United Engineers

United Engineers: FY12 revenues declined 50% to $595.7m, earnings declined 73% to $72.2m; Drop in revenues were due to the lack of revenue recognition for on-going projects on its Property Development segment. The Group’s focus over the next 12 months will be on the execution of a number of major development projects, namely 8 Riversuites at Bendemeer Road/Whampoa East, Austville Residences at Sengkang East Avenue/Buangkok Drive and orchardgateway at 277 Orchard Road (the former Specialists’ Centre/Hotel Phoenix). Dividend of 5¢ final, and a special dividend of 5¢ were declared. bringing FY12 total dividend to $0.10/share; indicative yield for FY12 at 3% Group trades at 13.7x P/Em 0.8x P/B.