Edition 442 of LCC Asia Pacific's weekly engineering & industrial services market update released 14 April 2022. An interesting time as Australia heads into an election with a number of policy platforms potentially impacting the Resources & Infrastructure areas. For example the United Australia Party's platform of export tax on iron ore shipments. Yes it is a remote possibility that they will form government but they may be a key voting block in any minority government alliance.

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 15 April 2022
Edition Number 442
Australia Heads To The Polls –
Hung Parliament On The Cards ?
Nicholas Assef
Industry Lead
naa@lccapac.com
Joe Brereton
Manager
jmb@lccapac.com
Ticker News/ Event
BPP
Babylon have reported positive operational cash flow ($1.1m), record revenue across rental and
industrial services, and cash receipts up 156% to $7.3m, over the pcp.
CIM
CIMIC Group announced 7% growth in revenue to $2.3bn, EBITDA, EBIT and NPAT Margin uplift and
a $296m improvement in operating cash flow. CIM have also recommended shareholders to accept
HOCHTIEF’s $22 per share offer.
CIM
Relating to the termination of the CCPP contract for the Ichthys LNG Project (NT), arbitration
hearings have begun on 14 April 2022. CIM have revealed they will pay $192.5m in April 2022, and
$300m in March 2023, as part of the settlement amounts.
DCG
The release of a management update reveals that current non-executive director Vin Vassallo will
step into the interim CEO role until a proper full-time replacement is found. Previous CEO Dickie
Dique will support Vassallo as an executive over this period.
MND
Monadelphous have received new contracts and contract extensions valued at approximately
$230m. Major contracts include a ‘shut down works’ contract for Rio Tinto, a 3-year contract to
provide maintenance services at Synergy’s Muja Power Station and a 3-year contract to provide
support services for Origin. All contracts will be commenced and completed from 2022-2024.
SXE
Southern Cross Electrical Engineering (SCEE) has announced a total of $20m in contract awards for
services in the ACT, Eastern Creek NSW, NZ and VIC pertaining to electrical services, and electrical
infrastructure services for 2 resource projects in QLD and WA. They have also been awarded a
$50m contract for electrical services at 2 BHP mines in WA.
RUL
RPMGlobal has upgraded their ShiftManager product with a new mobile feature and interface
improvements to elevate communication and collaboration across mining operations.
Index
Percentage change %
Fixed income Yield
Change in basis point
Week YTD 12-months Week YTD 12-months
(Australia) S&P / ASX200 (0.21) 0.45 6.85 (Australia) 2-year gov bonds 2.14 (0.01) (0.57) 0.27
(Japan) Topix (2.44) (4.80) (2.82) (Australia) 5-year gov bonds 2.76 0.03 0.34 0.99
(Singapore) FTSE Strait Times Index (1.05) 8.31 6.18 (Australia) 10-year gov bonds 2.96 0.01 0.27 0.64
(Hong Kong) Hang Seng (0.76) (6.52) (24.60)
(South Korea) Kospi 200 (1.98) (9.69) (16.60) Rate Week YTD 12-months
(US) S&P 500 (1.27) (5.83) 9.55 AUD to USD 0.7452 (0.51) 2.50 (2.43)
(US) Dow Jones Industrial (0.28) (4.45) 3.63
(UK) FTSE 100 1.75 3.86 10.48

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 0.49 0.53 0.53 0.49 ▲ 7.1% 8.0x 28.9x
AJL-AU AJ Lucas Group Ltd. 90 0.06 0.08 0.08 0.06 ▲ 13.6% 11.4x 9.1x
BOL-AU Boom Logistics Ltd. 77 0.18 0.18 0.19 0.18 — 0.0% 3.0x 27.8x
BPP-AU Babylon Pump & Power Ltd. 12 0.01 0.01 0.01 0.01 — 0.0% n.m. n.m.
BSA-AU BSA Ltd. 57 0.12 0.13 0.14 0.12 ▲ 5.8% 7.1x n.m.
CDD-AU Cardno Ltd. 64 1.69 1.63 1.69 1.62 ▼ -3.3% 0.9x 13.7x
CIM-AU CIMIC Group Ltd. 6,852 22.00 22.01 22.03 22.00 ▲ 0.0% 11.7x 16.3x
CVL-AU Civmec Ltd. 319 0.66 0.61 0.66 0.60 ▼ -8.3% 5.3x 7.2x
DCG-AU Decmil Group Ltd. 21 0.22 0.14 0.22 0.14 ▼ -37.2% n.m. n.m.
DOW-AU Downer EDI Ltd. 3,736 5.34 5.52 5.54 5.30 ▲ 3.4% 8.4x 18.0x
EGN-AU Engenco Ltd. 158 0.53 0.50 0.54 0.50 ▼ -5.7% 11.4x 23.3x
FWD-AU Fleetwood Ltd. 198 1.90 2.10 2.15 1.85 ▲ 11.1% 10.0x 11.1x
GNG-AU GR Engineering Services Ltd. 334 2.18 2.07 2.18 2.07 ▼ -5.5% 5.5x 6.0x
JLG-AU Johns Lyng Group Ltd. 2,343 8.78 9.04 9.10 8.48 ▲ 4.1% 33.3x 27.2x
LLC-AU Lendlease Group 7,668 11.19 11.13 11.23 10.97 ▲ 0.8% n.m. n.m.
LYL-AU Lycopodium Ltd. 222 5.52 5.58 5.63 5.43 ▲ 1.1% 4.2x 8.4x
MCE-AU Matrix Composites & Engineering Ltd. 25 0.17 0.17 0.19 0.17 ▼ -2.9% n.m. n.m.
MND-AU Monadelphous Group Ltd. 1,074 11.05 11.27 11.60 11.01 ▲ 2.0% 9.8x 17.8x
RDG-AU Resource Development Group Ltd. 164 0.06 0.06 0.06 0.06 ▼ -1.7% 48.1x 104.2x
SND-AU Saunders International Ltd. 127 1.20 1.18 1.19 1.17 — 0.0% 10.4x 8.3x
SRG-AU SRG Global Ltd. 305 0.64 0.69 0.70 0.64 ▲ 6.2% 5.7x 11.8x
SSM-AU Service Stream Ltd. 607 1.01 0.99 1.04 0.99 ▼ -3.0% 9.1x 7.1x
SXE-AU Southern Cross Electrical Engineering Ltd. 164 0.61 0.63 0.65 0.60 ▲ 5.0% 3.6x 6.7x
SOP-AU Synertec Corp. Ltd. 29 0.08 0.08 0.08 0.08 — 0.0% n.m. n.m.
TPP-AU Tempo Australia Ltd. 31 0.09 0.09 0.09 0.08 ▲ 10.4% n.m. n.m.
VRS-AU Veris Ltd. 41 0.07 0.08 0.08 0.06 ▲ 14.5% 12.7x n.m.
WOR-AU Worley Ltd. 7,179 13.15 13.71 13.89 13.10 ▲ 5.4% 13.2x 22.5x
ZGL-AU Zicom Group Ltd. 16 0.08 0.08 0.09 0.07 — 0.0% n.m. n.m.
Mining Services
AMX-AU Aerometrex Ltd. 47 0.53 0.50 0.54 0.50 ▼ -2.9% 10.8x n.m.
ANG-AU Austin Engineering Ltd. 154 0.29 0.27 0.29 0.26 ▼ -5.4% 8.1x 9.4x
BLY-AU Boart Longyear Group Ltd. 763 2.58 2.58 2.59 2.51 ▲ 2.8% 4.3x 11.5x
DDH-AU DDH1 Ltd. 429 1.05 1.01 1.05 1.00 ▼ -1.5% 4.4x 8.0x
EHL-AU Emeco Holdings Ltd. 448 0.87 0.84 0.87 0.82 ▼ -4.0% 3.0x 7.1x
IMD-AU Imdex Ltd. 1,062 2.63 2.68 2.75 2.61 ▼ -0.7% 11.9x 18.5x
IPL-AU Incitec Pivot Ltd. 7,555 3.86 3.89 3.96 3.80 ▲ 1.3% 10.5x 15.0x
MAH-AU Macmahon Holdings Ltd. 409 0.20 0.19 0.20 0.19 ▼ -5.0% 2.6x 6.3x
MIN-AU Mineral Resources Ltd. 11,577 55.59 61.30 62.14 55.12 ▲ 12.3% 9.5x 6.1x
MLD-AU MACA Ltd. 294 0.88 0.86 0.89 0.85 ▼ -1.1% 3.1x 27.8x
MSV-AU Mitchell Services Ltd. 90 0.39 0.40 0.40 0.39 ▲ 2.6% 3.7x n.m.
MYE-AU Metarock Group Ltd. 73 0.61 0.56 0.63 0.56 ▼ -6.7% 7.1x 8.3x
NWH-AU NRW Holdings Ltd. 940 2.06 2.06 2.15 2.03 ▲ 0.5% 3.8x 8.8x
ORI-AU Orica Ltd. 6,423 16.08 15.71 16.21 15.63 ▼ -0.8% 12.8x 25.7x
PPK-AU PPK Group Ltd. 402 5.05 4.50 5.20 4.45 ▼ -11.6% n.m. n.m.
PRN-AU Perenti Global Ltd. 501 0.74 0.71 0.75 0.70 ▼ -2.1% 2.7x 11.0x
RUL-AU RPMGlobal Holdings Ltd. 422 1.81 1.82 1.89 1.76 ▼ -0.3% 116.7x n.m.
Facilities Management & Services
AEI-AU Aeris Environmental Ltd. 21 0.07 0.09 0.10 0.07 ▲ 18.1% n.m. n.m.
ALQ-AU ALS Ltd. 6,288 13.39 13.00 13.76 12.52 ▼ -1.9% 14.0x 18.9x
ASB-AU Austal Ltd. 697 1.91 1.93 1.93 1.87 ▲ 1.0% 4.1x 5.6x
HIL-AU Hills Ltd. 22 0.10 0.09 0.10 0.09 ▼ -3.1% 5.9x n.m.
LBL-AU Laserbond Ltd. 99 0.91 0.91 0.99 0.89 ▲ 0.6% 12.9x 32.1x
MIL-AU Millennium Services Group Ltd. 22 0.50 0.47 0.51 0.46 ▼ -7.0% 3.8x 8.7x
MSG-AU MCS Services Ltd. 9 0.05 0.05 0.06 0.05 ▼ -4.0% 2.9x 3.8x
IMB-AU Intelligent Monitoring Group Ltd. 19 0.30 0.28 0.35 0.27 ▼ -6.7% 7.5x 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
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