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OKP Holdings Limited ('OKP') Is Involved in the Major Shareholders Construction and Maintenance of Roads in Singapore

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OKP Holdings Limited ('OKP') Is Involved in the Major Shareholders Construction and Maintenance of Roads in Singapore Singapore Equity Explorer OKP Holdings Bloomberg: OKP SP EQUITY | Reuters: OKPH.SI DBS Group Research . Equity 1 Oct 2010 BUY S$0.47 STI : 3,097.63 All roads point north (Initiating Coverage) • Key player in road works in Singapore, expanding Price Target : 12-Month S$ 0.70 into oil & gas projects and overseas ventures Reason for Report : Initiating Coverage Potential Catalyst: New contract wins • Net orderbook in excess of S$200m; we expect steady FY09-11 net profit CAGR of 12% Analyst Suvro Sarkar +65 6398 7973 • Beneficiary of steady investments in public transport [email protected] infrastructure projects in Singapore Singapore Research Team +65 6533 9688 • Net cash of S$0.33 per share and secure dividend yield [email protected] of 6.3%; Initiate with BUY and TP of S$0.70 Record high orderbooks provide comfort. OKP is a civil works Price Relative contractor focused on the road infrastructure market in Singapore S$ R e la tiv e In d e x and has the capability and expertise to carry out large 0.70 1281 infrastructure projects. About 20-25% of its revenues come from 0.60 1081 fairly recurrent maintenance work, which provides a steady base 0.50 881 0.40 load. In recent years, OKP has also won higher-margin contracts 681 0.30 from the oil & gas sector. The Group currently sits on a gross 481 0.20 0.10 281 order book of cS$312m, of which more than S$200m is still 0.00 81 outstanding and will be delivered over the next 12-18 months, 2006 2007 2008 2009 2010 providing good revenue visibility. OKP Holding s (LH S) Relative STI INDEX (RHS) Multiple drivers for growth. Going forward, we expect further Forecasts and Valuation earnings growth from (1) civil engineering projects led by the Land Transport Authority (LTA)’s MRT projects for Downtown Line FY Dec (S$ m) 2008A 2009A 2010F 2011F Stage 3 and major road projects yet to be tendered, (2) more Turnover 102 130 137 156 complex contracts from the oil and gas sector and (3) overseas EBITDA 15 20 20 24 Pre-tax Profit 12 17 18 22 contracts via recent strategic alliance with energy and construction Net Profit 10 14 15 18 conglomerate China Sonangol. Net Pft (Pre Ex.) 10 14 15 18 EPS (S cts) 6.4 5.8 5.6 6.8 50% upside to target price of S$0.70. The Group’s strong cash EPS Pre Ex. (S cts) 6.4 5.8 5.6 6.8 balance of S$87m implies secure dividends as well, and frees up EPS Gth Pre Ex (%) (13) (9) (4) 22 Diluted EPS (S cts) 6.4 5.8 5.6 6.8 capital to take on larger, more complex projects, and allows Net DPS (S cts) 2.0 3.0 3.0 3.0 leeway to invest in new businesses, possibility even small-scale BV Per Share (S cts) 26.8 23.8 24.8 28.6 property developments. Our target price for OKP is based on 1) 7x PE (X) 7.3 8.1 8.4 6.9 PE Pre Ex. (X) 7.3 8.1 8.4 6.9 FY11 PE for its recurring business and 2) estimated S$0.22 per P/Cash Flow (X) 5.9 6.9 7.2 6.1 share surplus net cash. This is derived after taking into account EV/EBITDA (X) 2.7 2.1 2.2 1.4 OKP’s conservative capital structure, which has resulted in the Net Div Yield (%) 4.3 6.4 6.4 6.4 historical usage of about 17Scts per share to support a dollar of P/Book Value (X) 1.8 2.0 1.9 1.6 Net Debt/Equity (X) CASH CASH CASH CASH revenue. Initiate coverage with a BUY on OKP Holdings. ROAE (%) 26.0 29.2 23.7 25.5 Consensus EPS (S cts): 6.1 7.2 At A Glance ICB Industry : Industrials Issued Capital (m shrs) 265 ICB Sector: Construction & Materials Mkt. Cap (S$m/US$m) 124 / 94.6 Principal Business: OKP Holdings Limited ('OKP') is involved in the Major Shareholders construction and maintenance of roads in Singapore. Kim Peow Investment (%) 52.6 China Sonangol (%) 8.5 Free Float (%) 33.5 Source of all data: Company, DBS Vickers, Bloomberg Avg. Daily Vol.(‘000) 149 www.dbsvickers.com Refer to important disclosures at the end of this report ed: MY / sa: JC Equity Explorer OKP Holdings The Business Model The Group operates on a three-pronged strategy: Long track record in construction business. Listed on the (i) Staying focused on its civil engineering business and continue to be a market leader in this area SESDAQ (now renamed Catalist) since 26 July 2002, OKP (ii) Grow its presence in the oil and gas sector to diversify Holdings Limited (“OKP”) was upgraded to the SGX risk and revenue base Mainboard with effect from 25 July 2008. The history of OKP (iii) Explore overseas opportunities through strategic alliance dates back to 1966, when Mr Or Kim Peow, the founder and Chairman, established Or Kim Peow Contractor – a sole Specialised in civil works for roads and surfaces. OKP is proprietorship – to engage in civil engineering activities. OKP primarily an infrastructure and civil engineering company. The Holdings is also the holding company of Eng Lam Contractors civil engineering division, which includes the construction of Co Pte Ltd (“EL”) and OKP technical Management Pte Ltd. EL Oil & Gas-related infrastructure for petrochemical plants and was formed in 1983 to engage in road construction and oil storage terminals, accounts for a lion’s share of OKP maintenance activities, while OKPTM was incorporated in Holding’s topline. Over FY08-09, it contributed an 2002 to provide technical management services to road approximate 70 – 75% of the company’s revenues. The construction companies in developing countries. remaining 25 – 30% revenue comes from the maintenance arm, which helps to provide a steady and recurring income Organisation Structure stream for the company. Segmental Revenue Breakdown – FY09 OKP Holdings Limited Maintenance 100% 24% Or Kim Peow Contractors Pte Ltd 100% Eng Lam Contractors Co. Pte Ltd 100% Construction OKP Technical Management 76% Source: Company, DBS Vickers 50% Improving margin trend demonstrates market dominance. CIF-OKP Construction and Development OKP ‘s tight cost control and prudent project management Pte Ltd practices has helped it to improve gross profit margins over the last few years, even during the financial crisis in 2007- 100% 2008. OKP’s net profit margin increased from 8.9% in OKP Investment (China) Pte Ltd FY2007 to 9.3% in FY2008 and 11.1% in FY2009. Profit Margin 96% OKP (CNMI) Corporation 16% 14% 55% 12% 10% OKP (Oil & Gas) Infrastructure Pte Ltd 8% 6% 55% 4% United Pavements Specialist Pte Ltd 2% 0% 99% 2006A 2007A 2008A 2009A United Pavement Specialists (CNMI) EBITDA Mar gin EBIT Mar gin Net Margin Corporation Source: Company, DBS Vickers Source: Company, DBS Vickers Page 2 Equity Explorer OKP Holdings Leading road works contractor in Singapore Sound professional capabilities. The group’s strength in the building and civil engineering field is evidenced with the Established track record. OKP’s key areas of expertise lies in numerous certifications and awards they have received over the construction of airport runways, widening of expressways the years. OKP has ISO 9000, ISO 14000 and OHSAS 18000 and the building of vehicular bridges, urban and arterial certifications, which accredits OKP’s quality management roads. In 2007, OKP was the first contractor to be awarded a standards, as well as effective environmental, occupational contract by LTA to widen and resurface roads with special- health and safety management system. OKP’s key mix asphalt for the Singapore Formula One race in 2008. OKP subsidiaries, EL has a BCA grading of A2, which allows them Holdings is currently working on a number of infrastructure to participate in tenders of less than S$85m in value, while projects with the largest project being the S$119.3 million OKP with a grading of A1 will be able to bid for public sector contract to widen a stretch of about 2.7km of the Central projects with unlimited value. Only 43 out of 811 civil Expressway (“CTE”) from the Pan Island Expressway to engineering contractors share a similar capacity (A1), hence Braddell Interchange. The complexity of the project, which narrowing down their competition for high value projects. requires OKP has to minimise traffic obstruction, noise levels and disruption to the environment, further cements their BCA Registration Requirements for A1 Rendering Limit under the Civil Engineering Category (CW02) position as a market leader in the road works segment. OKP BCA Requirements List of completed construction projects in 2009 Paid-up capital S$24 m S$15m Contract Size Net Worth S$57 m S$15m Projects Customer (S$m) Management & About 70 24 technical and Widening of central Development managerial and professional staffs, ISO expressway from Ang Mo Kio Land Transport 16.9 Expertise supervisory staff. 9001:2008. ISO 1400. Avenue 1 to Ang Mo Kio Authority Avenue 3 Possesses all OHSAS 18000/SS506 Proposed construction of roads required Part 1 Jurong Town and infrastructure for Tukang 6.8 Council certifications. Estate Phase 1A Track Records Last 3 years: S$150m Proposed covered pedestrian overhead bridge across S$274m total Land Transport Tampines Expressway near 3.5 construction Authority Pasir Ris Blk 762 and revenue Ikea/Courts Source: Company, BCA, DBS Vickers Source: Company Glimpse of projects undertaken by OKP Holdings Solid customer base. Key customers include various public sector agencies such as Civil Aviation Authority of Singapore, Housing & Development Board, Jurong Town Corporation, Land Transport Authority, National Parks Board, Public Utilities Board and Urban Redevelopment Authority.
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