Lum Chang: secured a construction contract for a commercial devt at Biopolis Road/ Biomedical Grove valued at $91.5m, awarded by Ascendas Venture. The scope fo the contract includes the design and build of a 7 storey building with a mezzanine floor and a basement carpark. The contract is expected to be completed in Aug ’13, but is not expected to have material financial impact for FYJun12.
This brings the co’s total outstanding order book is $1.1b, which compares with FY11 revenue of $196m.
Stock trades at an undemanding 6.1x P/E, 0.73x P/B.
Following the in-line FY11 results, the co has proposed 2cts first and final div, which translates to 7.3% yield.
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