Dynamac

Dynamac: OCBC initiates with Hold and $0.34 TP. House note that having delivered more than 154 topside modules, the group has established itself as a specialist its field. DMH’s main yard has a waterfront shoreline and is integrated with a load-out bay. This enables completed topside modules to be easily transported to nearby shipyards for installation onto an FPSO. Value grp at 10x blended FY12-13F earnings estimate and obtain a fair value estimate of S$0.34. Initiate with HOLD.