[%JWOz%] 
Research by Kenanga
Outperform - TP RM3.80

"Another Record-Breaking Quarter"

Dayang outperformed both our and consensus expectations due to stronger-than-expected performance in its offshore topside
maintenance (TMS) and marine divisions. The group is likely to secure the umbrella contract for topside maintenance from FY25 onwards, which will underpin its robust work order outlook. We increase FY24/25F forecast, raise TP by 15% TP to RM3.80 (from RM3.31). Maintain OUTPERFORM.

Analyst:
Lim Sin Kiat, CFA 
[%pyUA%]

$KLSE-DAYANG 
Research by Kenanga
Outperform - TP RM3.80

"Another Record-Breaking Quarter"

Dayang outperformed both our and consensus expectations due to stronger-than-expected performance in its offshore topside
maintenance (TMS) and marine divisions. The group is likely to secure the umbrella contract for topside maintenance from FY25 onwards, which will underpin its robust work order outlook. We increase FY24/25F forecast, raise TP by 15% TP to RM3.80 (from RM3.31). Maintain OUTPERFORM.

Analyst:
Lim Sin Kiat, CFA 
limsk@kenanga.com.my

$DAYANG / 5141 (DAYANG ENTERPRISE HOLDINGS BERHAD)