Guocoland

Guocoland: FY results above estimates. 4Q Rev at $278.5m +68.0% yoy, more than 2 fold qoq even after revaluation gains with net profit at $93.2m +79.3% yoy. Co recorded $58.8m in revaluation gains for this quarter. Despite stellar 4Q results, co saw a FY2011 11.7% decline in rev to $647.3m and net profit -3.0% yoy to $130.2m. 4Q top line was driven by revenue recognition from an office block in Shanghai Guoson centre and higher contribution from dev projects in Sg. Current projects include the JV with Msia’s Employees Provident Fund to dev Tanjong Pagar site at Peck Seah Str/Choon Guan Str. A final dividend of 8c has been declared and co now trades at approx 0.9x P/B