Monday, June 14, 2010

WBL / Advanced Hldgs

Advanced to buy over WBL’s entire stake in Applied Engg Pte Ltd for $18m, on top of a $3m Applied dividend payable to WBL. This values Applied at ~2.5x P/NTA, and ~4.4x PE vs Advanced which trades at 9.5x PE. Based on FY09 figures, Advanced’s EPS could potentially rise by 50% once Applied is fully consolidated. Advanced to lift trading halt at 9am this morning.

Applied Engg is an engineering and fabrication company specializing in process eqpt such as reactor towers, columns, process units, pressure vessels, and heat exchangers for the chemical, petrochemical and petroleum related industries.

No comments:

Post a Comment