Edition 443 of LCC Asia Pacific's weekly update on developments in the Australian market for engineering, contracting and services companies. Issues with supply chain continue and Nicholas Assef - LCC's Founder & Principal - expects will get worse with the ongoing lockdowns in Shanghai that might spread to Beijing. This is having an ongoing dislocation impact on the export of materials and goods which will likely continue for many weeks given the security being applied to the situation by Chinese authorities in an attempt to isolate the COVID 19 virus outbreak.

1. LCC Asia Pacific Research | Australian Engineering, Contractors & Services Page 1
LCC Asia Pacific
Macro Market Research
Australian Market
Weekly Market Update
Industry Sector
Engineering, Contracting
& Industrial Technology
Week Ending 22 April 2022
Edition Number 443
China COVID Lockdowns, Oil & Iron Ore
Price Falls & Concerns On Global Growth
Dominate News
Nicholas Assef
Industry Lead
naa@lccapac.com
Joe Brereton
Manager
jmb@lccapac.com
Ticker News/ Event
ASB
Austal Australia to build an additional two evolved cape-class patrol boats for the Royal Australian
Navy for $124 million.
AQN
Specialist mining services provider Aquirian Limited advised that its wholly owned subsidiary TBS
Mining Solutions has commenced commercialisation of its Collar Keeper System.
IPL
Incitec Pivot announced that production at its Waggaman ammonia plant in Louisiana, USA has
recommenced following an incident caused by a release of hydrogen announced in February 2022.
IPL estimates that the impact to earnings associated with the downtime at the plant to be
approximately A$173 million on an EBIT basis.
K2F K2fly Completes Share Placement Raising A$6.2m.
MGH
Maas Group announced that it has received credit endorsement from its Australian Banking Group
for the increase in its Australian debt facilities to $500m. Potential funding available to MGH in
relation to the development of assets within its commercial property development pipeline.
MIN
Mineral Resources Mining Services production volumes of 63.4Mt were 16% higher than the prior
corresponding period (pcp).The Mining Services business remains on target to meet FY22
production guidance of 275-290Mt.
MLD
MACA’s revenue remains inline with expectations and MACA reaffirms its previous FY22 revenue
guidance of approximately $1.6billion. Based The Board anticipates FY22 EBITDA to be in the range
of $189-191million.
AMX
Aerometrex’s MetroMap annual recurring revenue continues growth path up 49% YoY to $6.35
million at 31 March 2022.
ACF
Acrow upgrades its FY22 earnings guidance, as the Company continues to leverage off strong
Australian construction markets, especially in the Civil Infrastructure sector. FY22 underlying NPAT
of $16.3-17.3m is now expected, up 93% on the previous corresponding period (PCP).
MQG
Macquarie Group have launched a sale process for its water and energy infrastructure company
Uon. Uon is expecting to do $170m revenue and $31m EBITDA in FY22.
Index
Percentage change %
Fixed income Yield
Change in basis point
Week YTD 12-months Week YTD 12-months
(Australia) S&P / ASX200 (0.67) 0.39 5.92 (Australia) 2-year gov bonds 2.39 (0.01) (0.57) 0.27
(Japan) Topix (0.19) (5.81) (2.01) (Australia) 5-year gov bonds 2.92 0.03 0.34 0.99
(Singapore) FTSE Strait Times Index 1.11 6.91 4.56 (Australia) 10-year gov bonds 3.12 0.01 0.27 0.64
(Hong Kong) Hang Seng (7.66) (15.08) (31.67)
(South Korea) Kospi 200 (1.31) (11.47) (18.53) Rate Week YTD 12-months
(US) S&P 500 (2.18) (9.86) 2.77 AUD to USD 0.7145 (2.88) (1.72) (7.52)
(US) Dow Jones Industrial (1.05) (6.30) 0.02
(UK) FTSE 100 (3.10) (0.05) 6.37

2. ASX Weekly Price & Valuation
Movements
LCC Asia Pacific Research | Australian Engineering, Contractors & Services Page 9
LCC Asia Pacific
Engineering & Contracting
Ticker Company Name
Market
Cap
(A$ m)
Open Price
(A$)
Close Price
(A$)
Week High
(A$)
Week Low
(A$)
Volume
Trend
EV/ EBITDA
EV/
EBIT
Engineering Services
ACF-AU Acrow Formwork & Construction Services Ltd. 135 0.51 0.53 0.53 0.50 ▲ 3.9% 8.0x 28.9x
AJL-AU AJ Lucas Group Ltd. 102 0.09 0.09 0.09 0.08 ▲ 1.2% 12.1x 9.1x
BOL-AU Boom Logistics Ltd. 79 0.19 0.19 0.19 0.18 — 0.0% 3.1x 27.8x
BPP-AU Babylon Pump & Power Ltd. 13 0.01 0.01 0.01 0.01 ▼ -8.3% n.m. n.m.
BSA-AU BSA Ltd. 48 0.09 0.09 0.09 0.08 ▼ -5.6% 5.3x n.m.
CDD-AU Cardno Ltd. 66 1.68 1.68 1.75 1.66 ▲ 1.2% 0.9x 13.7x
CIM-AU CIMIC Group Ltd. 6,849 22.00 22.00 22.03 22.00 — 0.0% 11.7x 16.3x
CVL-AU Civmec Ltd. 329 0.64 0.64 0.64 0.61 — 0.0% 5.5x 7.2x
DCG-AU Decmil Group Ltd. 19 0.11 0.12 0.13 0.11 ▲ 14.3% n.m. n.m.
DOW-AU Downer EDI Ltd. 3,718 5.42 5.50 5.64 5.42 ▲ 1.1% 8.4x 18.0x
EGN-AU Engenco Ltd. 161 0.51 0.51 0.54 0.51 — 0.0% 11.6x 23.3x
FWD-AU Fleetwood Ltd. 175 1.93 1.86 2.08 1.85 ▼ -5.6% 8.7x 11.1x
GNG-AU GR Engineering Services Ltd. 339 2.10 2.10 2.12 2.05 — 0.0% 5.6x 6.0x
JLG-AU Johns Lyng Group Ltd. 2,392 8.99 9.23 9.37 8.80 ▲ 3.9% 34.0x 27.2x
LLC-AU Lendlease Group 8,102 11.28 11.76 12.09 11.25 ▲ 3.7% n.m. n.m.
LYL-AU Lycopodium Ltd. 231 5.75 5.81 6.10 5.70 ▲ 1.0% 4.4x 8.4x
MCE-AU Matrix Composites & Engineering Ltd. 25 0.16 0.17 0.18 0.16 ▲ 6.3% n.m. n.m.
MND-AU Monadelphous Group Ltd. 1,035 11.07 10.86 11.16 10.76 ▼ -2.0% 9.4x 17.8x
RDG-AU Resource Development Group Ltd. 150 0.06 0.05 0.06 0.05 ▼ -5.5% 44.1x 104.2x
SND-AU Saunders International Ltd. 125 1.21 1.16 1.21 1.13 ▼ -0.9% 10.2x 8.3x
SRG-AU SRG Global Ltd. 301 0.68 0.68 0.69 0.66 ▼ -0.7% 5.6x 11.8x
SSM-AU Service Stream Ltd. 561 0.95 0.91 0.96 0.89 ▼ -4.2% 8.5x 7.1x
SXE-AU Southern Cross Electrical Engineering Ltd. 174 0.67 0.67 0.69 0.66 — 0.0% 3.9x 6.7x
SOP-AU Synertec Corp. Ltd. 28 0.08 0.08 0.09 0.08 ▼ -2.5% n.m. n.m.
TPP-AU Tempo Australia Ltd. 30 0.09 0.08 0.09 0.08 ▼ -3.5% n.m. n.m.
VRS-AU Veris Ltd. 35 0.07 0.07 0.07 0.07 ▼ -4.3% 11.5x n.m.
WOR-AU Worley Ltd. 7,504 13.86 14.33 14.45 13.81 ▲ 2.8% 13.7x 22.5x
ZGL-AU Zicom Group Ltd. 19 0.09 0.09 0.09 0.09 ▲ 5.9% n.m. n.m.
Mining Services
AMX-AU Aerometrex Ltd. 42 0.46 0.45 0.46 0.44 ▼ -3.3% 9.3x n.m.
ANG-AU Austin Engineering Ltd. 151 0.27 0.26 0.28 0.26 ▼ -1.9% 8.0x 9.4x
BLY-AU Boart Longyear Group Ltd. 734 2.51 2.48 2.54 2.32 ▼ -2.7% 4.2x 11.5x
DDH-AU DDH1 Ltd. 440 1.08 1.03 1.09 1.01 ▼ -3.7% 4.5x 8.0x
EHL-AU Emeco Holdings Ltd. 445 0.84 0.83 0.87 0.83 ▼ -0.6% 3.0x 7.1x
IMD-AU Imdex Ltd. 1,066 2.72 2.69 2.84 2.61 ▼ -1.1% 11.9x 18.5x
IPL-AU Incitec Pivot Ltd. 7,555 4.15 3.89 4.17 3.84 ▼ -2.8% 10.5x 15.0x
MAH-AU Macmahon Holdings Ltd. 409 0.20 0.19 0.20 0.19 ▼ -2.6% 2.6x 6.3x
MIN-AU Mineral Resources Ltd. 11,485 63.20 60.70 63.50 58.88 ▼ -2.1% 9.5x 6.1x
MLD-AU MACA Ltd. 278 0.87 0.82 0.89 0.78 ▼ -7.4% 3.0x 27.8x
MSV-AU Mitchell Services Ltd. 88 0.39 0.39 0.40 0.38 — 0.0% 3.6x n.m.
MYE-AU Metarock Group Ltd. 65 0.54 0.50 0.57 0.47 ▼ -4.8% 6.8x 8.3x
NWH-AU NRW Holdings Ltd. 931 2.08 2.04 2.13 1.97 ▼ -1.4% 3.8x 8.8x
ORI-AU Orica Ltd. 6,762 16.18 16.54 16.69 16.04 ▲ 2.0% 13.3x 25.7x
PPK-AU PPK Group Ltd. 326 4.01 3.65 4.14 3.61 ▼ -9.0% n.m. n.m.
PRN-AU Perenti Global Ltd. 533 0.77 0.76 0.80 0.72 ▼ -2.6% 2.8x 11.0x
RUL-AU RPMGlobal Holdings Ltd. 417 1.80 1.80 1.83 1.72 ▲ 0.3% 115.3x n.m.
Facilities Management & Services
AEI-AU Aeris Environmental Ltd. 21 0.09 0.08 0.09 0.08 ▼ -8.7% n.m. n.m.
ALQ-AU ALS Ltd. 6,453 13.01 13.34 13.38 13.01 ▲ 2.0% 14.3x 18.9x
ASB-AU Austal Ltd. 735 2.04 2.03 2.07 1.98 ▲ 2.5% 4.4x 5.6x
HIL-AU Hills Ltd. 22 0.09 0.09 0.10 0.09 — 0.0% 5.9x n.m.
LBL-AU Laserbond Ltd. 96 0.91 0.88 0.91 0.88 ▼ -2.8% 12.5x 32.1x
MIL-AU Millennium Services Group Ltd. 20 0.44 0.44 0.48 0.44 ▲ 2.3% 3.7x 8.7x
MSG-AU MCS Services Ltd. 9 0.05 0.05 0.05 0.05 — 0.0% 2.7x 3.8x
IMB-AU Intelligent Monitoring Group Ltd. 16 0.24 0.24 0.26 0.22 — 0.0% 7.2x n.m.
Weekly change
(%)

3. This general information has been prepared by LCC Asia Pacific Pty. Limited ("LCC"). The research is based on public information
obtained from sources believed to be accurate and reliable. This report is not intended to be “sell side research” and does not
provide opinion or recommendation whatsoever. LCC Asia Pacific seeks to have commercial relationships with companies
mentioned in this report.
LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty,
guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the
information. No opinion or recommendation is made within this research. Information in this market update is sourced from a
variety of data points including Factset, News Outlets, the Australian Stock Exchange & company reports, media releases and
related content.
This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied
upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions
made. © LCC Asia Pacific research@lccapac.com
Thanks to Joe Brereton who oversees the publication of this weekly market update.
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corporate finance & strategy advice to clients in Australia and across Asia Pacific
markets. We have acted for ambitious clients ranging from “emerging” companies,
up to Fortune 100 & “Mega” Asian listed entities.
LCC Asia Pacific provides clear, unbiased counsel to CEOs and Boards of Directors
considering growth strategies, business transformation and challenging corporate
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