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NEWS RELEASE
YONGNAM CLINCHES S$75.5 MILLION CONTRACT FOR THE MUMBAI
INTERNATIONAL AIRPORT
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Yongnam’s second contract win in India-
Contract will have a favorable impact on FY2010 earningsSingapore, April 5, 2010
well-established structural steel contractor and specialist civil engineering solutions
provider, together with Geodesic Techniques Private Limited (“Geodesic”), an
engineering design and build company in India, has won a sub-contract worth INR
235 Crores (approx. S$75.5 million) (the “Contract”) for the construction of a roof
structure and composite steel columns for a new integrated terminal building for the
Mumbai International Airport. The contract is expected to be completed by 28
February 2011.
“This is our second major contract win in India, following the successful completion
of the roof structure steelwork for the new passenger terminal building at the new
Terminal 3 of Delhi International Airport. As we build up our track record in India, this
is a testament to our commitment to quality and safety, as well as our ability to
provide value-added engineering and steel construction solutions. More importantly,
this contract is evidence of our successful effort to deepen our market penetration in
India,” said Mr Seow Soon Yong, Chief Executive Officer of Yongnam.
The Mumbai International Airport, also known as the Chhatrapati Shivaji International
Airport, is one of India’s busiest airports, handling some 26 million passengers per
annum. The new passenger terminal building will have a total floor area of
approximately 4.3 million square metres spread across four levels. The main
– Yongnam Holdings Limited (“Yongnam” or the “Group”), aPage 2 of 3
engineering procurement and construction contract was awarded to Larsen & Toubro
(“L & T”), India’s largest engineering company.
Yongnam is in discussions with Geodesic to form an equal joint venture (“JV”) to
undertake the project. The JV will supply, fabricate and erect approximately 20,000
MT of structural steel for the roof structure as well as composite steel columns of the
new passenger terminal building and piers. As the lead partner in the JV, Yongnam
will deploy personnel in the key areas of fabrication, erection, quality control and
safety.
The contract is expected to have a favorable impact on the Group’s FY2010 financial
performance.
0.3 By today????lets watch n see
Quick Load up and Target 0.46....hahahahhaa
Chiong ah...... load up now n go....woooo
haha u are cute! hope it moves well today! :)
Flyordie ( Date: 05-Apr-2010 22:10) Posted:
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A definite BUY.... LOOK OUT FOR MOVEMENTS TMR!!!!
Yongnam Holdings, the structural steel contractor and specialist civil engineering solutions provider, together with Geodesic Techniques Private Limited, an engineering design and build company in India, has won a sub-contract worth INR 235 Crores ($75.5 million) for the construction of a roof structure and composite steel columns for a new integrated terminal building for the Mumbai International Airport. The contract is expected to be completed by Feb 28, 2011.
Mumbai International Airport, also known as the Chhatrapati Shivaji International Airport, is one of India’s busiest airports, handling some 26 million passengers per annum. The new passenger terminal building will have a total floor area of 4.3 million square metres spread across four levels. The main engineering procurement and construction contract was awarded to Larsen & Toubro (L & T), India’s largest engineering company.
Yongnam is in discussions with Geodesic to form an equal joint venture (JV) to undertake the project. The JV will supply, fabricate and erect approximately 20,000 tonnes of structural steel for the roof structure as well as composite steel columns of the new passenger terminal building and piers. As the lead partner in the JV, Yongnam will deploy personnel in the key areas of fabrication, erection, quality control and safety.
“This is our second major contract win in India, following the successful completion of the roof structure steelwork for the new passenger terminal building at the new Terminal 3 of Delhi International Airport. As we build up our track record in India, this is a testament to our commitment to quality and safety, as well as our ability to provide value-added engineering and steel construction solutions. More importantly, this contract is evidence of our successful effort to deepen our market penetration in India,” said Seow Soon Yong, Chief Executive Officer of Yongnam.
The contract is expected to have a favourable impact on the group’s FY2010 financial performance.
( 'o') ---> some analysts calculate that YONGNAM is BIGGER than the combined size of its next two biggest competitors, Taiwan's Fuichi and Japan's J-Steel !
tradersgx ( Date: 05-Apr-2010 05:00) Posted:
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Ah Nam , Ah Nam! Is time to wake up lor! Still have 15 more stations to build ('o' )...
The Circle Line has 29 stations.
The first 5 stations along the Circle Line from Marymount to Bartley stations opened to the public on May 28 last year.
According to the LTA, with the extension of the Circle Line to include 9 more stations from April 17, 2010.
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1047842/1/.html
pharoah88 ( Date: 02-Apr-2010 20:43) Posted:
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TP S$0.460
PRiCE S$0.275
Dividend S$0.005
samloh28 ( Date: 25-Mar-2010 22:23) Posted:
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depends on what u looking for... div stocks pls go somewhere else... for possible gd price gains, then i am looking at yongnam. not short term but long term... so recently small gains or losses should not affect how u look at yongnam...
maxcty ( Date: 31-Mar-2010 18:12) Posted:
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businesstimes.com.sg
Published April 1, 2010
Yongnam upbeat on winning a third of new projects here
It plans to boost stock of steel struts as builders' demand remains strong
COMING into the new year with an order book of some $492 million, specialist infrastructure
steelworks company Yongnam Holdings reckons it can clinch at least a third of the estimated
$1.4 billion worth of new projects coming onstream this year.
And this does not include up to $30 billion of infrastructure projects here, including the $8 billion
North-South underground expressway, which is expected to be commissioned in the next few years.
'Some people (in the market) seem to think that with the completion of some of our big
commercial projects like Marina Sands, the game is over for us,' laughed executive director
and chief financial officer Chia Sin Cheng.
'They could not be further from the truth. Even as I speak, we are very busy with major infrastructure
projects such as the $5 billion Marina Central Expressway, Downtown Line 2 & 3, Gardens by
the Bay and others.'
Yongnam considers itself unique in its business.
The company is Singapore's, and probably the region's, largest supplier of steel struts used to
support construction of tunnels, underground highways and subterranean buildings; and
structural steel used for the construction of mega complexes and buildings. Indeed, some
analysts calculate that Yongnam is bigger than the combined size of its next two biggest
competitors, Taiwan's Fuichi and Japan's J-Steel.
'In this business, size matters,' Mr Chia said. 'Barriers to entry are high, not just because of
cost, but also because of regulatory requirements and the need for a strong track record.
And we have first mover advantage on these fronts.'
Yongnam's size becomes obvious when seen in the context of its steel asset holdings: it owns
some 135,000 tonnes of steel struts at its Tuas facility, which itself is the size of 20 football fields.
These re-usable struts are used by multinational builders like Obayashi, Takenaka, Penta-Ocean
and others to physically support underground tunnels and caverns at multi-billion-dollar
subterranean infrastructure projects.
Demand has been so strong that Yongnam is planning to buy at least 20,000 tonnes more, to
boost its total stock to 155,000 tonnes. Its existing stock is carried at original steel cost of $900
per tonne, though new stock will have to be bought at $1,600 per tonne - a factor which also
raises barriers to entry.
'No doubt, there has been a slight flattening out of these commercial projects which use structural
steel,' Mr Chia said. 'But the pipeline looks promising, especially with the Kallang Sports Hub and
Southbeach projects coming onstream later this year.'
Last year, structural steel accounted for 75 per cent of its full year revenue of $347 million (net
profit for end-December 2009 was $40.1 million). But in its current order book, 60 per cent of
revenue will come from struts.
The company is also looking to diversify geographically.
'Currently, 90 per cent of our projects are in Singapore,' he said. 'We expect the Singapore:offhsore
mix to be 50:50 in about three to five years.' Its past offshore projects include Delhi Airport,
Bangkok Airport and Dubai Metro Rail.
Meanwhile, the company is bracing for a slew of mega infrastructure projects here, including the
underground expressway which will run parallel to the CTE.
'In this business, you must have the capacity and size to deliver,' he said. 'So for us, the bigger
the project, the better.'
Meanwhile, it expects to book some 62 per cent of its existing order book into this year's earnings,
with the rest coming in during 2011.
Asked why Yongnam's stock is stuck at under 30 cents if the outlook was so bright, Mr Chia
laughed: 'Yes, we used to be above 50 cents over a year ago when we had half the value of
projects in hand. I suppose the market has not appreciated what we are. Many analysts tend to
lump us with other general contractors, not realising that we are a specialist steelworks
subcontractor who does not share the same risks as those in general construction.'
won contracts also nothing big deal..give divd so little. why not dump your $$ in a better share??
shit yongnam.............my view nia
there are rumours yongnam won some contracts... anyone can verify this? i donno myself...
If you have 1,000 shares (1 lot), it means that dividend of S$0.005 x 1,000 = S$5.
10 lots mean you get S$ 50.
CIMB is right to set TP of 46 cents. If you look at Yongnam's track records, they are the leader in almost every structural steel works construction in Singapore and the nearest competitor is only 20% of Yongnam's capacity and for Circle Line MRT project, they are about 90% involved in every station structural strutting works. And the Downtown Line 2 project is all awarded and very soon the Civil Contractors will begin to award the steelworks sub-contractors, hence the interest in Yongnam's shares as they are likely to get most of the structural works for MRT projects. Also, note that they are heavily involved in Marina Coastal Expressway Projects. These records can all be retrieved from their annual report.
How much is the divd calculated as? 0.5 SINGAPORE CENT PER SHAR??
advices...............
Yongnam's order book could hit $679 million by end-FY2010; TP 46 cents (^_^ )( ^_^)(^_^ )
CIMB in a March 24 research report says: "We remain bullish on YNH’s prospects, backed by its
sizable order book and consistent earnings delivery. We believe YNH’s order book could hit
$679 million by end-FY2010, breaking its old record at end-3Q09, on the back of higher contract-win
assumptions for FY2010 compared to FY2009.
"We keep our FY2010-2012 EPS estimates largely intact. Our target price of 46 cents is also
unchanged, based on 10x CY11 P/E, pegged to the lower end of its mid-cycle multiples. YNH appears
inexpensive, trading at 5.6x CY11 P/E, below the peer average of 6.4x.
"This is despite a superior EPS CAGR forecast of 13.8% for the next three years against peers’ 0.2%
average. We expect stock catalysts from further contract wins for projects like the Downtown MRT
Line. MAINTAIN OUTPERFORM."
CIMB-GK Research
The Edge 25 March 2010
I prefer TAT HONG to YONGNAM in term of greater in potential capital gain!
tradersgx ( Date: 25-Mar-2010 11:31) Posted:
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once Ah Nam breakout $0.275...then next R is $0.29.....next $0.32.... (", )
http://yongnam.listedcompany.com/newsroom/20100301_183251_Y02_84E9689794098E0A482576D90032E4A3.1.pdf
Marina bay sands completing and many more projects to go... upupups...