We believe the formal award of the Saudi Aramco Total Refinery (SATORP) project in Jubail could come soon for Rotary and estimate Rotary's potential allocation at US$320m. With SATORP, Rotary's order book could reach S$900m by end-2009, supported by other small to mid-sized (S$50m-200m) contract wins from the region. Our earnings estimates have been raised by 6-30% for FY09-11, as we upgrade our order-win assumption for 2009 to S$950m from S$450m. Maintain Outperform with a higher target price of S$0.88 (from S$0.74) following our earnings upgrade, still based on 11 CY10 P/E (5-year average).