Koh Brothers

Koh Brothers: Company announced FY12 results after its share price rise of 23% YTD. Revenues were down 12% y/y to $300m, earnings declined 5% y/y to $19.5m. Mainly due to the Construction and Building Materials division, with a similar subdued activity in construction for the public sector being consistent with Swee Hong's recent release of dismay results. No dividends were declared; Indicative dividend yield for FY12 at 1.25% Group is considered a strong local infrastructure specialist, in particular for drainage works. Company is currently trading at 8.2x P/E, 0.8x P/B.