$Dyna-Mac(NO4.SI)$ Lift TP to SGD0.46 from SGD0.42 Dyna-mac, one of our SMID conviction picks, said it more than doubled its order book to SGD896m by winning SGD456.8m worth of contracts. The main contract involves the construction of process modules and is it’s largest-ever contract win, involving record tonnage and number of process modules. These orders will be mainly for FY25-26. We remain bullish on the FPSO outlook with Dyna-mac a key beneficiary of this multi-year upcycle. We lift our FY25/26E PATMI by 7.3% and 7.4%, and raise our TP to SGD0.46 from SGD0.42, pegged to 15x blended FY24/25E P/E.