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DAYANG·Dayang Enterprise Holdings Bhd is set to shine with a 12.64% revenue boost
Dayang is trading at RM 1.62 because the market is pricing in near-term pain, not 2027 arithmetic. Petronas-Petros tussle cut 2Q-25 revenue 18 % QoQ, so investors mark the stock at only 4× LTM EV/EBITDA—the same multiple as smaller HUC peers and well below the 5–6× that research models assume. Add thin liquidity (outside FTSE Mid-70) and a falling oil price headline, and fund managers simply refuse to pay more than 1× book until they see fresh work-orders. The RM 2.30–2.35 base-case fair value is therefore "on probation": it will materialise if Dayang wins the RM 1.2 bn Small-MCM frame (4Q-25) or the PETROS Sarawak package (1H-26), both of which would push the multiple back to 5.5–6× and the price to RM 2.00–2.40 almost immediately; until then, the stock remains a show-me story at 1× book.
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