marginal field projects will be newsflow positive, while the expansion of its tank terminal operations will sustain earnings growth in the long term. Dialog offers a fine exposure to a respectable business model, focused management, attractive earnings growth with an increasing proportion of recurring income and a steady progressive dividend. Our Sum-Of-Parts TP is unchanged at RM3.05.
Maybank Research 15 Feb 2012
Click here for full report
Company Name: DIALOG GROUP BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 3.05 |
Maintain Buy. Interim results are tracking expectations, with 1H accounting for 41% of our FY12 forecast. Looking ahead, its potential participation in the upcoming marginal field projects will be newsflow positive, while the expansion of its tank terminal operations will sustain earnings growth in the long term. Dialog offers a fine exposure to a respectable business model, focused management, attractive earnings growth with an increasing proportion of recurring income and a steady progressive dividend. Our Sum-Of-Parts TP is unchanged at RM3.05.
Maybank Research 15 Feb 2012
Click here for full report
Steady earnings growth to gain momentum
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: AMMB | Price Call: BUY | Target Price: 2.85 |
January 16, 2012
Dialog Group (Buy): A continuous growth story into 2012
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Maintain Buy. We have raised FY12-14F earnings estimates by 8-20% on higher EPCC revenue (+RM400-RM900m p.a.). Our 3-year net profit CAGR of 21% now reflects Dialog's 20-30% growth guidance. Our sum-of-parts based target price has however been lowered to RM3.05 (from RM3.35) after adjusting for the 2-for-10 rights issue (excluding warrants). Despite trading at 25x 2013 earnings (which incorporated just partial earnings potential), we continue to rate Dialog a Buy on expectations of continuous major project wins in 2012.
Maybank research (16 January 2012)
Click here for full report
Company Name: DIALOG GROUP BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 3.05 |
Maintain Buy. We have raised FY12-14F earnings estimates by 8-20% on higher EPCC revenue (+RM400-RM900m p.a.). Our 3-year net profit CAGR of 21% now reflects Dialog's 20-30% growth guidance. Our sum-of-parts based target price has however been lowered to RM3.05 (from RM3.35) after adjusting for the 2-for-10 rights issue (excluding warrants). Despite trading at 25x 2013 earnings (which incorporated just partial earnings potential), we continue to rate Dialog a Buy on expectations of continuous major project wins in 2012.
Maybank research (16 January 2012)
Click here for full report
January 5, 2012
Rising on tank terminal expansion and marginal fields
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Company Name: DIALOG GROUP BHD
| Research House: AMMB | Price Call: BUY | Target Price: 3.22 |
December 16, 2011
RHB Research maintains Outperform on Dialog Group
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
KUALA LUMPUR (Dec 16): RHB Research Institute is maintaining its Outperform on DIALOG GROUP BHD [] and fair value of RM3.65 a share.
The research house said on Friday it was positive about Dialog's corporate exercise involving the rights issue with warrants.
On Thursday, Dialog announced that the rights issue has been priced at RM1.20 a share for the new rights and RM2.40 a warrant.
The price of the new shares was a discount of 46.5% to the estimated theoretical ex-price of RM2.23/share (based on the five-day volume weighted average market price of Dialog up to Dec 14.
'We believe the additional discount is mainly to entice shareholders given the volatile market conditions, but the higher exercise price for the warrants suggests that the company is confident on delivering in the longer term,' it said.
RHB Research it was positive on the exercise despite the potential dilutive impact, as both projects are already secured and will propel Dialog's long-term growth prospects.
It said that Dialog remained one of its premium-play picks as it still liked the company for its long-term project visibility and sound management track record.
Company Name: DIALOG GROUP BHD
| Research House: RHB | Price Call: BUY | Target Price: 3.65 |
KUALA LUMPUR (Dec 16): RHB Research Institute is maintaining its Outperform on DIALOG GROUP BHD [] and fair value of RM3.65 a share.
The research house said on Friday it was positive about Dialog's corporate exercise involving the rights issue with warrants.
On Thursday, Dialog announced that the rights issue has been priced at RM1.20 a share for the new rights and RM2.40 a warrant.
The price of the new shares was a discount of 46.5% to the estimated theoretical ex-price of RM2.23/share (based on the five-day volume weighted average market price of Dialog up to Dec 14.
'We believe the additional discount is mainly to entice shareholders given the volatile market conditions, but the higher exercise price for the warrants suggests that the company is confident on delivering in the longer term,' it said.
RHB Research it was positive on the exercise despite the potential dilutive impact, as both projects are already secured and will propel Dialog's long-term growth prospects.
It said that Dialog remained one of its premium-play picks as it still liked the company for its long-term project visibility and sound management track record.
December 15, 2011
CIMB Research maintains Outperform on Dialog, target RM3.64
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
KUALA LUMPUR (Dec 15): CIMB Equities Research is maintaining its Outperform call on DIALOG GROUP BHD [] and continue to value the stock at its sum-of-parts, which does not factor in the new marginal fields.
The research house has a long-term Outperform on Dialog and an unchanged target price of RM3.64.
CIMB Research said it was upbeat on Dialog's ambitious plan to bid for two to three more marginal field developments in CY12 after securing the 15-year Balai contract in Aug 11 together with Petronas Carigali and Australia-based Roc.
'The development cost for a marginal field is around US$500 million to RM1 billion and we understand that Dialog is vying for at least a 30% equity stake,' it said.
CIMB Research said the management assured that it will not make any more cash calls to finance its marginal field venture other than the ongoing rights issue.
'Slated for completion in February 12, the right issue is expected to raise around RM500 million. As at end-Sept 2011, Dialog had RM92 million (4.6 sen/share) net cash,' it said.
Company Name: DIALOG GROUP BHD
| Research House: CIMB | Price Call: BUY | Target Price: 3.64 |
KUALA LUMPUR (Dec 15): CIMB Equities Research is maintaining its Outperform call on DIALOG GROUP BHD [] and continue to value the stock at its sum-of-parts, which does not factor in the new marginal fields.
The research house has a long-term Outperform on Dialog and an unchanged target price of RM3.64.
CIMB Research said it was upbeat on Dialog's ambitious plan to bid for two to three more marginal field developments in CY12 after securing the 15-year Balai contract in Aug 11 together with Petronas Carigali and Australia-based Roc.
'The development cost for a marginal field is around US$500 million to RM1 billion and we understand that Dialog is vying for at least a 30% equity stake,' it said.
CIMB Research said the management assured that it will not make any more cash calls to finance its marginal field venture other than the ongoing rights issue.
'Slated for completion in February 12, the right issue is expected to raise around RM500 million. As at end-Sept 2011, Dialog had RM92 million (4.6 sen/share) net cash,' it said.
November 17, 2011
Dialog in line for 1QFY12
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
Dialog Group Bhd
(Nov 17, RM2.46)
Maintain outperform at RM2.40 with fair value of RM3.51: Net profit for 3MFY12 of RM44.5 million was largely within expectations, accounting for 21.5% of our (RM206.8 million) and 22.6% of consensus (RM197.1 million) estimates.
There was a quarter-on-quarter deterioration in revenue (-5%) and earnings before interest and tax (-22.4%), likely caused by: (i) the reduction in major engineering and construction work as the Pengerang tank terminal project is still in the early stages; and (ii) incremental costs to kick-start the Pengerang tank terminal project has led to a slight margin squeeze. However, the company's strong associate earnings (+36.3%) mitigated the impact to bottom line earnings (-0.7%). We believe the higher associate earnings was likely due to the start-up of Phase 3 of Tanjung Langsat 1 which we understand was completed in August. Tanjung Langsat 2 is expected to be completed in December.
The company has its hands full with upcoming projects: (i) Phase 1 of the Pengerang deepwater tank terminal project; and (ii) Balai cluster marginal field development. It is also looking to complete its fundraising exercise (rights issue on the basis of two rights shares plus one free warrant for every existing 10 shares held) by 1QCY12 and hopes to secure another marginal field project when tenders are opened in CY12.
We maintain our earnings estimates. Risks include: (i) fall in crude oil prices that could result in oil and gas majors delaying/cancelling projects which will affect growth in Dialog's core operations; (ii) delays to start-up timelines of projects in hand; and (iii) heightened competition as other companies emulate Dialog's business model.
Dialog remains one of our favourites in the oil and gas sector given the: (i) long-term project visibility; (ii) resilience of the tank terminal business during a downturn; (iii) conservative risk management which underpins the success of its ongoing and upcoming projects; and (iv) apparent strong linkage to Petroliam Nasional Bhd. As such, we maintain our 'outperform' call on the stock and our sum-of-parts-based fair value of RM3.51 per share. ' RHB Research, Nov 17
This article appeared in The Edge Financial Daily, November 18, 2011.
Company Name: DIALOG GROUP BHD
| Research House: RHB | Price Call: BUY | Target Price: 3.51 |
Dialog Group Bhd
(Nov 17, RM2.46)
Maintain outperform at RM2.40 with fair value of RM3.51: Net profit for 3MFY12 of RM44.5 million was largely within expectations, accounting for 21.5% of our (RM206.8 million) and 22.6% of consensus (RM197.1 million) estimates.
There was a quarter-on-quarter deterioration in revenue (-5%) and earnings before interest and tax (-22.4%), likely caused by: (i) the reduction in major engineering and construction work as the Pengerang tank terminal project is still in the early stages; and (ii) incremental costs to kick-start the Pengerang tank terminal project has led to a slight margin squeeze. However, the company's strong associate earnings (+36.3%) mitigated the impact to bottom line earnings (-0.7%). We believe the higher associate earnings was likely due to the start-up of Phase 3 of Tanjung Langsat 1 which we understand was completed in August. Tanjung Langsat 2 is expected to be completed in December.
The company has its hands full with upcoming projects: (i) Phase 1 of the Pengerang deepwater tank terminal project; and (ii) Balai cluster marginal field development. It is also looking to complete its fundraising exercise (rights issue on the basis of two rights shares plus one free warrant for every existing 10 shares held) by 1QCY12 and hopes to secure another marginal field project when tenders are opened in CY12.
We maintain our earnings estimates. Risks include: (i) fall in crude oil prices that could result in oil and gas majors delaying/cancelling projects which will affect growth in Dialog's core operations; (ii) delays to start-up timelines of projects in hand; and (iii) heightened competition as other companies emulate Dialog's business model.
Dialog remains one of our favourites in the oil and gas sector given the: (i) long-term project visibility; (ii) resilience of the tank terminal business during a downturn; (iii) conservative risk management which underpins the success of its ongoing and upcoming projects; and (iv) apparent strong linkage to Petroliam Nasional Bhd. As such, we maintain our 'outperform' call on the stock and our sum-of-parts-based fair value of RM3.51 per share. ' RHB Research, Nov 17
This article appeared in The Edge Financial Daily, November 18, 2011.
Dialog Group RM2.40: Buy
Stock Name: DIALOG
Company Name: DIALOG GROUP BHD
No surprises, on track for growth
Maintain Buy. 1QFY12 results yielded no surprises with Dialogregistering a solid 35% YoY growth in net profit. We are keeping ourconservative forecasts unchanged with further upside potential. Wecontinue to like its business model, its focused management anddefensive qualities that offer steady and progressive dividends. Dialogremains among our preferred Buys in O&G with an unchanged RM3.35target price (sum-of-part valuations).
Maybank research (17 November 2011)
Click here for full report ''
Company Name: DIALOG GROUP BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 3.35 |
No surprises, on track for growth
Maintain Buy. 1QFY12 results yielded no surprises with Dialogregistering a solid 35% YoY growth in net profit. We are keeping ourconservative forecasts unchanged with further upside potential. Wecontinue to like its business model, its focused management anddefensive qualities that offer steady and progressive dividends. Dialogremains among our preferred Buys in O&G with an unchanged RM3.35target price (sum-of-part valuations).
Maybank research (17 November 2011)
Click here for full report ''
Subscribe to:
Posts (Atom)