Thursday, January 20, 2011

Rotary & PEC

Rotary & PEC: Secured $14.6m EPC contract to add facilities to existing plant on Jurong Island for chemical co Stepan Asia. The facilities to be built include a 4 storey 50k ton annual capacity methyl ester plant and upgrading of an existing plant...

Work has commenced and is scheduled to be completed by Feb 2012. Rotary's order book was a substantial $1.1b as of Nov 2010 compared to FY09 rev at $551.9m and 9M10 rev at $544.7m. News follows PEC’s $78m EPC contract from Tuas Power Utilities also in Jurong Island, slated for completion by May 2012. PEC trades at trailing P/E 7.4x and Rotary at 9.3x, peer Mun Siong at 7.7x.

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