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buy apple developer account(buyappleacc.com):Quick take: Dialog slips on weak earnings

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KUALA LUMPUR: Shares in Dialog Group Bhd fell marginally in early trade Friday after it reported weaker earnings in its latest financial results.

The counter edged down 0.38%, or one sen to RM2.59 at 9.32am. It has fallen over 24% so far this year.

Dialog’s net profit for the fourth quarter ended June 30 (4Q20) fell slightly on a year-on-year (y-o-y) basis by about 12% to RM138.54mil as revenue dipped by some 3% to RM522.14mil.

The group has proposed a final dividend of 1.90 sen which amounts to a payout of about RM107.3mil.

For the financial year ended June 30 (FY20), Dialog posted a net profit of RM543.14mil on revenue of RM1.6bil.

RHB Research said Dialog’s FY21 core earnings were in line at 99% and 95% of the house and street estimates respectively.

“We expect earnings growth to resume in FY22F on the back of revenue recovery and better tank terminal earnings contributions.

“That said, margins could be still under pressure no thanks to elevated COVID-19 related costs,” it said.

RHB has cut FY21F-22F earnings by 4% after imputing lower margin contribution from Pengerang independent Terminals SB (PITSB) and Pengerang Terminals (Two) SB.

“Post earnings adjustment and net debt profile revision, our target price drops to RM3.14.

“Dialog’s share price has retraced 25% YTD – we see the selldown likely led by weak earnings recovery, longer-than-expected time to seal the new additional tank terminal capacity expansion and lack of comprehensive strategies,” it added.

MIDF Research said Dialog’s 4Q21 earnings and revenue came in below expectations at 23% less than it estimated.

“All in, we are maintaining our buy recommendation on Dialog with an unchanged target price of RM4.30. Our valuation is derived from a sum-of-parts method pegging a PER of 28x to its core businesses,” it said.

“Our buy recommendation is based on the group’s future prospect in increasing the storage capacity of its Langsat terminals, and its initiatives to move forward to establish Pengerang Deepwater Terminals as the Asean epicentre of operations for hydrocarbon and petrochemical facilities,” it added.


转载说明:本文转载自Sunbet。

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