Posted by chonghai > 2014-07-07 10:57 | Report Abuse

This is a wonderful analysis. I have been wondering why ECONPILE with a larger market share is not as competitive as PINTARAS. You make it sounds so simple. I have to applaud your ability to identify details as well as to present it in a format so easy to understand. Thank you very much.

Posted by KinSoon Kok > 2014-07-07 12:30 | Report Abuse

Maybe PTRAS is selective when come to job lobbying. Pick jobs that needs special technical skills instead of routine jobs. Margin is higher. Doing less can also minimize equipment wear & tear. This results in lower capex & higher FCF. More money to invest & pay dividend. Why work hard if we can work smart?

Posted by 1901 > 2014-07-07 12:54 | Report Abuse

good info, thnx

Posted by myone > 2014-07-08 10:11 | Report Abuse

thank you icon for such a brief yet critical analysis.

Posted by cclow41 > 2014-07-11 15:32 | Report Abuse

This is a very good analysis, thank you.

Posted by brushsoo > 2014-07-14 10:13 | Report Abuse

we also need to check the inter-related party transactions to determine where these payment relate to...the high subcont cost may have been paid to these related parties?