Marco Polo: Grp secured a ship conversion contract worth $3m, contributing to grp’s plans to increase rev from shipyard operations. Increase in ship repair and conversion projects will help the Group gain stronger foothold as a one-stop service centre in the regional shipping industry. Contract is expected to contribute positively to Group’s consolidated profit after
tax for FY2011…..
We note that YTD, grp has secured contracts of ard $75.1m, vs FY09 rev of $54.5m. Grp currently trades at 7.6xE FY10PE vs peers’ average of 11.6. Kim Eng maintains Buy call with TP of $0.62.
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