Dyna-mac

Dyna-mac: Reports 3Q Feb 2011 results. 3Q Rev at $39.4m -17.4%yoy but net profit at 8.7m is +19.5%yoy. Co recorded a write-back of allowance for impairments which boosted profit by $1.4m. Decrease in rev was attributed to moratorium on drilling in Gulf of Mexico which was lifted in 4Q2010…

However co has experienced increased levels of inquiries and tenders since resumption of drilling. Co's order book as at 28 Feb 2011 is approx $90m which does not include the $50m by SBM since only a MOU has been signed. Order book appears to have fell significantly from $138m as of 27 Jan 11. With 9M EPS at 2.41, co trades at annualized P/E of 20.1x.