Audited FY18A numbers revealed a substantial earnings beat and stronger than expected cash position, albeit with a further deferral of a certain project’s revenues. We have revised our FY19E expectations accordingly with no net impact on EPS (see details below) as we anticipate higher delivery costs. In our view the cost slippage is an incremental negative but with limited readacross to other projects. We believe our thesis on Maestrano is intact and we anticipate the delivery of projec ....