OKP Holdings says Or Kim Peow Contractors (Private) Limited has been awarded the tender for the design and building of the Interchange at TPE/ Sengkang West Road/ Seletar Aerospace Way by the Land Transport Authority. The amount of the contract is $61.7 million and the commencement date for the project is 4 April 2011. The project is expected to be completed by 3 October 2014.
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Summary: OKP Holdings is a home-grown civil engineering and public infrastructure firm. It has won numerous high profile contracts, including its biggest win for Central Expressway (CTE) project from LTA. Current order book is strong (c.S$370m) and provides revenues visibility till end of 2014. In addition to its strong foothold in the public infrastructure space, OKP believes they are well placed to win construction contracts for Oil & Gas and Property projects as well, effectively broadening their future revenue sources. The company also has a strong balance sheet, with substantial cash holdings (cash makes up approx. 57% of its market cap.) to support its future developments. Relative to peers, current valuations do not appear demanding for a firm with above industry average operating and net margins. Initiate with BUY and a fair value of S$0.65.
/ocbcIR
| OKP wins $62m LTA contract to build interchange |
| WRITTEN BY THE EDGE |
| WEDNESDAY, 06 APRIL 2011 12:44 |