Petronas Carigali is expected to call a tender for its offshore topside maintenance services in the next few months. Early estimates put the contract values for both Peninsular Malaysia (PMO) and Sarawak and Sabah (SKO & SBO) operations at around RM1.2 billion.
Dayang is currently the incumbent for the SKO & SBO while Vastalux holds the PMO operations.
Dayang is well poised to secure the contracts (especially the SKO & SBO) given its long-standing track record as well as ownership of a fleet of workboats which are assets required for the job.
Typically, a maintenance contract value tends to be higher than the original award as additional works apart from those stipulated may need to be carried out.
Similarly, the eventual value of the Sarawak Shell Bhd/Sabah Shell Petroleum Co Ltd (SSB/SSPC) contract could be higher than the RM400 million secured, or 1.25 times of the original value as a rule of thumb, translating into about RM500 million (FY10F contract wins assumption).
Meanwhile, it is understand that Borcos may make a provision for previous years’ taxation owing from vessels’ charter income. However, this is pending discussion with the auditors. Estimate potential downside of 6% in earnings could be made up by stronger contribution from Dayang’s oil and gas operations.
Dayang’s valuation remains undemanding at FY11F price-to-earnings (PE) and price-to-book-value (PBV) of 8.3 times and 1.6 times, respectively.
Dayang offers strong growth (FY09-FY11F net profit compound annual growth rate of 31.3%) and is a good proxy to oil and gas contract newsflow.
春花秋月何时了,往事知多少!
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联合国曾有过详细報告,工业可化分为41种主要生产工业,再次是207种次要生产工业,再細分为666种小型生产工业。
从历史看,当一个国家没有了经济自主权时,它的政治体制就很容易被瓦解。明末和晚清时代是如此,现代的国家又何尝不是如此的卑微呢?看一看韓国和日本的困境,烏克兰一步步被玩弄,加拿大的声声求饒别呑并,欧盟被...
2 days ago
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