Hupsteel has shown great foresight and adaptability in capitalising on business opportunities.
Management has reaped the benefits of focusing on the product line that has been giving it the highest turnover - structural steel.
Riding along the thirst for industrial steel stemming from the boom in the oil & gas, marine and construction industries, Hupsteel’s financial performance has been very impressive, with its top line increasing five fold from FY03 to FY07, and its bottom line jumping a staggering 22 times since between the same period.
The local property and construction sector is expected to be buoyant for the next 2 years to say the least, and coupled with the fact that oil-rigs, drill-ships, FPSOs and vessel orders from around the world are full for the next 3 years, it should be a rosy picture going forward for Hupsteel.
DMG has forecasted another 20% earnings growth into FY08, which translates to an EPS of S$0.075.
Current Price (as at 20/09/07) - S$0.56
Target Price given by DMG - S$0.71
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