“We believe Yongnam could still win strutting works as a subcontractor for these NSC sections, which could fuel further profit growth in FY19-20F,” says RHB lead analyst Colin Tan in a Monday report.
SINGAPORE (Jan 7): RHB Research is maintaining Yongnam at “add” saying steel fabrication and engineering specialist could achieve a profit turnaround in FY19F given a slew of major orders secured last year.
Except for one contract for the North-South Corridor (NSC) project, Singapore’s Land Transport Authority had already awarded the remaining 10 contracts with six given out last month to various firms.
