Thursday, December 20, 2012
BBR: Secured 2 contracts worth $182.9m to build 1,282 HDB flats, a beneficiary of the govt's move to increase HDB build out to boost public housing suplpy. i) 808 HDB flats at Kallang Whampoa and is scheduled to be completed in different phases by end 2015. ii) 474 HDB flats at Sengkang Neighborhood 2, scheduled to be completed in different phases by Apr 2015. With the above contracts, BBR’s order book now stands at $953m, with visibility till 2015. This compares with FY11 revenue at $413.3m, with net margin of 4.9%. The stock, which has a mkt cap of just $75.3m, trades at 5.6x P/E, 0.7x P/B.