The impressive margin improvement was the highlight of the quarter, beating the consensus by 80 bps and reaching 7.6%. The result was driven by both the short-cycle TP business and maturing EPC projects. The market is still waiting for an LNG contract that could beef up project delivery but the business model is shifting towards “margins over volume,” as the management puts it, echoing the change in oil companies that have adopted the principle of “value over volume.”