转一段从canslim上面看到的：（posted on Fri, 01-Dec-2006)
Summary: We brought institutional investors along for a site visit to Rotary's S$535m Universal Terminal project on Jurong Island yesterday. Investors' feedback is generally positive, especially on the demonstration of Rotary's capability to handle its first mega-sized engineering, procurement and construction (EPC) project. This project is well on track for completion by end 2007. Going forward, Rotary's geographical focus for EPC projects is in Singapore, Middle East, and Thailand. Rotary's two new joint ventures in Saudi Arabia have already begun to bid for contracts, and will be supported by the expected commissioning of its fabrication facility in the Kingdom in 2007. Rotary is also poised to benefit from the rush of investment activities on Jurong Island in year-to-date 2006, which includes the US$3b Bukom Shell Houdini project. Our fair value estimate of S$0.88 uses a similar 2.2x FY07 P/B ratio, with 25% capital gain potential. A future re-rating of Rotary is possible, if it can up the ante by securing combined bread-and-butter EPC deals worth >S$300m per annum. Maintain BUY.
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