Technics Oil & Gas: SIAS initiates Buy with $1.20 target. Likes Technic’s capability in finishing fast-track projects, which command a premium, and translate to higher margins for Group. Expects Technics to at least maintain its orderbook at peak $125m levels, as countries in the region, particularly Thailand, invest more in developing energy resources. Says current valuations are compelling, at 7.3X FY10F PE vs industry average of 14.2X...
Catalyst to come from higher dividends and successful listing of TDRs.
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