Maybank Tells Dyna-Mac Shareholders To Wait For Better Offer
Maybank Tells Dyna-Mac Shareholders To Wait For Better Offer
Credit to management and the teamMaybank Securities has given its view on Singapore's Dyna-mac which has received a voluntary conditional cash offer from Hanwha Ocean SG Holdings. The offer is for all the issued and paid-up ordinary shares for SGD0.60 per share, conditional upon Hanwha having more than 50% of the total shareholding.
馬來亞銀行證券已對新加坡的Dyna-Mac發表了看法，該公司已收到韓華海洋新加坡控股公司的自願有條件現金要約。此次要約適用於所有已發行和實繳的普通股，價格爲每股0.60新元，前提是韓華擁有總股權的50％以上。
The house sees the offer as being fair but said it is on the lower end of the fair value range. Given this is not a final offer, it went on further to say it would be better for investors to wait for a revised offer that is either closer or higher than its TP of SGD0.64. The confidence apparently stems from the robust outlook for FPSOs, Dyna-mac's high net cash position, potential dividends and higher projected profitability in the next few years.
衆議院認爲該報價是公平的，但表示處於公允價值區間的低端。鑑於這不是最終報價，它進一步表示，投資者最好等待更接近或高於其目標價0.64新加坡元的修訂報價。這種信心顯然源於FPSO的強勁前景、Dyna-Mac的高淨現金狀況、潛在的分紅以及未來幾年更高的預計盈利能力。
Outlook still positive but healthy order-book
Dyna-mac's order book has doubled to SGD896m in the past year and it has 50% more land so the house expects Dyna-Mac to execute its orderbook at a faster pace. Moreover, Maybank said the company has secured even higher margins than expected for the new projects. Gross margin actually surged to 27.6% in 1H24 from 13.5% in 1H23, which justifies the positive stance on the robust FPSO space accompanied by strong growth in revenue. Net orderbook remains at SGD681.3m, which is sufficient for FY24E as well as for FY25E.
前景仍然樂觀但訂單狀況良好
在過去的一年中，Dyna-Mac的訂單量翻了一番，達到89600萬新元，而且它的土地增加了50％，因此該公司預計Dyna-Mac將以更快的速度執行其訂單簿。此外，馬來亞銀行表示，該公司爲新項目確保的利潤率甚至高於預期。毛利率實際上從23年上半年的13.5％激增至24年上半年的27.6％，這證明了對強勁的FPSO空間以及收入強勁增長的積極立場。淨訂單量仍爲68130萬新元，足以支付 FY24E 和 FY25E。
Credit to management and the team
Dyna-mac has consistently outperformed our expectations in this upcycle and believes that credit has to go to management (AC Lim and his team) for the solid execution that enabled Dyna-mac to hit record levels of financial performance and order-book.
這要歸功於管理層和團隊
在這個升級週期中，Dyna-Mac的表現一直超出我們的預期，並認爲管理層（AC Lim及其團隊）的穩健執行使Dyna-Mac的財務業績和訂單量達到創紀錄水平，這要歸功於管理層（AC Lim及其團隊）。
Aims to have controlling stake – may still be listed
Maybank thinks that the main aim of the offer is not to delist the company but to have a controlling stake of more than 50%. As a result, Dyna-mac may remain listed as the offer is only mandatory if more than 90% of the share float is acquired. The offer is also conditional on Hanwha acquiring more than 50% of the share float. Warrants must also be converted as there is
no offer for the warrants.
目標是擁有控股權——可能仍在上市
馬來亞銀行認爲，此次要約的主要目的不是將公司退市，而是持有超過50％的控股權。因此，Dyna-Mac可能會繼續上市，因爲只有在收購了超過90％的流通股票的情況下，該要約才是強制性的。該要約還以韓華收購50％以上的股權爲條件。認股權證也必須照原樣轉換
沒有認股權證要約。
