Allgreen

Allgreen: 3Q10 Rev at $158.5m was lower -45.9%yoy and -10.7%qoq. PATMI at S$55.9m was -24%yoy and +42%qoq due to profit recognition from One Devonshire, Viva & Holland Res. Improved occupancy and rental/room rates from Great World Offices and Traders Hotel. Govt measures will likely have dampening effect in 4Q10…

DB maintains Hold with TP of $1.12 at huge disc of 45% to RNAV expects 4Q sales to be driven by Cascadia and Suites@Orchard to contribute to FY11-12 forecasts. Citi has rating 3L, TP S$1.21. Results were largely in line or slightly better than estimates.