Established in 1998, Nordic Group began operations as an automation system integration solutions provider primarily serving the offshore, marine, O&G, and pharmaceutical industries. The company has since expanded into a diversified industrial solutions conglomerate through the acquisition of Multiheights (2011), Austin Energy (2015), Ensure Engineering (2017), Envipure (2019), Eratech, Starburst Holdings (2022) and Avon Industries (2023). Nordic has an operational presence in Singapore, China, Abu Dhabi, Malaysia and America.
Investment Thesis
Customer capex upcycle across core markets.
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The scaffolding, insulation and petrochemical segment secured a S$19.8mil, 3-year contract to replace vibrating conveyors and perform boiler maintenance at Tuas South Incineration plant. It also won a S$5.8mil boiler overhaul contract from Keppel Seghers Waste to Energy plant.
Envipure has won an S$18mil contract from Micron for plant expansion and hookup services.
The pipeline remains strong for the company - P86 and P87 FPSOs tenders, the relocation of Paya Lebar Air Base to Tengah and Changi Air bases, and Starburst’s pipeline will continue to sustain earnings.
Higher-margin maintenance services orderbook is increasing.
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Above is an excerpt from a report by Phillip Securities Research. Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
