Friday, August 17, 2012
Dyna-Mac: Results were decent but not spectacular. 2Q rev was up 28.7% yoy at $57.8m with net profit at $6.1m -18.6% yoy. Orderbook of $203m remains and co has guided for most of the orderbook to be recognised in this FY. Contribution from its yard in Johor (land area of 211.2k sqm) with initial output of 10k tons is expected to take effect beginning nxt year. OCBC maintains Buy but with TP$0.45 under review. House remains positive on prospects given guidance on orderbook. Counter fell after results were out but posted a strong rebound the nxt day.