Declares  special  dividend.  BBR  declared  a  dividend  of  SGD0.8¢  /  share.  Including  the special  dividend  of  SGD0.4¢  /  share,  total  dividend  for  FY12  is  SGD1.2¢  /  share.  This translates into a yield of 4.4%.

Potential government projects could keep BBR busy. As the government looks to grow Singapore's  population,  there  are  plans  for  more  public  housing,  schools  and  other infrastructure spending. BBR has been involved in a number of public projects before and we  think  it  would  be  able  to secure some  of  the  projects in  the  pipeline.  Its  current order book stands at SGD960m (vs SGD770m a quarter ago), which is expected to last till 2015. However,  the  construction  sector  in  Singapore  is  facing  stiff  competition,  especially  from overseas  construction  companies  which  are  usually  part of  a  bigger consortium.  Coupled with the expected rise in labour costs, margins are expected to continue to face downward pressure.

Revenue  growth  helped  by  projects  in  active  stage  of  construction.  As  some  of  its projects  entre  the  active  phase  of  construction,  the  increased  billings  would  help  boost revenue  in  FY13  and  FY14.  Construction  at  its  Bliss  @Kovan  property  development commenced at 2H12 and is likely to contribute more to revenue in FY13 and FY14.

Source: OSK