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ios developer account(buyappleacc.com):Dialog’s tie-up a positive move

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,The tie-up is expected to contribute to Dialog’s earnings from financial year (FY) 2023 onwards via a joint venture company, Dialog-Morimatsu 49:51% shareholding ratio – share of profit contribution, and the use of existing infrastructure and facilities in Pengerang in Johor.

PETALING JAYA: Dialog Group Bhd’s recent joint venture (JV) with China-based Morimatsu Technology and Services Company is seen as positive as it will further strengthen the former’s fabrication capabilities and open up new business opportunities.

The tie-up is expected to contribute to Dialog’s earnings from financial year (FY) 2023 onwards via a joint venture company, Dialog-Morimatsu 49:51% shareholding ratio – share of profit contribution, and the use of existing infrastructure and facilities in Pengerang in Johor.

Early estimates showed that there could potentially be a 3% addition to Dialog’s bottom line based on PublicInvest Research’s projection on its fabrication segment.

The JV also highlights the attraction and growing activities of the massive Pengerang development, driven by Petronas-Saudi Aramco JV’s US$27bil (RM112bil) Refinery and Petrochemical Integrated Development, which is expected to start operations progressively from year end, the research house said.

The JV is to collaborate and provide one-stop engineering and fabrication services of critical process equipment, pressure vessels and modular plant/facility solutions to serve local and international customers from Dialog’s facility in Pengerang.

“We view this development positively as it will further strengthen Dialog’s fabrication capabilities while expanding potential business opportunities as well as tapping on Morimatsu’s strong market position and competitive strengths in advanced Japanese craftsmanship and European technology, and client base,’’ said the research house.

Given that Dialog’s Pengerang facility is strategically located in existing major international shipping lanes with a private load-out jetty, it believed that this is an attraction for Morimatsu’s first JV and production base outside China for its internationalisation strategy and expansion to serve its international customers in over 45 countries.

The research house said the total investment is about RM14mil, of which Dialog is expected to finance via internally generated funds.

While the existing facility is currently busy supporting internal and external customers, it has a total land area of 127 acres should there be a need to scale up operations.

The research house retained its earnings forecasts unchanged, pending further developments and guidance.

It also retained an “outperform’’ call on Dialog with an unchanged target price of RM3.86 a share.

“We still like Dialog for its strong track record, defensive business model and steady recurring income generation from its tank terminal business,’’ it said.

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