Dyna-Mac - Maybank Research 2024-06-19: Robust FPSO Market Spurs Growth

Dyna-Mac - Robust FPSO Market Spurs Growth

Published:
Dyna-Mac (SGX:NO4) | SGinvestors.ioDyna-Mac (SGX:NO4)
  • We expect Dyna-Mac (SGX:NO4)’s 50% capacity expansion, high operating leverage and doubling of its orderbook to S$896m should enable it to reap better net margins as FPSO (Floating, Production, Storage and Offloading) builders and operators continue to enjoy high prices and rates.
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Capacity increase = higher revenue + margins

  • With its orderbook doubling to S$896m within 12 months as well as its new land expansion of 50%, we expect Dyna-Mac to execute its orderbook at a faster pace.
  • From our channel checks, we also discovered that FPSO builders are enjoying better pricing for each FPSO new-build and we believe that this should flow-down to players like Dyna-Mac which would grant them better margins for the new orders won.
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New substantial shareholder – an interesting angle

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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/ 2024-06-19



Previous report by Maybank:
2024-04-03 Dyna-Mac - Largest Contract Ever Won.

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





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