Dayang's Unit Offers Prelude To Solid 2Q Earnings For The Group
Dayang's Unit Offers Prelude To Solid 2Q Earnings For The Group
Despite the company's share price having risen 84% over the past year, significantly outperforming the KLCI and KL Energy Index, there is still anticipated upside potential. Current market valuations do not fully reflect DEHB's strong earnings prospects, with the stock trading at a 37% discount to its 10-year mean P/E ratio. The expected return on invested capital (ROIC) for DEHB in FY24F is projected at 18.3%, compared to the market's estimate of 15.8%.Dayang Enterprise Holdings Bhd (DEHB) is anticipated to see robust performance in 2Q24, buoyed by the impressive results from its subsidiary, Perdana Petroleum (PETR). PETR, in which DEHB holds a 64% stake. The unit reported its highest earnings for 2Q24, with revenue increasing by 26% sequentially, driven by heightened vessel utilisation. The vessel utilisation rate surged to 89%, its highest since 3Q19, significantly boosting PETR's EBIT margin by 17 percentage points to 38%.
大洋企業控股有限公司（DEHB）預計將在2024年第二季度實現強勁表現，得益於其子公司Perdana Petroleum（PETR）的出色業績。 DEHb持有PETR64％的股份。該單位報告顯示，其2024年第二季度收入環比增長26％，受到船舶利用率的提高推動。船舶利用率激增至89％，自2019年第三季度以來最高，大大提升了PETR的EBIt利潤率，達到38％，環比增加了17個百分點。
Analyst at CGS reiterate an ADD recommendation for the oil and gas industry company with an unchanged target price (TP) of RM4.00.
中國銀河的分析師重申了對石油和天然氣行業公司的增持建議，目標價保持不變，爲RM4.00。
PETR's 2Q24 normalised net profit more than doubled, reaching RM33.8 million, up from RM16.5 million in 1Q24. This robust performance, along with a 53% year-on-year revenue increase, is expected to positively influence DEHB's earnings outlook. The strong results from PETR are seen as a positive indicator for DEHB, suggesting potential upside surprises in its 2024 earnings.
PETR的2024年第二季度歸一化淨利潤翻了一番，達到了RM3380萬，而去年第一季度爲RM1650萬。這種強勁表現，以及53％的年度營業收入增長，預計將對DEHB的盈利前景產生積極影響。PETR的強勁業績被視爲DEHb的積極指標，暗示其2024年盈利可能出現正面驚喜。
Despite the company's share price having risen 84% over the past year, significantly outperforming the KLCI and KL Energy Index, there is still anticipated upside potential. Current market valuations do not fully reflect DEHB's strong earnings prospects, with the stock trading at a 37% discount to its 10-year mean P/E ratio. The expected return on invested capital (ROIC) for DEHB in FY24F is projected at 18.3%, compared to the market's estimate of 15.8%.
儘管公司股價在過去一年中上漲了84％，明顯優於KLCI和KL能源指數，但仍有望出現上行潛力。目前的市場估值並未充分反映DEHB強勁的盈利前景，該股票交易價格比其10年均值市盈率低37％。預計DEHb在2024財年的投入資本回報率（ROIC）爲18.3％，而市場估計爲15.8％。
The continued buoyancy in the offshore supply vessel (OSV) sector, coupled with new revenue streams from the Asset Integrity Findings (AIF) contract commencing in May 2024, is likely to drive the company's earnings further. With forecasts of a 36% growth in net profit for 2024 and an additional 30% in 2025, DEHB remains a top pick in the Malaysian oil and gas sector.
近海供應船隻（OSV）板塊持續繁榮，加上2024年5月開始的資產完整性發現（AIF）合同帶來的新營收，可能進一步推動公司的盈利。預計2024年淨利潤增長36％，2025年再增長30％，DEHb仍然是馬來西亞石油和天然氣行業的首選。
譯文內容由第三人軟體翻譯。