Results Note � Dialog Group (HOLD,
maintain)
- Good potential but valuation still high
DLG�s FY16
core net profit is within our expectation. Midstream and downstream
activities in Malaysia remained intense, upstream activities and
International operation were slower while the Pengerang Independent Terminal
contributed more. We maintain our FY17/18E forecasts and introduce estimates
for FY19E. We tweaked our TP based on SOTP valuation slightly higher and
reaffirm our HOLD rating. DLG is a good growth story but valuation is still
high.
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