King Wan

King Wan: secures 4 contracts worth ~$10.8m for Mechanical and Electrical (M&E) engineering. Work scope of projects include electrical installation, air-conditioning and mechanical ventilation systems installation, as well as fire hose reel, dry riser, plumbing and sanitary systems installation for private condos and HDB flats. Projects to be completed by 2013. King Wan’s order book stands at $142m, more than 2x FYMar10 revenue of $70.5m. Stock trades at 5x historical PE.