TEE International

TEE International: Group awarded six new projects totalling $49.1m, for construction and redevelopement works from Keppel DHCS, Lend Lease and SMRT amongst others. The completion dates of the six projects range from 3Q2013 to 4Q2014. Including the six contracts, TEE International's outstanding order book is currently at $270.1m. TEE International's share price has fallen in the past two weeks partially due to the spin-off, as well as the volatile macro environment. The upcoming catalyst for the Group is its MOU with Ayeyarwaddy Cement with a view of forming a JV by 31 Jul, to develop and operate a fully integrated cement plant to manufacture portland cement for sale in Myanmar, Asia's fastest growing economy. Adding to that, the group previously entered an agreement with the Yongnam consortium on the tender of the Hanthawaddy International Airport in Myanmar, with the consortium one of the seven shortlisted bidders for the construction and management of the new airport. Maybank Kim Eng highlighted that the Yongnam consortium has a 25% chance to secure the airport project. At its last closing price of $0.325, TEE International trades at 8.4x trailing P/E and has an consensus estimated 12-month TP of $0.42.