Fret not, the storm is passing
■ We see a potential boost to energy order wins from damage inflicted by
Hurricane Ida. Project delays are expected to be minimal, in our view.
■ Infrastructure is still the key driver in 2H21F, with a record-high order book of S$133m and expected ramp-up in order wins from Singapore and Australia.
■ The stock is trading at an attractive 10x FY22F P/E (-0.5 s.d. of 5-year mean)
with c.6% dividend yield. We reiterate our Add call with a TP of S$0.61.