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RHB Research maintains Buy on Dayang, raises fair value to RM4.80

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RHB Research maintains Buy on Dayang, raises fair value to RM4.80 Empty RHB Research maintains Buy on Dayang, raises fair value to RM4.80

Post by Cals Tue 27 May 2014, 00:27

RHB Research maintains Buy on Dayang, raises fair value to RM4.80
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 26 May 2014 08:05

KUALA LUMPUR (May 26): RHB Research has maintained its Buy rating on Dayang Enterprise Holdings Bhd with a higher fair value (FV) of RM4.80 (from RM4.60) and said Dayang’s 1Q14 core profit of RM35 million was in line.

In a note Monday, the research house said costs and low vessel utilisation were culprits of its temporary earnings weakness.

“The various HUC work orders and the contracted vessels are in full swing from 2H14 onwards.

“We trim FY14F/FY15F earnings by 8%/10% as we update its orderbook and factor in higher financing costs. Maintain Buy with higher FV at RM4.80 (at 16x FY15F P/E, from RM4.60),” it said.
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