Wednesday, October 04, 2006

Stock News: Boustead Singapore higher after winning contracts worth 35 mln

Boustead Singapore was higher in midmorning trade after winning two contracts worth 35 mln sgd, dealers said. The contracts involve the design and construction of key process equipment for a large refinery in North America and an LNG processing facility in North Africa, and aAbout 25 pct of the value of these contracts are expected to be recognized in the current year to March 2007. DBS Vickers said it is keeping its "buy" rating on Boustead, with a target price of 1.67 sgd per share. "Overall, the demand for process equipment remains strong, underpinned by the global expenditure in the oil and gas sector. As such, we believe that Boustead stands to benefit from its established brand names in the downstream refinery market," it added. Boustead was up 0.04 sgd or 2.90 pct at 1.42 with 156,000 shares traded.

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