Brokers' take

Hock Lian Seng Holdings | Buy Target price: S$0.69 Feb 16 close: S$0.52 UOB Kay Hian Research, Feb 16

With mega infrastructure projects pushing civil engineering demand, Hock Lian Seng's record high orderbook, which already boasts three to five years' earnings visibility, is set to grow further. The 47-year-old company has wide-ranging expertise in government projects with a robust 2017 forecast net cash of S$209.9 million, or a whopping 80 per cent of market capitalisation. Initiate coverage with a "buy" and target price of S$0.69, based on 7.6 times ex-net cash 2017 forecast price earnings ratio. HLS offers a 2016 dividend yield of 4.9 per cent with potential for more.

Singapore property sector | Not rated Credit Suisse, Feb 16