Dyna-Mac - Maybank Research 2023-05-10: Superb 1Q23; Upcycle Validated

Dyna-Mac - Superb 1Q23; Upcycle Validated

Dyna-Mac (SGX:NO4) | SGinvestors.ioDyna-Mac (SGX:NO4)
  • Dyna-Mac (SGX:NO4)'s 1Q23 results are strong, with revenue and NPAT surging 29% and 108% y-o-y to S$87.2m and S$3.9m, respectively, far exceeding our estimates by 9% and 30%.
  • Dyna-Mac's ,anagement is keen to expand the yard, which signals robust demand. Its outstanding order book is S$338m as it executes the projects but we expect order wins of >S$300m in the near term and another S$300m by the end of FY23E.
  • - Read this at SGinvestors.io -

1Q normally the weakest – better quarters ahead

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  • We expect better quarters ahead for Dyna-Mac and remain confident in management’s execution ability. Gross margin has also risen to 13.3% in 1Q23 from 8.5% in 1Q22 and we expect margins to continue to rise due to better utilization as well as pricing of contracts.

Yard expansion for FY24E and beyond

  • Read more at SGinvestors.io.

Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.

Jarick Seet Maybank Research | https://www.maybank-ke.com.sg/ 2023-05-10

Read also Maybank's most recent report:
2024-04-03 Dyna-Mac - Largest Contract Ever Won.

Previous report by Maybank:
2024-02-21 Dyna-Mac - On The Fast Track.

Price targets by 2 other brokers at Dyna-Mac Target Prices.

Listing of research reports at Dyna-Mac Analyst Reports.

Relevant links:
Dyna-Mac Share Price History,
Dyna-Mac Announcements,
Dyna-Mac Dividends & Corporate Actions,
Dyna-Mac News Articles


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