PEC +2.8% to $0.915 on good volume, extending yday's 4.7% gain as improved FY10 results drive interest, paving way for shares to retest iall-time high of $0.955 set last Sep. 4Q10 earnings more than doubled to $9.6m from $4.3m a year earlier on higher margins, bringing FY10 net profit to $44.8m vs $21m in FY09. PEC would continue to benefit from an expected increase in orderflow for work on Jurong Island & overseas projects esp in Mid-East & Euro markets. Current orderbook stands at $260m.
DBS Vickers has Buy call with $1.31 target.
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