Tee International: Announced that it has been awarded 3contracts worth $17.44m by Citibank and Tarkus interiors, to carry fit-out works at Asia Square Tower which is due for completion by Aug 30. The inclusion of the new contracts brings grp’s engineering segment order book to $235.3m vs FY11 rev of $253.04m, underpinning earnings visibility till 2013.
Recall that Co. posted stellar FY11 results 2 days back which saw net profit surged 52.2% yoy at $17.31m, helped by a robust order-book, and Co. has proposed a final cash div of 1.25c and a special div of 0.50c/share for FY11. SIAS Research has a Buy Call on Co. with $0.45 TP.
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