Revenue increased 15% in 3Q08 to S$47.4m, on the back of projects,
namely Downtown line tunnel and office tower at IBP, with higher value being
recognized in 3Q08. Orders books of S$380m as at Nov 08 expected to be
recognized over the next three years.

PATMI decreased 55.0% to S$0.4m in 3Q08. Administrative costs and
other operating costs, which remained relatively stable at S$1.6m level per
quarter for the past 3 quarters, increased 31.7% in 3Q08 to S$2.4m, mainly
due to an increase in foreign exchange currency losses of S$0.3m, an
allowance for doubtful receivables from external parties of S$0.1m as
compared to a write-back of doubtful debts of S$0.9m in 3Q07.

Maintain HOLD with target price of S$0.055 (currently Under Review)
WestComb value BBR using sum-of-the-parts valuation method, valuing its property developments and construction business. WestComb applied 10% discount to RNAV, to factor risk of rising labour cost, diesel and steel prices, deriving a price target of S$0.055.