Result Update June 4, 2013 Rating matrix Rating

:

Hold

Target

:

| 17

IVRCL Ltd (IVRINF)

Target Period

:

12 months

Potential Upside

:

-6%

| 18

WHAT’S CHANGED…

PRICE TARGET........................................................................... Changed from | 26 to | 17 Key Financials | crore

FY12 * FY13E# Net sales 6147.6 3734.0 EBITDA 470.8 247.2 Net profit 18.1 -101.7 * For 15 months ending June 30, 2012 # For 9 months ending March 31, 2013

FY14E 5310.9 427.2 -18.3

FY15E 6492.1 522.2 30.6

Valuation summary FY12* FY13E# 0.6 -3.3 Adj PE(x) NA NA Adj Target PE(x) NA NA EV/EBITDA(x) 6.0 11.8 P/BV(x) 0.2 0.2 RoNW(%) 0.6 -6.2 RoCE(%) 9.0 7.4 * For 15 months ending June 30, 2012 # For 9 months ending March 31, 2013 EPS (|)

FY14E -0.6 NA NA 7.4 0.2 -0.8 6.8

FY15E 1.0 NA NA 0.9 0.2 1.4 8.1

Stock data Mcap Debt (FY13) Cash (FY12) EV 52 week H/L Equity cap Face Value DII Holding (%) FII Holding (%)

| 548 crore | 2,840 crore | 92 crore | 3,296 crore | 55/17 | 61 crore | 2.0 7.2 28.2

Price movement 6,400

80

5,000

60

3,600

40

2,200

20

800 Feb-12

0 May-12

Aug-12

Price (R.H.S)

Nov-12

Feb-13

Nifty (L.H.S)

Analyst’s name Deepak Purswani, CFA [email protected] Bhupendra Tiwary [email protected]

EPS (FY14E)............................................................................ Changed from | 0.6 to | -0.6 EPS (FY15E)............................................................................................Introduced at | 1.0 RATING...............................................................................................................Unchanged

Gain on sale of land turns it profitable… IVRCL’s Q3FY13 performance witnessed a marked improvement from the last couple of quarters led by superior execution and margins. Additionally, gain on sale of NCR land parcels (| 34 crore) helped it to report a profit of | 6.1 crore vs. our estimated loss of | 34.8 crore. The order book stands at 27,445 crore (including L-1 bids of | 3498 crore), 5.6x book to bill on a TTM basis. During the quarter, the company announced a definitive agreement to divest its stake in three road projects (Kumarapalayam Tollways, Salem Tollways and Chengapalli Tollways) at a total project cost of | 2200 crore for an undisclosed valuation. While this development is positive, we would keenly watch the utilisation of such funds as well as ramp up on under award projects, which are yet to commence execution due to funding gap. Results ahead of estimates… The Q3FY13 performance was better than anticipated led by superior execution and margins. The topline at | 1492.1 crore was ahead of our estimate of | 1247.7 crore. The EBITDA margin at 8.8% was also above our expectation of 7.4%. The interest expenses at | 132.7 crore was, however, higher by | 19 crore sequentially as it provided for | 16 crore as interest on income tax. Consequently, the company reported a profit of | 6.1 crore (our estimate was loss of | 34.8 crore) due to higher topline and margins. Asset monetisation positive…utilisation of free equity to be seen In Q4FY13, IVRCL announced it has signed a definitive agreement with TRIL Roads Pvt Ltd to divest its stake in three road projects (Kumarapalayam Tollways, Salem Tollways and Chengapalli Tollways), at a total project cost of | 2200 crore. Out of the three road projects, for Chengapalli Tollways, which is under construction, the stake divestment would be 49% (vs. 74% planned earlier). In the other two projects, which are operational, it would be 74%. Stretched working capital to weigh on valuations... IVRCL has continued to display a dismal execution show as 25-30% of its order book (including BOT projects) remains slow moving. While the recent BOT monetisation is a positive development and would be key to meet equity infusion requirement, we await a ramp up on such projects. Furthermore, the stretched working capital could continue to weigh on valuation. Consequently, we have assigned a HOLD rating to the stock with an SOTP target price of | 17/share. Exhibit 1: Financial Performance | crore Net sales EBITDA EBITDA Margin (%) Depreciation Interest PAT

Q3FY13* 1492.1 131.7 8.8 21.7 132.7 6.1

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Q3FY13E* 1274.7 94.9 7.4 20.9 115.2 -34.8

Q4FY12 1596.0 101.0 6.3 26.9 97.3 4.9

Q2FY13 YoY Gr (%) QoQ Gr (%) 1247.2 -6.5 19.6 45.1 30.4 191.9 3.6 250 bps 521 bps 21.8 -19.2 -0.2 113.6 36.3 16.9 -68.1 22.7 NA

Q3FY13 Performance…

Interest expenses at | 132.7 crore were, however, higher by | 19 crore sequentially as it included interest on income tax of | 16 crore, which the company provided during the quarter

ƒ The Q3FY13 performance was better than anticipated led by superior execution and margins. The topline at | 1492.1 crore was ahead of our estimates of | 1247.7 crore ƒ EBITDA margins at 8.8% were also above our expectation of 7.4%. Interest expenses at | 132.7 crore were, however, higher by | 19 crore sequentially as it included interest on income tax of | 16 crore, which the company provided during the quarter ƒ Consequently, the company reported a profit of | 6.1 crore (our estimated loss was | 34.8 crore) due to higher topline and margins

Order book remains healthy but execution ramp up yet to be seen ƒ The order book stands at ~| 27,445 crore (including L-1 bids of |3498 crore). We highlight that while the order book to bill ratio works out to 5.6x on a TTM basis, the presence of slow moving orders and captive BOT projects, execution on which stands delayed given the funding gap, is likely to cap execution pick-up Exhibit 2: Order book remains healthy but slow moving orders a grave concern 28,000

5.4

5.6

5.6

5.3

5.8

5.0

5.0 4.6

27,445

24900

26,365

27,131

27,780

25,000

(| crore)

4.6

4.2 3.8 3.4 3.0

21,000 Q3FY12

Q4FY12

Q5FY12

Order Book (| crore)

Q1FY13

Q2FY13

Q3FY13

Order book-to-bill ratio (RHS)

Source: Company, ICICIdirect.com Research

Exhibit 3: Transportation & water segment dominates order book with 69% share 100

(%)

75

The transportation segment (majority of which is captive BOT orders) and water dominate the order book with a 69% share in Q3FY13

50 25

5

5

5

20

20

20

4 19

4 19

6 17

25

35

34

34

35

33

34

35

35

34

36

Q4FY12

Q5FY12

Q1FY13

Q2FY13

Q3FY13

7

42

6

7

8

8

8

0 Q3FY12

Water

Transportation

Buildings

Power

Others

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 2

(x)

The order book stands at | 27445 crore

5.4

Exhibit 4: Key assumptions | crore

FY13E#

FY14E

FY15E

Order inflow

4,048

3,600

3,600

Order Book

27,445

25,738

22,940

13.7

20.0

26.7

Execution rate- Average (%)

Source: Company, ICICIdirect.com Research # For 9 months ending March 31, 2013

ICICI Securities Ltd | Retail Equity Research

Page 3

Valuation IVRCL has continued to display a dismal execution show as a third of its order book (including BOT projects) remains slow moving. While the recent BOT monetisation is a positive development and would be key to meet equity infusion requirement, we await a ramp up on such projects. Furthermore, the stretched working capital could continue to weigh on valuation. Consequently, we assign a HOLD rating to the stock with an SOTP target price of | 17/share. Exhibit 5: SOTP valuation Entity

We assign a HOLD recommendation to the stock with a target price of | 17/share based on SOTP valuation methodology

Value (| crore)

Per share (|)

Construction

2,136

70

5x FY14E EV/EBITDA

IVRCL Assets & Holding

1,056

34

At 0.8x FY14E P/B

42

1

(2,716)

(88)

HDO

Less Net debt

Fair Value (|)

518

Comment

Market cap at 20% holding company discount

FY14E Net debt

17

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 4

Financial summary Profit and loss statement (| Crore) Total operating Income Growth (%) Op. Expenditure EBITDA Growth (%) Depreciation EBIT Interest Other Income Extraordinary Item PBT Tax Rep. PAT before MI Minority Interest (MI) Rep. PAT after MI Adjustments Adj. Net Profit Growth (%) EPS (|)

Cash flow statement FY12* 6,147.6 NA 5,676.8 470.8 NA 118.9 351.8 505.5 199.9 0.0 46.2 28.2 18.1 0.0 18.1 0.0 18.1 -88.5 0.6

FY13P# 3,734.0 NA 3,486.8 247.2 NA 64.0 183.3 347.9 95.5 0.0 -69.1 32.5 -101.7 0.0 -101.7 0.0 -101.7 NM -3.3

FY14E 5,310.9 NA 4,883.7 427.2 NA 86.3 340.9 418.1 53.1 0.0 -24.1 -5.8 -18.3 0.0 -18.3 0.0 -18.3 NM -0.6

FY15E 6,492.1 22.2 5,969.9 522.2 22.2 103.1 419.2 431.7 64.9 0.0 52.4 21.8 30.6 0.0 30.6 0.0 30.6 -267.0 1.0

Source: Company, ICICIdirect.com Research

FY12* 46.2 0.0 118.9 75.7 505.5 595.1 200.2 685.9 -62.7 -949.6 -66.0 -1,078.3 542.1 301.2 -505.5 337.8 -54.6 143.2 88.5

FY13P# -69.1 0.0 64.0 32.5 347.9 310.2 -76.8 241.2 -30.8 -69.2 8.9 -91.2 202.1 -0.4 -347.9 -146.2 3.9 88.5 92.4

FY14E -24.1 0.0 86.3 2.4 471.3 424.8 83.9 508.6 -60.0 -50.0 53.1 -56.9 50.0 0.0 -420.0 -370.0 81.8 92.4 174.2

FY15E 52.4 0.0 103.1 21.8 496.7 500.5 -184.0 316.5 -80.0 -50.0 64.9 -65.1 200.0 0.0 -436.2 -236.2 15.2 174.2 189.4

FY12*

FY13P#

FY14E

FY15E

0.6 4.5 74.0 0.0 2.9

-3.3 -1.2 70.7 0.0 3.0

-0.6 2.2 70.0 0.1 5.7

1.0 4.4 70.9 0.1 6.2

7.7 0.8 0.3 13 92 78

6.6 -1.9 -2.7 35 247 218

8.0 -0.5 -0.3 20 131 120

8.0 0.8 0.5 19 120 108

0.6 9.0 2.7

-6.2 7.4 0.5

-0.8 6.8 -2.0

1.4 8.1 -0.4

29.6 NA 6.0 0.5 0.2

NA NA 11.8 0.9 0.2

NA NA 7.4 0.6 0.2

17.5 0.1 0.9 0.1 0.2

5.6 1.1 1.9

11.5 1.3 1.8

6.8 1.3 1.7

5.9 1.3 1.6

Source: Company, ICICIdirect.com Research

Balance Sheet (| Crore) Liabilities Equity Capital Reserves & Surplus Shareholder's Fund Borrowings Unsecured Loans Deferred Tax Liability Source of Funds Assets Gross Block Less: Acc. Depreciation Net Block Capital WIP Net Fixed Assets

(| Crore) Net Profit before Tax Other Non Cash Exp Depreciation Direct Tax Paid Other Items CF before change in WC Inc./Dec. In WC CF from Operations Pur. of Fix Assets Pur. of Inv Others CF from Investing Inc./(Dec.) in Debt Inc./(Dec.) in Net Worth Others CF from Financing Net Cash Flow Opening Cash Closing Cash

Key ratios FY12*

FY13P#

FY14E

FY15E

61.4 2,209.1 2,270.5 2,457.9 180.0 -38.9 4,869.6

61.4 2,107.8 2,169.2 2,660.0 180.0 -30.7 4,978.5

61.4 2,087.6 2,149.0 2,710.0 180.0 -38.9 5,000.2

61.4 2,113.8 2,175.1 2,910.0 180.0 -38.9 5,226.3

1,011.4 321.5 689.9 1.5 691.4

1,042.2 385.4 656.8 1.5 658.3

1,102.2 471.7 630.5 1.5 632.0

1,182.2 574.8 607.4 1.5 608.9

Investments

1,584.3

1,653.5

1,703.5

1,753.5

Cash Trade Receivables Loans & Advances Inventory Total Current Asset Current Liab. & Prov. Net Current Asset P&L Account Application of Funds

88.5 1,925.9 1,425.5 272.3 5,568.7 2,974.9 2,593.8 0.0 4,869.6

92.4 1,866.7 1,771.9 268.7 6,127.0 3,460.3 2,666.7 0.0 4,978.5

174.2 1,950.4 1,857.5 305.2 6,287.3 3,622.7 2,664.6 0.0 5,000.2

189.4 2,331.7 2,215.1 383.1 7,319.4 4,455.5 2,863.8 0.0 5,226.3

Source: Company, ICICIdirect.com Research

Per share data (|) EPS Cash EPS BV DPS Cash Per Share Operating Ratios (%) EBITDA Margin PBT / Total Operating income PAT Margin Inventory days Debtor days Creditor days Return Ratios (%) RoE RoCE RoIC Valuation Ratios (x) PE (x) Adjusted PE (x) EV/EBITDA (x) EV/Sales (x) Price to Book Value Solvency Ratios Debt/EBITDA Debt / Equity Current Ratio

Source: Company, ICICIdirect.com Research

* For 15 months ending June 30, 2012 # For 9 months ending March 31, 2013

ICICI Securities Ltd | Retail Equity Research

Page 5

Company Description Established in 1990, IVRCL Ltd is a leading domestic construction company headquartered in Hyderabad. The company operates in four segments, namely water & irrigation, buildings & industrial, transportation and power. IVRCL has a robust order book of ~| 24,900 crore, 5x book to bill on TTM basis. The company also has Hindustan Dorr-Oliver (HDO) as a subsidiary, which executes engineering solutions and EPC projects in liquid-solid separation applications. Exhibit 6: Recommendation History 100 80 60 40 20 0 Jul-12

Sep-12

Oct-12

Dec-12

Jan-13

Price

Target Price

Mar-13

Apr-13

Jun-13

Source: Reuters, ICICIdirect.com Research

Exhibit 7: Recent Releases Date 3-Apr-12 12-Apr-12 16-May-12 30-Aug-12 12-Nov-12 15-Feb-13

Event Q4FY12 Result Preview Q4FY12 Result Preview Q4FY12 Result Update Q5FY12 Result Update Q1FY13 Result Update Q2FY13 Result Update

CMP 69 74 47 39 40 29

Target Price 56 72 44 39 35 26

Rating Sell Hold Hold Hold Hold Sell

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 6

ICICIdirect.com coverage universe (Construction) Sector / Company HCC (HINCON) IVRCL (IVRINF) NCC (NAGCON) Simplex Infra (SIMCON) Supreme Infra (SUPINF) Unity Infra (UNIINF)

CMP M Cap (|) TP(|) Rating (| Cr) 13 12 Sell 764 18 26 Sell 537 31 38 Buy 797 100 136 Buy 495 208 254 Buy 348 29 30 Hold 215

EPS (|) P/E (x) EV/EBITDA (x) P/B (x) RoE (%) FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E FY12 FY13E FY14E -1.9 -2.5 -1.8 NA NA NA 12.0 13.6 12.1 0.8 0.9 1.0 -15.7 -9.0 -9.4 0.6 -3.3 -0.6 29.6 NA NA 6.0 11.8 7.4 0.2 0.2 0.2 0.6 -6.2 -0.8 1.4 2.4 2.4 2.9 1.7 1.7 7.6 7.5 6.5 0.4 0.4 0.3 1.5 2.6 2.5 24.8 18.0 11.3 4.1 5.7 9.1 4.4 4.9 5.8 0.5 0.4 0.4 12.0 7.8 4.8 54.8 65.5 70.7 3.1 2.6 2.4 4.2 3.9 3.6 0.9 0.7 0.6 24.7 23.0 20.0 12.7 14.0 12.5 2.3 2.1 2.3 3.7 3.3 4.0 0.3 0.3 0.3 15.5 14.8 11.7

Source: Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 7

RATING RATIONALE

ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction; Buy: > 10%/ 15% for large caps/midcaps, respectively; Hold: Up to +/-10%; Sell: -10% or more;

Pankaj Pandey

Head – Research

[email protected]

ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai – 400 093 [email protected] ANALYST CERTIFICATION We /I, Deepak Purswani CFA, PGDM (FINANCE) Bhupendra Tiwary MBA (FINANCE) research analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our personal views about any and all of the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Analysts aren't registered as research analysts by FINRA and might not be an associated person of the ICICI Securities Inc.

Disclosures: ICICI Securities Limited (ICICI Securities) and its affiliates are a full-service, integrated investment banking, investment management and brokerage and financing group. We along with affiliates are leading underwriter of securities and participate in virtually all securities trading markets in India. We and our affiliates have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their dependent family members from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on reasonable basis, ICICI Securities, its subsidiaries and associated companies, their directors and employees (“ICICI Securities and affiliates”) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities is acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return of investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities and affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities and its affiliates might have managed or co-managed a public offering for the subject company in the preceding twelve months. ICICI Securities and affiliates might have received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of public offerings, corporate finance, investment banking or other advisory services in a merger or specific transaction. It is confirmed that Deepak Purswani CFA, PGDM (FINANCE) Bhupendra Tiwary MBA (FINANCE) research analysts and the authors of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Our research professionals are paid in part based on the profitability of ICICI Securities, which include earnings from Investment Banking and other business. ICICI Securities or its subsidiaries collectively do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. It is confirmed that Deepak Purswani CFA, PGDM (FINANCE) Bhupendra Tiwary MBA (FINANCE) research analysts and the authors of this report or any of their family members does not serve as an officer, director or advisory board member of the companies mentioned in the report. ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. ICICI Securities and affiliates may act upon or make use of information contained in the report prior to the publication thereof. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

ICICI Securities Ltd | Retail Equity Research

Page 8

IVRCL Ltd (IVRINF) -

Consequently, we have assigned a HOLD rating to the stock with an SOTP target price of ... Order book remains healthy but execution ramp up yet to be seen. ▫ The order book .... ICICIdirect.com coverage universe (Construction). CMP. M Cap.

215KB Sizes 0 Downloads 29 Views

Recommend Documents

starhub ltd - PhillipCapital
Feb 26, 2015 - Website: www.phillipcapital.com.au ... You must make the final investment decision and accept all ... as authoritative, without further being subject to the recipient's own independent verification ... exchange rates between US dollars

Frasers Centrepoint Ltd
Feb 24, 2014 - Frasers Centrepoint Ltd (FCL) is the property spin-off of the ... He holds a. Master of Science (Project Management) and Bachelor of.

starhub ltd - PhillipCapital
Feb 26, 2015 - surrounding the stock, before making our final recommendation .... Website: www.phillipcapital.com.au ... as authoritative, without further being subject to the recipient's own independent verification and exercise of judgment.

Frasers Centrepoint Ltd
Feb 24, 2014 - Principal Business: FCL is a real estate company with core businesses .... Frasers Centrepoint Asset Management (manager of FCT) from.

UOB Ltd - InvestingNote
Oct 31, 2014 - 30. 18.00. 19.00. 20.00. 21.00. 22.00. 23.00. 24.00. 25.00. O ct-1. 3. Ja n-1. 4. A p r-14. Ju l-14. Volume, mn. UOB SP EQUITY. STI rebased. 0% 50% 100% .... Table 5. Loans by currencies. $m. 3Q14. 3Q13. %y-y ch. 2Q14 %q-q ch. Singapor

Singapore Exchange Ltd - PhillipCapital
Jul 7, 2014 - securities business succeed in lifting volumes. Key re-rating catalyst ... Analyst. Benjamin Ong [email protected] +65 65311535.

Nintendo Co., Ltd.
Jul 13, 2017 - million dollars/euros. FY3/2017. FY3/2018. 3/31/2017. 6/30/2017. Cash and deposits (USD). 2,181. 2,227. Accounts receivable-trade (USD).

FDC Ltd. -
FDC Ltd. a Mumbai-based company incorporated in 1940, is engaged in manufacture ... drink named "ENERZAL" has become the drink of the Mumbai Marathon.

Appendix 5B - Neometals Ltd.
Dec 31, 2015 - Interest and other costs of finance paid. -. -. 1.6. Income taxes paid. -. -. 1.7. Other (R&D tax offset refund). -. 266. Net Operating Cash Flows.

SATS Ltd
May 14, 2015 - SATS Ltd ("SATS") announced its Full Year 2015 (Y/E Mar) results on 14 May before trading hours, followed by the Analyst and Media briefing. Results at a glance. (SGD mn). FY15 FY14 y-y (%). Food Solutions. 1,052 1,104 (4.7) Weaker TFK

Choo Chiang Holdings Ltd.
Jul 24, 2015 - Placement Agent. CIMB Bank Berhad, ... Source of all data: Company, DBS Bank ..... compliance with any applicable U.S. laws and regulations.

[PDF] Computers Ltd.
span class news dt Sep 25 2017 span nbsp 0183 32 BEST PDF Computers Ltd ... t Do (Popular Science), Download Best Book Computers Ltd.: What They Really Can t Do ..... spaceships, route millions of phone calls simultaneously, and play chess with the .