Yongnam: Co. was among the key features in The Edge over the weekend. Co. eyes tunnling contracts ard region and more projects in SG. Sees immense opportunity in HK and has been tendering for work on a new-line. (In total tendering for some $350m projects in HK, of which half is related to ZuHai project)
Also targeting Indo, where Jakarta is planning a metro, with money borrowed frm Japan. Grp’s current orderbook stands at $410m vs FY10 rev at $350m, under pinning earnings visibility till 2013, with 70% for strutting contracts. Grp tips HK to account for half of its rev in near future. At current price, valuations are compelling at 5.7x FY11E P/E vs peers average of 15x.
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