Technical tracker - HLIB Retail Research – 24 September 2021 | HLeBroking

Technical tracker - HLIB Retail Research – 24 September 2021

DIALOG (RM2.35-BUY-Rated) – Steeply oversold, brace for a technical rebound

Established in 1984 (listed in 1996) Dialog is a leading integrated technical service provider to the upstream, midstream and downstream sectors in the O&G and petrochemical industry. The group serves a diverse range of customers that include multinational oil majors, national oil companies as well as multinational engineering and service providers located throughout the world. The group has grown both organically and through strategic alliances with internationally-renowned technology partners. Its global footprint includes offices and facilities in Malaysia, Singapore, Thailand, Indonesia, Philippines, China, Australia, New Zealand, Saudi Arabia and UAE.

After plunging 31.8% YTD (vs KLCI: -5.4%), we reckon that the risk-reward is getting attractive as the KLCI-linked DIALOG is currently trading at an undemanding 25.2x FY22 P/E (20.3% lower than its 5-years average of 32x). HLIB reiterated a BUY call with a target price of RM 3.45 in anticipation of Its recurring income will improve with the commencement of PDT Phase 3A and Langsat 3l, given that Asia-Pacific oil demand likely to grow over the next two decades. We maintain our view that the company has been steeply oversold with valuation nudging below mean while growth in earnings is still on the horizon (+16% EPS CAGR from FY21-23).

Going forward, Petronas’ RAPID facilities are expected to commence within the year, which will improve prospects for its Pengerang Phase 3. To recap, the construction works of the 430,000m³ storage capacity under Phase 3A of Pengerang Deepwater Terminals was completed in March 2021 whilst, the 85,000m³ capacity expansion of Langsat 3 is slated for full completion by the end of CY21. The group is still sitting on 500 acres of Pengerang land ready for future expansions.

After plunging 32% from a high of RM3.50 (4 January) to a low of RM2.31 (22 September), DIALOG is poised for a technical rebound as indicators showing uptick bias. A strong rebound above RM 2.42 will spur the prices towards its August levels of RM2.57-RM2.62. Cut lost at RM 2.20.

Collection range: RM2.35-2.30-2.28

Upside targets: RM2.45-2.55-2.65

Cut: RM2.20
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Technical tracker (中文版) - HLIB Retail Research – 24 September 2021

DIALOG (RM2.35-BUY-Rated) – 技术超卖，预计会有技术反弹

Dialog 成立于 1984 年（1996 年上市），是一家为油气和石化行业的上、中、下游提供技术服务的提供商，其中跨国石油巨头、国家石油公司以及遍布世界各地的跨国工程和服务提供商都是DIALOG的客服群。DIALOG的业务遍布许多国家其中包括了在马来西亚、新加坡、泰国、印度尼西亚、菲律宾、中国、澳大利亚、新西兰、沙特阿拉伯和阿联酋。

DIALOG 股价在年初至今下跌 31.8%（相对于隆指：-5.4%）后，我们认为风险和回报率变得有吸引力，主要因为蓝筹股之一的 DIALOG 目前的FY22 市盈率的25.2 倍低于其 5-年平均 的32 倍。除此之外，鉴于亚太区的石油需求可能在未来二十年实现增长，HLIB 重申买入评级，目标价为RM 3.45 ，预计随着 PDT Phase 3A 期和 Langsat 3l 的开始，公司收入将有所改善。公司目前已进入超卖阶段，估值略低于均值，而公司盈利也有望增长（21-23 财年每股收益CAGR为 +16%）。

展望未来，马来西亚国家石油公司的 RAPID 设施预计将于年内动工，这将改善其Pengeran Phase 3的前景。Pengeran Deepwater Terminals 430,00m³ 储存容量的建设工程已于 2021 年 3 月完成，同时，Langsat 3 的 85,000 m³产能扩建计划于 21 年底全面完成。此外，公司仍拥有 500 英亩的Pengerang land为未来的扩张做好准备。

股价在从 RM3.50 （1 月 4 日）的高点下跌 32% 至RM 2.31 （9 月 22 日）的低点后，DIALOG 预计会出现技术性反弹，目前指标也显示出上涨倾向。股价突破RM 2.42 有望上探至RM 2.57 至 RM2.62 的水平。止损点为RM2.2。

买入范围：RM2.35-2.30-2.28

上行目标：RM2.45-2.55-2.65

止损：RM2.20

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