Sim Lian (mid day updates)

Sim Lian: Thinly traded property/constructn group gapped up 32% to 3-year high of $0.685 on above-average volume after proposing 1-for-2 bonus issue plus 3.7¢ div payout, representing 5.4% yield. This follows release of FY10 results with net profit more than doubling to $104.4m from $38.7m boosted by higher property sales & $17.8m writebacks/FV gains. Stock now trading at 1.24x P/B & 3.7x FY10 P/E.