Hiap Seng

Hiap Seng: its 85% owned subsidiary has been awarded a contract worth ~THB 652m (~$26m) for the provision of Structural Steel Fabrication for an LNG Terminal Project in Australia. Fabrication work is expected to commence in Thailand in 4QFYMar13, and is scheduled for completion by May ’14. The group expects a positive contribution to earnings post FY13. The stock trades at 12.3x P/E, 1.1x P/B.