KUALA LUMPUR: Dialog Group Bhd could be a key beneficiary of the Pengerang Deepwater Terminal (PDT) following the easing of international travel restrictions.
In its latest update, Hong Leong Investment Bank (HLIB) Research said the group can expect benefit from its exposure in tank terminals, EPCC and maintenance services.
"With the ease of international travel restrictions in FY23, we see Dialog as a beneficiary as PDT will be able to welcome foreign clients and investors, potentially boosting Dialog’s downstream EPCC and midstream take-or-pay tank terminals business
"Also, Dialog is taking various measures including negotiating with clients for reimbursement and compensation for the project overruns caused by inflationary pressures and external macroeconomic factors," it said in a note.
Following Dialog's release of its 1QFY23 results, HLIB said the group's core net profit of RM132.7mil was well within its and consensus expectations.,
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The group's revenue jumped 41%, primarily owing to its newly commissioned Dialog Terminals Pengerang 5, which is part of its Phase 3A PDT project.
"We note that DTP 5 has a storage capacity of 430,000 sqm and is dedicated for BP Singapore Pte Ltd.
"However, we note that core profit was only up 6% YoY and we believe that this was due to the margin squeeze from its downstream EPCC business due to higher material price and labour costs, which inevitably resulted in cost overruns and project losses in its downstream segment," said HLIB.
The research firm maintained its "buy" call on the stock with a marginally higher target price of RM3.04, from RM3 previously.
"We continue to like Dialog for its recurring income type of business model and we deem it as one of the only listed secular growth stock in the local oil and gas space," it added.
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