- 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.
