Hiap Seng

Hiap Seng: Secures US$8.4m ($10.5m) deal for MRO for Vietnam’s Dung Quat Refinery. This contract is expected to commence in Jul 2011 and completed by Sept 2011. As as 11 Feb, Hiap Seng’s order book was at $138m but co posted recent poor 9M2011 results with rev of $156m and 68.7% decline yoy in net profit to $7.3m. Co is now trading at 10.8x current P/E above its hist avg of 7.6x