A record year
■ FY3/21 core net profit of S$44.6m (+23% yoy) was driven by strong growth in
geospatial and energy divisions. Special dividend brings total DPS to 8Scts.
■ We expect geospatial division to continue riding on Covid-19 tailwinds; but
outlook on energy division is dependent on order replenishment in FY22F.
■ Reiterate Add and SOP-based TP of S$1.40.