S$0.54-DYNA.SI
The 22% price correction from the post-listing high of 69 cents represents a buying opportunity in Dyna-Mac, now an associate of Keppel Corp.
This would have taken in the fact that new order flow has not been as “forthcoming” as expected; and yet prospects for new orders remain good given the state of the offshore industry.
More importantly, the moratorium on drilling off Gulf Of Mexico by the Obama Administration has since been lifted.
The proposed 2 cent first & final dividend or 3.7% yield should also help justify a BUY.
The just-released results for ye May ’11 (+28% in Q4 to $7.6 mln / - 2.5% for full year to $24.84 mln) puts the stock on 20x historic PE.
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