Dyna-Mac

Dyna-Mac: OCBC downgrades to Hold on valuation grounds, after the stock appreciated 15% since 18 Aug. Keeps TP of $0.445, pegged to 15x blended FY15/15e P/E. Says stock is fairly priced, though downside could be supported by a healthy FY14e div yield of 4.6%. Overall the house still expects Dyna-Mac to be a beneficiary of its key customers' recent order wins (eg. Bumi Armada) , and the FPSO tendering activities remain healthy providing a positive backdrop.