Dyna-Mac: 4Q Rev at $44.8m -3.2%yoy +13.7%qoq. Net profit 7.6m +28.4%yoy +5.3%qoq. Gross profit margin fell qoq from 39.7% to 31.1%. Full yr rev at $167.8m down 23.2% yoy, net profit at $24.8m -2.5% yoy, attributed to moratorium imposed due to oil spill disaster in Gulf of Mexico in Apr last yr.
Full yr margins were boosted by a write-back of impairment of trade receivables and contingent costs of prev projects ($10.3m) offset by slightly higher admin costs due to IPO. A 0.02c div declared for the year. Co has current order book of $117m with $18m from KepCorp and is optimistic on higher oil prices with increased drilling activities.
At FY2011 EPS of 3.24c, co is trading at 16.7x trailing P/E. Counter is covered by one house, AmFraser, a Sell with TP$0.42
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