HiapSeng

HiapSeng: DBS has downgraded co to Fully Valued with TP of $0.56 from prev $0.82 due to guidance for a loss in 3QFY11 results yday. Losses are expected due to cost overruns and slower rev recognition. Co has also been awarded a Letter of Intent today to commence on an EPC contract worth S$10.3m, to be completed by Mar 2012.