CSC Holdings

DMG cuts CSC Holdings target price to 26.5¢ from 29¢ based on 12X FY11 P/E after reducing FY11 earnings estimate by 6% to assume softer construction demand vs 2008/09 peak. But keeps Buy call as construction group's outlook still positive, backed by $170m orderbook, opportunities in Vietnam; firm has just completed a project ahead of schedule and is tendering for a few more projects there." Expects overseas contribution to group revenue to reach 20% in FY11 from 6% in FY09.