Tat Hong

Tat Hong: Maybank-KE upgrade to Hold and raise TP to $1.00, pegged to 12.3x FY6/14F PER, in line with its 5-year mean and adjust earnings forecasts by 2%. House met with management to assess the outlook on the company’s respective markets. Tat Hong’s core market, Australia, is expected to remain weak on the back of a change in the country’s political leadership, while earnings from China are supported by reasonable growth from nuclear plant construction works.