Mun Siong

Mun Siong valuation translates to ~8.5x FY11 P/E, which is within 7-10x average for the plant engrg industry. Close competitors include Hai Leck (6.7x), Hiap Seng (7.1x), PEC (8.5x) & Rotary (9.9x). Valuation is fair with limited upside, but stock may see strong trading interest when it debuts given small 2m share allocation to public, vs 132m total shares issued.