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Issue Price: RM1.45
Listing: Main Board
Industry: Oil & Gas
Total share issue: 352,000,000
Total public issue: 85,874,000
From public issue, Malaysia public issue: 17,600,000 new ordinary
From public issue, Private placement: 59,774,000 new ordinary
From public issue, Employee: 8,500,000 new ordinary
Par Value: 0.50
Prospectus Date: 2008.03.31
Closing Date: 2008.04.11 5pm
Application Balloting: 2008.04.15
Allotment date: 2008.04.23
Listing Date: 2008.04.28
Issuing House: Malaysia Issuing House (258345-X)
Issuing House Account: MIH Share Issue Account No.459
Underwriter: AmInvestment
Financial Year End: September (going to change to December)
Income Statement:
Profit after Taxation by year
2005: RM 22,188,000
2006: RM 22,697,000
2007: RM 28,852,000
Balance Sheet:
Total Assets: RM 347,782,000
Total Liabilities: RM 84,659,000
Cash Flow Statement
Operating Cash Flow: RM 33,255,000
Investing Cash Flow: - RM 18,744,000
Financing Cash Flow: RM 141,604,000
NTA per share: RM0.75
Based: Malaysia
Company Type: investment holding company.
Company Description:
The Company is engaged in providing maintenance services, fabrication operations, hook-up and commissioning and chartering of marine vessels. The wholly owned subsidiaries of the Company are Dayang Enterprise Sdn Bhd (DESB), DESB Marine Services Sdn Bhd (DMSSB) and Fortune Triumph Sdn Bhd (FTSB). DESB is involved in providing maintenance services for topside structures, pipes and valves, electrical and instrumentation, fabrication operations, and hook-up and commissioning services for the oil and gas industry. DMSSB is involved in the chartering of marine vessels, including floating accommodation and catering. FTSB provides rental equipment and machinery to the various players in the oil and gas industry.
Company Type: investment holding company.
Company Description:
The Company is engaged in providing maintenance services, fabrication operations, hook-up and commissioning and chartering of marine vessels. The wholly owned subsidiaries of the Company are Dayang Enterprise Sdn Bhd (DESB), DESB Marine Services Sdn Bhd (DMSSB) and Fortune Triumph Sdn Bhd (FTSB). DESB is involved in providing maintenance services for topside structures, pipes and valves, electrical and instrumentation, fabrication operations, and hook-up and commissioning services for the oil and gas industry. DMSSB is involved in the chartering of marine vessels, including floating accommodation and catering. FTSB provides rental equipment and machinery to the various players in the oil and gas industry.
From Dayang Enterprise Holdings Bhd:
Dayang Enterprise Sdn Bhd (DESB)
A wholly owned subsidiary of Dayang and licensed by Petronas, DESB commenced operations in October 1980 and is principally involved in the provision of maintenance services for Topside structures, pipes and valves, electrical and instrumentation, fabrication operations, and hook-up and commissioning services for the oil and gas industry.
DESB Marine Services Sdn Bhd (DMSSB)
DMSSB, a subsidiary of Dayang, began operations in May 2005 and is involved in the chartering of marine vessels, including floating accommodation and catering.
DMSSB possesses its own marine vessels, the first being "Dayang Pertama", a 189-personnel maintenance and accommodation workboat, which was completed in the second quarter of 2005. The vessel is currently used to provide offshore accommodation for the company’s workforce.
DMSSB also has a straight supply vessel known as "Dayang Maju" that was commissioned in February 2006.
Construction is already underway for a sister vessel of Dayang Pertama named "Dayang Berlian", which is due to be completed by February 2007.
Fortune Triumph Sdn Bhd (FTSB)
FTSB, which commenced operations in 1999, provides rental equipment and machinery to the various players in the oil and gas industry.
1. Petronas Approved License & Registration Dayang’s wholly owned subsidiary, DESB is registered with Ministry of Finance and has a Petronas approved license that enables it to provide supporting products and services for the oil and gas industry.
1. Petronas Approved License & Registration Dayang’s wholly owned subsidiary, DESB is registered with Ministry of Finance and has a Petronas approved license that enables it to provide supporting products and services for the oil and gas industry.
2. Established Track Record With over 25 years of oil and gas experience, Dayang has successfully established a track record that is associated with quality, reliability, technical expertise as well as service excellence.
3. Experience in Supporting Diverse Types of Offshore Structures Dayang provides supporting products and services, especially maintenance services for a wide range of exploration and production platforms, and other offshore structures. Dayang’s experience plus its track record serve as a distinct competitive advantage when bidding for offshore contracts.
4. Economies of Scale Dayang enjoys significant economies of scale, which serves as a competitive advantage when bidding for new contracts, but at the same time able to maintain a high margin. This is achieved through providing a wide range of supporting products and services, and servicing a large number of offshore structures.
5. Comprehensive In-House Skills & Expertise Dayang has in-house expertise and skills to maintain most types of offshore structures and platforms and thus does not rely on outsourcing and / or third party expertise.
6. High Quality Standards Significant emphasis is placed on quality and this is reflected in Dayang’s accreditation of MS ISO 9001:2000 Quality Management System certified by SIRIM QAS International Sdn Bhd.
7. Own New Marine Vessel Dayang is a proud owner of a maintenance and accommodation vessel whose construction was completed in the second quarter of 2005. Plans are already underway for the construction of a similar second marine vessel with an expected completion date of February 2007. It also owns a straight supply vessel known as “Dayang Maju” that was commissioned in February 2006. By having its own vessels, Dayang is able to reduce its reliance on the supply of charter services from external parties and allow the company to be more competitive in terms of pricing and costing when bidding for contracts.
8. Full Range of In-House Equipments & Tools Dayang has a full range of in-house equipments and tools that allows it to provide a prompt and consistent product and service quality, high efficiency and the ability to undertake high volume work.
Risk:
Related to operating industry:
- Fluctuation in the market price of hydrocarbon
- Activity in Malaysia Oil and Gas industry
- Depletion of hydrocarbon resources
- Regulatory compliance / dependence on licenses / permits
- Political, economic and regulatory considerations
- Competitive industry
Related to operations and business:
- Business risk
- Operational, health and safety risk
- Dependent on major customers
- Future business performance depends on the award of new contracts
- Dependent on its key personnel and skilled workforce
- Delay in the completion of work orders
- Operating in a strict environmental regime
- Environmental concerns
- Investmental concerns
- Investment activities risk and new ventures
Related to investing in the IPO shares
- No prior public market for its share
- Price volatility
- Capital market risks
- Profit forecast may vary from actual results
- Future dividends are dependent on future performance
- Controlled by its promoters
- Failure / delay in the listing
- Delay between admission and trading of the IPO shares
- Disclosure regarding forward-looking statement
Competitor:
- Petra Perdana Bhd
- Petra Energy Bhd
PE Ratio: Lower than KLCI, higher than competitors.
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