Phillip Securities Research in a Jan 20 research report says: “PEC announced that they had been awarded a $78 million EPC contract to provide pipe rack and utilities piping reticulation system for Tuas Power Utilities (TPU). With the contract win, we estimate that PEC’s current order book should be worth approximately $245 million.
Posts Tagged ‘PEC’
PEC bags $78m utilities project works
January 19th, 2011 |
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PEC says it has won a $78 million project works contract from Tuas Power Utilities (TPU).
Under the contract, PEC will provide engineering, procurement and construction (EPC) services for a pipe rack and utilities piping reticulation system in TPU’s Tembusu Multi-Utilities Complex in Jurong Island.
PEC posts 23% rise in 1Q earnings to $8.8m
November 10th, 2010 |
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PEC says profit attributable to shareholders rose 23% to $8.8 million for the first quarter ended 30 September 2010 of financial year 2011 (1Q2011) from $7.1 million in 1Q2010 due to improved margins and higher contributions from joint ventures.
Group revenue remained stable at $107.8 million in 1Q2011 compared to $106.9 million in 1Q2010, generated from ongoing project works and maintenance services. Gross profit during the period rose 14% to $27.3 million from $24.0 million, while gross profit margin increased to 25% from 22% in 1Q2010.
PEC rated ‘buy’ by Phillip Securities
October 6th, 2010 |
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Phillip Securities Research in an Oct 5 research report says: “PEC is an infrastructure company. It serves the pharmaceutical, petrochemical, oil and gas industry primarily in the Asia Pacific region. The company currently has two significant projects outstanding in Europe and Malaysia.
PEC started at Buy by Phillip Securities; with $1.50 target
October 5th, 2010 |
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Phillip Securities starts PEC (IX2.SG) at Buy with $1.50 target price, based on 8.75x P/E, 1.75x P/B, says Dow Jones.
Phillip Securities says Singapore-based plant builder has established working ties on Jurong Island with key industry players including Shell Eastern, Exxon Mobil, Singapore Refining Company, allowing it to secure long-term maintenance contracts, which are less volatile than project works.
PEC sets up JV company with Canadian Car-Ber Testing Services
September 15th, 2010 |
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PEC Ltd. says the company has entered into a joint venture agreement with Car-Ber Testing (Singapore) Pte. Ltd.
The initial paid-up share capital of the JV company will be $400,000. PEC and Car-Ber will hold 51% and 49% of the shares in the JV Co respectively.
Car-Ber is a Singapore-incorporated subsidiary of Car-Ber Testing Services, Inc., a Canadian company, which provides testing and isolation services to the onshore and offshore oil and gas industry, using its patented technologies and tools.
PEC rated ‘buy’ by DBS
August 30th, 2010 |
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DBS Vickers Securities in an Aug 27 research report says: “PEC reported FY10 recurring net profit of $45.1 million (+114% y-o-y), beating our and consensus’ estimates. The outperformance was mainly due to (1) higher than expected maintenance revenue; and (2) exceptional gross margins of 27.5% (+7.3ppt y-o-y).
PEC +2.8%; Orderflow likely to increase: DBS Vickers
August 27th, 2010 |
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PEC (IX2.SG) +2.8% at $0.915 on above-average volume, extending yesterday’s 4.7% gain, as plant builder’s improved June-quarter results continue to drive interest, paving way for shares to retest in near term all-time high of $0.955 set last September, says Dow Jones.
Fiscal 4Q10 earnings more than doubled to $9.6 million from $4.3 million year earlier on higher margins, bringing FY10 net profit to $44.8 million from $21.0 million in FY09.
PEC posts 96% rise in full-year net profit to $48.2m
August 26th, 2010 |
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PEC, the plant and terminal engineering specialist, has reported net profit after tax for the full year ended 30 June 2010 (FY2010) increased by 96% to $48.2 million from S$24.5 million in FY2009.
PEC says the rise in net profit came on the back of a 35% increase in gross profit from $91.4 million to $123.2 million, as well as an increase in gross profit margin to 26% in FY2010 from 21% in FY2009.
On a quarterly basis, net profit for the three months ended 30 June 2010 (4QFY2010) rose 137% to $10.8 million from $4.5 million in 4QFY2009 while revenue fell 1% to $124.4 million.
Sinostar PEC Holdings – Corporate moves
July 2nd, 2010 |
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Zhang Yun San has been appointed CEO of Dongming Runchang Petrochemical Co Ltd wef June 17
Work experience: GM, Dongming Petrochemical Group
PEC rated outperform
July 1st, 2010 |
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CIMB in a June 29 research report says: “Together with Rotary and Hiap Seng, PEC is one of the largest Engineering, Procurement and Construction (EPC) and maintenance providers in Singapore. Though the smallest by market cap, PEC is the largest maintenance service provider with a 50% market share by revenue.
PEC started at Outperform by CIMB with $1.22 target
June 29th, 2010 |
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CIMB has started PEC (IX2.SG) at Outperform with $1.22 target price, based on 8.5X FY11 core P/E, says Dow Jones.
CIMB says provider of engineering, procurement, construction services to energy, drug industries first among Singapore peers to venture into Europe via EUR118 million ($201 million) contract to build tank terminal for Rotterdam-based Vitol, bringing value of orders secured so far this year to $455 million.
PEC posts 167% rise in net profit after tax tp $20m for 3Q
May 11th, 2010 |
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Plant and terminal engineering specialist PEC has reported a 167% rise in net profit after tax to $20.2 million for the financial quarter ended 31 March 2010 (3QFY2010) from $7.6 million in 3QFY2009.
PEC pares gains vs early high on Netherlands Job
March 9th, 2010 |
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PEC (IX2.SG) succumbs to profit taking after heading above $0.80 in early trade for first time since Jan 21 on news of JV winning $226 million contract to build tank terminal in Netherlands.
Shares are now trading at $0.785 vs high of $0.81 (+1.9%). Selling not aggressive as volume only about one third of yesterday’s 16.1 million shares, with stock still +9.7% since beginning March vs FTSE ST Oil & Gas Index’s 2.9% gain over same period.
March 9: PEC, Hyflux, ST Engineering, Gems TV
March 9th, 2010 |
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Singapore’s benchmark Straits Times Index (.FTSTI) rose 1.59% to 2,834.57 points yesterday. On Wall Street, technology shares pushed the Nasdaq higher last night on an otherwise flat day for US stocks, led by BlackBerry maker Research in Motion and Cisco Systems. Here are some factors and stocks to watch:
Property stocks: The government said it will not introduce more measures relating to the property market for now, but will monitor the market closely, National Development Minister Mah Bow Tan said in parliament yesterday.
PEC unit’s JV bags maiden $226m European contract
March 8th, 2010 |
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PEC says that Verwater-Audex B.V., a 50-50 joint venture company between its subsidiary Audex and Verwater B.V., has won a €118 million ($226 million) contract to build a 465,000 cubic metres tank terminal in the port of Rotterdam in the Netherlands.
PEC rated buy
February 10th, 2010 |
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DBS Vickers Securities in a Feb 9 research report says: “Net profit rose 65% to $9.2 million in 2Q10 (FYE Jun), attributed to higher and above industry’s average gross profit margin of 24%, and higher sales recognition that tends to be lumpy in nature. We estimate that PEC has secured $32 million worth of small (<$10 million each) contracts and variation orders in 2Q10.
PEC posts 50% gain in net profit to $16.3m for 1H
February 8th, 2010 |
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PEC Ltd., the plant and terminal engineering specialist, has reported a 50% increase in net profit attributable to shareholders to $16.3 million for the six months ended 31 December 2009 (H1 FY2010) from $10.9 million in H1 FY2009.
The group says it achieved this increase despite a slight decrease in revenue by 3% to $213.4 million due mainly to lower revenue contribution from maintenance activities.
PEC wins maintainance contract for Jurong Island refinery
January 28th, 2010 |
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PEC, the homegrown plant and terminal engineering specialist which provides project works and maintenance services to the oil and gas, petrochemical, oil and chemical terminal and pharmaceutical industries in Asia and the Middle East, says it had signed a contract with Singapore Refining Company (SRC) to provide maintenance services for part of its refinery located in Jurong Island.
PEC rated buy
January 8th, 2010 |
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DBS Vickers Securities in a Jan 7 research report says: “PEC’s subsidiary, Audex Pte Ltd, has secured US$174.5 million (or $245 million) new orders in Tanjung Bin (within the Iskandar Development region), Johor, Malaysia. PEC secured a 49% hit rate on its $500 million order pipeline, with the latest contract win. This surpasses our expectation of 30% hit rate, and resulted in $325 million total new orders to-date in FY2010.