TEE International

TEE International: Group has finalized the $142.2m contract for the mixed development project at Marina South from the JV between Hyundai Engineering & Construction and GS Engineering & Construction Co. The conditional letter of intent was previously entered on 28 Oct. Works include mechanical, electrical, fire protection, IBMS/BMS and security systems, for a period of 32 months ending 31 Aug 2016. Including this latest contract, the group’s outstanding order book now stands at $317m, which stretches its revenue visibility over the next two years. At the current price, TEE trades at 8.8x trailing P/E versus its peer average of 9.5x. Overall, the street has 2 Buys and 1 Hold call rating on the counter with a mean TP of $0.41.