Est. in 1969, Mun Siong Engineering Limited (‘MSE’) is a leading integrated engineering solutions provider to the process industries. The company started out as a mechanical business having 3 core business divisions – maintenance services, project works and specialised services. With more than 44 years of track record, long-standing business relationships and broad experience, the company has been able to expand their customer base to Taiwan, India and Malaysia.

Furthermore, in FY2013, Pegasus Advance Engineering (‘PAE’) was set up to provide scaffolding works, adding to the Group’s integrated capabilities in electrical cum instrumental works and rotating equipment services.

Investment Thesis:

• Current Market Price of S$0.068 is trading at a 3.72% discount to NCAV as of 1H2014
• Over the last 7 years, business has been stable and is on the track of recovery

Fundamental Analysis:

(I)           Earnings: