SECTOR UPDATE

CONSTRUCTION
Investment thesis
We believe now is a good time to start loading construction stocks to
investor portfolios ahead of upcoming bidding on infrastructure projects in
2H15. The last time such a series of biddings took place in mid-2010,
contractors rerated to +1SD above their long-term PBV, but they are now
trading at +0.5SD. CK is our top BUY due to its clearest visibility to add
new projects, followed by UNIQ due to strong earnings growth in 2H15.
Long-awaited infrastructure projects coming soon
The big-ticket infrastructure projects are scheduled to be bid on in 2H15
and have a small chance to slip into next year should be two lines of
double-track railways (ChachoengsaoKaeng Khoi, worth Bt11bn and Jira
station in Nakhon RatchasimaKhon Kaen, worth Bt27bn), Suvarnabhumi
airport Phase II, worth Bt62bn; MRT Orange Line, Phase I, worth Bt115bn;
and, the PattayaMap Ta Phut motorway, worth Bt14bn. The invitation for
bidding on the ChachoengsaoKaeng Khoi line project is expected to be
released in September, followed by the JiraKhon Kaen, Suvarnabhumi
Airport and Orange Line projects in October. The motorway has yet to be
scheduled exactly as its TOR is still under the preparation process, but it
should be ready for bidding to open by YE15.
Big-ticket infra projects may yet be added to backlogs by YE15
The total value of Bt229bn for the projects mentioned should substantially
enlarge contractors backlogs. However, these projects are unlikely to be
added to those backlogs until early 2016. Normally, it takes around 2-3
months from the bidding invitation to bid submission and another 2-3
months for state agencies to review the tenders and announce the winners.

Sector: Construction Overweight

CK
Rating: BUY
Target Price: Bt32.75
Price (10 July 2015): Bt27.00
STEC
Rating: BUY
Target Price: Bt26.00
Price (10 July 2015): Bt22.90
UNIQ
Rating: BUY
Target Price: Bt21.00
Price (10 July 2015): Bt17.60
Sector PBV band
x
4.0

+3.0 STD = 3.8x

3.5

+2.0 STD = 3.1x

3.0
2.5

+1.0 STD = 2.5x

2.0

Average = 1.8x

1.5

-1.0 STD = 1.2x

1.0

-2.0 STD = 0.6x

0.5
0.0

Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15

Ready to take off

13 July 2015

CK and STEC should still meet our assumptions

We expect CK to sign new contracts worth Bt20bn this year, in line with
managements guidance. The firm added new contracts worth Bt2.4bn to
its backlog YTD and is submitting tenders valued at around Bt15bn.
Moreover, the firm is likely to secure M&E works for the MRT Blue Line
worth Bt20-25bn once BMCL signs the contract to operate the Blue Line
extension, which is expected to take place soon.
STEC signed Bt4.2bn in new contracts YTD and is submitting bids of
around Bt12-15bn (mainly power plants, an area in which the firm has
expertise). Moreover, there will be some building projects from the private
sector in which the firm is interested. As such, we believe STEC could
achieve our assumption of Bt20bn (lower than the firms expectation of
Bt30bn) for new projects this year.
Only UNIQ faces the risk of missing our forecast (and that contained in
managements guidance) of Bt30bn in FY15. The firm added Bt10bn YTD,
while the remaining amount will depend largely on public infrastructure
projects. However, the mere few months in delays (slipping over to early
FY16) would have only a small impact on our earnings projections.

See disclaimer at the end of report

Chaiyatorn Sricharoen, CFA

Securities Fundamental Investment Analyst
chaiyatorn@bualuang.co.th
+66 2 618 1344

Figure 1 : MRT and SRT projects

Total project value
(Btm)
115,054
56,691
57,306
13,344
85,281
91,549
11,988
17,209

Bidding

10,805
27,007
17,292
24,842
29,855
20,038
9,436
400,000
29,882
32,398
18,243
17,509
35,544
77,485
60,512

Sep-15
Oct-15
2015
2016
2016
2016
2016
2016
2017
2017
2017
2017
2017
2017
2017

Motorway
Pattaya Map Ta hut
Bang Pa-in Saraburi
Bang Yai Ban Pong

14,200
84,600
55,600

2015
2015
2016

Expressway
N2 N3
Dao Khanong Outer ring road

69,000
18,000

2016
2017

Airport
Suvarnbhumi International Airport, Phase II
The third runway at Suvarnabhumi
Terminal 2 Suvarnabhumi airport
Phuket airport expansion
Chiang Mai airport expansion

62,100
20,000
27,000
4,000
4,000

Oct-15
2016
2016
2017
2018

Port
Songkhla
Pak Bara Satun

3,600
12,000

2016
2016

Water management
Nong Bon Drainage way
Nong Bon wastewater treatment plant
Khlong Toei wastewater treatment plant

5900
7000
12000

2015
2016
2016

MRT Line
Orange (Cultural Center Min Buri)
Pink (Kae Rai Min Buri)
Yellow (Lardprao Samrong)
Dark Green (Samut Prakan Bang Pu)
Orange (Taling Chan Thailand Cultural Center)
Purple (Tao Poon Rat Burana)
Green (Kukot Lam Luk Ka)
Blue (Bang Khae - Phutthamonthon 4)
Double-track railway
Chachoengsao Kaeng Khoi
Jira Khon Kaen
Prachuap Khiri Khan Chumphon
Lopburi Paknam Po
Map Kabao (Saraburi) Jira
Nakhon Pathom Hua Hin
Hua Hin Prachuap Khiri Khan
Standard guage: Nong Khai Map Ta Phut
Paknam Po Den Chai
Jira Ubon Ratchathani
Khon Kaen Nong Khai
Chumphon Surat Thani
Surat Thani Padang Besar
Den Chai Chiang Rai Chiang Khong
Ban Pai Nakhon Phanom

Oct-15
2016
2016
2016
2016
2016
2017
2018

Source: Company data, Bualuang Research

Construction - 2

CK : Financial Tables Year

PROFIT & LOSS (Btm)
Revenue
Cost of sales and services
Gross profit
SG&A
EBIT
Interest expense
Other income/exp.
EBT
Corporate tax
After-tax net profit (loss)
Minority interest
Equity earnings from affiliates
Extra items
Net profit (loss)
Reported EPS
Fully diluted EPS
Core net profit
Core EPS
EBITDA
KEY RATIOS
Revenue growth (%)
Gross margin (%)
EBITDA margin (%)
Operating margin (%)
Net margin (%)
Core profit margin (%)
ROA (%)
ROCE (%)
Asset turnover (x)
Current ratio (x)
Gearing ratio (x)
Interest coverage (x)
BALANCE SHEET (Btm)
Cash & Equivalent
Accounts receivable
Inventory
PP&E-net
Other assets
Total assets
Accounts payable
ST debts & current portion
Long-term debt
Other liabilities
Total liabilities
Paid-up capital
Share premium
Retained earnings
Shareholders equity
Minority interests
Total Liab.&Shareholders' equity
CASH FLOW (Btm)
Net income
Depreciation and amortization
Change in working capital
FX, non-cash adjustment & others
Cash flows from operating activities
Capex (Invest)/Divest
Others
Cash flows from investing activities
Debt financing (repayment)
Equity financing
Dividend payment
Others
Cash flows from financing activities
Net change in cash
Free cash flow (Btm)
FCF per share (Bt)
Key Assumptions
New contract signed
Backlog
Gross margin (%)

2013
2014
2015E
2016E
2017E
32,627 32,865 34,239 35,300 29,536
(29,233) (29,827) (31,272) (32,150) (26,905)
3,394
3,038
2,967
3,150
2,631
(1,505) (1,475) (1,550) (1,597) (1,437)
1,889
1,562
1,417
1,553
1,195
(1,538) (1,468) (1,313) (1,207) (1,242)
1,637
1,274
1,182
1,109
1,123
1,988
1,369
1,285
1,455
1,075
(190)
(89)
(254)
(288)
(212)
1,797
1,280
1,031
1,167
863
(38)
(61)
(50)
(60)
(60)
(489)
27
3
67
81
6,403
1,050
1,532
0
0
7,674
2,296
2,515
1,174
884
4.53
1.36
1.49
0.69
0.52
4.53
1.36
1.49
0.69
0.52
1,271
1,246
984
1,174
884
0.75
0.74
0.58
0.69
0.52
2,606
2,571
2,472
2,672
2,374
57.1
10.4
8.0
5.8
23.5
3.9
12.5
16.8
0.5
1.4
2.2
1.2

0.7
9.2
7.8
4.8
7.0
3.8
3.0
4.0
0.4
1.5
2.2
1.1

4.2
8.7
7.2
4.1
7.3
2.9
3.2
4.1
0.4
1.8
1.9
1.1

3.1
8.9
7.6
4.4
3.3
3.3
1.5
1.9
0.5
2.0
1.8
1.3

(16.3)
8.9
8.0
4.0
3.0
3.0
1.1
1.4
0.4
1.9
1.9
1.0

Revenue growth and asset turnover

Revenue growth (%) (LHS)
Asset turnover (x) (RHS)

%
100
80
60
40
20
0
(20)
(40)
11

12

x
0.6
0.5
0.4
0.3
0.2
0.1
0.0

14 15E 16E 17E

13

A/C receivable & A/C payable days

AR / Sales (days)
AP / Cost of Goods (days)

days
180
150
120
90
60
30
0
11

12

13

14

15E 16E 17E

Profit margins
Gross margin (%)
EBIT margin (%)

%
15
10
5
0
(5)

5,393
4,288
17,894
7,518
36,941
72,034
6,846
13,696
23,636
11,016
55,194
1,653
4,869
7,182
16,551
290
72,034

5,949
5,337
21,838
6,962
40,787
80,872
5,904
13,070
29,322
13,105
61,402
1,694
4,869
8,762
19,125
346
80,872

3,975
5,798
19,858
7,046
41,461
78,138
6,604
6,891
32,335
11,118
56,949
1,694
4,869
10,431
20,793
396
78,138

3,404
5,682
19,840
7,085
42,373
78,383
6,518
4,527
34,700
11,221
56,966
1,694
4,869
10,598
20,961
456
78,383

3,214
5,901
21,607
7,064
43,969
81,755
7,642
7,527
34,200
10,494
59,863
1,694
4,869
11,013
21,376
516
81,755

7,674
717
(10,033)
(6,767)
(8,409)
(8,253)
9,102
849
8,380
0
(936)
9,102
7,446
(58)
(16,663)
(9.8)

2,296
1,009
(6,305)
(1,931)
(4,931)
(2,397)
3,712
1,316
5,656
0
(701)
3,712
4,958
1,355
(7,327)
(4.3)

2,515
1,055
2,359
(2,264)
3,665
(1,936)
1,324
(612)
(3,497)
0
(847)
1,324
(4,340)
(1,286)
1,729
1.0

1,174
1,119
(20)
(710)
1,564
(1,952)
823
(1,129)
0
(0)
(1,006)
823
(1,001)
(567)
(388)
(0.2)

884
1,179
(1,665)
(727)
(328)
(1,952)
60
(1,892)
2,500
(0)
(470)
60
2,036
(184)
(2,280)
(1.3)

22,967
112,473
10.4

7,742
93,583
9.2

20,000
79,903
8.7

30,000
74,722
8.9

40,000
85,314
8.9

(10)
11

12

13

15E 16E 17E

14

Capital expenditure
Capex (Bt,bn)
Capex / Net PPE (%)

Bt,bn
10.0
8.0
6.0
4.0
2.0
0.0
11

12

13

14

%
180
160
140
120
100
80
60
40
20
0

15E 16E 17E

Debt serviceability
(ST debt + Interest) / EBITDA
(Debt + Interest) / EBITDA

x
40
20
0
(20)
(40)
(60)
11

12

13

14

15E 16E 17E

Dividend payout
Dividend (Bt)
Payout ratio (%)

Bt/Shr
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00

%
120

0.59
0.43
0.34 0.34

100

0.50

80
0.28

0.21

60
40
20
0

11

12

13

14 15E 16E 17E

Construction - 3

STEC : Financial Tables Year

2013
2014
2015E
2016E
2017E
PROFIT & LOSS (Btm)
Revenue
22,294 21,652 18,798 21,335 26,911
(20,168) (19,435) (17,282) (19,606) (24,716)
Cost of sales and services
2,126
2,217
1,516
1,728
2,195
Gross profit
(539)
(583)
(569)
(571)
(573)
SG&A
1,587
1,634
947
1,158
1,622
EBIT
(29)
(18)
(24)
(24)
(25)
Interest expense
360
292
220
220
220
Other income/exp.
1,918
1,908
1,143
1,353
1,817
EBT
(449)
(389)
(223)
(265)
(357)
Corporate tax
1,468
1,519
920
1,089
1,460
After-tax net profit (loss)
(7)
(10)
(5)
(4)
(3)
Minority interest
(22)
11
10
10
11
Equity earnings from affiliates
294
0
0
0
0
Extra items
1,733
1,521
925
1,095
1,468
Net profit (loss)
1.14
1.00
0.61
0.72
0.96
Reported EPS
1.14
1.00
0.61
0.72
0.96
Fully diluted EPS
1,439
1,521
925
1,095
1,468
Core net profit
0.94
1.00
0.61
0.72
0.96
Core EPS
2,315
2,354
1,616
1,853
2,342
EBITDA
KEY RATIOS
Revenue growth (%)
12.2
(2.9)
(13.2)
13.5
26.1
9.5
10.2
8.1
8.1
8.2
Gross margin (%)
10.4
10.9
8.6
8.7
8.7
EBITDA margin (%)
7.1
7.5
5.0
5.4
6.0
Operating margin (%)
7.8
7.0
4.9
5.1
5.5
Net margin (%)
6.5
7.0
4.9
5.1
5.5
Core profit margin (%)
7.7
6.1
3.8
4.6
5.8
ROA (%)
23.7
18.0
10.4
11.8
14.5
ROCE (%)
1.0
0.9
0.8
0.9
1.1
Asset turnover (x)
1.2
1.2
1.2
1.2
1.2
Current ratio (x)
0.0
0.0
0.0
0.0
0.0
Gearing ratio (x)
54.3
89.6
40.2
47.8
65.1
Interest coverage (x)
BALANCE SHEET (Btm)
Cash & Equivalent
8,663
5,565
5,232
5,509
6,394
7,831
9,115
8,383
7,825
9,053
Accounts receivable
1,118
1,187
1,117
1,333
1,574
Inventory
2,650
3,166
3,301
3,414
4,003
PP&E-net
4,748
5,971
5,577
5,843
5,825
Other assets
25,010 25,004 23,611 23,924 26,850
Total assets
2,966
3,727
3,185
2,847
3,743
Accounts payable
178
160
70
70
70
ST debts & current portion
121
101
193
200
208
Long-term debt
13,969 12,466 11,443 11,451 12,550
Other liabilities
17,233 16,454 14,892 14,569 16,572
Total liabilities
1,525
1,525
1,525
1,525
1,525
Paid-up capital
2,097
2,097
2,097
2,097
2,097
Share premium
4,003
4,754
4,920
5,552
6,472
Retained earnings
7,588
8,351
8,516
9,148 10,068
Shareholders equity
189
198
203
207
210
Minority interests
25,010 25,004 23,611 23,924 26,850
Total Liab.&Shareholders' equity
CASH FLOW (Btm)
Net income
1,733
1,521
925
1,095
1,468
368
427
449
475
500
Depreciation and amortization
433 (2,583)
(426)
(261)
(55)
Change in working capital
(196)
(74)
(29)
12
102
FX, non-cash adjustment & others
2,338
(709)
920
1,321
2,014
Cash flows from operating activities
(772)
(860)
(584)
(589)
(589)
Capex (Invest)/Divest
(82)
2,470
0
0
0
Others
(854)
1,610
(584)
(589)
(589)
Cash flows from investing activities
(144)
(114)
91
7
7
Debt financing (repayment)
0
0
0
0
0
Equity financing
(38)
(763)
(760)
(463)
(547)
Dividend payment
(82)
2,470
0
0
0
Others
(182)
(877)
(669)
(455)
(540)
Cash flows from financing activities
1,302
24
(333)
277
885
Net change in cash
1,566 (1,568)
336
732
1,425
Free cash flow (Btm)
1.0
(1.0)
0.2
0.5
0.9
FCF per share (Bt)
Key Assumptions
New contract signed
34,615 15,747 20,000 30,000 30,000
51,088 47,821 53,450 60,144 61,517
Backlog
9.5
10.2
8.1
8.1
8.2
Gross margin (%)

Revenue growth and asset turnover

Revenue growth (%) (LHS)
Asset turnover (x) (RHS)

%
80

1.2
1.0
0.8
0.6
0.4
0.2
0.0

60
40
20
0
(20)
11

12

13

15E 16E 17E

14

A/C receivable & A/C payable days

days

AR / Sales (days)
AP / Cost of Goods (days)

180
150
120
90
60
30
0
11

12

13

15E 16E 17E

14

Profit margins
Gross margin (%)
EBIT margin (%)

%
12
10
8
6
4
2
0
11

12

13

15E 16E 17E

14

Capital expenditure
Capex (Bt,bn)

Bt,bn

Capex / Net PPE (%)

1.2
1.0
0.8
0.6
0.4
0.2
0.0
11

12

13

14

60
50
40
30
20
10
0

15E 16E 17E

Debt serviceability
(ST debt + Interest) / EBITDA
(Debt + Interest) / EBITDA

x
0.3
0.3
0.2
0.2
0.1
0.1
0.0
11

12

13

15E 16E 17E

14

Dividend payout
Dividend (Bt)
Payout ratio (%)

Bt/Shr
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0

%
100
80
60

0.55

0.50 0.50
0.32

0.30 0.36

0.48

40
20
0

11

12

13

14

15E 16E 17E

Construction - 4

UNIQ : Financial Tables Year

PROFIT & LOSS (Btm)
Revenue
Cost of sales and services
Gross profit
SG&A
EBIT
Interest expense
Other income/exp.
EBT
Corporate tax
After-tax net profit (loss)
Minority interest
Equity earnings from affiliates
Extra items
Net profit (loss)
Reported EPS
Fully diluted EPS
Core net profit
Core EPS
EBITDA
KEY RATIOS
Revenue growth (%)
Gross margin (%)
EBITDA margin (%)
Operating margin (%)
Net margin (%)
Core profit margin (%)
ROA (%)
ROCE (%)
Asset turnover (x)
Current ratio (x)
Gearing ratio (x)
Interest coverage (x)
BALANCE SHEET (Btm)
Cash & Equivalent
Accounts receivable
Inventory
PP&E-net
Other assets
Total assets
Accounts payable
ST debts & current portion
Long-term debt
Other liabilities
Total liabilities
Paid-up capital
Share premium
Retained earnings
Shareholders equity
Minority interests
Total Liab.&Shareholders' equity
CASH FLOW (Btm)
Net income
Depreciation and amortization
Change in working capital
FX, non-cash adjustment & others
Cash flows from operating activities
Capex (Invest)/Divest
Others
Cash flows from investing activities
Debt financing (repayment)
Equity financing
Dividend payment
Others
Cash flows from financing activities
Net change in cash
Free cash flow (Btm)
FCF per share (Bt)

2013
6,709
(5,432)
1,278
(505)
773
(140)
99
731
(146)
586
0
0
1
587
0.75
0.54
586
0.54
1,103

2014
8,109
(6,635)
1,473
(624)
849
(309)
91
632
(130)
502
0
0
0
502
0.46
0.46
502
0.46
1,580

2015E
12,630
(10,357)
2,273
(941)
1,332
(323)
101
1,110
(222)
888
0
0
0
888
0.82
0.82
888
0.82
2,038

2016E
14,265
(11,697)
2,568
(1,062)
1,506
(354)
111
1,263
(253)
1,011
(45)
0
0
966
0.89
0.89
966
0.89
2,179

2017E
16,650
(13,653)
2,997
(1,236)
1,761
(388)
122
1,495
(299)
1,196
(80)
0
0
1,116
1.03
1.03
1,116
1.03
2,407

67.1
19.0
16.4
11.5
8.7
8.7
6.2
15.7
0.7
1.0
0.8
5.5

20.9
18.2
19.5
10.5
6.2
6.2
3.4
7.6
0.5
1.2
0.5
2.8

55.8
18.0
16.1
10.5
7.0
7.0
5.4
9.9
0.8
1.4
0.5
4.1

12.9
18.0
15.3
10.6
6.8
6.8
5.9
10.0
0.9
1.4
0.5
4.3

16.7
18.0
14.5
10.6
6.7
6.7
6.3
10.7
0.9
1.5
0.4
4.5

359
3,178
556
3,753
4,771
12,617
3,123
539
1,540
4,811
10,013
780
94
1,731
2,604
0
12,617

627
4,551
1,053
4,415
6,688
17,334
2,274
850
2,024
6,533
11,682
1,081
2,463
2,108
5,652
0
17,334

1,154
6,189
1,553
4,465
2,206
15,566
3,728
900
2,274
2,477
9,380
1,082
2,463
2,641
6,186
0
15,566

1,715
6,990
1,755
4,515
1,923
16,897
4,211
900
2,344
2,676
10,132
1,082
2,463
3,220
6,765
0
16,897

2,194
8,159
2,048
4,565
1,604
18,569
4,915
900
2,444
2,875
11,135
1,082
2,463
3,890
7,435
0
18,569

587
331
(3,565)
4,075
1,428
(1,063)
(265)
(1,328)
479
0
(47)
(265)
113
213
364
0.5

502
731
(2,852)
(316)
(1,935)
(552)
(844)
(1,395)
1,156
0
(125)
(844)
3,599
269
(2,487)
(2.3)

888
706
(2,139)
1,337
792
(500)
(17)
(517)
205
0
(205)
(17)
249
525
292
0.3

966
673
(1,002)
528
1,164
(500)
(18)
(518)
200
0
(355)
(18)
(85)
562
664
0.6

1,116
646
(1,462)
784
1,083
(500)
(18)
(518)
200
0
(386)
(18)
(86)
479
583
0.5

Revenue growth and asset turnover

%

Revenue growth (%) (LHS)

Asset turnover (x) (RHS)

80

1.0
0.8

60

0.6

40

0.4

20

0.2

0.0
13

15E

14

16E

17E

A/C receivable & A/C payable days

days

AR / Sales (days)
AP / Cost of Goods (days)

250
200
150
100
50
0
13

15E

14

16E

17E

Profit margins
%

Gross margin (%)

EBIT margin (%)

20
15
10
5
0
13

15E

14

16E

17E

Capital expenditure
Capex (Bt,bn)
Capex / Net PPE (%)

Bt,bn
1.20
1.00
0.80
0.60
0.40
0.20
0.00
13

14

15E

16E

30
25
20
15
10
5
0
17E

Debt serviceability
x

(ST debt + Interest) / EBITDA

(Debt + Interest) / EBITDA

2.5
2.0
1.5
1.0
0.5
0.0
13

14

15E

16E

17E

Dividend payout
Bt/Shr

Dividend (Bt)

Payout ratio (%)

0.41

50

0.5
0.4

0.33

0.3
0.2

0.16

0.36

40
30

0.19

20
10

0.1

0.0
13

14

15E

16E

17E

Construction - 5

Regional Comparisons
Bloomberg
Code
Italian-Thai Development
ITD TB
Nawarat Patanakarn
NWR TB
Toyo-Thai Corporation
TTCL TB
Sriracha Construction
SRICHA TB
STP&I
STPI TB
TRC Construction
TRC TB
Syntec Construction
SYNTEC TB
Dcon Products
DCON TB
Unique Engineering & Cons. UNIQ TB
Pylon
PYLON TB
CH. Karnchang
CK TB
Sino-Thai Engineering & Cons. STEC TB
Simple average

Price Market Cap

(local curr.)
THB8.05
THB1.83
THB31.00
THB25.75
THB16.20
THB2.18
THB3.00
THB1.83
THB17.60
THB11.70
THB27.00
THB22.90

PER (x)

(US$
equivalent) 2015E 2016E
1,252
139
511
234
776
268
141
115
560
129
1,347
1,029

56.3
24.4
25.4
8.5
8.5
42.3
10.0
22.6
21.4
19.5
20.4
35.6
24.6

EPS Growth (%)

2015E

38.9
-3.0
17.8 1263.6
13.6
48.8
9.7
-20.5
9.9
20.3
19.5
-79.6
12.8
n.a.
20.4
-39.2
19.7
76.8
17.2
15.1
24.0
-2.5
25.9
-35.4
19.1
113.1

PBV (x)

ROE (%)

Div Yield (%)

2016E 2015E 2016E 2015E 2016E 2015E 2016E

43.7
16.7
86.2
-5.9
-9.3
117.3
n.a.
11.0
8.7
13.6
-14.9
37.5
27.7

2.8
1.2
3.0
2.8
2.5
3.3
1.5
3.5
3.1
4.3
2.2
4.1
2.9

2.6
1.1
3.0
3.0
2.1
3.0
1.4
3.4
2.8
3.8
2.1
3.7
2.7

5.7
4.9
11.5
34.4
32.0
11.2
n.a.
21.9
15.0
23.9
11.3
11.6
16.7

6.9
7.3
17.8
27.5
22.9
16.1
13.6
21.5
14.9
23.9
9.1
15.0
16.4

0.8
1.3
1.9
9.1
3.9
0.7
2.7
4.9
1.9
2.6
2.0
1.4
2.8

1.1
2.0
2.1
8.6
4.6
1.5
2.5
4.7
2.0
2.9
1.7
1.9
3.0

Construction - 6

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HOLD: Expected total returns of between -15% and +15% over the next 12
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Construction - 7