UE E&C

UE E&C: OCBC maintains Buy with TP$0.65 and anticipates co wil have a busy yr ahead as they execute projects on-hand. According to projections by BCA, on-site construction is expected to remain strong at least over nxt 1 to 2 yrs. Margins are expected to be stable. As of end-Sep 11, UE E&C has a net cash position of S$102m or S$0.38 per share. This implies that an investor purchasing the share is getting the rest of the group’s assets and future earnings stream almost for free.