Yongnam

Yongnam announced that it has secured its sixth contract valued at S$35.9m for the Marina Coastal Expressway (MCE), bringing total order wins for the MCE to S$363m. According to mgtm, the Contract is expected to complete in May 2012. With this latest contract, we estimates Yongnam's order book stands at about S$524m, with various projects expected to complete till 2012. The stock currently trades at an undemanding valuation of 6.1x FY10 and 5.4x FY11 PER, based on Bloomberg estimates.