Dayang sets sail for strong earnings

Quick Summary:

Oil and gas services provider Dayang Enterprise Holdings Bhd’s earnings will likely reach a record high this year and into 2025, buoyed by stronger order flows, and higher vessel utilisation and charter rates.

Phillip Capital Research reiterated a “buy” rating on Dayang, raising its target price for the counter to RM4.50 from RM3.78 previously.

We gather that all seven of Dayang’s vessels were operational in 2Q24, likely resulting in an overall utilisation rate of over 90%, which is higher compared with the 48% and 72% recorded 1Q24 and 2Q23, respectively,” it added.

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Article Details

Category: EconomyBusiness

Markets: Malaysia

Topics: RecordEarnings PETRONASContracts VesselUtilisation Corporate News CharterRates /Business/Business News DayangEnterprise OilAndGas

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-07 @ 00:00:00 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 495 words

Reading Time: 3 minutes read

Sentences: 15 lines

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Copyright Owner: © The Star

News ID: 21960249

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