Mun Siong: Reported Net profit of $9.2m for 9M10. Rev at $48.2m, - 6.6%, mainly due to completion of a project which was in progress in the 3Q09 but was completed in the 2Q10. Decrease was partially offset by an increase in term maintenance contracts which were awarded in 1Q10, but started generating rev in 3Q10. 9M10 was however +40.1%YoY mainly due to lower COGS attributed to completion of a project in 2Q10...
We note that at current level, grp trades at undemanding valuations of 6.7x FY10E P/E, vs peers’ average of 8.5x.
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