Yongnam: FY2010 rev in at $335.1m -3.4%yoy but posted a net profit of $54.4m +35.7%yoy. The increase in net profit was mainly due to a shift in rev mix with more on Specialist Civil Engrg (37.0% up from 26.0% of share of rev) which enjoys better margins to Structural Steelworks. Singapore remained the main contributing region approx 90% rev...
…Co has current order book of $450m and expects to complete 60% by FY2011 which provide earnings visibility. Co has also started bidding on offshore projects such as windfarms in Europe for a new revenue growth driver and other govt projects...
LowXuYang : …On costs, Co’s impact from foreign levy hike is est to be minimal approx $1.5m in FY2011 and generally hedges steel costs by pricing it within its contracts. A 0.65c div was declared, approx 2.6% yield, and currently trades at P/E of 5.7x, other construction peers TTJ trades at 7.8x P/E, OKP at 8.9x P/E.
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