KUALA LUMPUR (Feb 15): CIMB IB Research has maintained its “Add” rating on Dialog Group Bhd at RM2.66 with a higher target price of RM3.15 (from RM3.13) and said Dialog’s 1HFY6/18 core net profit of RM201m outperformed our forecast as it represented 60% of house previous full-year forecast (in line at 50% of consensus).

In a note today, the research said it thinks that it was the EPCC division that performed better than expected given the ongoing construction works at Pengerang Phase 1 & 2, hence raised its forecasts.

“We maintain Add, with a slightly higher SOP-based target price of RM3.15.

“Catalysts include the ongoing expansion of Pengerang Phase 1 and the Langsat terminals, plus a potential flag-off of Pengerang Phase 3,” it said.