♦ Significantly below. 6M10 net profit of RM18.7m accounted for 15.4% and
14.2% of our and consensus full-year estimates. Results were significantly
lower due to the sluggish oil and gas contract awards seen since late FY09
that led to a dearth of contracts for 1H10. Although the company warned
about the softer earnings, we were surprised at the extent of the
deterioration.
Wah Seong Corp Berhad : Significantly Weaker - 26/08/2010
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