Yongnam: Secures HK$300m ($49m) worth of specialist civil engineering sub-contracts for the HK Section of the Express Rail Link. Scope of works will include the design, supply and installation of strut and waling for cofferdam excavation and subsequent dismantling for the Tai Kong Po to Tse Uk Tsuen Tunnels. Project could pave way for other future projects into HK for grp……
Contracts are expected to have a favorable impact on Grp’s financial performance for FY11. We note that current orderbook stands now at apprx $459m, underpinning earnings till 2012. At current price valuation appears compelling, with grp trading at 5.3x FY11E P/E vs peers average of 12.9x. Street has a unanimous Buy call on grp with $0.41 TP.
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