- 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
- - Read this at SGinvestors.io -
- 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.ketrade.com.sg/.
Jarick Seet Maybank Research | https://www.maybank-ke.com.sg/ 2023-05-10
Read also Maybank's most recent report:
2023-08-08 Dyna-Mac's 1H23 Beat - Riding The Upcycle; BUY With Higher Target Price.
Previous report by Maybank:
2023-06-26 Dyna-Mac - Key Takeaways From Invest ASEAN 2023.
Price targets by 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
