Media Centre

SEOUL: As China sends a flood of fuel abroad, a giant project in Southeast Asia that’s backed by Saudi Arabia is set to add to the regional deluge.

LONDON (May 18): Britain's busiest liquefied natural gas (LNG) import terminal, South Hook, is seeking to broaden its sources of supply as robust Asian demand diverts cargoes from Qatar — the world's biggest exporter and the terminal's majority shareholder.

Maintain buy with a fair value (FV) of RM3.90: We reiterate our “buy” recommendation on Dialog Group Bhd with a raised sum-of-parts-based FV of RM3.90 per share (from RM3.38/share), which implies a rolled forward financial year 2020 forecast (FY20F) price-earnings ratio (PER) of 37 times — 15% below its five-year average of 46 times. Our revised valuation has rolled forward the unchanged 25 times earnings multiple from FY19F to FY20F for its core technical, specialist, plant maintenance and fabrication services together with the higher value of the buffer land in Pengerang by RM10 per square foot (psf) to RM80 psf.

KUALA LUMPUR: Dialog Group’s core net profit for the nine months ended March 31, 2018 made up 83.3% of CIMB Equities Research’s previous full-year forecast and 76% of consensus, outperforming due to higher oil prices, among others.