$Dyna-Mac (NO4.SG)$ Lim & Tan maintain a BUY on Dyna-Mac wit...

Lim & Tan maintain a BUY on Dyna-Mac with a revised target price of $0.72, pegged to 11x FY24E.

Dyna-Mac's market cap stands at S$589mln and currently trades at 8.3x FY24PE.

1H24 results completely smashed their expectations with 1H24 revenue and net profit S$38.8mln forming c.63% and c.108% of our FY24 target of S$410mln and S$35.9mln respectively.

The outlook for Dyna-Mac remains optimistic, driven by the continued buoyancy of the FPSO market. According to Fortune Business, the FPSO market is expected to grow 14.6% by 2032 and with more FPSOs expecting to start operations between 2024 to 2029, Dyna-Mac remains optimistic about its future growth opportunities.