Not vested. From BT:-
PSL supplies construction hardware and crawler cranes and also provides geotechnical engineering services. Its revenue slightly more than doubled in FY2007 to $53 million while profit tripled to $7.4 million. Earlier this month, it announced a batch of new foundation engineering projects worth $13 million that pushed its order book to $18 million.
Like SMB, only one research house covers PSL - Westcomb Financial. In a 'buy' issued after the company disclosed its order book, Westcomb pointed out that at 18.5 cents, PSL's shares traded at only 3.2 and 2.6 times estimated FY08 and FY09 earnings. It believes that PSL deserves to trade at an earnings multiple of at least five times FY08 earnings, which translates to a share price of 29 cents.
Westcomb believes there is a merger and acquisition angle to the PSL story that makes it interesting. An added incentive to take a closer look at PSL is that its present profit performance qualifies it to apply for an upgrade to the mainboard which, if it occurs, would justify even higher multiples.