- Dyna-Mac (SGX:NO4) posted an outstanding set of results for 1H23, exceeding our expectations. Revenue grew by 47% y-o-y to S$182.3m, on the back of higher progressive recognition from projects executed during the period. See Dyna-Mac's announcement dated 08 Aug 2023.
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- As of June 2023, Dyna-Mac had a sizeable net orderbook worth S$542.7m. Management has guided that it is seeing strong levels of inquiries for projects in both Singapore and China, and we remain confident in Dyna-Mac’s ability to secure and execute on more orders going forward.
Further catalysts ahead
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- Indeed, the company has announced that it is currently pursuing a JTC lease for a piece of land along Gul Road, which will provide additional fabrication capacity for current and future projects.
- We see this as a positive for Dyna-Mac to grow its top line significantly in the coming years and, given management’s track record in improving margins, we expect this expansion of yard space to unlock further value for shareholders.
Increase fair value estimate from S$0.415 to S$0.505
- Read more at SGinvestors.io.
