UE E&C

UE E&C: 2Q11 results in-line. Net profit flat at $6.4m and rev grew 29% YoY to $85.5m. Qtrly revenue recognition for construction projects is typically very lumpy, while group’s balance sheet remains strong, with net cash of $100m. Penging mgt briefing, OCBC places buy rating at $0.71 TP under review.