Edsition 463 of LCC Asia PAcific's weekly market update. In addition to public company developments as the sector emerges from Earnings Season has been a warning by a new Senior Federal Minister of the potential cutback in support for major Australian infrastructure projects that are State Based (vs National Priority). If this were to happen then there would be a significant impact on a number of Engineering & Industrial Services Companies. Bottlenecks in construction and spiralling materials costs seen as a key part of hte problem at htis time.

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 9 September 2022
Edition Number 463
Will The Federal Government Ease Support
For State Based Infrastructure Projects ?
Nicholas Assef
Industry Lead
naa@lccapac.com
Joe Brereton
Senior Manager
jmb@lccapac.com
Ticker News/ Event
HIL
Hills has secured the Nurse Call contract for the New Footscray Hospital. The contract is
estimated at $7 million. The construction of the hospital is ongoing with an expected opening in
late 2025.
MIN
Mineral Resources announced an initial substantial ownership of 5.02% (State Street
Corporation).
DRA
DRA Global announced the retirement of Ms. Kathleen Bozanic as an independent non-executive
director until the earlier of completing handover responsibilities to her replacement or until 31
December 2022.
GNP
GenusPlus Group announced an increase of substantial ownership from 51.9% to 52.9% (David
Riches & Matt Riches the Founders acquiring more stock on market)
MSG
MCS Services has executed a Sale & Purchase Agreement for the acquisition of 100% of the
share capital of Highways Traffic from its founders for $1.8 million cash on completion, $0.26
million of shares in the company on completion, and up to $0.54 million post-completion (subject
to post-completion revenue).
MND
Monadelphous Group announced a decrease of substantial ownership from 7.39% to 6.35% (Allan
Gray Australia).
SXE
Southern Cross Electrical Engineering announced its Heyday subsidiary has been awarded the
electrical services design and construct contract for the Atlassian Australian HQ building in
Sydney. The contract value is over $35 million. The construction of the building is to start
immediately, and completion is anticipated in late 2026.
MLD
MACA announced an increase of substantial ownership from 19.16% to 20.52% and then 20.52%
to 22.08% (Thiess Group Investments).
ASB
Austal has reached a settlement with ASIC in relation to ASIC’s investigation into Austal’s Littoral
Combat Ship (LCS) program and will agree to seek a penalty of $650,000.
SSM
Service Stream announced Mr. Greg Adcock will retire as a non-executive director at the
conclusion of the 2022 AGM and that Mr. Martin Monro will join the board as an independent non-
executive director, effective from 3 October 2022.
Infrastructure Minister Katharine King delivers a speech to Infrastructure Partnerships Australia noting that “high priority nation
building projects” should be the focus of financial support vs smaller state based projects. The need to streamline projects and
ease pressure on the construction industry highlighted.

2. ASX Weekly Price & Valuation
Movements
LCC Asia Pacific Research | Australian Engineering, Contractors & Services Page 2
LCC Asia Pacific
Engineering & Contracting
Ticker/ID Company Name
Market
Cap
(AUD m)
Open
Price
(AUD)
Close
Price
(AUD)
Week
High
(AUD)
Week Low
(AUD)
Volume
Trend
EV/
EBITDA
EV/
EBIT
ASX:ACF Acrow Formwork and Construction Services Limited 133 0.52 0.52 0.54 0.51 ▼ -1.0% 6.5x 11.4x
ASX:AJL AJ Lucas Group Limited 209 0.13 0.18 0.24 0.11 ▲ 78.6% 16.6x 26.8x
ASX:BOL Boom Logistics Limited 62 0.15 0.15 0.15 0.14 — 0.0% 2.6x 15.6x
ASX:BPP Babylon Pump & Power Limited 15 0.01 0.01 0.01 0.01 — 0.0% NM NM
ASX:BSA BSA Limited 30 0.05 0.05 0.06 0.05 — 0.0% NM NM
ASX:CDD Cardno Limited 20 0.54 0.50 0.55 0.50 ▼ -7.4% NA NA
ASX:CVL Civmec Limited NA 0.62 0.67 0.67 0.62 ▲ 7.3% NA NA
ASX:DCG Decmil Group Limited 31 0.22 0.20 0.22 0.20 ▼ -4.8% NM NM
ASX:DOW Downer EDI Limited 3,358 4.95 4.98 5.04 4.82 ▲ 1.2% 8.9x 22.7x
ASX:DRA DRA Global Limited 111 2.06 2.05 2.08 2.00 ▲ 5.1% 2.9x 14.1x
ASX:DUR Duratec Limited 102 0.41 0.43 0.43 0.40 ▲ 3.7% 3.8x 6.8x
ASX:EGN Engenco Limited 133 0.43 0.42 0.43 0.40 ▲ 1.2% 9.6x 20.7x
ASX:FWD Fleetwood Limited 142 1.50 1.51 1.56 1.43 ▲ 3.4% 8.3x 206.9x
ASX:GNG GR Engineering Services Limited 359 2.05 2.22 2.22 2.02 ▲ 3.3% 4.7x 5.2x
ASX:GNP GenusPlus Group Limited 170 0.92 0.96 0.99 0.89 ▲ 6.7% 5.6x 8.8x
ASX:JLG Johns Lyng Group Limited 1,724 6.85 6.61 6.95 6.58 ▼ -1.5% 20.8x 25.4x
ASX:LLC Lendlease Group 6,948 9.96 10.17 10.26 9.90 ▼ -0.1% 26.2x 53.1x
ASX:LYL Lycopodium Limited 259 6.40 6.50 6.70 6.30 ▼ -1.7% 5.3x 6.3x
ASX:MCE Matrix Composites & Engineering Ltd 33 0.23 0.23 0.24 0.22 ▼ -4.3% NM NM
ASX:MND Monadelphous Group Limited 1,325 12.99 13.86 13.90 12.45 ▲ 9.1% 12.3x 18.3x
ASX:RDG Resource Development Group Limited 173 0.06 0.06 0.06 0.06 ▼ -7.0% NA NA
ASX:SND Saunders International Limited 110 NA 1.04 1.09 1.03 ▼ -4.6% 7.0x 8.9x
ASX:SRG SRG Global Limited 305 0.70 0.68 0.71 0.66 ▼ -2.9% 5.4x 10.2x
ASX:SSM Service Stream Limited 456 0.73 0.74 0.76 0.71 ▲ 2.8% 10.8x 69.4x
ASX:SXE Southern Cross Electrical Engineering Limited 191 0.74 0.73 0.74 0.73 ▲ 0.7% 4.2x 5.5x
ASX:SOP Synertec Corporation Limited 66 0.20 0.19 0.20 0.17 ▼ -5.1% NM NM
ASX:TPP Tempo Australia Limited 19 0.05 0.05 0.05 0.05 ▼ -3.6% NM NM
ASX:VRS Veris Limited 47 0.07 0.09 0.09 0.07 ▲ 25.0% 6.0x 166.6x
ASX:WOR Worley Limited 7,314 13.96 13.94 14.45 13.78 ▲ 0.9% 13.4x 20.0x
ASX:ZGL Zicom Group Limited 14 NA 0.07 NA NA — 0.0% NM NM
ASX:AMX Aerometrex Limited 43 0.51 0.46 0.53 0.45 ▼ -10.7% 6.3x NM
ASX:ANG Austin Engineering Limited 201 0.33 0.35 0.35 0.32 ▲ 4.5% 8.1x 9.8x
ASX:BLY Boart Longyear Group Ltd. 651 NA 2.20 2.35 2.20 — 0.0% 5.1x 8.1x
ASX:DDB Dynamic Group Holdings Limited 40 NA 0.34 0.38 0.33 ▼ -15.0% 2.9x 11.6x
ASX:DDH DDH1 Limited 370 0.87 0.91 0.92 0.84 ▲ 7.7% 4.5x 7.4x
ASX:EHL Emeco Holdings Limited 456 0.88 0.88 0.91 0.86 ▼ -2.8% 2.8x 5.9x
ASX:IMD Imdex Limited 809 2.00 2.04 2.04 1.88 ▲ 6.3% 8.1x 12.3x
ASX:IPL Incitec Pivot Limited 7,342 3.70 3.78 3.89 3.56 ▼ -0.8% 6.5x 8.9x
ASX:MAH Macmahon Holdings Limited 326 0.16 0.16 0.17 0.16 ▼ -6.1% 1.9x 6.3x
ASX:MGH MAAS Group Holdings Limited 1,210 4.10 3.89 4.20 3.86 ▲ 2.6% 14.8x 21.3x
ASX:MIN Mineral Resources Limited 13,466 60.27 71.51 72.75 58.03 ▲ 21.8% 14.4x 22.4x
ASX:MLD MACA Limited 366 1.07 1.07 1.08 1.07 — 0.0% NA NA
ASX:MSV Mitchell Services Limited 82 0.37 0.37 0.37 0.32 ▼ -1.4% 4.3x NM
ASX:MYE Metarock Group Limited 53 0.38 0.41 0.42 0.37 ▼ -2.4% 7.1x NM
ASX:NWH NRW Holdings Limited 1,235 2.55 2.75 2.78 2.45 ▲ 11.3% 5.2x 9.9x
ASX:ORI Orica Limited 6,647 15.40 14.68 15.40 14.50 ▼ -3.3% 10.2x 17.8x
ASX:PRN Perenti Global Limited 621 0.78 0.90 0.91 0.78 ▲ 11.9% 3.0x 10.0x
ASX:RUL RPMGlobal Holdings Limited 376 1.50 1.64 1.64 1.49 ▲ 9.0% NM NM
ASX:AEI Aeris Environmental Ltd 11 NA 0.04 0.05 0.04 ▼ -4.4% NM NM
ASX:ALQ ALS Limited 5,761 11.85 11.90 12.01 11.38 ▲ 2.9% 13.8x 18.9x
ASX:ASB Austal Limited 916 2.55 2.54 2.58 2.44 — 0.0% 5.8x 8.1x
ASX:HIL Hills Limited 16 0.06 0.07 0.07 0.06 ▲ 6.1% NA NA
ASX:IMB Intelligent Monitoring Group Limited 10 NA 0.08 0.08 0.08 ▼ -10.7% 8.8x NM
ASX:LBL LaserBond Limited 101 0.87 0.93 0.93 0.86 ▲ 7.6% 12.7x 19.7x
ASX:MIL Millennium Services Group Limited 21 0.45 0.46 0.46 0.43 ▲ 2.2% 3.3x 7.7x
ASX:MSG MCS Services Limited 8 0.04 0.04 0.04 0.04 ▲ 10.8% 2.7x 3.1x
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.
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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.
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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 Hazwan Arief who now assists in the publication of this weekly market update.
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corporate finance & strategy advice to clients in Australia and across Asia Pacific
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