KUALA LUMPUR (Feb 15): DAYANG ENTERPRISE HOLDINGS BHD [] shares rose on Wednesday after its wholly owned unit Dayang Enterprise Sdn Bhd received a contract worth RM125 million from Talisman Malaysia Ltd.
At 9.03am, Dayang rose one sen to RM1.96 with 49,700 shares done.
Dayang said on Tuesday that the contract was for the provision of topside general maintenance and that the duration of the contract was for a primary period of three years with the option of an extension for two years of one year each.
RHB Research in a note Wednesday said it was positive on Dayang’s new contract as it showed that the company continued to be one of the favourites for topside maintenance.
“We believe its tie-up with Perdana Petroleum raises Dayang’s competitive edge in winning contracts, as such we are increasing our FY12 target PER to 13x (from 12x).
“Maintain Outperform call with upgraded fair value of RM2.35/share (from RM2.07/share), based on 13x FY12 PER (from 12x previously),” it said.
At 9.03am, Dayang rose one sen to RM1.96 with 49,700 shares done.
Dayang said on Tuesday that the contract was for the provision of topside general maintenance and that the duration of the contract was for a primary period of three years with the option of an extension for two years of one year each.
RHB Research in a note Wednesday said it was positive on Dayang’s new contract as it showed that the company continued to be one of the favourites for topside maintenance.
“We believe its tie-up with Perdana Petroleum raises Dayang’s competitive edge in winning contracts, as such we are increasing our FY12 target PER to 13x (from 12x).
“Maintain Outperform call with upgraded fair value of RM2.35/share (from RM2.07/share), based on 13x FY12 PER (from 12x previously),” it said.
