Boustead

Boustead: Announced the award of $38m in contracts in its energy-related engineering division for the oil & gas industry, primarily in Norway and Russia. The contracts involve the design, process engineering and construction of waste heat recovery units for upstream and downstream oil & gas developments. Outlook for its energy division continue to be bright, with an aggregate $140m in orders since the start of FYApr14, making up almost half of the group's new contracts of $300m. The amount of new contracts secured since Apr at the energy division, as well as the entire group, has surpassed the value recorded for the whole of FY13. The group currently has an order backlog of $523m. Brokers' coverage are few and far between. Bloomberg consensus estimates 12-month TP of $1.94 (44% upside), albeit made up of only 2 Buy ratings and only 1 that has a TP.