Singapore Stock Market News
Yongnam Holdings - Order momentum to resume
StockFanatic
Publish date: Wed, 07 Nov 2012, 12:20 PM
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Without the contribution of high-margin iconic projects, Yongnam
slightly missed expectations in 3Q. Although FY12's earnings trend is
now less impressive, we expect the flow of orders to improve in FY13-14
as high-profile local and overseas projects are awarded.
3Q/9M12 profit (6% below) came in
at 20%/64% of our FY12 estimate,
and 18%/62% of consensus. We cut
our FY12 forecast due to revised
recognition timing for revenue, but
maintain our target price (6x CY13
P/E, its 3-year mean). We also
maintain Outperform as the group
has been consistent with its accretive
projects win-rate.
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