Jason Parquet/ Koon Holdings

Poh Lian Construction judicial management – impact: i) Jason Parquet: makes additional provision for doubtful debts of ~$0.4m for FY12; notes potential exposure risk of an additional ~$0.3m from Poh Lian in relation to works done in 2013 to-date to be provided in FY13 results. The counter trades at $0.20, the lowest since its all placement IPO in Sep 2012. ii) Koon Holdings: adjusts FY12 net profit from $3.0m to $46k, in view of increase in costs of sales arising from additional allowance for inventories, and increase in doubtful trade receivables. Nevertheless, given its robust financial position, size of retained earnings and strength of orderbook, mgt makes no chg to the final 0.5 cts /sh final div previously declared. The counter is down 4.4% at $0.22.