Seet, citing his channel checks, says there will be even more projects next year up for grabs, especially in the first half of 2024.
He expects the company, tapping on expanded capacity, to secure another $200 million to $350 million worth of contracts by 1HFY2024, adding to the total of $631 million as of October. This will provide revenue visibility to FY2025 and FY2026.
Seet sees the coming FY2023 earnings report to be a positive catalyst for the stock, with expectations of a "spectacular" earnings growth of 54% over FY2022's $21 million.
Dyna-Mac has reiterated its ambition to acquire other companies, especially those that can help beef up its recurring income stream so as to cut down its reliance on project-based work.
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Meanwhile, the company holds a net cash of some $128.5 million, equivalent to half its current market cap.
"We expect management to reward shareholders with more dividends if there is no M&A activity," says Seet, who has kept both his "buy" call and 52 cents target price on the stock.
