DBS Vickers Securities in a Feb 11 research report says: “Hiap Seng’s bottomline surged 64% y-o-y to $7.9 million, in spite of a 4% y-o-y dip in topline. This was largely attributed to the absence of $2.9 million provision for doubtful debts and 1.4ppt gross margin expansion. Order book continued to grow for second consecutive quarter, rising 9% q-o-q to $216 million (vs 11% in 2Q10).

Read more…