Yongnam: Has secured three contracts worth a total of S$30.4m comprising two contracts for the MRT Downtown Line 3 and a contract for the Victoria Theatre and Victoria Concert Hall.
We note that latest win brings YTD orderwins to $270.6m vs 242.7m total orderwins for FY10, while current orderbook stands at approximately $440m, vs FY10 rev of $330.3m, underpinning earnings visibility till 2014. CIMB has Outperform call on the stock with TP of $0.40.
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