SINGAPORE (Nov 23): TEE International, the regional integrated engineering, real estate and infrastructure group, has caught the attention of SAC Advisors.
The group’s core engineering business started in 1991 and has since maintained a strong track record in delivering quality and value-added integrated engineering solutions.
In an unrated report on Friday, analyst Jaime L says, “Moving forward, TEE would be strengthening its full turnkey capabilities to be a leading regional integrated engineering, real estate and infrastructure group.”
In addition, through the group’s majority-owned listed subsidiary, TEE Land, it undertakes the development of residential, commercial, and industrial property projects, as well as investing in income-generating properties in Singapore and around the region.
The group is also focused on growing a diversified and resilient enterprise, as it expanded into the infrastructure business through investments in the environmental, power and water segments.
In 1Q19 results, losses for the quarter ended Aug 31 widened to $3.85 million compared to losses of $0.92 million in 1Q18, despite revenue increasing 11.9% y-o-y to $78.5 million.
The drop in 1Q earnings was mainly due to higher cost of sales, as well as an increase in administrative expenses and other operating expenses.
However, it has maintained an order book valued at $304 million as at Oct 31, following the group securing engineering contracts worth about $58 million.
See: TEE International subsidiaries secure new engineering contracts worth $58 mil
“With a portfolio across seven countries (Singapore, Malaysia, Thailand, the Philippines, Hong Kong, Australia and New Zealand), TEE is continually strengthening its foothold in the overseas markets,” says the analyst.
As at 1.20pm, shares in TEE International are trading at 18 cents.
