Dialog’s asset write-offs and impairments and EPCC provisions in 2QFY25 draw a line underneath its past business missteps. Dialog only has two legacy EPCC projects left and they are currently undergoing commissioning; it is unfortunate that nasty surprises turnedup even at this late stage. Nevertheless, Dialog said it has provided for all foreseeable EPCC losses until these two projects are handed over to their respective clients by Jun2025F. After this, Dialog does not foresee itself engaging in any further external EPCC jobs; hence, we do not expect any further EPCC losses from 1 Jan 2025 onwards.(CGS CIMB)