Shares & Derivatives
Hock Lian Seng 1H’17 Earnings Review
By 10% Per Annum  •  August 3, 2017
It has been almost 6 months since my last review on Hock Lian Seng (here). Therefore, I thought it was high time to scrutinize their 1H'2017 results release today (here). Boring Results (again)
Source: Hock Lian Seng 1H'17 Financial Statement
Hock Lian Seng's results were once again completely in line with my expectations. Hock Lian Seng's order book had declined from approximately S$950M in February to approximately S$890M, roughly matching the revenue of S$51M. I am unable to account for the supposed S$9M gap definitively as the exact date and value of order book were never announced, but this is not a big concern for me. Gross profit margins are tight as "the contribution from the Changi Airport JV project is not yet significant" and project initiation administrative costs piles up. This is completely understandable due to Hock Lian Seng's accounting policy: ......
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By 10% Per Annum
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