Sound Global

Sound Global: has secured a BOT contract worth Rmb 98m in Hancheng City, Shaanxi Province. This would raise YTD announced construction work of BOT projects to about Rmb 485m. DBSV says its update with Sound Global indicated that the co has maintained current orderbook at around RMB2.5b. This implies Sound Global has won Rmb 600-700m of new orders in the past quarter, which puts it on track to meet FY12 new win forecast of RMB1.7b. Believes this project will contribute positively to FY13 earnings and beyond. For the upcoming results on 12 Nov, the house expects net earnings of Rmb 139.4m for 3Q12. This represents 6% y-o-y and 19% q-o-q growth.