Stock Name: BBR Hldg
Company Name: BBR HOLDINGS (S) LTD
Research House: DMG
DMG & Partners Securities in a May 9 research report says: "BBR's 1Q11 earnings were above expectations, more than doubling to $9.4 million. This was attributable to higher construction revenue and its maiden contribution from property development project, Lush on Holland Hill.
"On the back of a stronger than expected performance, we now estimate FY2011 earnings to come in at $29.1 million (+34.2% from earlier forecast) and FY2012 earnings to hit $31.9 million (+37.2% from previous estimates). We believe recent significant project wins (in terms of size and technical complexity) would strengthen its track record, boosting its chances of winning fairly sizable public sector projects ahead.
"A higher target price of 52 cents based on 5.5x FY11 P/E, the level some of its peers are trading. MAINTAIN BUY."
Company Name: BBR HOLDINGS (S) LTD
Research House: DMG
DMG & Partners Securities in a May 9 research report says: "BBR's 1Q11 earnings were above expectations, more than doubling to $9.4 million. This was attributable to higher construction revenue and its maiden contribution from property development project, Lush on Holland Hill.
"On the back of a stronger than expected performance, we now estimate FY2011 earnings to come in at $29.1 million (+34.2% from earlier forecast) and FY2012 earnings to hit $31.9 million (+37.2% from previous estimates). We believe recent significant project wins (in terms of size and technical complexity) would strengthen its track record, boosting its chances of winning fairly sizable public sector projects ahead.
"A higher target price of 52 cents based on 5.5x FY11 P/E, the level some of its peers are trading. MAINTAIN BUY."
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