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52 weeks high broken !!!
Cheerz !
Why you say that i.e. why 0.615 instead of other price?
Cos cover gap back in May ?
Right on the dot !! cheong !
steady
:)
Moving south was yesterday...Moving north now. :)
*invested*
I am new in the sea of the share market. Still can't swim well. can anyone advise wether can go in with this price.
Announcement 25 Oct 2006
Rotary Engineering inks S$15.5m worth of contracts for Shell Bukom Refinery Modification project
SINGAPORE, 25 October 2006 ? Mainboard-listed Rotary Engineering Limited ("Rotary"), through its wholly-owned subsidiary, Rotary IMC Pte. Ltd., has secured contracts worth S$ 15.5m from Shell Eastern Petroleum (Pte) Ltd for part of the early works at its Bukom Shell Houdini Project. Rotary is a leading provider of engineering, procurement, construction and maintenance services supporting the oil-and-gas and petrochemical industry.
The contracts, expected to last 12 months, involve works to relocate the refinery?s control discharged facilities (CDF) as well as some piping works.
Mr Chia Kim Piow, Rotary?s Chairman and Managing Director, was pleased that Shell Eastern, a long-standing valued customer, had decided to engage Rotary for this project. "We are always glad when clients engage us again. It speaks of their confidence in us and of the trust and good working relationships we have built up over the years. With the recent announcement by Shell of its Houdini project, Rotary hopes to be able to continue this tradition of commitment and support." The contracts, expected to last 12 months, involve works to relocate the refinery?s control discharged facilities (CDF) as well as some piping works.
Mr Chia Kim Piow, Rotary?s Chairman and Managing Director, was pleased that Shell Eastern, a long-standing valued customer, had decided to engage Rotary for this project. "We are always glad when clients engage us again. It speaks of their confidence in us and of the trust and good working relationships we have built up over the years. With the recent announcement by Shell of its Houdini project, Rotary hopes to be able to continue this tradition of commitment and support."
It said it plans to double its order book and headcount thanks to strong demand for petrochemical facilities in Asia. Rotary -- which has contracts to build oil and chemical storage tanks, terminals and processing facilities in Singapore, China, Thailand, and the Middle East -- had an order book of $525m at the end of June and a 3,000-strong work force.
Rotary's Chairman Chia Kim Piow, who founded the company in 1972, said he expects the headcount to double in the next two years but declined to give a time frame for the increase in order book, adding that the firm was using only half its capacity.
The firm has four fabrication facilities, located in Singapore, Indonesia and Thailand, that can process 100,000 tonnes of steel a year and produce pipe of one million diameter inch, or diainch, a unit which measures the length of pipes with their wall thickness.
A new work shop in Saudi Arabia, due to start by the end of 2007, would take Rotary's total fabrication capacity to 150,000 tonnes and piping capacity to 1.3 million diainch.
"So we can easily double the amount of work we are doing now," Chia told Reuters in an interview.
"We are soliciting for more contracts because we have the capacity to execute them, both in terms of available work force and fabrication capacity," Chia added. He said new contracts were expected in petrochemical plants which oil majors plan to set up in Singapore, Thailand and the Middle East.
Royal Dutch Shell Plc has plans for an 800,000 tonnes per year ethylene cracker in Singapore, while in the Middle East, Rotary is a pre-qualified contractor for state oil firm Saudi Aramco.
"We are actively pursuing tenders in Singapore, Saudi Arabia and Thailand," Chia said.
Rotary is building a new fabrication facility in the Jubail industrial zone in Saudi Arabia which will produce 50,000 tonnes of steel plates for storage tanks and 300,000 diameter inch of piping starting at the end of 2007.
More than half of Rotary's income comes from electrical, instrumentation and engineering maintenance services which it provides to oil and chemical plants and to shipyards in and around Singapore's petrochemical hub on Jurong Island.
But in recent years, the company has moved up the value chain taking on turnkey projects to build storage tanks, terminals and processing plants. These projects include a $535m contract to build Universal Terminal, Singapore's largest independent petroleum logistics terminal with a capacity of 2.3m cubic metres which is due to start operating in 2008.
In August, Rotary won a contract from Peter Cremer (Singapore) GmBH to build a biodiesel processing plant. Chia said the $24m project is likely to be completed by 2007 and would pave the way for similar contracts in the future.
"We want to build a track record in the biodiesel business so that we can win more of such contracts," he said.
CLSA analyst Justin Yeoh expects Rotary to report a net profit of $30.4m for the year ending Dec. 31 2006, close to a fourfold increase from 2005 when it made a net profit of $8.4m.
While few analysts cover Rotary, Yeoh says the stock is trading at 7.2x its 2007 forecast earnings. This compares to a sector average of 15 for the Singapore engineering companies in the FTSE index.