$Dyna-Mac(NO4.SI)$ 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.
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