|Corporate Name||: SERBA DINAMIK HOLDINGS BERHAD|
|Symbol & Code||: SERBADK (5279)|
P/E ratio: 12.96x
ROE: 24.22% (相当高！）
Serba Dinamik are an international energy services group providing engineering solutions to the O&G and power generation industries with operational facilities in Malaysia, Indonesia, UAE, Bahrain and the UK.
Under engineering solutions, SERBADK provide O&M services and EPCC works. Under O&M services, SERBADK provide MRO of rotating equipment which includes gas and steam turbines, engines, motors, pumps, compressors and industrial fans; IRM of static equipment and structures including boilers and unfired pressure vessels, piping systems and structures, as well as maintenance of process control and instrumentation. Our O&M services for, O&G production platforms, crude O&G refineries, petrochemical manufacturing plants and LNG plants.
SERBADK have the capabilities to carry out EPCC of plants, facilities, road infrastructure and buildings, as well as other related systems and solutions including design and installation of process control and instrumentation, auxiliary power generation and firefighting systems.
As an extension of our core competencies in providing maintenance services, SERBADK have started to embark on our asset owner business model strategy with our first CNG plant in Muaro Jambi, Sumatra in Indonesia. Moving forward, SERBADK will continue to expand on this strategy through the development of small gas power plant and water utilities in Indonesia.
Operation and MaintenanceSerba Dinamik maintenance services are either preventive or predictive, and can be performed on routine, scheduled or unscheduled. All of our maintenance services are aimed at preventing equipment failure or decline and focus on increasing safety.
System IntegratorSerba Dinamik has more than 21 years of experience with large pool of technical expertises and technology partners worldwide that enable us to extend our services from single specific discipline into an integrated system solution provider / packager which combine various disciplines and application.
Global TradingSerba Dinamik business unit plays an integral role in our Integrated Engineering, Contracting and Maintenance team, offering potential clients with the provision of equipment along with other necessary parts required in the contract.
EPCCSerba Dinamik EPCC capabilities include civil works, planning, design, engineering, equipment supply, procurement, delivery, installation, testing, commissioning and the after sales service and maintenance of the complete of project.
TrainingSerba Dinamik training division is dedicated to enabling and assisting both individuals as well as organizations in enhancing their levels of productivity and quality. We believe that ongoing learning – acquiring new knowledge, skills, attitudes and paradigms – is essential for the survival and growth of an organization.
IT SolutionsSerba Dinamik offers a wide range of software developed primarily for industrial applications, that also can be modified accordingly to meet clients’ specifications. Serba Dinamik also provide development services for customized software requirements.
COMPETITIVE ADVANTAGES AND KEY STRENGTHS.Serba Dinamik competitive advantages and key strengths as set out below, will sustain and enlarge our customer base:
- Ranked third among companies in Malaysia providing MRO of rotating equipment to the O&G industry with 23 years track record;
- A growing and profitable company supported by a prudent financial track record;
- A PETRONAS-licensed company in Malaysia;
- Strong records in HSE and have implemented various safety and quality standards for our operations; and
- Experienced and skilled management team.
SERBADK ranked third among companies in Malaysia providing MRO of rotating equipment to the O&G industry with 23 years track record.
According to the IMR Report, SERBADK ranked third among O&G service and equipment companies in Malaysia providing MRO of rotating equipment to the O&G, where ranking was based on consolidated revenue for FYE 2014 of PETRONAS-licensed companies with SWEC codes for maintenance of rotating equipment.
SERBADK have 23 years of track record starting with MRO and eventually incorporating IRM and EPCC services within the O&G industry. In addition to Malaysia, our provision of O&M services also extend to Indonesia, Qatar, UAE, KSA, Oman, Bahrain, India and Turkmenistan for the past three financial years.
Our customers in the past three financial years include, among others, PETRONAS Carigali Sdn Bhd, PETRONAS Carigali (Turkmenistan) Sdn Bhd, Sarawak Shell Berhad, PETRONAS Chemicals Methanol Sdn Bhd, Malaysia LNG Sdn Bhd, Sabah Shell Petroleum Company Limited, PETRONAS Methanol (Labuan) Sdn Bhd, Petrofac E&C Sdn Bhd, MB Petroleum Services L.L.C., Oman and PT Ensco Sarida, Indonesia. Some of the plant owners that we serve indirectly through our foreign business partners include Qatar Fertiliser Company, Petroleum Development Oman, Qatar Petroleum, Qatar Chemical Company Ltd and Saudi Aramco.
SERBADK are a growing, profitable company supported by a prudent financial track record.As a provider of O&M services, SERBADK have existing maintenance contracts with our major customers in Malaysia and overseas, some of whom have been dealing with us for an extended length of time ranging between 3 years and 22 years. These long-standing customer relationships provide us with stable and recurring cashflows to sustain and grow our business.
SERBADK are a PETRONAS-licensed company in Malaysia. There are barriers to entry into the O&G industry in Malaysia due to the licensing requirements imposed by PETRONAS Malaysia. To participate in the O&G industry in Malaysia, it is mandatory that appropriate licences and registrations are obtained from PETRONAS and kept current at all times. In this respect, we have obtained the necessary licences and registration from PETRONAS to facilitate the provision of products and services to oil majors, PSC and RSC operators as well as other O&G service providers in the industry.
SERBADK have strong records in HSE and have implemented various safety and quality standards for our operations. Strong quality standards and HSE track record are critical in the energy industry. SERBADK are committed to safety standards and procedures with the view of promoting an incident- and injury-free working environment. In this respect, our subsidiaries, Serba Dinamik and Serba Dinamik International, are accredited with OHSAS 18001:2007 Occupational Health and Safety Management System, ISO 9001:2008 Quality Management System and ISO 14001:2004 Environmental Management System for repair, maintenance, installation and commissioning of rotating equipment and related plant and provision of maintenance and services in mechanical equipment (rotating and static). OHSAS and ISO certifications independently recognise adherence to established quality and safety standards and procedures. In addition, we have also received several awards and recognition from our customers relating to our HSE management.
SERBADK have an experienced management team.SERBADK have an experienced and skilled management team whom we believe will continue to play a key role in the success of our Group. Serba Dinamik is headed by our Group Managing Director/Group Chief Executive Officer, Dato’ Karim and our Executive Director/Deputy Chief Executive Officer, Dato’ Awang Daud, each of whom has accumulated approximately 29 years and 34 years of experience in the energy industry, respectively. Both Dato’ Karim and Dato’ Awang Daud, who are also our Non-Independent Executive Directors, are responsible for the overall management of operations, business development and implementation of the business plan. We are supported by Syed Nazim Bin Syed Faisal, our Group Chief Financial Officer, who is responsible for the financial and accounting aspects of the Group, Afandi Bin Abd Hamid, our Vice President who manages our O&M Business Unit and Ir Abdul Halim Bin Mohd Damiah, our Vice President, who manages our EPCC Business Unit. Majority of our key management team brings with them more than 10 years of relevant experience in their respective fields.
SERBADK Secured RM385m contracts from GLSB.SERBADK announced that the company has secured three EPCC contracts and one O&M contract from Greenearth Landmark Sdn. Bhd. (GLSB) with a combined estimated contract value of approximately RM385m. These EPCC contracts include planning, designing, constructing, interior design works, landscaping, equipping, installing, testing and commissioning and completion of (i) the sewerage treatment plant (STP) on a 5549.7m2 land in Hartamas, (ii) 12-floor government building with a net lettable area of 140k sq ft and (iii) the New Upper Kerayong STP facility. The contracts are structured that the EPCC of government building will commence upon completion of STP and followed by the Kerayong STP subsequently, which would take up to 9 years to complete.
THE client is aiming to proceed with all three projects concurrently and complete them within the next three years, commencing from 2Q18. Meanwhile, the O&M contract for the STP will start from the date of issuance of the certificate of completion of the STP facility for tenure of 10 years.
Another four contract wins totalling RM111m.SERBADK also secured another three new O&M contracts and one EPCC contract from various clients with a combined estimated value of RM111m and contract period of three years each (Refer to the table on next page for details).
SERBADK are positive on these contracts win as it demonstrates SERBADK’s ability to secure jobs continuously from clients.
Apart from the 3-year provision of rotating equipment maintenance job from Malaysia LNG Sdn Bhd whereby SERBADK was the incumbent, all the other contracts are new wins for the company. We reckon that these jobs are able to match its historical average GP margins (17% for O&M and 15% for EPCC).
With the latest contract win of RM496m, this brings the YTD WINS to RM2.0 bil, which achieved our order-book replenishment assumption of RM2.0b/annum.
Current order-book stays at RM5.3 bil, of which RM4.0 bil is attributable to O&M with the balance is EPCC related.
Reiterate OUTPERFORM call.MARKET continue to like SERBADK for:
(i) SERBADK decent earnings growth of 22-10% in FY17-18E backed by both O&M and EPCC segments via geographical expansion
(ii) SERBADK’s stable margins of 11.7-11.2%.
(iii) SERBADK‘s superior ROE of 21-20%.
Market maintain OUTPERFORM call on the SERBADK with Target Price of RM3.65 with PER of 15x.
SERBADK deserves a higher premium of 50% (from 25%) to its closest comparable peer, DELEUM due to:
(i) 10x bigger market capitalisation.
(ii) MORE diversified customer base.
(iii) Doubling ROE.
Such valuation also represents a narrower 30% discount (from 35%) to the average PER for the oil and gas universe (skewed by Petronas-related stocks with market cap of >RM20b) given its continuous outperformance of its quarterly results.
SERBADK 在2017财政年每股盈利EPS ：
我们来个低估推算第四季报EPS 录取rm0.06就好，那么全年SERBADK总EPS 很大很大程度上有能力报上rm0.2376.
笔者认为，由于SERBADK 的盈利相当稳，觉得市场给与SERBADK 比益本只是低于15.5x而已，显得有点保守，无论如何SERBADK股价料可达rm3.68。最高估计可写下20x比益本.
最高比益本20x，rm4.75油价由每桶48.8 美元升至63.5 美元，无形中利好SERBADK 。
2018财政年EPS 估计可录取rm0.25。（最低比益本15x就好了，股价rm3.75，最高20x， rm5.00)
比益本20x 是给于一些稳固及稳定盈利的集团。由于SERBADK is a Growing and Profitable company supported by a Prudent Financial Track Record，SERBADK 是否称得上比益本20x呢？