• JPDC johor investment
  • JPDC johor investment
  • JPDC johor investment
  • JPDC johor investment
  • JPDC johor investment
  • JPDC johor investment
  • JPDC johor investment
  • JPDC johor investment

Serba Dinamik Holdings - Stronger revenue prospects offset higher Labuan tax

We maintain our BUY call on Serba Dinamik Holdings (Serba) with an unchanged sum-of-parts-based (SOP) fair value of RM6.50/share, which implies an FY19F PE of 20x — 33% below Dialog’s 30x, the company’s closest peer in Malaysia.


About Us

Johor Petroleum Development Corporation Berhad (JPDC)

To transform Johor into a Sustainable, World-Class Downstream Oil and Gas Hub

Johor Petroleum Development Corporation Berhad or JPDC was incorporated on 9 April 2012 as a federal agency by virtue of being a wholly owned subsidiary of Malaysia Petroleum Resources Corporation (MPRC).

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Development

O&G in Johor

The most intensive oil and gas activity in Malaysia is presently...

PIPC

The Pengerang Integrated Petroleum Complex (PIPC) is one big step...

Tanjung Bin

The Tanjung Bin Petrochemical and Maritime Industrial Centre is a 2,255-acre...

Tanjung Langsat

Tanjung Langsat Industrial Complex (TLIC) is located in the Southeast of Johor...


Business Opportunities

Pengerang Integrated Petroleum Complex (PIPC) is a national petroleum project worth approximately RM170 billion

This project is part of Malaysia's Economic Transformation Programme (ETP) which emphasizes on the development of the downstream oil and gas sectors in the State of Johor.

Its strategic positioning and development is expected to create an economic spin off for the Malaysian economy.

The development of the PIPC project is monitored by Johor Petroleum Development Corporation (JPDC) Berhad, a federal government agency that works closely with the state of Johor through its Economic Planning Unit (UPENJ).

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Dialog Group - Strategic advantages mitigate PDT2 scale-down

We reiterate our BUY recommendation on Dialog Group with a lower sum-of-parts-based (SOP) fair value of RM3.66/share (from an earlier RM3.90/share), which implies an FY20F PE of 38x – 17% below its 5-year peak of 46x. Our SOP values the 650-acre buffer land in Pengerang at RM80 psf.

Jan 16, 2019