TTJ

TTJ: secures new contracts worth $15m in Spore and Msia, boosting order book to $172m. Ytd order wins amount to $27m in total. This compares with FYJun10 revenue of $70m.
Details on the new contracts as follows,
i) supply and installation of structural steelwork and metalwork for 2 factory buildings and piperack using ~3k tons of steel, for Tokuyama Corp’s ¥65b polycrystalline silicon solar cells mnftg plant in Sarawak. Target completion date is 1Q12,
ii) structural steelworks for Sumitomo Mitsui Construction, for factory buildings located on the Lanxess butyl rubber facility on Jurong Island. Target completion date is end ’11.
iii) installation of pallet assembly for a shiplift platform that was previously built by
T T J, for Syncrolift Inc., a Rolls-Royce company. A shiplift is a modern alternative for slipway and graving dry dock which is used to dry dock and launch ships.
stock unchg, last at $0.19. Trades at 7.8x trailing P/E, with valuation close to that of other steel specialist, Yongnam, at 7.4x.