SINGAPORE (Nov 5): CGS-CIMB Research is keeping its “add” call on Yongnam Holdings with an unchanged target price of 45 cents following a series of contract wins for the structural steel contractor and specialist civil engineering solutions provider.

“We anticipate a profit turnaround in FY19F as Yongnam recovers from a multi-year low of projects-on-hand,” says lead analyst Colin Tan in a report on Nov 2.

Yongnam on Nov 1 announced it has secured four contracts in Singapore worth $53.4 million. Scheduled to be completed between 2Q19 and 1Q20, the contracts are expected to have a positive impact on the group’s financial performance for the year ending Dec 31, 2018.

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