Maintain BUY; TP unchanged at MYR3.05. That Dialog has bagged its maiden
contract from Snamprogetti (MYR17m) for the supply base operations in
Jubail is positive. Impact to order backlog and earnings is negligible
but we expect job win momentum to build up as it grows its expertise in
the Middle East. Nevertheless, its long-term tank terminal expansion
program in Johor will be its trump card - for earnings, cashflows and
dividends. Our target price is based on sum-of-parts.
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Source: Maybank Research - 14 June 2012
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