LCC Asia Pacific produces a weekly report on the Australian public companies that operate in the Engineering, General Services, Oil & Gas Fields Services, Facilities Management, Construction, Contracting and Mining Services Sectors. Each week the LCC Asia Pacific market update covers off on Merger & Acquisition Activity, changes to stock trading prices, general corporate activity and indicative valuations The report also details both key Australian Stock Exchange announcements that are made in relation to contractual wins or key developments as well as outlining strategic activity that has taken place in the Sector In addition to public domain, this report is uploaded weekly to a variety of international investment banking platforms, including Bloomberg, Thomson Reuters Eikon, S & P and FACTSET LCC Asia Pacific has specific expertise in these Sectors built up over many years, and the weekly Engineering, Services, Contracting & Services market update uploaded here is Edition 230 LCC Asia Pacific also provides a number of other public resources, including the Twitter Feed @MergerNews (www.twitter.com/MergerNews) which tracks all Merger & Acquisition announcements made on the Australian Stock Exchange and the Twitter Feed @ChinaBeltRoad (www.twitter.com/ChinaBeltRoad) which tracks relevant news stories and research reports relating to China’s “One Belt, One Road” initiative where LCC Asia Pacific is building out a strategic advisory practice to assist companies in becoming involved with BRI

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Australian Engineering, Contractors & Service Providers
Edition 230 for the week ending 29 Sept 2017 | Published 03 October 2017 WWW.LCCAPAC.COM
IMPORTANT DISCLAIMER: This report has been prepared by LCC Asia Pacific Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. 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. 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.
Market Performance - Overview
Percentage change Change in basis points
Index Week YTD 12 months Fixed Income Yield Week YTD 12 months
(Australia) S&P / ASX200 (0.0%) 0.3% 3.8% (Australia) 2-year gov bonds 1.96% (1.3) 4.9 36.2
(Japan) Topix 0.6% 10.3% 24.7% (Australia) 5-year gov bonds 2.37% 0.1 3.8 60.2
(Singapore) FTSE Strait Times Index (0.0%) 11.8% 11.6% (Australia) 10-year gov bonds 2.84% 2.9 6.7 81.7
(Hong Kong) Hang Seng (1.2%) 25.2% 16.1%
(South Korea) Kospi 200 (0.1%) 21.6% 21.5% Rate Week YTD 12-months
(US) S&P 500 0.7% 12.5% 17.1% AUD to USD 0.7833 (1.6%) 8.6% 2.6%
(US) Dow Jones Industrial 0.2% 13.4% 23.5%
(UK) FTSE 100 0.8% 3.2% 6.6%
M&A Rumour and Activity
The Australian market finished the week 0.01% lower with the S&P/ASX200 ending at 5682 points, with the local sharemarket trading sideways in
one of the quietest trading weeks of the year. The Australian dollar finished the week 1.62% lower to end at US78.33 cents, as the US dollar
strengthened following the release of US President Donald Trump’s plan for tax cuts in the US.
Global Construction Services Limited (GCS.AX) announced on 27 September 2017 that it has entered into an agreement to sell its equipment hire
division, which represents less than 10% of GCS’s total revenue, to Onsite Rental Group for an undisclosed amount. While the potential sale
consideration is still being negotiated, it is expected to be greater than the $23 million total asset written down value.
Seymour Whyte Limited (SWL.AX) announced on 29 September 2017 that its shareholders had voted in the favour of the scheme of arrangement
(“Scheme”), under which VINCI Construction International Network’s nominee VINCI Construction Australasia Pty Ltd will acquire 100% of the shares in
Seymour Whyte for $1.285 per share (which includes the payment of $0.445 in fully franked dividends and the remaining $0.84 in cash
consideration). SWL will now apply to the Federal Court of Australia for approval of the Scheme, with hearing scheduled for 3 October 2017.
Mineral Resources Limited (MIN.AX) announced on 27 September 2017 that it has issued a notice of demand to Empire Oil & Gas (EGO.AX) in respect
to the $15.1 million loan facility agreement between MIN as lender, EGO’s wholly owned subsidiary “Empire Oil Subsidiary” as borrower and EGO as
guarantor. The notice of demand notes that, on 13 September 2017, MIN had issued EGO with a notice of default and demand for immediate
payment of the total $15.1 million plus any accrued interest, however no payments were made. Accordingly, MIN under the guarantee in the loan
facility demands EGO to pay the outstanding amounts to MIN within 3 days of the date of the notice of demand.
News Headlines and Key Sector Developments
Sources: Thomson Reuters, Company Announcements, LCC research
Ticker News/Event Ticker News/Event
BLY
Raised a total of $5.7 million pursuant to the Share Purchase
Plan by issuing 284,600,000 new shares at a price of $0.02
per share
GMG
Will repurchase all the outstanding $416 million (US$325
million) 6.375% notes due November 2020 in accordance with
the “make-whole” provisions contained within their terms of
issue
CIM
Announced the refinancing and expansion of its core working
capital cash facility with a new syndicated bank facility for
$2.6 billion, split across two tranches of 3 and 5 years. The
new facility replaces the existing $1 billion facility which
matures in Dec 2017
MBO
Provided a secured loan facility to Jaxsta Holdings Pty Ltd
(Jaxsta), in which it currently holds a 10% interest, for a total of
$1,500,000 of which MBO has provided $1,200,000. The
facility is repayable by 8 May 2018 unless MBO exercises its
right to convert the loan into equity which will increase MBO’s
interest in Jaxsta up to 20%
CIM
Awarded a contract by Foresight Solar Australia to design and
build stage one of the Bannerton 110MWDC Solar Park, near
Robinvale in Victoria. The contract is expected to generate
revenue of c.$133 million for the company
MND
Secured new maintenance and construction work in the
mining and minerals and oil and gas sectors with a combined
value of c.$220 million

2. Page 2 / 2
Australian Engineering, Contractors & Service Providers
Edition 230 for the week ending 29 Sept 2017 | Published 03 October 2017 WWW.LCCAPAC.COM
IMPORTANT DISCLAIMER: This report has been prepared by LCC Asia Pacific Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. 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. 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.
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
AJL.AX AJ Lucas Group Ltd 135 0.26 0.23 0.26 0.22 ▼ (8.0%) n.m. n.m.
BOL.AX Boom Logistics Ltd 83 0.17 0.18 0.17 0.16 ▲ 6.1% 12.6x n.m.
BSA.AX BSA Ltd 152 0.36 0.36 0.36 0.36 — 0.0% 10.5x 16.9x
BYL.AX Brierty Ltd 10 0.08 0.08 0.08 0.08 — 0.0% n.m. n.m.
CDD.AX Cardno Ltd 671 1.47 1.40 1.45 1.37 ▼ (4.8%) 22.5x 99.3x
CIM.AX CIMIC Group Ltd 14,377 43.42 44.21 43.86 42.89 ▲ 2.1% 10.8x 16.2x
DCG.AX Decmil Group Ltd 215 1.17 1.25 1.20 1.17 ▲ 5.9% 146.8x n.m.
DOW.AX Downer EDI Ltd 4,026 6.49 6.77 6.67 6.40 ▲ 4.6% 10.2x 17.7x
EGN.AX Engenco Ltd 102 0.34 0.33 0.34 0.30 ▼ (3.0%) 7.6x 10.9x
GCS.AX Global Construction Services Ltd 153 0.70 0.73 0.73 0.68 ▲ 3.6% 5.1x 6.6x
GNG.AX GR Engineering Services Ltd 182 1.14 1.19 1.18 1.14 ▲ 4.4% 8.8x 9.6x
LCM.AX LogiCamms Ltd 23 0.28 0.29 0.28 0.27 ▲ 5.6% n.m. n.m.
LLC.AX LendLease Group 10,465 17.99 17.92 17.95 17.62 ▲ 0.1% 12.8x 14.4x
LYL.AX Lycopodium Ltd 186 4.69 4.67 4.65 4.40 ▼ (0.6%) 5.3x 5.7x
MND.AX Monadelphous Group Ltd 1,475 14.95 15.70 15.69 14.87 ▲ 5.7% 12.6x 15.5x
OTR.AX Onterran Ltd 20 0.32 0.32 0.32 0.32 — 0.0% n.m. n.m.
RCR.AX RCR Tomlinson Ltd 711 4.15 4.30 4.36 4.15 ▲ 3.6% 13.4x 21.1x
RDG.AX Resource Development Group Ltd 10 0.02 0.02 0.02 0.02 — 0.0% n.m. n.m.
SND.AX Saunders International Ltd 59 0.60 0.61 0.60 0.60 ▲ 4.3% 35.6x 72.6x
SSM.AX Service Stream Ltd 533 1.47 1.46 1.45 1.43 ▼ (0.3%) 9.9x 11.7x
SWL.AX Seymour Whyte Ltd 120 1.29 1.36 1.32 1.28 ▲ 6.3% 34.0x n.m.
SXE.AX Southern Cross Electrical Engineering Ltd 143 0.72 0.80 0.78 0.71 ▲ 13.6% 23.8x n.m.
STS.AX SRG Ltd 94 1.38 1.44 1.39 1.35 ▲ 4.4% 4.6x 6.6x
TPP.AX Tempo Australia Ltd 43 0.18 0.18 0.18 0.17 ▲ 2.9% 10.8x 12.2x
VMG.AX VDM Group Ltd 5 0.00 0.00 0.00 0.00 — 0.0% n.m. n.m.
VRS.AX Veris Ltd 56 0.18 0.17 0.18 0.17 ▼ (5.6%) 5.6x 42.0x
WOR.AX WorleyParsons Ltd 3,336 13.56 13.50 13.61 13.17 ▼ (0.2%) 12.6x 16.7x
Mining Services
ASL.AX Ausdrill Ltd 722 2.05 2.01 2.01 1.91 ▼ (3.4%) 7.9x 16.8x
ANG.AX Austin Engineering Ltd 127 0.23 0.22 0.22 0.21 ▼ (4.3%) 14.3x 194.1x
BLY.AX Boart Longyear Ltd 615 0.02 0.03 0.02 0.02 ▼ (7.4%) 39.1x n.m.
EHL.AX Emeco Holdings Ltd 463 0.21 0.19 0.20 0.19 ▼ (5.0%) 16.9x 535.8x
IMD.AX Imdex Ltd 331 0.91 0.90 0.90 0.85 ▼ (2.2%) 8.5x 12.1x
MAH.AX Macmahon Holdings Ltd 486 0.19 0.23 0.21 0.19 ▲ 18.4% 19.0x n.m.
MIN.AX Mineral Resources Ltd 3,046 15.45 16.26 16.07 15.21 ▲ 4.6% 6.4x 9.9x
MLD.AX MACA Ltd 573 2.07 2.14 2.04 1.98 ▲ 4.4% 6.6x 20.1x
MSV.AX Mitchell Services Ltd 71 0.04 0.04 0.04 0.04 ▲ 2.5% 38.1x n.m.
MYE.AX Mastermyne Group Ltd 71 0.75 0.70 0.73 0.68 ▼ (6.7%) 14.9x n.m.
NWH.AX NRWHoldings Ltd 439 1.17 1.20 1.13 1.09 ▲ 3.4% 8.1x 15.5x
RUL.AX RPMGlobal Holdings Ltd 146 0.71 0.69 0.70 0.68 ▼ (2.1%) 27.4x 70.9x
SWK.AX Swick Mining Services Ltd 62 0.27 0.27 0.27 0.26 ▼ (3.6%) 6.8x n.m.
Marine Services
ASB.AX Austal Ltd 545 1.58 1.56 1.56 1.50 ▼ (1.0%) 6.58 10.16
MBO.AX Mobilarm Ltd 12 0.02 0.03 0.02 0.02 — 0.0% 7.3x n.m.
MCE.AX Matrix Composites & Engineering Ltd 47 0.51 0.50 0.51 0.49 ▼ (2.9%) n.m. n.m.
MRM.AX MMA Offshore Ltd 71 0.22 0.19 0.22 0.19 ▼ (13.6%) 17.1x n.m.
NMS.AX Neptune Marine Services Ltd 57 0.93 0.93 0.93 0.93 — 0.0% n.m. n.m.
VEE.AX VEEM Ltd 72 0.55 NULL 0.55 0.55 ▲ - 10.3x 12.7x
ZGL.AX Zicom Group Ltd 30 0.13 0.14 0.14 0.13 ▲ 16.7% n.m. n.m.
Facilities Management
AEI.AX Aeris Environmental Ltd 43 0.24 0.27 0.24 0.22 ▲ 12.5% n.m. n.m.
GMG.AX Goodman Group Pty Ltd 14,838 8.08 8.24 8.16 8.01 ▲ 2.4% 56.3x 58.1x
HIL.AX Hills Ltd 41 0.18 0.18 0.18 0.17 ▼ (2.8%) n.m. n.m.
MIL.AX Millennium Services Group Ltd 74 1.66 1.61 1.67 1.59 ▼ (5.3%) 6.1x 9.5x
PRG.AX Programmed Maintenance Services Ltd 775 3.00 3.01 3.00 2.99 — 0.0% 10.1x 14.8x
SPO.AX Spotless Group Holdings Ltd 1,183 1.09 1.07 1.09 1.07 ▼ (2.7%) 8.7x 17.3x
TPS.AX Threat Protect Australia Ltd 24 0.03 0.03 0.03 0.03 ▲ 26.9% 12.5x 12.5x
UBN.AX Urbanise com Ltd 19 0.05 0.05 0.05 0.05 ▲ 6.0% n.m. n.m.
Source: Thomson Reuters, LCC research
Weekly
change (%)