[%VnYe%] Dialog Group 
Research by HLIB
BUY ; Target Price: RM3.87 ;  upside 9.9% 

"Beating expectations again"
Dialog’s FY19 results once again beat expectations with all time high core net profit of RM535m (+25% YoY) led by stronger core businesses and JV & associates. The company will continue to be one of the key beneficiaries of Pengerang’s development due to its exposure in tank terminals, EPCC and maintenance services. We increased our FY20-21 earnings by 2-3% respectively after imputing better margins for its core businesses. Reiterate our BUY rating on the stock with unchanged TP of RM3.87. 

Sean Lim Ooi Leong, CFA
[%zKaB%]
(603) 2083 1708 

$KLSE-DIALOG Dialog Group 
Research by HLIB
BUY ; Target Price: RM3.87 ;  upside 9.9% 

"Beating expectations again"
Dialog’s FY19 results once again beat expectations with all time high core net profit of RM535m (+25% YoY) led by stronger core businesses and JV & associates. The company will continue to be one of the key beneficiaries of Pengerang’s development due to its exposure in tank terminals, EPCC and maintenance services. We increased our FY20-21 earnings by 2-3% respectively after imputing better margins for its core businesses. Reiterate our BUY rating on the stock with unchanged TP of RM3.87. 

Sean Lim Ooi Leong, CFA
OLlim@hlib.hongleong.com.my
(603) 2083 1708 