Other than Yongnam, I am also invested in another construction company, Hock Lian Seng. The reason for investing in Hock Lian Seng is primarily the same as that for investing in Yongnam. I believe that they will benefit from the increased spending in public infrastructure projects in the coming years. Hock Lian Seng's strong balance sheet, cash flow as well as high gross profit margin attracted me. Even if it is not a good investment for growth, I believe that it is a good investment for income with its record of paying out meaningful dividends. Hock Lian Seng reported a gross profit margin of 40% on the back of lower revenue but higher gross profit. NAV per share improved from 24.9c to 27.8c. EPS reduced slightly from 4.9c to 4.7c, year on year. A DPS of 1.8c has been declared. This means a payout ratio of 38.3% and a dividend ......