ARA

ARA: For 3Q results, rev was up +17% yoy, 4.7%qoq. Profit at 13.0m showed a 7% improvement yoy and +2.8% qoq. Operating margin was 61.5% stable compared to last quarter at 62.0%. Other expenses grew qoq mainly due to a net exchange loss of $0.8m in 3Q. Gains in revaluation came from, Suntec REIT revalued +4%, Cache +0.5% and Suntec Exhibition Centre +20%...

EPS improved from 1.81 Sing cents to 1.85c. Going fwd, Rev is expected to grow due to 1) the $1.5b acquisition of 1/3 stake in MBFC which will add to both acquisition fees (approx 15m at 1%) and mgmt fees and 2) A new fund expected to launch by 1H11 as the existing Asian Dragon Fund is on track to meet investment targets.