LCC Asia Pacific edition 306 of our long running weekly update to the Australian Engineering & Contracting Sector - with comment on the Offshore Oil & Gas Services Sector The report covers mergers & acquisitions activity, corporate activity and updates to australian public companies listed on the ASX. LCC Asia Pacific has been in operation for 15 years as an independent firm and has a long standing track record of providing strategic advice to leaders within the Engineering, Mining & Oil Field Services Sectors.

1. ASX200 INDEX
Australia Week Ending
3 May 2019
Date Published
6 May 2019
Edition
306
Australian Engineering, Contractors & Service Providers
Market Performance - Overview
M&A Rumour and News Snippets
DAILY PERFORMANCE OF ASX200
ALS Limited (ALQ.AX ) announced on 29 April 2019 the divestiture of its
environmental and analytical testing business in China to SUEZ for USD$57.3
million and adjusted net cash.
Threat Protect (TPS.AX ) completed the previously announced
acquisition of Onwatch Pty Ltd. The $35.8 million acquisition was made through
a combination of cash, equity and assumption of existing liabilities of Onwatch.
Kidman Resources (KDR.AX) has received a non-binding offer from Westfarmers
Limited to acquire 100% of the outstanding shares in Kidman for A$1.90 per
share, thus totaling A$776 million. This is an interesting expansion on the
Wesfarmers strategy to pursue Lithium assets following the earlier tilt at Lynas.
China’s State Run newspaper Guangming Daily reported a strategy for China to
close 1,000 non coal mining sites this year to preempt accidents at these
production facilities that are held to not meet sufficient safety standards.
Environmental Remediation & Industrial Services companies servicing the China
market may be in for a considerable increase in work as a result.
In Offshore Energy news TGS-NOPEC Geophysical Co has agreed to terms for the
acquisition of Spectrum, a provider of 2D & 3D seismic data. Spectrum is
reported to have build a formidable data library in a variety of frontier regions
including the South Atlantic
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Index
Percentage change
Fixed income Yield
Change in basis point
Week YTD 12-months Week YTD 12-months
(Australia) S&P / ASX200 (0.8%) 12.2% 3.9% (Australia) 2-year gov bonds 1.33% (0.00) (0.57) (0.73)
(Japan) Topix 0.0% 8.3% (8.7%) (Australia) 5-year gov bonds 1.39% 0.00 (0.53) (1.06)
(Singapore) FTSE Strait Times Index 1.1% 10.5% (5.1%) (Australia) 10-year gov bonds 1.79% 0.01 (0.53) (1.02)
(Hong Kong) Hang Seng 1.6% 16.4% (0.8%)
(South Korea) Kospi 200 0.8% 8.3% (11.5%) Rate Week YTD 12-months
(US) S&P 500 0.2% 17.5% 12.0% AUD to USD 0.7023 (0.2%) (0.4%) (6.7%)
(US) Dow Jones Industrial (0.1%) 13.6% 10.8%
(UK) FTSE 100 (0.6%) 9.7% (1.6%)
The ASX200 closed the week 0.8% lower to end four weeks of gains at 6,336. The index fell as energy stocks were
negatively impacted by falling oil prices and major bank’s reported mixed results, with Macquarie Group losing 5.4% on
Friday after providing a weak guidance for the year ahead. The Australian Dollar fell 0.23% to end at US70.23, and the
currency is expected to depreciate further if the RBA cuts interest rates on Tuesday – but has fallen further Monday
morning after the US President took to Twitter on the weekend suggesting an escalation in tariff activity vs China
(0.4%)
(0.5%)
0.8%
(0.6%)
(0.0%)
(1.0%)
0.0%
1.0%
4,000
4,500
5,000
5,500
6,000
6,500
7,000
'15 '16 '17 '18 '19

2. Page 2
Sources: Thomson Reuters Eikon, Company Announcements, LCC research
Ticker News/ Event Ticker News/ Event
ASL
Ausdrill announced that it may issue US$500
million in Guaranteed Senior Unsecured Notes
PNL
Paringa has agreed on a US$56 million Term Loan Facility
(TLF) with Tribeca Global Resources, of which US$40
million have already been drawn to pay the US$21.7 million
debt facility with Macquarie Bank
BOL
The company’s Coopers Gap and Goldwind
Australia Cattle Hill projects have suffered major
delays due to weather conditions and bushfires
TPP
Appointed Dr Paul Dalgleish as an advisor to the Company,
with Tempo’s Chairman, Guido Belgiorno-Nettis A.M.,
welcoming him to the role.
BPP
Babylon Pump & Power posted an incredible
increase in revenue of 480% over Q3 FY18 to end
at c.2.9 million following a strengthened client
portfolio and an increase in workflow
TPP
CEO and Managing Director Mr Ian Lynass resigned on 29
April 2019 but will consult the firm for three months to
assist with the handover
ENE
Enevis and Lumigrow have agreed to an exclusive
supply agreement for Lumigrow’s smart grow light
solutions, which allows Enevis to enter various
horticultural markets in Australia, New Zealand
and Asia
TPS
The company entered into a $36 million Note Subscription
Agreement and has signed a $8 million unsecured debt
facility in order to facilitate the acquisition of Onwatch
GMG
Mr Chris Green has been appointed as director of
Goodman Limited and Goodman Funds
Management Limited
News Headlines and Key Sector Developments
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LCC Asia Pacific Insights | Australian Engineering, Contractors & Services Report
• Norwegian company Equinor has submitted an environmental plan for its proposed energy drilling activities
in the Great Australian Bight. The decision of the regulator (NOPSEMA) is expected around May 23rd 2019.
• Santos has commenced drilling on the Dorado 2 appraisal well located offshore Western Australia
(approximately 160 km NNE of Port Hedland). The Noble Tom Prosser jack up drill rig is effecting the
drilling which will drill a planned section depth of approximately 1,200m.
• WorleyParsons completes the Jacobs Engineering Groups Energy, Chemicals and Resources (Jacobs
ECR) acquisition on April 26th – with significant cost synergies forecast to be delivered. Deal value was
A$4.55 billion. The company intends to change its name to Worley Limited, subject to shareholder approval
at the 2019 AGM.
• Environmental activism is not restricted to land. Greenpeace activists have climbed aboard the semi
submersible drilling rig West Hercules in Norway, to protest a near term drilling campaign in the Barents
Sea. The campaign is due to commence in the coming weeks approximately 420 kms off the coast of
Finnmark in a water depth of appriximatly 240m.
Offshore Oil & Gas Services News – Australia & Abroad

3. Page 3
ASX-listed Companies
LCC Asia Pacific Insights | Australian Engineering, Contractors & Services Report Sources: Thomson Reuters Eikon
WWW.LCCASIAPACIFIC.COM
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.AX Acrow Formwork and Construction Services 64 0.39 0.36 0.40 0.36 ▼ (7.7%) 3.9x 4.4x
AJL.AX AJ Lucas Group Ltd 105 0.13 0.14 0.15 0.12 ▲ 3.7% 9.9x 13.4x
BOL.AX Boom Logistics Ltd 69 0.16 0.16 0.16 0.16 — 0.0% 4.9x 30.4x
BPP.AX Babylon Pump & Power Ltd 7 0.02 0.02 0.02 0.02 ▼ (5.0%) n.m. n.m.
BSA.AX BSA Ltd 118 0.27 0.28 0.28 0.25 ▲ 1.9% 6.2x 9.7x
CDD.AX Cardno Ltd 439 1.00 0.97 0.99 0.97 ▼ (3.0%) 10.3x 15.6x
CIM.AX CIMIC Group Ltd 16,173 51.41 50.04 50.73 49.94 ▼ (2.2%) 9.0x 13.5x
CVL.AX Civmec Ltd 194 0.42 0.43 0.43 0.42 ▲ 2.4% 7.5x 10.2x
DCG.AX Decmil Group Ltd 213 0.93 0.90 0.90 0.90 ▼ (3.2%) 8.9x 11.1x
DOW.AX Downer EDI Ltd 4,639 7.97 7.80 7.89 7.70 ▼ (1.6%) 7.9x 15.6x
EGN.AX Engenco Ltd 139 0.46 0.45 0.47 0.44 ▼ (1.1%) 8.1x 10.9x
FWD.AX Fleetwood Corp Ltd 176 1.87 1.87 1.91 1.87 — 0.0% 4.3x 5.6x
GNG.AX GR Engineering Services Ltd 154 0.99 1.00 1.00 0.98 ▼ (2.9%) 12.2x 14.1x
JLG.AX Johns Lyng Group Ltd 317 1.48 1.43 1.48 1.43 ▼ (3.4%) 14.3x 16.8x
LCM.AX LogiCamms Ltd 14 0.17 0.17 0.17 0.17 ▼ (2.9%) 15.7x n.m.
LLC.AX LendLease Group 7,633 13.34 13.53 13.33 13.07 ▲ 2.2% n.m. n.m.
LYL.AX Lycopodium Ltd 176 4.85 4.44 4.80 4.40 ▼ (8.5%) 2.8x 2.9x
MND.AX Monadelphous Group Ltd 1,778 19.03 18.86 18.97 18.73 ▼ (1.5%) 15.2x 18.4x
OTR.AX Onterran Ltd NULL 0.32 0.32 0.32 0.32 — 0.0% n.m. n.m.
PGX.AX Primero Group Ltd 60 0.39 0.40 0.40 0.39 ▲ 2.6% 4.4x 5.0x
RDG.AX Resource Development Group Ltd 14 0.02 0.02 0.02 0.02 ▲ 10.0% 2.4x 12.5x
SND.AX Saunders International Ltd 32 0.32 0.32 0.33 0.30 ▼ (1.6%) n.m. n.m.
SRG.AX SRG Global Ltd 156 0.37 0.36 0.36 0.34 ▼ (1.4%) 6.3x 11.3x
SSM.AX Service Stream Ltd 952 2.41 2.37 2.35 2.29 ▼ (1.7%) 12.1x 14.0x
SXE.AX Southern Cross Electrical Engineering Ltd 124 0.55 0.53 0.54 0.51 ▼ (2.8%) 4.1x 5.8x
SOP.AX SML Corporation Ltd 10 0.05 0.05 0.05 0.05 ▼ (16.7%) n.m. n.m.
TPP.AX Tempo Australia Ltd 16 0.06 0.07 0.06 0.06 — 0.0% n.m. n.m.
VMG.AX VDM Group Ltd 13 0.00 0.00 0.00 0.00 — 0.0% n.m. n.m.
VMX.AX Valmec Ltd 28 0.24 0.22 0.23 0.22 ▼ (2.2%) 4.4x 6.4x
VRS.AX Veris Ltd 21 0.06 0.06 0.06 0.06 ▼ (6.7%) 3.8x 57.3x
WOR.AX WorleyParsons Ltd 7,240 14.48 13.95 14.35 13.86 ▼ (3.6%) 13.8x 16.8x
Mining Services
ASL.AX Ausdrill Ltd 1,022 1.64 1.49 1.64 1.45 ▼ (9.1%) 8.9x 26.5x
ANG.AX Austin Engineering Ltd 101 0.17 0.18 0.18 0.17 ▲ 2.9% 4.7x 6.2x
BLY.AX Boart Longyear Ltd 105 0.00 0.00 0.00 0.00 — 0.0% 9.0x 15.8x
EHL.AX Emeco Holdings Ltd 669 1.98 2.07 2.07 1.96 ▲ 4.0% 6.3x 11.9x
IMD.AX Imdex Ltd 403 1.04 1.07 1.04 1.00 ▲ 3.9% 8.1x 11.0x
MAH.AX Macmahon Holdings Ltd 430 0.19 0.20 0.20 0.19 ▲ 8.1% 3.3x 7.7x
MIN.AX Mineral Resources Ltd 2,923 15.80 15.54 15.66 15.32 ▼ (1.9%) 10.1x 14.0x
MLD.AX MACA Ltd 279 1.02 1.04 1.03 1.02 ▲ 2.5% 6.9x 464.1x
MSV.AX Mitchell Services Ltd 116 0.06 0.07 0.07 0.06 ▲ 8.1% 7.0x 17.6x
MYE.AX Mastermyne Group Ltd 86 0.85 0.85 0.84 0.83 — 0.0% 4.4x 7.9x
NWH.AX NRW Holdings Ltd 1,071 2.99 2.85 2.93 2.77 ▼ (4.7%) 8.9x 16.4x
RUL.AX RPMGlobal Holdings Ltd 127 0.60 0.59 0.60 0.59 — 0.0% 20.5x 81.2x
SWK.AX Swick Mining Services Ltd 50 0.21 0.22 0.22 0.20 ▲ 2.4% 2.8x 13.7x
Marine Services
ASB.AX Austal Ltd 914 2.60 2.60 2.68 2.54 — 0.0% 7.47 11.48
MCE.AX Matrix Composites & Engineering Ltd 34 0.37 0.34 0.37 0.34 ▼ (9.5%) n.m. n.m.
MRM.AX MMA Offshore Ltd 146 0.17 0.17 0.17 0.16 ▲ 3.0% 14.0x n.m.
NMS.AX Neptune Marine Services Ltd 15 0.23 0.25 0.25 0.23 ▲ 6.5% n.m. n.m.
VEE.AX VEEM Ltd 76 0.52 0.59 0.59 0.52 ▲ 13.5% 20.9x 34.6x
ZGL.AX Zicom Group Ltd 26 0.11 0.12 0.12 0.11 ▲ 14.3% n.m. n.m.
Facilities Management & Services
AEI.AX Aeris Environmental Ltd 58 0.30 0.28 0.29 0.25 ▼ (5.2%) n.m. n.m.
ALQ.AX ALS Ltd 3,928 8.10 8.09 8.09 7.93 ▼ (0.6%) 14.1x 18.1x
GMG.AX Goodman Group 23,853 13.60 13.15 13.25 13.07 ▼ (3.3%) 60.1x 60.1x
HIL.AX Hills Ltd 36 0.16 0.16 0.16 0.15 — 0.0% 5.3x 12.8x
MIL.AX Millennium Services Group Ltd 7 0.19 0.16 0.19 0.16 ▼ (3.0%) n.m. n.m.
ENE.AX Enevis Ltd 15 0.24 0.23 0.24 0.23 ▼ (4.2%) 48.1x 94.9x
TPS.AX Threat Protect Australia Ltd 27 0.19 0.18 0.19 0.16 ▼ (2.7%) 33.6x n.m.
UBN.AX Urbanise com Ltd 27 0.04 0.04 0.04 0.04 ▲ 14.3% n.m. n.m.
Weekly
change (%)

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