Dyna-Mac - OCBC Investment 2023-05-12: Deep Harbours, Promising Shores

Dyna-Mac - Deep Harbours, Promising Shores

Dyna-Mac (SGX:NO4) | SGinvestors.ioDyna-Mac (SGX:NO4)
  • Dyna-Mac (SGX:NO4) posted another strong set of results in its 1Q23 business update, beating consensus estimates. Gross profit more than doubled to S$11.6m on the back of a 29.3% y-o-y increase in revenue to S$87.3m and improved profit margin.
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  • We expect Dyna-Mac's results to continue to improve in the coming quarters, backed by management’s strong execution ability and the FPSO upcycle.

Long-term fundamentals for the offshore O&G industry remain sound

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  • A significant part of this investment is expected to be directed into offshore projects. As such, Dyna-Mac is expected to enjoy sustained demand for its offshore product offerings, and has an attractive long-term growth profile.
  • We also look favourably upon Dyna-Mac’s ability to secure new orders; on 11 May 2023, Dyna-Mac's announced that it had secured several firm contracts worth S$270m from repeat customers, bringing its net order book to S$608.1m, with deliveries stretching into 2025.

Staying niche and differentiated

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

Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2023-05-12

Read also OCBC's most recent report:
2024-02-26 Dyna-Mac - The Best Is Yet To Be.

Previous report by OCBC:
2024-01-25 Dyna-Mac - Stay The Course.

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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