Dayang’s 1HFY11 results were within expectations, contributed by more brownfield services being rendered during the quarter. We expect a good 3QFY11 on top of this good quarter. In the meantime, we see Dayang as a potential candidate for M&As given its healthy cash pile. Also, the company falls into our category of defensive O&G stocks besides Dialog as it is supported by a strong orderbook of over RM1.5bn. Maintain Buy with a higher fair value of RM2.70.
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