China State Construction bags a hefty $36.58b deal

It's now beyond its growth target.

According to Maybank Kim Eng, China State Construction announced that the new contract value awarded for the first eleven months amounted to HKD36.58 billion.

Here's more from Maybank Kim Eng:

This represents a YoY growth of 20.93% and exceeded the FY12 target of HKD35 billion. This also implies a new contract value awarded amount of only HKD0.02 billion alone for November.

As on 30 November 2012, the on-hand contract value amounted to approximately HKD98.38 billion, among which the backlog was approximately HKD60.89 billion, representing a YoY growth of 20.5%, which meets the Group’s works in next three years.

Company also announced payment receipts from 2 affordable housing projects, from Chongqing Government and Zhangzhou Government, totalling Rmb 76.25 million.

As pointed out last month, the slow-down in new contract awarded should be well expected after company reaching its FY12 target. Key positive from this set of figures comes from the progress payments from provincial governments, which will boost confidence of investors on their account receivables collection.