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yipyip Master	Posted: 02-Oct-2009 16:11
x 1 x 0	Ausgroup rated outperform The Edge, 30 Sept 2009 CIMB in a Sept 30 research report says: "AusGroup provides fabrication, construction and asset maintenance services to the oil, gas and mineral resource industries. Capex for the Gorgon LNG project in Western Australia has been projected at A$43 billion. Tendering for various contracts is underway and we believe AusGroup can secure an initial A$125 million contract in FY2010. "AusGroup is bidding for A$2 billion worth of orders in LNG and mineral resources over the next 12 months. We estimate its order book could grow by 25% to A$500 million by June 2010 from A$400 million currently. AusGroup is trading at a market cap to order book of 0.74x, a discount to its 3-year average of 1.34x. On a forward P/E basis, it is trading at 9x for CY11, below its historical 13x average. We see a buying opportunity. Target price of $1.08. OUTPERFORM (initiating coverage)."

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