Stock Name: Tee Intl
Company Name: TEE INTERNATIONAL LIMITED
OCBC Investment Research in a Feb 9 research report says: "TEE announced that it has recently added five new contracts worth a total of approximately $12.7 million and this brings total outstanding order book to $292.3 million.
"While TEE's 1HFY12 results disappointed slightly, the y-o-y decline was largely down to its transition between projects and slower execution pace on newer projects. Management expects to gather pace on projects in 2HFY12 and FY13, and we should expect better top- and bottom-line performance from the group.
"We like its growth prospects given its improving overseas track record, and therefore we upgrade its P/E peg to 6.0x (previously 5.0x) on its M&E business and this yields a higher fair value estimate of 36 cents. MAINTAIN BUY."
Company Name: TEE INTERNATIONAL LIMITED
| Research House: OCBC | Price Call: BUY | Target Price: 0.36 |
OCBC Investment Research in a Feb 9 research report says: "TEE announced that it has recently added five new contracts worth a total of approximately $12.7 million and this brings total outstanding order book to $292.3 million.
"While TEE's 1HFY12 results disappointed slightly, the y-o-y decline was largely down to its transition between projects and slower execution pace on newer projects. Management expects to gather pace on projects in 2HFY12 and FY13, and we should expect better top- and bottom-line performance from the group.
"We like its growth prospects given its improving overseas track record, and therefore we upgrade its P/E peg to 6.0x (previously 5.0x) on its M&E business and this yields a higher fair value estimate of 36 cents. MAINTAIN BUY."
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