Dayang Earnings Lifted by HUC Closure

Dayang Enterprise reported a core net profit of RM22.2 million for 1QFY26, marking a 140.8% year‑on‑year increase, according to Public Investment Bank. The strong performance was driven by margin expansion following the closure of its Hook‑Up and Commissioning (HUC) works under the Offshore Topside Maintenance Services (Offshore TMS) contract. Marine Charter operations also improved, with vessel utilisation rising to 45% compared to 26% in 1QFY25, supported by stronger AHTS deployment from project continuity, spillover works from late‑2025, and ongoing campaigns.

Dayang Earnings

On a quarter‑on‑quarter basis, however, core net profit fell 60.6%, reflecting seasonally weaker monsoon activity and softer Offshore TMS execution. Despite accounting for only 13.5% of Public Investment Bank’s full‑year forecast and 11.3% of consensus estimates, the results were deemed in line with expectations. Looking ahead, management anticipates stronger financial and operational performance in 2QFY26, underpinned by higher vessel utilisation and intensified offshore activity, sustaining into early 4QFY26 before the monsoon.

Dayang’s balance sheet remains robust, with net cash of 55 sen per share. The group declared a 7 sen interim dividend per share, reinforcing its capital return appeal. Public Investment Bank maintains a Neutral call with an unchanged target price of RM1.90.

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