PETALING JAYA: Dayang Enterprise Holdings Bhd
’s newly ordered workboat could yield RM5mil in net profit annually, analysts say.
According to Kenanga Research, this is based on a conservative charter rate of RM90,000 a day, which is significantly below the last reported rates from peers.
Dayang entered into a sale and purchase agreement with Shin Yang Shipyard Sdn Bhd to construct a marine vessel for RM117mil with a delivery window of Jan 2 to Jan 10, 2028.
The funding for the vessel is expected to be from a mix of internal funds and borrowings, though Kenanga Research said the company’s cash pile is sufficient to finance the new vessel as it would be paid for progressively over the next two years.
The vessel has no charters at this juncture but given the tight and ageing market, it is not expected to be difficult to secure customers, the research house said.
It retained its “market perform” call on Dayang with a target price of RM1.60 a share pegged to 10 times last year’s price-earnings ratio.
