Tat Hong

Tat Hong: Good set of 1Q13 results which was ahead of estimates. Mgt remains bullish on outlook for its various key markets. CIMB believe the worst is behind it now, and the company is en route to recapturing the golden years that it enjoyed five years ago. With stronger Australian operations, 1Q core profit was 6% ahead of house expectations, and 10% above consensus. Raise FY13-15 numbers and target price (still at 10x CY13 P/E, 5-year average band) on better traction in project wins, reinforcing Outperform rating and $1.39 TP.