Maintain Buy. Interim results are tracking expectations, with 1H
accounting for 41% of our FY12 forecast. Looking ahead, its potential
participation in the upcoming marginal field projects will be newsflow
positive, while the expansion of its tank terminal operations will
sustain earnings growth in the long term. Dialog offers a fine exposure
to a respectable business model, focused management, attractive earnings
growth with an increasing proportion of recurring income and a steady
progressive dividend. Our Sum-Of-Parts TP is unchanged at RM3.05.
Maybank Research 15 Feb 2012
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