Stock Name: PEC
Company Name: PEC LTD.
AmFraser Research in an Oct 4 research report says: "PEC announced that it has won a $45 million contract with JGC Corp to provide steel structure erection, piping and electrical and instrumentation works for a refinery in Singapore for an oil major.
"This brings the order book to about $348 million by our estimation (taking into account the recent USD rise). This order book does not include maintenance contracts nor the Rotterdam JV. This is a record order book for PEC, which will most likely drive 2012 to become a bumper year.
"PEC is also still in the middle of negotiations for additional contracts, which we expect will materialize through 2012. PEC is now trading at 0.9x P/B, 4.6x forward P/E, and a shockingly-low EV/EBITDA of 0.6x (2011A) and 0.3x (2012F). We leave our fair value unchanged at $1.36. MAINTAIN BUY."
Company Name: PEC LTD.
| Research House: AmFraser | Price Call: BUY | Target Price: 1.36 |
AmFraser Research in an Oct 4 research report says: "PEC announced that it has won a $45 million contract with JGC Corp to provide steel structure erection, piping and electrical and instrumentation works for a refinery in Singapore for an oil major.
"This brings the order book to about $348 million by our estimation (taking into account the recent USD rise). This order book does not include maintenance contracts nor the Rotterdam JV. This is a record order book for PEC, which will most likely drive 2012 to become a bumper year.
"PEC is also still in the middle of negotiations for additional contracts, which we expect will materialize through 2012. PEC is now trading at 0.9x P/B, 4.6x forward P/E, and a shockingly-low EV/EBITDA of 0.6x (2011A) and 0.3x (2012F). We leave our fair value unchanged at $1.36. MAINTAIN BUY."
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