Swee Hong

Swee Hong: 2H13 revenues declined 64% to $19.4m, net loss of $680,000, decline of 122% y/y. Decline was mainly due to lesser contracts being awarded y/y amidst keen competition. Going forward, the Group expects margin pressure from continued competition, together with the tightening supply of foreign workers and manpower costs increases. Company trades at 15.8x historical P/E; stock has been flat YTD