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Results Note – Dialog (BUY, maintain) - Results broadly inline




Affin Hwang Investment Bank Bhd


19 Feb 2013





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Results broadly inline 1HFY13 net profit at RM94.3m (+10% yoy), within expectations Dialog achieved a 9.7% yoy growth in 1HFY13 net profit to RM94.3m on the back of a higher revenue and stronger EBIT. The group’s 1HFY13 revenue grew by 28.9% yoy to RM920m on commencement of EPCC works at the Pengerang Independent Deepwater Terminal project, higher fabrication activities and increased overseas sales from specialist products & services business. Dialog’s 1HFY13 EBIT grew by 14.2% on higher revenue. Its EBIT margin, however, fell slightly to 10% (from 11.3%) due to cost overrun at a plant maintenance project in Singapore. Overall, the result is within our expectation but slightly below street estimates. Dialog’s 1HFY13 net profit accounts for 43% of consensus and 46% of our full year earnings estimates.

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