I added Hock Lian Seng to my Stock Picks in January 2010 when the share price was S$0.32.  The company then had an order book of S$600-700mn and just reported a strong set of 2009 results.  Revenue was S$224.8mn and net profit was S$21.3mn.  Gross cash was about S$143mn including S$61mn in progress payments in excess of billings.  The 2010 results were also good with revenue of S$229mn and net profit of S$27mn.  Gross cash was S$165mn including progress payments in excess of billings of S$78mn.  By the end of FY2010, the order book had declined to S$350mn with Hock Lian Seng not being able to secure new MRT projects.  The half year 2011 results were worrying not because revenue and profit declined by 32% and 37% respectively to S$80.4mn and S$9.6mn (as this could be due to progressive ......