Lian Beng

Lian Beng: Secured three projects worth $211m for the construction of i) 32-storey office building- Oxley Tower @ Robinson; ii) 12-stroey residential condo development at Newton (used to be Poh Lian's); iii) 14-storey hotel development at 122 Middle Road- (currently Midlink Plaza, which the group has 19% interest in); Contracts won brings order book to a new high of $1.2b, which will provide construction revenue flow through 2016. Total year-to-date orders secured ~$969m, making it one of the top contenders within the construction space against peers Tiong Seng and Chip Eng Seng. Lian Beng currently trades at 6.7x trailing P/E, vs closest peer (by mkt cap) Tiong Seng of 8.0x, while Chip Eng Seng trades at 6.6x. Counter currently still provides the best value in terms of valuation.