ST Eng

consortium between ST Eng unit, ST Marine & QAF has secured a $66.5m contract to design & construct a waste mgmt facility in Brunei, which will comprise an engineered landfill, a transfer station plus 3 years of operations & maintenance of the facility. The project is expected to commence in late 2010 and completed in 18 months. The group has undertaken waste management projects in S'pore, Wuhan and Dubai previously but this is the largest contract clinched by its environmental arm and could signify renewed efforts to grow this new area of business. The stock currently trades at FY10 P/E of 19x and offer decent dividend yield of 4.7%. Support sits at around $3.08.