Boustead

Boustead: Group awarded $30m water contract, bolstering order backlog to $355m. Contract was announced by its wholly-owned subsidiary in Taiwan, to design, engineer and construct a condensate polishing plant (the “Condensate Polishing Plant”) for a 2 x 800MW ultra supercritical coal-fired thermal power plant for Taiwan Power Company. This adds to the Group's 4th design-and-build contract awarded this year, totaling 188m. Mgmt previously stated at its recent 3Q13 results release on 14 Feb that given the current growth trajectory, the Group's FY13 profits would significantly surpass FY12's results. Edge previously highlighted that the Group's cash holdings itself ar $0.35/ share, indicating that the Group trades at 5.3x P/E, which doesn't reflect the Group's earnings growth. Boustead trades at 7.4x P/E, 2.3x PB, has historical dividend yield of 4%.