Ann: Q1 2013 net profit of $123 million, reaffirm, page-8

re: Ann: Q1 2013 net profit of $123 million, ... Don't worry about Hochtief or ACS. The global construction market is complex and risky . Hamish has very little idea of what he is walking into. Among other things, the clients are highly sophisticated when it comes to procurement strategies and laying off risk to the contractor; and the single dominant characteristic of contracting in Asia -PAC is that the price of entry is a kick back, and no one pays the bill at the end. Be scared.....