Dong Fang Offshore (7786 TT, NT$123) Maritime engineering peak season, operations resume growth

研报英文原文证据摘录

Dong Fang Offshore (7786 TT, NT$123) Maritime engineering peak season, operations resume growth

5.8% YoY to NT$3.73bn, with GM of

26.1%, net profit down 43.8% YoY to NT$720mn, and EPS of NT$4.10. However, for FY26,

due to the late contribution of new vessels, we project sales growth of 1.9% YoY to

Source: CMoney

NT$10.65bn, with GM of 25.1%, net profit of NT$1.89bn, up 7.3% YoY, and EPS of NT$10.81

What's changed (based on the year-end share capital).

New Old %

Rating Buy Buy

New vessel deployment boosts capacity, market leader position expected to continueTarget price 150 200 -25

EPS forecast 10.81 13.24 -18 Dong Fang Offshore currently owns and operates a fleet of 17 vessels (including 5 under

Target PE 14 15 construction), making it the largest in Taiwan. The existing fleet covers heavy engineering

support vessels, cable installation vessels, O&M support vessels, crew transfer vessels, and

Financial summary Year-end: Dec 31

NT$mn FY25 FY26F FY27F large tugboats, providing comprehensive offshore wind construction, cable engineering,

Net sales 10,461 10,657 12,068 and maritime O&M services. The company also has 5 new vessels under construction,

YoY growth (%) 53.4 1.9 13.2 including cable construction vessels and multiple O&M support vessels, scheduled for

Op profit 2,291 2,356 3,020

delivery starting from the end of 2026 and fully operational by 2028. Among them, threeYoY growth (%) 49.9 2.8 28.2

Net profit 1,767 1,895 2,438 O&M support vessels have signed 12- to 20-year long-term contracts with Vestas, CIP,

YoY growth (%) 45.4 7.2 28.7 and SRE, with long-term contracts accounting for 40%, providing stable sales visibility. As

EPS (NT$) 11.11 10.81 13.90

new vessels join operations, the fleet's total construction cost will exceed NT$20bn by

DPS (NT$) 5.6 4.9 6.3