Dayang's Prospects Boosted After Joining Petronas Carigali Contractor Panel
Dayang's Prospects Boosted After Joining Petronas Carigali Contractor Panel
The positive outlook is supported by a robust forecast and valuation. Analysts have maintained a target price of RM3.31, based on a 13x FY25 PER, reflecting Dayang's prominent position in the market and its larger market capitalisation compared to peers. The valuation includes a premium over the average forward P/E ratio of 12x observed in the 2014 up-cycle, highlighting Dayang's strong market presence.Dayang Enterprise Holdings Berhad (Dayang) has been appointed by Petronas Carigali as one of the panel contractors for offshore support vessel (OSV) services over the next three years. This appointment is a significant boost for Dayang, offering potential benefits from higher charter rates and increased vessel utilisation. According to analysts, this development is expected to positively impact Dayang's financial performance. The company, which operates seven OSV vessels, including five maintenance work vessels and two supply boats, stands to gain from enhanced charter opportunities.
大洋控股有限公司（Dayang）已被國油Carigali任命爲離岸支持船隻（OSV）服務的面板承包商之一，爲期三年。這項任命是Dayang的重大推動，爲其帶來更高的租賃率和更多的船隻利用率的潛在收益。據分析師預測，此舉有望積極影響Dayang的財務表現。該公司經營着七艘OSV船隻，其中包括五艘維修船隻和兩艘供應船隻，有望從增強的租賃機會中獲益。
Analysts have maintained their earnings forecasts for Dayang, factoring in an anticipated 80% vessel utilisation rate and a 13% increase in charter rates for FY24 and FY25. The target price remains at RM3.31 with an OUTPERFORM call.
分析師保持對Dayang的收益預測，在FY24和FY25預計80％的船隻利用率和13％的租賃率增長。目標價保持爲RM3.31，看漲。
The new panel contractor status positions Dayang favourably for securing charters from Petronas Carigali, potentially improving revenue from offshore maintenance works. The vessels are projected to command daily charter rates (DCR) between RM10,000 and RM15,000, significantly higher than the FY23 rates of RM8,000 to RM11,000. Although inclusion on the panel does not guarantee specific contracts, the anticipated uptick in offshore maintenance activities is expected to drive Dayang's vessel utilisation to align with the analysts' 80% forecast.
新的面板承包商地位有利於Dayang從國油Carigali獲得租賃，可能提高離岸維修工作的營業收入。這些船隻的日租金（DCR）預計在RM10,000至RM15,000之間，相比FY23的RM8,000至RM11,000有顯着提高。雖然面板上的包含不保證具體的合同，但預期的離岸維修活動增長預計推動Dayang的船隻利用率與分析師的80％預測相符。
The positive outlook is supported by a robust forecast and valuation. Analysts have maintained a target price of RM3.31, based on a 13x FY25 PER, reflecting Dayang's prominent position in the market and its larger market capitalisation compared to peers. The valuation includes a premium over the average forward P/E ratio of 12x observed in the 2014 up-cycle, highlighting Dayang's strong market presence.
積極的前景得到了強有力的預測和估值支持。分析師基於13倍FY25的PER，維持RM3.31的目標價，反映出Dayang在市場上的突出地位和與同行相比更大的市值。估值包括對2014年上升週期觀察到的平均前P/E比率12倍的溢價，突顯Dayang在強勁的市場存在。
Dayang's investment case is bolstered by several factors: the expected increase in upstream maintenance activities, improved project margins from better contract terms, a net cash balance sheet that supports expansion potential, and benefits from the local OSV market's supply crunch. Analysts continue to favour Dayang for its strategic positioning and market leadership in the topside maintenance sector.
Dayang的投資案例得到了多個因素的支持：預計上游維護活動的增加，改善合同條款帶來的項目利潤率提高，淨現金資產負債表支持擴張可能性以及受當地離岸支持船隻市場供應緊縮的好處。分析師繼續青睞Dayang在領先位置和上層維護部門市場領導地位。
譯文內容由第三人軟體翻譯。
