“We believe that this represents a fair exit price for shareholders to realise their investment and reinvest into other under-valued counters,” he adds.
Maybank Securities analyst Jarick Seet is recommending Dyna-Mac’s shareholders to “accept” Hanwha Group’s revised offer. The Korean conglomerate announced, on Oct 14, that it would raise its offer to 67 cents from 60 cents. The offer is final.
“As the offer price is higher than our target price, we think that the offer is fair and shareholders should accept the offer even though we are currently in an FPSO upcycle,” says Seet in his Oct 14 report. FPSO refers to a floating production storage and offloading vessel. Seet has a “buy” call on Dyna-Mac and an unchanged target price of 64 cents.
