Dayang's Prospects Boosted After Joining Petronas Carigali Contractor Panel
Dayang's Prospects Boosted After Joining Petronas Carigali Contractor Panel
Dayang Enterprise Holdings Berhad (Dayang) has been appointed by Petronas Carigali as one of the panel contractors for offshore support vessel (OSV) services over the next three years. This appointment is a significant boost for Dayang, offering potential benefits from higher charter rates and increased vessel utilisation. According to analysts, this development is expected to positively impact Dayang's financial performance. The company, which operates seven OSV vessels, including five maintenance work vessels and two supply boats, stands to gain from enhanced charter opportunities.
大洋控股有限公司(Dayang)已被国油Carigali任命为离岸支持船只(OSV)服务的面板承包商之一,为期三年。这项任命是Dayang的重大推动,为其带来更高的租赁率和更多的船只利用率的潜在收益。据分析师预测,此举有望积极影响Dayang的财务表现。该公司经营着七艘OSV船只,其中包括五艘维修船只和两艘供应船只,有望从增强的租赁机会中获益。
Analysts have maintained their earnings forecasts for Dayang, factoring in an anticipated 80% vessel utilisation rate and a 13% increase in charter rates for FY24 and FY25. The target price remains at RM3.31 with an OUTPERFORM call.
分析师保持对Dayang的收益预测,在FY24和FY25预计80%的船只利用率和13%的租赁率增长。目标价保持为RM3.31,看涨。
The new panel contractor status positions Dayang favourably for securing charters from Petronas Carigali, potentially improving revenue from offshore maintenance works. The vessels are projected to command daily charter rates (DCR) between RM10,000 and RM15,000, significantly higher than the FY23 rates of RM8,000 to RM11,000. Although inclusion on the panel does not guarantee specific contracts, the anticipated uptick in offshore maintenance activities is expected to drive Dayang's vessel utilisation to align with the analysts' 80% forecast.
新的面板承包商地位有利于Dayang从国油Carigali获得租赁,可能提高离岸维修工作的营业收入。这些船只的日租金(DCR)预计在RM10,000至RM15,000之间,相比FY23的RM8,000至RM11,000有显着提高。虽然面板上的包含不保证具体的合同,但预期的离岸维修活动增长预计推动Dayang的船只利用率与分析师的80%预测相符。
The positive outlook is supported by a robust forecast and valuation. Analysts have maintained a target price of RM3.31, based on a 13x FY25 PER, reflecting Dayang's prominent position in the market and its larger market capitalisation compared to peers. The valuation includes a premium over the average forward P/E ratio of 12x observed in the 2014 up-cycle, highlighting Dayang's strong market presence.
积极的前景得到了强有力的预测和估值支持。分析师基于13倍FY25的PER,维持RM3.31的目标价,反映出Dayang在市场上的突出地位和与同行相比更大的市值。估值包括对2014年上升周期观察到的平均前P/E比率12倍的溢价,突显Dayang在强劲的市场存在。
Dayang's investment case is bolstered by several factors: the expected increase in upstream maintenance activities, improved project margins from better contract terms, a net cash balance sheet that supports expansion potential, and benefits from the local OSV market's supply crunch. Analysts continue to favour Dayang for its strategic positioning and market leadership in the topside maintenance sector.
Dayang的投资案例得到了多个因素的支持:预计上游维护活动的增加,改善合同条款带来的项目利润率提高,净现金资产负债表支持扩张可能性以及受当地离岸支持船只市场供应紧缩的好处。分析师继续青睐Dayang在领先位置和上层维护部门市场领导地位。