Rotary

Rotary: 2Q10 results. Revenue +28% yoy to $209m, derived mainly from its US$745m mega-EPC project from Saudi Aramco. Net profit to sh/h +6% due to lower margins. Order book stands at $926m, stretching till 2012. Mgt positive on long term outlook of industry and intends to continue its focus on the Middle East and ASEAN markets. Declared Interim div of 1ct/sh. CIMB rates as Outperform with $1.17 target.