Yongnam: secures $27.5m contract for the MRT Downtown Line 2. Contract is part of the C921 contract package, one of several packages for DTL2, and comprises the Rochor, Little India stations. Yongnam will support main contractor, Ssangyong Engg & Construction in the supply, lease and installation of sheet piles, solider piles and king posts for both stations. Work to be completed by Sep 2015...
Expect Yongnam’s MRT-related order book to gain momentum, as MRT continues its line extension and awards more contracts. Yongnam’s total value of projects from DTL2 stands at $52.5m, while total order book is an est $488m. This compares with FY09 revenue of $347m. Stock trades at consensus 6.5x FY10E PE. CIMB has a Buy rating with $0.39 target.
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