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NewsDialog posts weaker 3Q earnings
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Dialog posts weaker 3Q earnings
by Cals Mon 19 May 2014, 23:57
| Dialog posts weaker 3Q earnings |
| Business & Markets 2014 |
| Written by Maybank IB Research |
| Monday, 19 May 2014 09:59 |
Dialog Group Bhd
(May 16, RM3.70)
Maintain buy with target price of RM3.90: The sequentially weaker third quarter ended March 31 of financial year year 2014 (3QFY14) net profit of RM48 million (-25% quarter-on-quarter [q-o-q]) took Dialog’s earnings for the nine-month period (9MFY14) to RM164 million .
The underlying q-o-q weakness in earnings was due to: (i) lower contributions from associates (-70%) due to higher pre-operating expenses at its tank terminal operations in Pengerang, Johor ; and (ii) lower engineering, procurment, construction and commissioning works.
We lower FY14, FY15 and FY16 net profits by 8%, 4% and 4% respectively mainly to account for higher operating expenses relating to the Pengerang terminal project. The project’s Phase 1A, with a capacity of 432,000 cu m, commenced operations in 2QFY14. Phase 1B and 1C, with a similar capacity of 432,000 cu m each, will kick off in 3QFY14 and 4QFY14.
Phase 2 will comprise oil, petroleum and LNG tank terminals coupled with a regasification plant. The commissioning of Phase 2 will likely coincide with the commencement of works on the refinery and petrochemicals integrated development in Pengerang. — Maybank IB Research, May 16
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This article first appeared in The Edge Financial Daily, on May 19, 2014.
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