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Initiate with Outperform and target price of S$1.15,
line with its peer, Rotary). We see catalysts from stronger-than-expected orders wins
and sustainable margins.
based on 11x CY11 P/E (in•
Engineering, Hiap Seng is one of the three big boys for construction and plant
maintenance for the petrochemical sector in Singapore. Its maintenance arm
provides recurring revenue and accounts for 25% of revenue. Hiap Seng has
emerged relatively unscathed from the recent economic crisis, with projected record
earnings of S$30m (2x its previous record in FY07) for FY10 on S$200m orders
secured.
One of three kings on Jurong Island. Together with PEC Ltd and Rotary•
many as seven mega-projects could be reignited on Jurong Island with estimated
contract values of S$8.8bn. We believe Hiap Seng could maintain its record earnings
on the back of strong order wins. We project a 35% 3-year earnings CAGR on the
back of S$225m-250m order wins assumed for FY11-12.
Beneficiary of revival of projects on Jurong Island. As oil prices stabilise, as•
recognised Hiap Seng’s record performance, possibly since its order backlog only
provides 1-year earnings visibility and given execution issues in FY08-09. We
believe such problems are over. Backed by a strong net cash position, Hiap Seng
now ranks among the cheapest of offshore & marine stocks under our coverage
(6.3x CY 11 P/E vs. peer average of 8.7x). It is trading below its 5-year historical
mean of 12.5x and offers prospective yields of 6.1% vs. a peer average of 2.4%.
Bon3260 ( Date: 26-Apr-2010 09:25) Posted:
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Wow!!!
Bon3260 ( Date: 26-Apr-2010 09:25) Posted:
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Bon3260 ( Date: 26-Mar-2010 10:40) Posted:
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Hai....my boss was right again....sian lah...why always he is right! One straight line up again.....maybe take profit and sell till it hit the floor,
thomas_low ( Date: 13-Apr-2010 02:03) Posted:
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Bon3260 ( Date: 22-Apr-2010 12:36) Posted:
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Hiap Seng up +0.03 liao... ('',)
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HIAP SENG ENGINEERING LTD
(Company Registration No. 197100300Z)
ANNOUNCEMENT
HS Compression & Process Pte Ltd awarded a US$12 million
(approximately S$17 million) contract for the provision of Gas Compressor
Packages and related services
The Board of Directors of Hiap Seng Engineering Ltd (the “Company”) is pleased
to announce that its 87%-owned subsidiary, HS Compression & Process Pte Ltd
has been awarded a contract worth approximately US$12 million (approximately
S$17 million) for the provision of Gas Compressor Packages and related
services (the “Work”).
The Work has commenced in Singapore and is scheduled for completion and
delivery to the Middle East by February 2011.
Barring any unforeseen circumstances, the Group expects a positive contribution
to its earnings from this contract but does not expect any material impact on the
net tangible assets or earnings per share for the current financial year ending 31
March 2011.
None of the Directors or controlling shareholders of the Company has any
interest, direct or indirect, in the above contract. The Directors are also not
aware of any substantial shareholders having any direct or indirect interest in the
above contract and have not received any notification of interest in the above
contract from any substantial shareholders.
By Order of the Board
Tan Hak Jin
Joint Company Secretary
20 April 2010
Me din run lah... I'm collecting Hiap Seng @ 0.595 now. U got c huge Selling Q there @ 0.600?
My friends r helping me 2 set Q, so dat pple fear &'ll throw me @ 0.595 or lower... ('',)
Aiya, Bon bon... there are all sorts of pple out there including bull dung pple like me....my boss say hor... here is the link
http://www.hiapseng.com/investorrelations.asp, oledi old news (also knowns as "olds" in my vocabulary). http://info.sgx.com/webcorannc.nsf/vwprint_portal/F8A74F1E194C1F03482576C50033AC1C?OpenDocument
Bollyband narrowing, MA x-over already x, MACD heading to 0, it is doing sumting +'ve, if you chose to do nothing and see what you say after few days...hehe....my boss say hor..not me..
thomas_low ( Date: 22-Mar-2010 22:45) Posted:
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From Ah Seng's own website linked to SGX....Fei hua sau xuo, look at the MACDonald, crossing zero, next few days will continue to run up if all peripheral conditions not change. DOYDD and BOSAYOR and what ever...my boss say hor...
Bon3260 ( Date: 09-Mar-2010 21:01) Posted:
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Thomas_Low,
R below msg mentioned Hiap Seng? Where did u get tis fm? How cm din mention any Co.'s name?
('',)
Hehe people not paying attention to this one....do your own reaserch hor,
Review of Performance
For 3QFY2010, Group revenue decreased by 4.3% from S$71.3 million in 3QFY2009 to
S$68.2 million in 3QFY2010. However, the gross profit margin for the same period
increased to 21.1% from 19.7% in the previous corresponding period. This is attributed
to savings from the Group’s continued efforts in cost controls and improved productivity.
On the back of an improved gross profit margin in 3QFY2010 and the provision for
doubtful trade debts of S$2.9 million in 3QFY2009, Group net profit attributable to
shareholders increased by 64.2% to S$7.9 million in 3QFY2010 from S$4.8 million in
3QFY2009.
In line with the Group’s expectations, the gross profit margin for 9MFY2010 increased
to 21.8% from 13.1% for 9MFY2009. Continued efforts in cost controls and an improved
level of productivity accounted for this increase.
As at December 31 2009, the Group is in a net cash position with cash and cash
equivalents of S$31.3 million.
Outlook
The outlook for the oil-and-gas, petrochemical and pharmaceutical industries which the
Group serves remains positive, and this is expected to continue with the Group’s efforts
to control costs, improve productivity and explore new business opportunities in order to
enhance shareholder value.