Maybank Tells Dyna-Mac Shareholders To Wait For Better Offer
Maybank Tells Dyna-Mac Shareholders To Wait For Better Offer
Maybank Securities has given its view on Singapore's Dyna-mac which has received a voluntary conditional cash offer from Hanwha Ocean SG Holdings. The offer is for all the issued and paid-up ordinary shares for SGD0.60 per share, conditional upon Hanwha having more than 50% of the total shareholding.
新加坡精礪接到韓化海洋新加坡集團的有條件現金收購意向書。該意向書以0.60新加坡元每股的價格，爲所有已發行及已實收股份提供意向收購，條件是韓化海洋新加坡集團持有超過50%的股份。
The house sees the offer as being fair but said it is on the lower end of the fair value range. Given this is not a final offer, it went on further to say it would be better for investors to wait for a revised offer that is either closer or higher than its TP of SGD0.64. The confidence apparently stems from the robust outlook for FPSOs, Dyna-mac's high net cash position, potential dividends and higher projected profitability in the next few years.
該公司認爲此次收購意向價是公平的，但位於公允價值範圍的低端。鑑於這不是最終報價，該公司認爲投資者最好等待一個與其0.64的目標價更接近或更高的修訂報價。該公司對於FPSO領域的強勁前景，精礪的高淨現金頭寸，潛在的分紅派息和未來幾年更高的盈利能力有信心。
Outlook still positive but healthy order-book
Dyna-mac's order book has doubled to SGD896m in the past year and it has 50% more land so the house expects Dyna-Mac to execute its orderbook at a faster pace. Moreover, Maybank said the company has secured even higher margins than expected for the new projects. Gross margin actually surged to 27.6% in 1H24 from 13.5% in 1H23, which justifies the positive stance on the robust FPSO space accompanied by strong growth in revenue. Net orderbook remains at SGD681.3m, which is sufficient for FY24E as well as for FY25E.
市場前景仍然積極，訂單狀況良好
精礪的訂單簿在過去一年中翻倍，達到了89600萬新加坡元，擁有更多的土地。該公司預計精礪將以更快的速度執行其訂單簿。此外，大衆銀行表示，公司爲新項目獲得了比預期更高的利潤率。毛利率從1H23的13.5%上升至1H24的27.6%，這證實了對於強勁的FPSO領域以及營業收入強勁增長的正面立場。淨訂單簿仍爲68130萬新加坡元，足以滿足FY24E和FY25E的需求。
Credit to management and the team
Dyna-mac has consistently outperformed our expectations in this upcycle and believes that credit has to go to management (AC Lim and his team) for the solid execution that enabled Dyna-mac to hit record levels of financial performance and order-book.
給予管理層和團隊以讚賞
精礪在本週期內一直超出我們的預期，並認爲這應歸功於管理層（AC Lim及其團隊）的出色執行，使精礪實現了創紀錄的財務表現和訂單簿水平。
Aims to have controlling stake – may still be listed
Maybank thinks that the main aim of the offer is not to delist the company but to have a controlling stake of more than 50%. As a result, Dyna-mac may remain listed as the offer is only mandatory if more than 90% of the share float is acquired. The offer is also conditional on Hanwha acquiring more than 50% of the share float. Warrants must also be converted as there is
no offer for the warrants.
精礪希望獲得控股權 - 可能仍然上市
大衆銀行認爲此次收購意向的主要目的不是將該公司退市，而是獲得超過50%的控股權。因此，精礪可能仍然保持上市，因爲只有在收購流通股的90%以上之後，才會強制執行收購。收購意向還取決於韓化海洋新加坡集團收購超過50%的流通股份。權證也必須被轉換，因爲
認股權證暫無報價。
譯文內容由第三人軟體翻譯。