TTJ

TTJ: structural steel specialist TTJ announced multiple orders amounting to approx $20m, for the supply of structural steelworks and civil defence shelter doors in Singapore, eg. for the Tampines East Station on the Downtown Line 3. The new contracts lift the group’s order book to $182m, the bulk of which is expected to substantially complete in FY13-14. This compares with TTJ’s FY12 revenue at $143m. Mgt says this year looks to be another positive yr for the Singapore construction industry, on the back of the BCA projecting strong construction demand of btwn 426 – 32b for 2013, with 53% of demand to come from public sector projects, specifically from the ramp up of public housing and rail construction. TTJ appears well positioned to capitalize on the govt’s long term plan for further MRT build out within Singapore. The stock trades at 6.5x P/E, offers 2.6% yield.