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Boustead Singapore: Strong order backlog underscores growth

3Q10 results were below expectation as weak GBP hit salesFY10 earnings trimmed by 8% but FY11 growth remains intact as S$575m order backlog underscores future earnings streamMaintain Buy with 31% upside to our FY11-based SOTP target price of S$1.003Q10 profit weaker than expected. Boustead posted net profit of S$8.7m (-16% y-o-y, -20% q-o-q), compared to ...

 

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