KSH (S$0.545): UOB initiated with a Buy and TP of $0.69
- One of the best local construction firms in terms of margins and balance sheet.
- Offers earnings visibility for the next two years with orders recovering, development profits locked in and overseas projects in the pipeline.
- FY16 net cash of $53.4m positions KSH well for an upturn.
- Dividend yield attractive at 5.5%.
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