News and Events

Maybank_Dyna-Mac-1H24

07 Aug 2024

  Link to Report:

Maybank_Dyna-Mac_1H24

🌟BROKER'S Updates🌟 Maybank Analyst: Jarick Seet Dyna-Mac - Explosive 1H24 🇸🇬⛴️⚓️🛢️ ( DHML SP , BUY , TP 0.64 ⬆️ from SGD0.62 ) "Dyna-Mac’s 1H24 results are spectacular, with revenue rising 43% YoY to SGD260m and NPAT up 280% YoY to SGD39m, achieving 66% of our FY24 forecasts, led by a surge in gross profit margin from 13.5% to 27.6% as well as solid revenue growth. We raise our FY24E PATMI by 3.6% and FY25E by 3.7% and increase our TP to SGD0.64 from SGD0.62, based on 13x FY24E P/E. Dyna-Mac is a key beneficiary of the multi-year FPSO upcycle and remains one of our Top Picks in the SMID space."

1. Surge in margins and profitability
2. Larger orders likely with higher margins
3. Remains One of our Top SMID Picks