BRC Asia: Stock valuation seems cheap, based on 3.6x historical PE, 1.4x PB on 20% annualized 3Q10 ROE, 5.5% yield.
Outlook should be supported by another $10-16bn worth of construction projects to be awarded in 2H10. Mgt guides for better FY10 results vs previous year, despite volatility in steel prices and competition…
We note recent small open market share purchases by various significant shareholders could be a signal that positive change may be about to occur.
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