Shares of several Singapore construction firms rose on Friday on expectation of strong earnings and as analysts said valuations are looking attractive.
At 11:20 a.m., Yongnam Holdings (YNAM.SI) was up 1.9% on a volume of 21.8 million shares, 5.6 times the average daily volume so far this year.
At 11:20 a.m., Yongnam Holdings (YNAM.SI) was up 1.9% on a volume of 21.8 million shares, 5.6 times the average daily volume so far this year.
Wee Hur (WHHL.SI) rose 3.6% on 2.6 million shares, 2.8 times average volume. Tee International (TEEI.SI) advanced 3.5% with 800,000 shares changing hands, 2.7 times average volume.
“Tee International reported a strong set of results. It could have served as a catalyst to investors that some players in the construction industry have been overlooked despite strong fundamentals,” said Selena Leong, an analyst at DMG & Partners.
“An example would be Lian Beng which has strong order books of around $941 million. We expect 2011 fiscal year earnings to almost double year-on-year and valuations are attractive, trading at under four times our FY2012 earnings estimates.”
Tee International reported earlier this week its net profit for 2011 fiscal year ended May 31 rose 46.5% from a year earlier to $16.7 million.
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