Drake & Scull International (DSI) has announced that it had been awarded three new contract awards with a combined value of AED246mn in New Delhi, Bangalore and Gaza to build waterwaste treatment plants. The projects in New Delhi will be executed through a JV with Larsen & Toubro (T&L) and the one in Palestine with Masoud and Ali Contracting Company (MACC). This brings DSI’s new awards YTD to cAED816mn (2016e: AED700mn). We note that all award wins in 2016 were non-civil, which should translate into relatively higher margins. This comes in line with the company’s strategy to selectively bid on high-margin projects, prioritising profitability over backlog expansion. (Company disclosure, Mai Attia, Sara Boutros)      Drake & Scull International (DU): AED0.46 as of 31 October 2016, Rating: Sell, FV: AED0.34 per share, MCap: USD283mn, DSI UH / DSI.DU